HPSC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Turnover
≈ €150,000
Estimated: probably between €120,000 and €200,000
Total assets
€80,646▼ 22.6%
2024 · €104,201
Net result
€22,304▲ 42.9%
2024 · €15,605
Working capital
€57,684▼ 14.3%
2024 · €67,342
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€32,485
▲ 40.2%
2025
20182025
Net result
€22,304
▲ 42.9%
2025
middle half of the sector
20182025
Equity
€65,868
▼ 20.5%
2025
middle half of the sector
20182025
Total assets
€80,646
▼ 22.6%
2025
middle half of the sector
20182025
Debt
€14,778
▼ 30.7%
2025
20182025
Working capital
€57,684
▼ 14.3%
2025
middle half of the sector
20182025
Solvency
81.7%
▲ 2.2pp
2025
highest quarter of the sector
20182025
Current ratio
4.90
▲ 0.75
2025
middle half of the sector
20182025
Return on assets (ROA)
27.7%
▲ 12.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€31,741-€23,505▼ 25.9%€32,832▲ 39.7%€38,656▲ 17.7%€24,226▼ 37.3%€22,629▼ 6.6%€23,164▲ 2.4%€32,485▲ 40.2%
Net result€22,004-€16,170▼ 26.5%€22,935within the sector's middle half▲ 41.8%€28,211within the sector's middle half▲ 23.0%€17,701within the sector's middle half▼ 37.3%€14,974within the sector's middle half▼ 15.4%€15,605within the sector's middle half▲ 4.2%€22,304within the sector's middle half▲ 42.9%
Equity€63,125-€79,295▲ 25.6%€84,230within the sector's middle half▲ 6.2%€85,441within the sector's middle half▲ 1.4%€90,285within the sector's middle half▲ 5.7%€105,259within the sector's middle half▲ 16.6%€82,864within the sector's middle half▼ 21.3%€65,868within the sector's middle half▼ 20.5%
Total assets€78,909-€88,895▲ 12.7%€92,939within the sector's middle half▲ 4.5%€104,917within the sector's middle half▲ 12.9%€109,007within the sector's middle half▲ 3.9%€110,174within the sector's middle half▲ 1.1%€104,201within the sector's middle half▼ 5.4%€80,646within the sector's middle half▼ 22.6%
Debt€15,784-€9,600▼ 39.2%€8,709▼ 9.3%€19,476▲ 124%€18,722▼ 3.9%€4,915▼ 73.7%€21,337▲ 334%€14,778▼ 30.7%
Working capital€42,977-€62,833▲ 46.2%€75,863within the sector's middle half▲ 20.7%€56,683within the sector's middle half▼ 25.3%€62,435within the sector's middle half▲ 10.1%€80,204within the sector's middle half▲ 28.5%€67,342within the sector's middle half▼ 16.0%€57,684within the sector's middle half▼ 14.3%
Solvency80.0%-89.2%▲ 9.2pp90.6%above the sector's middle half▲ 1.4pp81.4%above the sector's middle half▼ 9.2pp82.8%above the sector's middle half▲ 1.4pp95.5%above the sector's middle half▲ 12.7pp79.5%within the sector's middle half▼ 16.0pp81.7%above the sector's middle half▲ 2.2pp
Current ratio4.86-7.55▲ 2.689.71above the sector's middle half▲ 2.173.91within the sector's middle half▼ 5.804.33within the sector's middle half▲ 0.4217.32above the sector's middle half▲ 12.984.16within the sector's middle half▼ 13.164.90within the sector's middle half▲ 0.75
Return on assets (ROA)27.9%-18.2%▼ 9.7pp24.7%within the sector's middle half▲ 6.5pp26.9%within the sector's middle half▲ 2.2pp16.2%within the sector's middle half▼ 10.7pp13.6%within the sector's middle half▼ 2.6pp15.0%within the sector's middle half▲ 1.4pp27.7%within the sector's middle half▲ 12.7pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 40% higher than in 2024. It is the second rise in a row, after the fall in 2023.
