Equity
Equity fell by 83% in 7 years.
Equity fell by 83% in 7 years.
Of this, €66,626 falls due within a year.
Three of the last ten came late. The 2016 accounts came latest: 28 days after the end of the period.
The dashed line is the sector median: 0.1% across 2,947 companies (NACE 63, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 63, micro). It does better than 22% of them on solvency, 38% on liquidity, 85% on profitability and 20% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 5,053 companies had the same profile as HRFLEX has now. Each dot stands for 13 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HRFLEX itself is lower: 0.1% within 12 months. It rests on far more data about HRFLEX than the profile alone.
The method was tested on the 497,447 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 5,053 companies, not a prediction for HRFLEX. 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.
Liquidity is tight, with a current ratio of 1.1 (1.17 in 2024), below the usual 1.5. Short-term debt is 84.6% and cash 72.2% of total assets. 84.7% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 44 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
These companies have the same main activity as HRFLEX: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €75,800 and €87,700, founded between 2006 and 2010.
HRFLEX files the micro format. That format states no turnover. The gross margin rose from €21,937 in 2007 to €46,320 in 2025.
The balance sheet grew most from 2017 to 2019 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €130,000. Estimated: probably between €81,000 and €190,000.
Higher than 20% of 39,368 companies in 2025.
Higher than 28% of 38,051 companies in 2025.
Higher than 79% of 38,523 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||||
20/58 |
78,731 | 80,770 | 58,280 | 57,418 | 22,416 | 70,108 | 169,912 | 146,831 | 98,710 | 74,655 | 57,804 | 39,149 | 75,265 | 56,998 | 55,009 | 98,098 | 107,286 | 66,642 | 57,548 | |
21/28 |
5,432 | 6,764 | 7,883 | 6,533 | 9,177 | 12,349 | 93,478 | 19,740 | 13,688 | 14,976 | 3,575 | 3,002 | 8,205 | 4,611 | 1,953 | 47,368 | 63,096 | 29,985 | 37,081 | |
22/27 |
5,432 | 6,764 | 7,883 | 6,533 | 9,177 | 12,349 | 93,478 | 19,740 | 13,688 | 14,726 | 3,325 | 2,752 | 7,955 | 4,361 | 1,703 | 47,368 | 63,096 | 29,985 | 37,081 | |
22 |
4,081 | 4,899 | 5,716 | 6,533 | 7,351 | 8,168 | 8,985 | 9,802 | 10,619 | 11,436 | - | - | - | - | - | - | - | - | - | |
23 |
- | - | - | - | - | - | - | 6,106 | 1,727 | 1,501 | 1,922 | 881 | 2,558 | 1,909 | 1,270 | 3,015 | 3,813 | 2,858 | 3,224 | |
24 |
1,351 | 1,865 | 2,167 | - | 1,827 | 4,181 | 84,493 | 3,832 | 1,341 | 1,788 | 1,403 | 1,871 | 5,398 | 2,451 | 434 | 44,353 | 59,282 | 27,127 | 33,857 | |
28 |
- | - | - | - | - | - | - | - | - | 250 | 250 | 250 | 250 | 250 | 250 | - | - | - | - | |
29/58 |
73,299 | 74,006 | 50,397 | 50,885 | 13,239 | 57,759 | 76,434 | 127,091 | 85,023 | 59,679 | 54,229 | 36,147 | 67,060 | 52,387 | 53,056 | 50,730 | 44,190 | 36,657 | 20,467 | |
