HORFI
InactiveInactive; last annual accounts for fiscal year 2022.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 30-11-2023, 3 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
30-11-2023 close30-06-2024 deadline30-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 30-11-2022 was due by 30-06-2023 and was filed on 27-07-2023, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
27 d late
2021
4 d late
2020
58 d late
2019
79 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 4 accounts on average 42 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
Financials · fiscal year 2022, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€1.2m
2021 · €2.1m
Working capital
€25.2m▼ 26.8%
2021 · €34.4m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20182019202020212022
Operating result-€96,954--€69,750▲ 28.1%-€88,256▼ 26.5%-€112,175▼ 27.1%-€277,416▼ 147%
Net result-€389,018-€689,101-€3.1m€2.1m-€1.2m
Equity€37.3m-€38.0m▲ 1.8%€35.0m▼ 8.1%€37.1m▲ 6.1%€25.1m▼ 32.2%
Total assets€37.5m-€38.2m▲ 1.9%€35.2m▼ 8.0%€37.9m▲ 7.9%€28.7m▼ 24.5%
Debt€145,070-€181,477▲ 25.1%€199,335▲ 9.8%€834,462▲ 319%€3.5m▲ 321%
Working capital€34.6m-€35.2m▲ 2.0%€32.2m▼ 8.7%€34.4m▲ 7.0%€25.2m▼ 26.8%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €277,416 in 2022 against €112,175 in 2021; the loss grows and 2022 has the lowest result in the available series.
Balance-sheet composition
2022 in colour, 2021 as the grey bar beneath
Equity and liabilities €28.7m
Equity
€25.1m ▼ 32.2%
Debt
€3.5m ▲ 321%
Debt's share of the balance-sheet total rises from 2.2% to 12.3%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
8.34▼
2021 · 63.97
Debt to equity
0.14▲
2021 · 0.02
ROE
-4.6%▼
2021 · 5.8%
ROA
-4.1%▼
2021 · 5.7%
Debt ≤ 1 year
€3.4m▲
2021 · €546,834
Income taxes
€52,822▼
2021 · €508,745
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €868 | €54,475 | ▲ 6,176% |
| Gross operating margin9900 | -€96,086 | -€68,871 | -€87,388 | -€111,307 | -€222,941 | ▼ 100% |
| Operating profit (loss)9901 | -€96,954 | -€69,750 | -€88,256 | -€112,175 | -€277,416 | ▼ 147% |
| Financial income75/76B | - | - | - | €2.8m | €554,839 | ▼ 80.0% |
| Recurring financial income75 | €710,686 | €781,299 | €347,820 | €2.8m | €554,839 | ▼ 80.0% |
| Financial charges65/66B | - | - | - | €15,221 | €1.4m | ▲ 9,022% |
| Recurring financial charges65 | €847,570 | -€142,773 | €3.3m | €15,221 | €1.4m | ▲ 9,022% |
| Profit (loss) for the period before taxes9903 | -€233,838 | €854,323 | -€3.1m | €2.7m | -€1.1m | ▼ 142% |
| Income taxes67/77 | €155,180 | €165,222 | €1,245 | €508,745 | €52,822 | ▼ 89.6% |
| Profit (loss) for the period9904 | -€389,018 | €689,101 | -€3.1m | €2.1m | -€1.2m | ▼ 154% |
| Profit (loss) for the period to be appropriated9905 | -€389,018 | €689,101 | -€3.1m | €2.1m | -€1.2m | ▼ 154% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €37.5m | €38.2m | €35.2m | €37.9m | €28.7m | ▼ 24.5% |
| Fixed assets21/28 | €2.8m | €2.8m | €2.8m | €3.0m | €0 | ▼ 100% |
| Financial fixed assets28 | €2.8m | €2.8m | €2.8m | €3.0m | €0 | ▼ 100% |
| Current assets29/58 | €34.7m | €35.4m | €32.4m | €35.0m | €28.7m | ▼ 18.1% |
| Amounts receivable within one year40/41 | €15,502 | €0 | - | €522,376 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €25,981 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €496,395 | €0 | ▼ 100% |
| Current investments50/53 | €34.6m | €18.3m | €31.9m | €28.5m | €28.1m | ▼ 1.2% |
| Cash at bank and in hand54/58 | €32,039 | €17.1m | €516,151 | €6.0m | €505,339 | ▼ 91.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €37.5m | €38.2m | €35.2m | €37.9m | €28.7m | ▼ 24.5% |
| Equity10/15 | €37.3m | €38.0m | €35.0m | €37.1m | €25.1m | ▼ 32.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | = |
| Reserves13 | €37.3m | €38.0m | €34.9m | €37.1m | €25.1m | ▼ 32.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €37.1m | €25.1m | ▼ 32.3% |
| Profit (loss) carried forward14 | €37.6m | - | - | - | €0 | - |
| Amounts payable17/49 | €145,070 | €181,477 | €199,335 | €834,462 | €3.5m | ▲ 321% |
| Amounts payable within one year42/48 | €145,070 | €181,477 | €195,014 | €546,834 | €3.4m | ▲ 529% |
| Financial debts43 | - | - | - | - | €245 | - |
| Credit institutions430/8 | - | - | - | - | €245 | - |
| Trade debts44 | €70 | €10,477 | €23,562 | €37,834 | €75,295 | ▲ 99.0% |
| Suppliers440/4 | - | - | - | €37,834 | €75,295 | ▲ 99.0% |
| Taxes, remuneration and social security45 | - | - | - | €509,000 | €561,822 | ▲ 10.4% |
| Taxes450/3 | - | - | - | €509,000 | €561,822 | ▲ 10.4% |
| Other amounts payable47/48 | - | - | - | - | €2.8m | - |
| Accrued charges and deferred income492/3 | - | - | - | €287,628 | €75,611 | ▼ 73.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€389,018 | €689,101 | -€3.1m | €2.1m | -€1.2m | ▼ 154% |
| Operating cash flow (approximation) | -€389,018 | €689,101 | -€3.1m | €2.1m | -€1.2m | ▼ 154% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€166,954 | €3.0m | ▲ 1,871% |
| Change in cash | - | €17.1m | -€16.6m | €5.5m | -€5.5m | ▼ 200% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 27 days late
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 4 days late
2021
30-11
Financial
Back to profitnet €2.1m
Net result €2.1m after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 58 days late
2020
30-11
Financial
Weakest financial yearnet -€3.1m
Net result drops to -€3.1m, the lowest in the series.
17-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 79 days late
2019
30-11
Financial
Back to profitnet €689,101
Net result €689,101 after one loss-making year.
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 40 days late
2018
06-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 37 days late
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 20 days late
2016
27-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 27 days late
2015
29-06
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
20-06
NBB filing
Annual accounts filed
fiscal year 2013 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Structure & network
Owners and holdings
1 ownerChain of control
- WENGE
- HORFI
Highest known parent: WENGE. The sources do not say who stands above it.
Owners 1
- WENGEparentSourceaccounts WENGE 2023100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
549300G8MY2SEHG5N195