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 €80,646
Fixed assets
€8,185 ▼ 47.3%
Current assets
€72,461 ▼ 18.3%
Equity and liabilities €80,646
Equity
€65,868 ▼ 20.5%
Debt
€14,778 ▼ 30.7%
Debt's share of the balance-sheet total falls from 20.5% to 18.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€42,388▲
2024 · €32,697
Cash flow
€32,207▲
2024 · €25,138
Debt to equity
0.22▼
2024 · 0.26
ROE
33.9%▲
2024 · 18.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€14,778▼
2024 · €21,337
Income taxes
€10,288▲
2024 · €7,572
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 | €35,094 | €7,095 | €6,154 | - | €2,566 |
| Depreciation and write-downs of the year | €7,275 | €8,003 | €8,588 | €9,533 | €9,903 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €4,969 | - | €413 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,019 | €8,347 | €8,095 | €7,275 | €8,003 | €8,588 | €9,533 | €9,903 | ▲ 3.9% |
| Other operating charges640/8 | - | - | - | €1,086 | €849 | €928 | €1,026 | €1,167 | ▲ 13.7% |
| Gross operating margin9900 | €41,688 | €32,844 | €41,871 | €47,017 | €33,078 | €32,145 | €33,723 | €43,554 | ▲ 29.2% |
| Operating profit (loss)9901 | €31,741 | €23,505 | €32,832 | €38,656 | €24,226 | €22,629 | €23,164 | €32,485 | ▲ 40.2% |
| Financial income75/76B | - | - | - | - | - | €3 | €96 | €189 | ▲ 96.9% |
| Recurring financial income75 | - | - | - | - | - | €3 | €96 | €189 | ▲ 96.9% |
| Financial charges65/66B | - | - | - | €100 | €104 | €108 | €83 | €82 | ▼ 1.5% |
| Recurring financial charges65 | €381 | €255 | €207 | €100 | €104 | €108 | €83 | €82 | ▼ 1.5% |
| Profit (loss) for the period before taxes9903 | €31,360 | €23,250 | €32,625 | €38,556 | €24,122 | €22,524 | €23,177 | €32,592 | ▲ 40.6% |
| Income taxes67/77 | €9,356 | €7,080 | €9,690 | €10,345 | €6,421 | €7,550 | €7,572 | €10,288 | ▲ 35.9% |
| Profit (loss) for the period9904 | €22,004 | €16,170 | €22,935 | €28,211 | €17,701 | €14,974 | €15,605 | €22,304 | ▲ 42.9% |
| Profit (loss) for the period to be appropriated9905 | €22,004 | €16,170 | €22,935 | €28,211 | €17,701 | €14,974 | €15,605 | €22,304 | ▲ 42.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €78,909 | €88,895 | €92,939 | €104,917 | €109,007 | €110,174 | €104,201 | €80,646 | ▼ 22.6% |
| Fixed assets21/28 | €24,809 | €16,462 | €8,367 | €28,758 | €27,850 | €25,055 | €15,522 | €8,185 | ▼ 47.3% |
| Tangible fixed assets22/27 | €24,809 | €16,462 | €8,367 | €28,758 | €27,850 | €25,055 | €15,522 | €8,185 | ▼ 47.3% |
| Plant, machinery and equipment23 | - | - | - | €587 | €2,566 | €7,103 | €4,903 | €5,269 | ▲ 7.5% |
| Furniture and vehicles24 | - | - | - | €27,899 | €21,017 | €14,135 | €7,253 | - | - |
| Other tangible fixed assets26 | - | - | - | €272 | €4,267 | €3,817 | €3,366 | €2,915 | ▼ 13.4% |
| Current assets29/58 | €54,100 | €72,433 | €84,572 | €76,159 | €81,157 | €85,119 | €88,679 | €72,461 | ▼ 18.3% |
| Amounts receivable within one year40/41 | €12,947 | €13,262 | €13,576 | €14,455 | €15,872 | €13,975 | €15,613 | €32,512 | ▲ 108% |
| Trade receivables40 | - | - | - | €14,455 | €13,793 | €13,024 | €14,205 | €32,055 | ▲ 126% |