40/41 |
15,821 | 25,814 | 17,887 | 3,799 | - | 26,659 | 42,332 | 126,579 | 64,371 | 59,170 | 37,470 | 22,272 | 12,259 | 22,908 | 22,524 | 34,269 | 8,957 | 24,956 | 16,569 | |
40 |
11,549 | 16,010 | 12,069 | 3,799 | - | 24,409 | 5,324 | 119,363 | 63,670 | 51,788 | 33,213 | 12,289 | 10,346 | 9,402 | 9,317 | 9,063 | 8,433 | 24,200 | 16,437 | |
41 |
4,272 | 9,804 | 5,817 | - | - | 2,250 | 37,008 | 7,216 | 700 | 7,382 | 4,258 | 9,983 | 1,913 | 13,507 | 13,207 | 25,207 | 524 | 756 | 132 | |
54/58 |
56,883 | 46,134 | 32,510 | 47,086 | 12,515 | 31,100 | 33,105 | 12 | 20,152 | 9 | 16,259 | 13,375 | 54,725 | 29,479 | 30,533 | 16,460 | 35,234 | 11,701 | 3,898 | |
490/1 |
595 | 2,058 | - | - | 724 | - | 997 | 500 | 500 | 500 | 500 | 500 | 76 | - | - | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||||
10/49 |
78,731 | 80,770 | 58,280 | 57,418 | 22,416 | 70,108 | 169,912 | 146,831 | 98,710 | 74,655 | 57,804 | 39,149 | 75,265 | 56,998 | 55,009 | 98,098 | 107,286 | 66,642 | 57,548 | |
10/15 |
12,044 | 17,349 | 30,095 | 8,812 | -33,960 | -44,058 | -11,714 | 68,977 | 60,493 | 46,939 | 41,970 | 36,495 | 45,674 | 30,056 | 27,522 | 42,853 | 35,340 | 27,522 | 15,396 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | 8,600 | |
13 |
1,860 | 7,494 | 52,494 | 64,342 | 64,342 | 64,342 | 64,342 | 64,342 | 55,858 | 42,304 | 37,335 | 31,860 | 31,860 | 16,360 | 13,860 | 29,360 | 21,860 | 14,860 | 4,000 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,000 | |
1311 |
- | 0 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
1312 |
1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
133 |
0 | 5,634 | 50,634 | 62,482 | 62,482 | 62,482 | 62,482 | 62,482 | 53,998 | 40,444 | 35,475 | 30,000 | 30,000 | 14,500 | 12,000 | 27,500 | 20,000 | 13,000 | 3,000 | |
14 |
184 | -145 | -32,399 | -65,530 | -108,302 | -118,400 | -86,056 | -5,365 | -5,365 | -5,365 | -5,365 | -5,365 | 3,814 | 3,696 | 3,662 | 3,493 | 3,480 | 2,662 | 1,396 | |
17/49 |
66,687 | 63,422 | 28,185 | 48,606 | 56,376 | 114,166 | 181,626 | 77,854 | 38,217 | 27,716 | 15,834 | 2,654 | 29,591 | 26,942 | 27,488 | 55,245 | 71,946 | 39,120 | 42,152 | |
17 |
- | - | - | - | - | - | 54,233 | - | - | - | - | - | - | - | - | 33,254 | 47,513 | 15,991 | 26,034 | |
170/4 |
- | - | - | - | - | - | 54,233 | - | - | - | - | - | - | - | - | 33,254 | 47,513 | 15,991 | 26,034 | |
42/48 |
66,626 | 63,364 | 27,643 | 48,606 | 56,376 | 114,166 | 127,393 | 77,854 | 38,217 | 27,716 | 15,834 | 2,654 | 29,591 | 26,942 | 27,488 | 21,991 | 24,434 | 23,129 | 16,118 | |
42 |
- | 0 | 9,089 | 4,539 | - | - | 15,783 | - | - | - | - | - | - | - | - | 14,259 | 15,024 | 12,053 | 10,185 | |
43 |
- | - | - | - | - | - | 9,393 | 9,823 | - | 3,061 | - | - | - | - | - | - | - | - | - | |
430/8 |
- | - | - | - | - | - | 9,393 | 9,823 | - | 3,061 | - | - | - | - | - | - | - | - | - | |
44 |
