HORTIVAM
ActiveThe annual accounts of HORTIVAM for fiscal year 2025 show a net loss of 86% of the equity at the start of that year. The 2025 annual accounts show equity of €26k and a net result of €-154k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 21% of 11209 sector peers (fiscal year 2025). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
40
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-71
Solvency28▼-21
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.13 against 2.5 in 2024; short-term debt: 20.8% and cash: 1.1% of total assets), and 97% of the assets are financed with debt.
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 · 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 · 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
3%
Return on assets
-17.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 11209 sector peers (2025).
NBB · sector comparisonPosition among 11209 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-05-2026, 63 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
63 d early
2024
73 d early
2023
79 d early
2022
13 d early
2021
20 d early
2020
4 d early
2019
on the day
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€26k▼ 85.5%
2024 · €180k
2018: €19k
2019: €21k
2020: €25k
2021: €30k
2022: €99k
2023: €169k
2024: €180k
2018 → 2025
Total assets
€867k▲ 17.6%
2024 · €737k
2018: €206k
2019: €242k
2020: €291k
2021: €355k
2022: €540k
2023: €592k
2024: €737k
2018 → 2025
Net result
€-154k
2024 · €10k
2018: €22k
2019: €2k
2020: €3k
2021: €6k
2022: €69k
2023: €70k
2024: €10k
2018 → 2025
Working capital
€23k▼ 88.9%
2024 · €212k
2018: €-55k
2019: €-26k
2020: €-13k
2021: €-10k
2022: €295k
2023: €251k
2024: €212k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€30k-€99k▲ 226%€169k▲ 70.6%€180k▲ 6.2%€26k▼ 85.5%
Operating result€13k-€102k▲ 659%€106k▲ 3.8%€28k▼ 73.5%€-138k
Net result€6k-€69k▲ 1,103%€70k▲ 1.8%€10k▼ 85.1%€-154k
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €138k after €28k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €867k
Fixed assets
€664k▲ 72.4%
Current assets
€204k▼ 42.2%
Equity and liabilities €867k
Equity
€26k▼ 85.5%
Debt
€841k▲ 50.8%
The debt ratio rises from 75.7% to 97.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-37k▼
2024 · €86k
Cash flow
€-52k▼
2024 · €68k
Solvency
3.0%▼
2024 · 24.3%
Current ratio
1.13▼
2024 · 2.50
Quick ratio
0.11▼
2024 · 1.20
Debt / equity
32.33▲
2024 · 3.11
ROE
-590.1%▼
2024 · 5.8%
ROA
-17.7%▼
2024 · 1.4%
Interest coverage
-2.35▼
2024 · 6.58
Debt
€841k▲
2024 · €558k
Debt ≤ 1 year
€180k▲
2024 · €141k
Debt > 1 year
€642k▲
2024 · €417k
Income taxes
€-134▼
2024 · €5k
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€737k€867k▲
Fixed assets21/28€385k€664k▲
Tangible fixed assets22/27€385k€664k▲
Land and buildings22€82k€400k▲
Furniture and vehicles24€303k€264k▼
Current assets29/58€353k€204k▼
Stocks and contracts in progress3€183k€183k=
Stocks30/36€183k€183k=
Amounts receivable within one year40/41€71k€11k▼
Trade receivables40€15k€6k▼
Other amounts receivable41€56k€5k▼
Cash at bank and in hand54/58€97k€9k▼
Deferred charges and accrued income490/1€849€0▼
Equity and liabilities
Total equity and liabilities10/49€737k€867k▲
Equity10/15€180k€26k▼
Contributions10/11€19k€19k=
Reserves13€158k€158k=
Non-distributable reserves130/1€2k€0▼
Reserves not available under the articles1311€2k€0▼
Distributable reserves133€156k€158k▲
Profit (loss) carried forward14€3k€-150k▼
Amounts payable17/49€558k€841k▲
Amounts payable after more than one year17€417k€642k▲
Financial debts170/4€417k€642k▲
Amounts payable within one year42/48€141k€180k▲
Current portion of amounts payable after more than one year42€49k€68k▲
Trade debts44€14k€0▼
Suppliers440/4€14k€0▼
Taxes, remuneration and social security45€1k€14k▲
Taxes450/3€1k€4k▲
Remuneration and social security454/9-€10k
Other amounts payable47/48€76k€98k▲
Accrued charges and deferred income492/3-€19k
Income statement
Code20242025
Non-recurring operating income76A€13k€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€58k€101k▲
Other operating charges640/8€2k€13k▲
Gross operating margin9900€88k€-25k▼
Operating profit (loss)9901€28k€-138k▼
Financial income75/76B-€466
Recurring financial income75-€466
Financial charges65/66B€13k€16k▲
Recurring financial charges65€13k€16k▲
Profit (loss) for the period before taxes9903€15k€-154k▼
Income taxes67/77€5k€-134▼
Profit (loss) for the period9904€10k€-154k▼
Profit (loss) for the period to be appropriated9905€10k€-154k▼
Appropriation of the result
Profit (loss) to be appropriated9906€14k€-150k▼
Profit (loss) brought forward from the previous period14P€3k€3k=
Transfer to equity691/2€10k€0▼
To other reserves6921€10k€0▼
The notes to these accounts (11 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
29-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-154k ▼1573%
Net result drops to €-154k, the lowest in the series.
19-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
13-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €70k ▲1.8%
Operating result €106k, net result €70k, both a record.
31-12
Financial
Equity above €150kEq €169k ▲70.6%
6 profitable years in a row build equity to €169k.
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Liquidity triplescurrent ratio 3.34
Current ratio from 0.96 to 3.34; short-term debt falls from €243k to €126k.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
08-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
07-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 7 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Katelijne-Waver · 1 establishment unit since 2005
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.
Lozenhoek 8/A2860 Sint-Katelijne-WaverGround area
677 m²
Building footprint
107 m²
Volume, LiDAR
525 m³
Parcel 12422C0319/00G000, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Brandhout Michel
since 20052.226.686.765
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12422C0319/00G000 | Flanders | 677 m² | 1 · 107 m² | 7.5 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.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 1,695 EUR awarded · 1,695 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 63 EUR | 63 EUR |
| 2024 | 1 | 132 EUR | 132 EUR |
| 2023 | 1 | 1,500 EUR | 1,500 EUR |
Schemes
Subsidies ecologisch en veilig transport (stopgezet)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 841 companies in sector 46810 we hold annual accounts for 473. 141 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded31-05-2005
Fiscal year end31-12
Activities, NACEBEL
01121
46810Wholesale of solid, liquid and gaseous fuels and related products
01130Growing of vegetables, melons, roots and tubers
02100Forestry and logging
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
Sources
Crossroads Bank for EnterprisesNational Bank · 20 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryE-mail:info@brandhoutmichel.be