HR44
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 30-09-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2026 is 5% lower than in 2025 and the lowest since 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Tangible fixed assets | €73,388 | €1,041 | - |
| Depreciation and write-downs of the year | €14,824 | €15,474 | €14,958 |
Source: notes to the 2024 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,425 awarded · €675 paid| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,824 | €15,474 | €14,958 | ▼ 3.3% |
| Other operating charges640/8 | €1,190 | €569 | €585 | ▲ 2.9% |
| Gross operating margin9900 | €315,397 | €191,818 | €182,288 | ▼ 5.0% |
| Operating profit (loss)9901 | €299,382 | €175,775 | €166,744 | ▼ 5.1% |
| Financial income75/76B | - | - | €5,354 | - |
| Recurring financial income75 | - | - | €5,354 | - |
| Financial charges65/66B | €2,807 | €2,571 | €81 | ▼ 96.9% |
| Recurring financial charges65 | €2,807 | €2,571 | €81 | ▼ 96.9% |
| Profit (loss) for the period before taxes9903 | €296,576 | €173,204 | €172,018 | ▼ 0.7% |
| Income taxes67/77 | €69,988 | €38,717 | €38,460 | ▼ 0.7% |
| Profit (loss) for the period9904 | €226,588 | €134,488 | €133,558 | ▼ 0.7% |
| Profit (loss) for the period to be appropriated9905 | €226,588 | €134,488 | €133,558 | ▼ 0.7% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €374,952 | €427,398 | €558,000 | ▲ 30.6% |
| Fixed assets21/28 | €58,564 | €44,131 | €29,172 | ▼ 33.9% |
| Tangible fixed assets22/27 | €58,564 | €44,131 | €29,172 | ▼ 33.9% |
| Plant, machinery and equipment23 | €3,444 | €2,550 | €1,130 | ▼ 55.7% |
| Furniture and vehicles24 | €55,120 | €41,581 | €28,042 | ▼ 32.6% |
| Current assets29/58 | €316,388 | €383,267 | €528,827 | ▲ 38.0% |
| Amounts receivable within one year40/41 | €82,172 | €24,203 | €28,977 | ▲ 19.7% |
| Trade receivables40 | €30,006 | €22,002 | €28,977 | ▲ 31.7% |
| Other amounts receivable41 | €52,166 | €2,201 | - | - |
| Current investments50/53 | - | €250,000 | €350,000 | ▲ 40.0% |
| Cash at bank and in hand54/58 | €233,872 | €109,064 | €146,403 | ▲ 34.2% |
| Deferred charges and accrued income490/1 | €344 | - | €3,448 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €374,952 | €427,398 | €558,000 | ▲ 30.6% |
| Equity10/15 | €236,588 | €371,075 | €504,633 | ▲ 36.0% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €226,588 | €361,075 | €494,633 | ▲ 37.0% |
| Distributable reserves133 | €226,588 | €361,075 | €494,633 | ▲ 37.0% |
| Amounts payable17/49 | €138,364 | €56,322 | €53,366 | ▼ 5.2% |
| Amounts payable after more than one year17 | €39,509 | - | - | - |
| Financial debts170/4 | €39,509 | - | - | - |
| Amounts payable within one year42/48 | €98,855 | €56,322 | €53,366 | ▼ 5.2% |
| Current portion of amounts payable after more than one year42 | €11,601 | - | - | - |
| Trade debts44 | €1,681 | €2,207 | €4,910 | ▲ 123% |
| Suppliers440/4 | €1,681 | €2,207 | €4,910 | ▲ 123% |
| Taxes, remuneration and social security45 | €85,573 | €54,116 | €46,973 | ▼ 13.2% |
| Taxes450/3 | €85,573 | €54,116 | €46,973 | ▼ 13.2% |
| Other amounts payable47/48 | - | - | €1,483 | - |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €226,588 | €134,488 | €133,558 | ▼ 0.7% |
| + Depreciation and write-downs630 | €14,824 | €15,474 | €14,958 | ▼ 3.3% |
| Operating cash flow (approximation) | €241,412 | €149,961 | €148,516 | ▼ 1.0% |
| Investment in fixed assets (approximation) | - | -€1,041 | €0 | - |
| Change in cash | - | -€124,807 | €37,339 | - |
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, 3,127 companies had the same profile as HR44 has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of HR44 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 3,127 companies, not a prediction for HR44. 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.