HORPA
ActiveHORPA has been active since 1978 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-73k) and a net result of €60k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 11209 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
49
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100▲+100
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.3 against 0.05 in 2024; short-term debt: 246.9% and cash: 0.1% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-146.9%
Return on assets
119.9%
Age of the figures
12 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 8% of 11209 sector peers (2025).
NBB · sector comparisonPosition among 11209 sector peers
Solvency
better than 8%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 08-03-2026, 53 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
53 d early
2024
40 d early
2023
40 d early
2021
16 d early
2020
48 d late
2019
31 d late
2018
5 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
17-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-73k▲ 44.9%
2024 · €-133k
2018: €241k
2019: €-15k
2020: €-15k
2021: €-6k
2023: €59k
2024: €-133k
2018 → 2025
Total assets
€50k▲ 124%
2024 · €22k
2018: €318k
2021: €0
2023: €171k
2024: €22k
2018 → 2025
Net result
€60k
2024 · €-192k
2018: €-80
2019: €-11k
2020: €-494
2021: €10k
2023: €76k
2024: €-192k
2018 → 2025
Working capital
€-87k▲ 41.2%
2024 · €-147k
2018: €314k
2021: €-6k
2023: €46k
2024: €-147k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202320242025Trend
Equity€-15k-€-6k▲ 63.2%€59k€-133k€-73k▲ 44.9%
Operating result€-462-€10k€91k▲ 854%€-189k€64k
Net result€-494-€10k€76k▲ 699%€-192k€60k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €64k after a loss of €189k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €50k
Fixed assets
€13k▼ 5.7%
Current assets
€37k▲ 337%
Key figures and ratios
EBITDA
€65k▲
2024 · €-187k
Cash flow
€61k▲
2024 · €-191k
Solvency
-146.9%▲
2024 · -597.2%
Current ratio
0.30▲
2024 · 0.05
Quick ratio
0.30▲
2024 · 0.05
Debt / equity
-1.68▼
2024 · -1.17
ROA
119.9%▲
2024 · -860.0%
Interest coverage
13.28▲
2024 · -57.10
Debt
€123k▼
2024 · €156k
Debt ≤ 1 year
€123k▼
2024 · €156k
Income taxes
€1k
Staff costs
€750▲
2024 · €711
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€22k€50k▲
Fixed assets21/28€14k€13k▼
Tangible fixed assets22/27€2k€664▼
Plant, machinery and equipment23€842€495▼
Furniture and vehicles24€905€169▼
Financial fixed assets28€12k€12k▲
Current assets29/58€8k€37k▲
Amounts receivable within one year40/41€4k€36k▲
Trade receivables40€4k€17k▲
Other amounts receivable41€0€19k▲
Cash at bank and in hand54/58€3€36▲
Deferred charges and accrued income490/1€4k€837▼
Equity and liabilities
Total equity and liabilities10/49€22k€50k▲
Equity10/15€-133k€-73k▲
Contributions10/11€19k€19k=
Reserves13€40k€40k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€38k€38k=
Profit (loss) carried forward14€-192k€-132k▲
Amounts payable17/49€156k€123k▼
Amounts payable within one year42/48€156k€123k▼
Trade debts44€88k€84k▼
Suppliers440/4€88k€84k▼
Taxes, remuneration and social security45€67k€39k▼
Taxes450/3€66k€39k▼
Remuneration and social security454/9€1k€678▼
Income statement
Code20242025
Non-recurring operating income76A€2k-
Remuneration, social security and pensions62€711€750▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€1k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€196k-
Other operating charges640/8€1k€4k▲
Gross operating margin9900€10k€69k▲
Operating profit (loss)9901€-189k€64k▲
Financial income75/76B€4€2k▲
Recurring financial income75€4€2k▲
Financial charges65/66B€3k€5k▲
Recurring financial charges65€3k€5k▲
Profit (loss) for the period before taxes9903€-192k€61k▲
Income taxes67/77-€1k
Profit (loss) for the period9904€-192k€60k▲
Profit (loss) for the period to be appropriated9905€-192k€60k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-192k€-132k▲
Profit (loss) brought forward from the previous period14P-€-192k
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Back to profitnet €60k
Net result €60k after one loss-making year.
21-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Weakest financial yearnet €-192k ▼352%
Net result drops to €-192k, the lowest in the series; recovery starts the following year.
21-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Highest result since 2018net €76k ▲699%
Operating result €91k, net result €76k, both a record.
30-09
Financial
Liquidity times 78274current ratio 1.41
Current ratio from 0.00 to 1.41.
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €10k
Net result €10k after 3 loss-making years.
17-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 48 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
05-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 5 days late
2018
13-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 13 days late
06-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 279 days late
06-05
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 644 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2013
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
09-10-2013
Resigned as Manager
Location & real-estate footprint
Registered office, Koksijde
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Artanpad(Kok) 28670 KoksijdeGround area
455 m²
Building footprint
108 m²
Volume, LiDAR
628 m³
Parcel 38014F0090/00L003, Flanders · tallest building 8.3 m, ±2 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38014F0090/00L003 | Flanders | 455 m² | 1 · 108 m² | 8.3 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
2 connected companiesNetwork connections
Shared address
→
Shared address
→
Similar companies · same sector, comparable size
BassTech Europe
BE 0831.448.168
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YOU Solutions Belgium
BE 0770.305.605
Gent · Eq €60k
ITECMA
BE 0423.456.864
Brussel · Eq €60k
KNK.be
BE 0461.178.976
Geel · Eq €57k
ETABLISSEMENTS VAN MALDEREN
BE 0422.887.831
Sint-Jans-Molenbeek · Eq €62k
Of 1,228 companies in sector 46851 we hold annual accounts for 515. 201 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-03-1978
Fiscal year end30-09
Activities, NACEBEL
46851Wholesale of industrial chemicals
47640Retail sale of games and toys
47650Retail trade
47789Other retail sale of new goods
90393Specialised image, lighting and sound technical services
93299Other amusement and recreation activities
Sources
Crossroads Bank for EnterprisesNational Bank · 47 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.