1,145 | 2,127 | 3,158 | 2,857 | 198 | 6,392 | 45,236 | 23,185 | 14,593 | 11,217 | 8,257 | 2,457 | 2,923 | 2,068 | 2,339 | 2,444 | 1,951 | 2,163 | 1,358 | |
440/4 |
1,145 | 2,127 | 3,158 | 2,857 | 198 | 6,392 | 45,236 | 23,185 | 14,593 | 11,217 | 8,257 | 2,457 | 2,923 | 2,068 | 2,339 | 2,444 | 1,951 | 2,163 | 1,358 | |
45 |
11,991 | 18,224 | 9,135 | 9,365 | 9,279 | 52,590 | 34,963 | 25,715 | 22,982 | 13,438 | 7,577 | 197 | 1,719 | 865 | 1,998 | 5,287 | 7,393 | 8,913 | 4,574 | |
450/3 |
11,991 | 18,224 | 9,135 | 9,365 | 9,279 | 25,225 | 31,164 | 22,989 | 22,982 | 13,438 | 7,577 | 197 | 1,719 | 865 | 1,998 | 5,287 | 7,393 | 8,913 | 4,574 | |
454/9 |
- | - | - | - | - | 27,366 | 3,799 | 2,726 | - | - | - | - | - | - | - | - | - | - | - | |
47/48 |
53,489 | 43,013 | 6,262 | 31,845 | 46,899 | 55,183 | 22,019 | 19,130 | 643 | - | - | - | 24,950 | 24,009 | 23,151 | 1 | 66 | - | - | |
492/3 |
61 | 58 | 542 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
| Income statement | ||||||||||||||||||||
9900 |
46,320 | 49,200 | 29,845 | 60,295 | 128,072 | 405,172 | 480,069 | 371,645 | 242,415 | 93,604 | 31,826 | 5,452 | 32,655 | 14,639 | 40,583 | 34,434 | 44,300 | 29,379 | 21,937 | |
62 |
- | 0 | 700 | 792 | 111,645 | 405,399 | 501,352 | 321,095 | 195,138 | 70,146 | 12,046 | - | - | - | - | - | - | - | - | |
630 |
2,192 | 1,914 | 1,606 | 2,644 | 3,172 | 4,726 | 17,216 | 4,574 | 3,021 | 2,360 | 2,309 | 2,145 | 3,496 | 2,796 | 3,128 | 17,307 | 16,781 | 9,814 | 10,010 | |
631/4 |
350 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
640/8 |
524 | 920 | 780 | 1,266 | 1,483 | 20,214 | 32,477 | 10,873 | 5,493 | 4,834 | 1,767 | 2,863 | 1,938 | 2,501 | 1,409 | 1,767 | 5,839 | 459 | 1,862 | |
66A |
- | - | - | - | - | - | - | - | - | - | - | 5,398 | - | - | 4,643 | - | 3,492 | - | - | |
9901 |
43,254 | 46,367 | 26,759 | 55,593 | 11,771 | -25,167 | -70,976 | 35,104 | 38,763 | 16,264 | 15,705 | 443 | 27,221 | 9,342 | 36,046 | 15,360 | 21,680 | 19,106 | 10,065 | |
75/76B |
299 | 250 | 5 | - | - | - | - | - | 2 | 43 | 38 | 87 | 607 | 519 | 60 | 197 | 72 | 105 | - | |
75 |
299 | 250 | 5 | - | - | - | - | - | 2 | 43 | 38 | 87 | 607 | 519 | 60 | 197 | 72 | 105 | - | |
65/66B |
3,912 | 5,174 | 917 | 2,175 | 832 | 3,366 | 8,668 | 12,523 | 6,791 | 3,539 | 1,735 | 1,318 | 3,481 | 2,462 | 11,239 | 2,721 | 4,138 | 1,981 | 1,506 | |
65 |
3,912 | 5,174 | 917 | 2,175 | 832 | 3,366 | 8,668 | 9,902 | 6,791 | 2,986 | 1,735 | 1,318 | 3,481 | 2,462 | 11,239 | 2,721 | 4,138 | 1,981 | 1,506 | |
66B |
- | - | - | - | - | - | - | 2,621 | - | 553 | - | - | - | - | - | - | - | - | - | |
9903 |
39,641 | 41,443 | 25,847 | 53,418 | 10,939 | -28,532 | -79,643 | 22,581 | 31,973 | 12,767 | 14,008 | -6,185 | 24,347 | 7,398 | 20,224 | 12,836 | 14,121 | 17,230 | 8,558 | |
67/77 |
9,311 | 9,190 | 4,564 | 10,646 | 840 | 3,812 | 1,047 | 14,097 | 18,419 | 7,798 | 8,533 | 2,994 | 8,729 | 4,864 | 8,555 | 5,323 | 6,304 | 5,104 | 3,162 | |
9904 |
