Horwin
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 6 filings
Turnover
≈ €400,000
Estimated: probably between €200,000 and €930,000
Total assets
€1.0m▼ 3.8%
2024 · €1.1m
Net result
-€1,999▲ 98.6%
2024 · -€140,883
Working capital
-€129,731▲ 3.4%
2024 · -€134,345
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€21,873
2025
20202025
Net result
-€1,999
▲ 98.6%
2025
middle half of the sector
20202025
Equity
€152,480
▼ 31.6%
2025
middle half of the sector
20202025
Total assets
€1.0m
▼ 3.8%
2025
highest quarter of the sector
20202025
Debt
€894,785
▲ 3.4%
2025
20202025
Working capital
-€129,731
▲ 3.4%
2025
lowest quarter of the sector
20202025
Solvency
14.6%
▼ 5.9pp
2025
middle half of the sector
20202025
Current ratio
0.53
▲ 0.03
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-0.2%
▲ 12.8pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.08m-€0.07m▼ 13.8%€0.1m▲ 104%€0.05m▼ 65.4%-€0.1m€0.02m
Net result€0.07mabove the sector's middle half-€0.05mabove the sector's middle half▼ 30.0%€0.1mabove the sector's middle half▲ 130%€0.03mabove the sector's middle half▼ 72.0%-€0.1mbelow the sector's middle half-€0.002mwithin the sector's middle half▲ 98.6%
Equity€0.2mabove the sector's middle half-€0.2mabove the sector's middle half▲ 27.4%€0.3mabove the sector's middle half▲ 49.4%€0.4mabove the sector's middle half▲ 9.3%€0.2mabove the sector's middle half▼ 38.7%€0.2mwithin the sector's middle half▼ 31.6%
Total assets€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 26.1%€0.4mabove the sector's middle half▲ 48.3%€0.9mabove the sector's middle half▲ 108%€1.1mabove the sector's middle half▲ 20.1%€1.0mabove the sector's middle half▼ 3.8%
Debt€0.06m-€0.07m▲ 22.3%€0.1m▲ 44.9%€0.5m▲ 424%€0.9m▲ 59.5%€0.9m▲ 3.4%
Working capital€0.1mabove the sector's middle half-€0.2mabove the sector's middle half▲ 35.8%€0.3mabove the sector's middle half▲ 64.9%€0.2mabove the sector's middle half▼ 46.5%-€0.1mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 3.4%
Solvency75.0%above the sector's middle half-75.7%above the sector's middle half▲ 0.8pp76.3%above the sector's middle half▲ 0.6pp40.1%within the sector's middle half▼ 36.1pp20.5%within the sector's middle half▼ 19.7pp14.6%within the sector's middle half▼ 5.9pp
Current ratio3.20above the sector's middle half-3.45above the sector's middle half▲ 0.248.41above the sector's middle half▲ 4.964.73above the sector's middle half▼ 3.680.49below the sector's middle half▼ 4.230.53below the sector's middle half▲ 0.03
Return on assets (ROA)29.3%above the sector's middle half-16.3%above the sector's middle half▼ 13.1pp25.2%above the sector's middle half▲ 8.9pp3.4%within the sector's middle half▼ 21.8pp-12.9%below the sector's middle half▼ 16.3pp-0.2%within the sector's middle half▲ 12.8pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €21,873, after a loss of €122,076 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€902,684 ▼ 5.7%
Current assets
€144,581 ▲ 10.1%
Equity and liabilities €1.0m
Equity
€152,480 ▼ 31.6%
Debt
€894,785 ▲ 3.4%
Debt's share of the balance-sheet total rises from 79.5% to 85.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€71,714▲
2024 · -€78,111
Cash flow
€47,843▲
2024 · -€96,918
Debt to equity
5.87▲
2024 · 3.88
ROE
-1.3%▲
2024 · -63.2%
Interest coverage
2.23▲
2024 · -2.79
Debt ≤ 1 year
€274,313▲
2024 · €265,652
Debt > 1 year
€566,655▼
2024 · €600,047
Income taxes
€2,336▲
2024 · €1,686
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,704 | €86,852 | €637,072 | €283,955 | - |
| Intangible fixed assets | - | - | - | €10,000 | - |
| Depreciation and write-downs of the year | €9,953 | €25,679 | €35,169 | €43,964 | €49,842 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €9,720 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,572 | €9,953 | €25,679 | €35,169 | €43,964 | €49,842 | ▲ 13.4% |
| Other operating charges640/8 | - | €14,206 | €4,535 | €8,658 | €13,102 | €13,677 | ▲ 4.4% |
| Non-recurring operating charges66A | - | - | €197 | - | - | - | - |
| Gross operating margin9900 | €91,019 | €94,512 | €174,003 | €93,518 | -€65,009 | €85,391 | - |
| Operating profit (loss)9901 | €81,615 | €70,354 | €143,592 | €49,691 | -€122,076 | €21,873 | - |
| Financial income75/76B | - | €8,491 | €15,064 | €13,022 | €10,881 | €10,562 | ▼ 2.9% |
| Recurring financial income75 | €13,496 | €8,491 | €15,064 | €13,022 | €10,881 | €10,562 | ▼ 2.9% |
| Financial charges65/66B | - | €703 | €769 | €12,926 | €28,002 | €32,097 | ▲ 14.6% |
| Recurring financial charges65 | €438 | €703 | €769 | €12,926 | €28,002 | €32,097 | ▲ 14.6% |