| Other amounts receivable41 | - | - | - | - | €2,079 | €951 | €1,408 | €456 | ▼ 67.6% |
| Cash at bank and in hand54/58 | €41,153 | €59,171 | €70,867 | €61,569 | €64,337 | €71,144 | €72,912 | €38,987 | ▼ 46.5% |
| Deferred charges and accrued income490/1 | - | - | - | €135 | €948 | - | €154 | €963 | ▲ 525% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €78,909 | €88,895 | €92,939 | €104,917 | €109,007 | €110,174 | €104,201 | €80,646 | ▼ 22.6% |
| Equity10/15 | €63,125 | €79,295 | €84,230 | €85,441 | €90,285 | €105,259 | €82,864 | €65,868 | ▼ 20.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €56,860 | €72,860 | €77,760 | €79,160 | €83,960 | €98,860 | €76,360 | €59,260 | ▼ 22.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €77,300 | €82,100 | €98,860 | €76,360 | €59,260 | ▼ 22.4% |
| Profit (loss) carried forward14 | €65 | €235 | €270 | €81 | €125 | €199 | €304 | €408 | ▲ 34.3% |
| Amounts payable17/49 | €15,784 | €9,600 | €8,709 | €19,476 | €18,722 | €4,915 | €21,337 | €14,778 | ▼ 30.7% |
| Amounts payable after more than one year17 | €4,661 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €11,123 | €9,600 | €8,709 | €19,476 | €18,722 | €4,915 | €21,337 | €14,778 | ▼ 30.7% |
| Trade debts44 | €3,007 | €2,916 | €2,912 | €3,023 | €3,267 | €3,121 | €2,654 | €4,169 | ▲ 57.1% |
| Suppliers440/4 | - | - | - | €3,023 | €3,267 | €3,121 | €2,654 | €4,169 | ▲ 57.1% |
| Taxes, remuneration and social security45 | - | - | - | €3,682 | €2,327 | €1,576 | €2,466 | €10,391 | ▲ 321% |
| Taxes450/3 | - | - | - | €3,682 | €2,327 | €1,576 | €2,466 | €10,391 | ▲ 321% |
| Other amounts payable47/48 | - | - | - | €12,771 | €13,128 | €218 | €16,217 | €217 | ▼ 98.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,004 | €16,170 | €22,935 | €28,211 | €17,701 | €14,974 | €15,605 | €22,304 | ▲ 42.9% |
| + Depreciation and write-downs630 | €9,019 | €8,347 | €8,095 | €7,275 | €8,003 | €8,588 | €9,533 | €9,903 | ▲ 3.9% |
| Operating cash flow (approximation) | €31,023 | €24,517 | €31,030 | €35,486 | €25,704 | €23,562 | €25,138 | €32,207 | ▲ 28.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€27,666 | -€7,095 | -€5,793 | €0 | -€2,566 | - |
| Change in cash | - | €18,018 | €11,696 | -€9,298 | €2,768 | €6,807 | €1,768 | -€33,925 | - |
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, 34,693 companies had the same profile as HPSC has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of HPSC itself: < 0.1% 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 34,693 companies, not a prediction for HPSC. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00364989 | |
| 31-12-2024 | micro format | 18-06-2025 | 2025-00149331 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00152824 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00145766 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20094207 | |
| 31-12-2020 | micro format | 11-06-2021 | 2021-18800581 | |
| 31-12-2019 | micro format | 12-06-2020 | 2020-16200199 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-22300164 | |
| 31-12-2017 | micro format | 04-07-2018 | 2018-27500585 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-23700023 |