HSAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 2 filings
Every figure per financial year
The operating result for 2025 is 69% higher than 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.
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | - | €2,455 |
| Financial fixed assets | - | €78,880 |
| Depreciation and write-downs of the year | - | €42 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €42 | - |
| Other operating charges640/8 | €14 | €225 | ▲ 17× |
| Gross operating margin9900 | €39,645 | €67,051 | ▲ 69.1% |
| Operating profit (loss)9901 | €39,632 | €66,784 | ▲ 68.5% |
| Financial charges65/66B | €162 | €536 | ▲ 231% |
| Recurring financial charges65 | €162 | €536 | ▲ 231% |
| Profit (loss) for the period before taxes9903 | €39,470 | €66,248 | ▲ 67.8% |
| Income taxes67/77 | €11,279 | €17,614 | ▲ 56.2% |
| Profit (loss) for the period9904 | €28,191 | €48,634 | ▲ 72.5% |
| Profit (loss) for the period to be appropriated9905 | €28,191 | €48,634 | ▲ 72.5% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €52,969 | €161,036 | ▲ 204% |
| Fixed assets21/28 | - | €81,293 | - |
| Tangible fixed assets22/27 | - | €2,413 | - |
| Plant, machinery and equipment23 | - | €2,413 | - |
| Financial fixed assets28 | - | €78,880 | - |
| Current assets29/58 | €52,969 | €79,743 | ▲ 50.5% |
| Amounts receivable within one year40/41 | €22,663 | €62,307 | ▲ 175% |
| Trade receivables40 | €22,445 | €62,307 | ▲ 178% |
| Other amounts receivable41 | €218 | - | - |
| Cash at bank and in hand54/58 | €30,206 | €17,333 | ▼ 42.6% |
| Deferred charges and accrued income490/1 | €99 | €102 | ▲ 3.2% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €52,969 | €161,036 | ▲ 204% |
| Equity10/15 | €31,191 | €79,826 | ▲ 156% |
| Contributions10/11 | €3,000 | €3,000 | = |
| Reserves13 | €28,191 | €28,191 | = |
| Distributable reserves133 | €28,191 | €28,191 | = |
| Profit (loss) carried forward14 | - | €48,634 | - |
| Amounts payable17/49 | €21,777 | €81,210 | ▲ 273% |
| Amounts payable within one year42/48 | €16,021 | €71,311 | ▲ 345% |
| Trade debts44 | €303 | €1,875 | ▲ 520% |
| Suppliers440/4 | €303 | €1,875 | ▲ 520% |
| Taxes, remuneration and social security45 | €15,719 | €14,054 | ▼ 10.6% |
| Taxes450/3 | €12,319 | €10,654 | ▼ 13.5% |
| Remuneration and social security454/9 | €3,400 | €3,400 | = |
| Other amounts payable47/48 | - | €55,382 | - |
| Accrued charges and deferred income492/3 | €5,756 | €9,899 | ▲ 72.0% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €28,191 | €48,634 | ▲ 72.5% |
| + Depreciation and write-downs630 | - | €42 | - |
| Operating cash flow (approximation) | €28,191 | €48,676 | ▲ 72.7% |
| Change in cash | - | -€12,873 | - |
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, 39,278 companies had the same profile as HSAN has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HSAN itself: 0.4% 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 39,278 companies, not a prediction for HSAN. 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.