| Profit (loss) for the period before taxes9903 | €94,672 | €78,141 | €157,887 | €49,787 | -€139,197 | €338 | - |
| Income taxes67/77 | €26,209 | €30,223 | €47,798 | €18,946 | €1,686 | €2,336 | ▲ 38.6% |
| Profit (loss) for the period9904 | €68,463 | €47,919 | €110,089 | €30,841 | -€140,883 | -€1,999 | ▲ 98.6% |
| Profit (loss) for the period to be appropriated9905 | €68,463 | €47,919 | €110,089 | €30,841 | -€140,883 | -€1,999 | ▲ 98.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.2m | €0.3m | €0.4m | €0.9m | €1.1m | €1.0m | ▼ 3.8% |
| Fixed assets21/28 | €0.05m | €0.05m | €0.1m | €0.7m | €1.0m | €0.9m | ▼ 5.7% |
| Intangible fixed assets21 | - | - | - | - | €0.01m | €0.008m | ▼ 20.7% |
| Tangible fixed assets22/27 | €0.04m | €0.04m | €0.1m | €0.7m | €0.9m | €0.9m | ▼ 5.6% |
| Land and buildings22 | - | - | - | €0.6m | €0.8m | €0.8m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | €0.009m | €0.009m | €0.05m | €0.08m | €0.07m | ▼ 9.5% |
| Furniture and vehicles24 | - | €0.009m | €0.01m | €0.007m | €0.01m | €0.003m | ▼ 69.9% |
| Other tangible fixed assets26 | - | €0.03m | €0.09m | €0.07m | €0.05m | €0.03m | ▼ 36.8% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.004m | €0.004m | - | - | - |
| Current assets29/58 | €0.2m | €0.2m | €0.3m | €0.2m | €0.1m | €0.1m | ▲ 10.1% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €0.09m | ▼ 6.5% |
| Trade receivables40 | - | €0.06m | €0.06m | €0.05m | €0.02m | €0.01m | ▼ 44.3% |
| Other amounts receivable41 | - | €0.04m | €0.06m | €0.04m | €0.07m | €0.08m | ▲ 2.7% |
| Cash at bank and in hand54/58 | €0.09m | €0.1m | €0.2m | €0.06m | €0.01m | €0.008m | ▼ 44.7% |
| Deferred charges and accrued income490/1 | - | €0.01m | €0.006m | €0.04m | €0.02m | €0.05m | ▲ 109% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.2m | €0.3m | €0.4m | €0.9m | €1.1m | €1.0m | ▼ 3.8% |
| Equity10/15 | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | €0.2m | ▼ 31.6% |
| Contributions10/11 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.4m | €0.3m | €0.2m | ▼ 26.6% |
| Distributable reserves133 | - | €0.2m | €0.3m | €0.4m | €0.3m | €0.2m | ▼ 26.6% |
| Profit (loss) carried forward14 | - | - | - | - | -€0.04m | -€0.04m | ▼ 5.7% |
| Amounts payable17/49 | €0.06m | €0.07m | €0.1m | €0.5m | €0.9m | €0.9m | ▲ 3.4% |
| Amounts payable after more than one year17 | - | - | - | €0.5m | €0.6m | €0.6m | ▼ 5.6% |
| Financial debts170/4 | - | - | - | €0.5m | €0.6m | €0.6m | ▼ 5.6% |
| Amounts payable within one year42/48 | €0.06m | €0.07m | €0.04m | €0.04m | €0.3m | €0.3m | ▲ 3.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.03m | €0.03m | ▲ 4.3% |
| Financial debts43 | - | - | - | - | €0.08m | €0.02m | ▼ 81.5% |
| Credit institutions430/8 | - | - | - | - | €0.08m | €0.02m | ▼ 81.3% |
| Other loans439 | - | - | - | - | €0.001m | - | - |
| Trade debts44 | €0.03m | €0.07m | €0.02m | €0.04m | €0.07m | €0.08m | ▲ 16.6% |
| Suppliers440/4 | - | €0.07m | €0.02m | €0.04m | €0.07m | €0.08m | ▲ 16.6% |
| Taxes, remuneration and social security45 | - | €29 | €0.01m | - | - | - | - |
| Taxes450/3 | - | €29 | €0.008m | - | - | - | - |
| Remuneration and social security454/9 | - | - | €0.005m | - | - | - | - |
| Other amounts payable47/48 | - | €0.001m | €0.003m | €0.001m | €0.09m | €0.2m | ▲ 71.2% |
| Accrued charges and deferred income492/3 | - | - | €0.06m | - | - | €0.05m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,463 | €47,919 | €110,089 | €30,841 | -€140,883 | -€1,999 | ▲ 98.6% |
| + Depreciation and write-downs630 | €7,572 | €9,953 | €25,679 | €35,169 | €43,964 | €49,842 | ▲ 13.4% |
| Operating cash flow (approximation) | €76,035 | €57,871 | €135,768 | €66,010 | -€96,918 | €47,843 | - |
| Investment in fixed assets (approximation) | - | -€11,704 | -€86,852 | -€637,072 | -€290,295 | €4,808 | - |
| Change in cash | - | €47,755 | €64,200 | -€135,162 | -€49,002 | -€6,592 | ▲ 86.5% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,423 companies had the same profile as Horwin has now. Two years later, 96.5% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
96.5%
was still going
2.2%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Horwin itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,423 companies, not a prediction for Horwin. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00204022 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00363610 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00311179 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00308794 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20271519 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-47500295 |