30,330 | 32,254 | 21,283 | 42,771 | 10,099 | -32,345 | -80,691 | 8,484 | 13,554 | 4,969 | 5,475 | -9,179 | 15,618 | 2,534 | 11,669 | 7,513 | 7,818 | 12,126 | 5,396 | |
9905 |
30,330 | 32,254 | 21,283 | 42,771 | 10,099 | -32,345 | -80,691 | 8,484 | 13,554 | 4,969 | 5,475 | -9,179 | 15,618 | 2,534 | 11,669 | 7,513 | 7,818 | 12,126 | 5,396 | |
| Appropriation of the result | ||||||||||||||||||||
9906 |
30,184 | -145 | -44,247 | -65,530 | -108,302 | -118,400 | -86,056 | 3,118 | 8,189 | -396 | 110 | -5,365 | 19,314 | 6,196 | 15,162 | 10,993 | 10,480 | 13,522 | 5,396 | |
14P |
-145 | -32,399 | -65,530 | -108,302 | -118,400 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
791/2 |
5,634 | 45,000 | 11,848 | - | - | - | - | - | - | - | - | - | - | - | 27,000 | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 8,484 | 13,554 | 4,969 | 5,475 | - | 15,500 | 2,500 | 11,500 | 7,500 | 7,000 | 10,860 | 4,000 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 860 | 1,000 | |
6921 |
- | - | - | - | - | - | - | 8,484 | 13,554 | 4,969 | 5,475 | - | 15,500 | 2,500 | 11,500 | 7,500 | 7,000 | 10,000 | 3,000 | |
694/7 |
35,634 | 45,000 | - | - | - | - | - | - | - | - | - | - | - | - | 27,000 | - | - | - | - | |
694 |
35,634 | 45,000 | - | - | - | - | - | - | - | - | - | - | - | - | 27,000 | - | - | - | - | |
| Social balance sheet | ||||||||||||||||||||
9087 |
- | - | - | - | 1.2 | 5.5 | 6.9 | 5 | 3.3 | 1.5 | 0.3 | - | - | - | - | - | - | - | - | |
Hours worked1013 |
- | - | - | - | 2,000 | 7,848 | 11,890 | 8,588 | 5,724 | 2,492 | 453 | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||||||||
The notes to these accounts have 16 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 22-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00317077 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00308139 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00186480 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00105745 | |
| 31-12-2021 | micro format | 12-04-2022 | 2022-20002654 | |
| 31-12-2020 | micro format | 10-05-2021 | 2021-13900442 | |
| 31-12-2019 | micro format | 15-07-2020 | 2020-29800275 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-47300023 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-50500048 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48800065 | |
| 31-12-2015 | abbreviated format | 29-07-2016 | 2016-37500050 | |
| 31-12-2014 | abbreviated format | 31-08-2015 | 2015-52300283 | |
| 31-12-2013 | abbreviated format | 26-06-2014 | 2014-21900034 | |
| 31-12-2012 | abbreviated format | 30-07-2013 | 2013-36700529 | |
| 31-12-2011 | abbreviated format | 20-07-2012 | 2012-31700492 | |
| 31-12-2010 | abbreviated format | 29-06-2011 | 2011-23200557 | |
| 31-12-2009 | abbreviated format | 05-07-2010 | 2010-26900305 | |
| 31-12-2008 | abbreviated format | 27-06-2009 | 2009-31600317 | |
| 31-12-2007 | abbreviated format | 27-06-2008 | 2008-31200301 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 45,446 | 48,280 | 28,365 | 58,237 | 14,943 | -20,441 | -53,760 | 39,677 | 41,783 | 18,623 | 18,014 | 2,588 | 30,718 | 12,138 | 39,174 | 32,667 | 38,461 | 28,920 | 20,075 | ||
| 32,522 | 34,167 | 22,889 | 45,415 | 13,271 | -27,619 | -63,475 | 13,057 | 16,575 | 7,329 | 7,784 | -7,034 | 19,114 | 5,330 | 14,798 | 24,820 | 24,598 | 21,939 | 15,407 | ||
| 860 | 795 | 2,956 | 0 | 0 | -76,404 | 90,954 | 53,247 | 1,983 | 15,164 | 2,883 | 2,339 | 7,091 | 5,454 | 1,200 | 1,580 | 75,285 | 2,717 | 46,351 | ||
| 10,749 | 13,624 | -14,576 | 34,571 | -18,586 | -2,005 | 33,093 | -20,140 | 20,143 | -16,249 | 2,884 | -41,351 | 25,246 | -1,054 | 14,073 | -18,774 | 23,532 | 7,803 | - | ||
| 6,673 | 10,642 | 22,754 | 2,279 | -43,137 | -56,407 | -50,959 | 49,237 | 46,805 | 31,963 | 38,394 | 33,493 | 37,468 | 25,445 | 25,569 | 28,739 | 19,757 | 13,529 | 4,349 | ||
| 15.3% | 21.5% | 51.6% | 15.3% | -151.5% | -62.8% | -6.9% | 47.0% | 61.3% | 62.9% | 72.6% | 93.2% | 60.7% | 52.7% | 50.0% | 43.7% | 32.9% | 41.3% | 26.8% | ||
| 1.10 | 1.17 | 1.82 | 1.05 | 0.23 | 0.51 | 0.60 | 1.63 | 2.22 | 2.15 | 3.42 | 13.62 | 2.27 | 1.94 | 1.93 | 2.31 | 1.81 | 1.58 | 1.27 | ||
| 5.54 | 3.66 | 0.94 | 5.52 | - | - | - | 1.13 | 0.63 | 0.59 | 0.38 | 0.07 | 0.65 | 0.90 | 1.00 | 1.29 | 2.04 | 1.42 | 2.74 | ||
| 251.8% | 185.9% | 70.7% | 485.4% | - | - | - | 12.3% | 22.4% | 10.6% | 13.0% | -25.2% | 34.2% | 8.4% | 42.4% | 17.5% | 22.1% | 44.1% | 35.1% | ||
| 38.5% | 39.9% | 36.5% | 74.5% | 45.1% | -46.1% | -47.5% | 5.8% | 13.7% | 6.7% | 9.5% | -23.4% | 20.8% | 4.4% | 21.2% | 7.7% | 7.3% | 18.2% | 9.4% | ||
| 11.62 | 9.33 | 30.94 | 26.77 | 17.95 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2022 | 31-12-2021 |
|---|---|---|
| - | 1.2 |
Source: social balance sheet in the 2021 to 2022 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €860 | €795 | €2,956 | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| €2,192 | €1,914 | €1,606 | €2,644 | €3,172 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 7% lower than in 2024.
Debt's share of the balance-sheet total rises from 78.5% to 84.7%. Equity is lower and debt is higher.
HRFLEX has no parent and no holdings in its annual accounts. Emilie TILMONT is the only director. HRFLEX shares no director with another company.
| M Sport
registered office since 25-04-2017 |
founded in 2017 0674.802.373 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
HRFLEX was incorporated on 29 March 2007.1 The name was changed to HRFLEX in 2023.2 Emilie TILMONT is director of the company, appointed by deed of 06-10-2023.2 Total assets fell from €146,831 in 2018 to €78,731 in 2025 and headcount from 5 full-time equivalents in 2018 to 1.2 in 2021.3
| Establishment | Since | Unit number |
|---|---|---|
| Drie Tombenstraat 3 registered office 3890 Gingelom | 20-04-2007 | 2.161.627.380 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71059A0217/00S000 | 1,464 m² | 1 · 185 m² | 10.6 m · 3 |
If something looks wrong or is missing, please tell us.