HSB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 22 filings
Turnover
€30,876
EBIT margin
12.6%
Net result
€1,027
2024 · -€607
Working capital
€1,773▼ 73.4%
2024 · €6,653
In the rankings
#3 oldest company in Lummen, Other services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€2,638
▲ 298%
2025
20182025
Net result
€1,027
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€15,337
▲ 7.2%
2025
middle half of the sector
20182025
Total assets
€33,382
▲ 52.0%
2025
middle half of the sector
20182025
Debt
€18,045
▲ 136%
2025
20182025
Working capital
€1,773
▼ 73.4%
2025
middle half of the sector
20182025
Solvency
45.9%
▼ 19.2pp
2025
middle half of the sector
20182025
Current ratio
1.10
▼ 0.77
2025
middle half of the sector
20182025
Return on assets (ROA)
3.1%
▲ 5.8pp
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
Turnover€30,876
Operating result€5,916-€3,883▼ 34.4%€9,838▲ 153%€5,306▼ 46.1%-€24-€738▼ 2,997%€664€2,638▲ 298%
Net result€5,594-€3,144▼ 43.8%€9,251within the sector's middle half▲ 194%€4,351within the sector's middle half▼ 53.0%-€1,023within the sector's middle half-€1,762within the sector's middle half▼ 72.1%-€607within the sector's middle half▲ 65.6%€1,027within the sector's middle half
EBIT margin12.6%
Equity€956-€4,100▲ 329%€13,350within the sector's middle half▲ 226%€17,701within the sector's middle half▲ 32.6%€16,678within the sector's middle half▼ 5.8%€14,916within the sector's middle half▼ 10.6%€14,310within the sector's middle half▼ 4.1%€15,337within the sector's middle half▲ 7.2%
Total assets€51,748-€30,533▼ 41.0%€45,323within the sector's middle half▲ 48.4%€28,929within the sector's middle half▼ 36.2%€21,169below the sector's middle half▼ 26.8%€19,520below the sector's middle half▼ 7.8%€21,966below the sector's middle half▲ 12.5%€33,382within the sector's middle half▲ 52.0%
Debt€50,792-€26,434▼ 48.0%€31,973▲ 21.0%€11,228▼ 64.9%€4,491▼ 60.0%€4,603▲ 2.5%€7,656▲ 66.3%€18,045▲ 136%
Working capital-€20,864--€10,410▲ 50.1%€4,372within the sector's middle half€8,714within the sector's middle half▲ 99.3%€9,528within the sector's middle half▲ 9.3%€5,951within the sector's middle half▼ 37.5%€6,653within the sector's middle half▲ 11.8%€1,773within the sector's middle half▼ 73.4%
Solvency1.8%-13.4%▲ 11.6pp29.5%within the sector's middle half▲ 16.0pp61.2%above the sector's middle half▲ 31.7pp78.8%above the sector's middle half▲ 17.6pp76.4%above the sector's middle half▼ 2.4pp65.1%above the sector's middle half▼ 11.3pp45.9%within the sector's middle half▼ 19.2pp
Current ratio0.59-0.61▲ 0.021.14within the sector's middle half▲ 0.531.78within the sector's middle half▲ 0.643.14above the sector's middle half▲ 1.372.31above the sector's middle half▼ 0.841.87within the sector's middle half▼ 0.441.10within the sector's middle half▼ 0.77
Return on assets (ROA)10.8%-10.3%▼ 0.5pp20.4%above the sector's middle half▲ 10.1pp15.0%within the sector's middle half▼ 5.4pp-4.8%within the sector's middle half▼ 19.9pp-9.0%below the sector's middle half▼ 4.2pp-2.8%within the sector's middle half▲ 6.3pp3.1%within the sector's middle half▲ 5.8pp
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 nearly 4 times that of 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €33,382
Fixed assets
€13,606 ▲ 77.2%
Current assets
€19,775 ▲ 38.4%
Equity and liabilities €33,382
Equity
€15,337 ▲ 7.2%
Debt
€18,045 ▲ 136%
Debt's share of the balance-sheet total rises from 34.9% to 54.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5,031▲
2024 · €1,999
Cash flow
€3,420▲
2024 · €729
Quick ratio
1.06▼
2024 · 1.80
Debt to equity
1.18▲
2024 · 0.54
ROE
6.7%▲
2024 · -4.2%
Interest coverage
39.49▲
2024 · 17.91
Debt ≤ 1 year
€18,003▲
2024 · €7,635
Income taxes
€1,483▲
2024 · €1,158
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 | €13,870 | - | €3,000 | - | €8,322 |
| Depreciation and write-downs of the year | €1,749 | €1,789 | €1,185 | €1,336 | €2,393 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €2,203 awarded · €2,203 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €128 | €128 |
| 2023 | 1 | €2,000 | €2,000 |
| 2022 | 1 | €75 | €75 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €30,876 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €12,290 | €5,469 | €5,902 | €5,889 | €3,868 | ▼ 34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,468 | €7,311 | €5,452 | €1,749 | €1,789 | €1,185 | €1,336 | €2,393 | ▲ 79.2% |
| Other operating charges640/8 | - | - | - | €1,402 | €940 | €1,175 | €1,106 | €1,898 | ▲ 71.6% |
| Gross operating margin9900 | €19,203 | €12,091 | €16,195 | €8,456 | €2,706 | €1,621 | €3,106 | €6,929 | ▲ 123% |
| Operating profit (loss)9901 | €5,916 | €3,883 | €9,838 | €5,306 | -€24 | -€738 | €664 | €2,638 | ▲ 298% |
| Financial income75/76B | - | - | - | €1 | €226 | - | - | - | - |
| Recurring financial income75 | - | - | - | €1 | €226 | - | - | - | - |
| Financial charges65/66B | - | - | - | €240 | €324 | €222 | €112 | €127 | ▲ 14.1% |
| Recurring financial charges65 | €323 | €494 | €369 | €240 | €324 | €222 | €112 | €127 | ▲ 14.1% |
| Profit (loss) for the period before taxes9903 | €5,594 | €3,389 | €9,468 | €5,067 | -€122 | -€960 | €552 | €2,510 | ▲ 355% |
| Income taxes67/77 | - | €245 | €218 | €716 | €901 | €801 | €1,158 | €1,483 | ▲ 28.0% |
| Profit (loss) for the period9904 | €5,594 | €3,144 | €9,251 | €4,351 | -€1,023 | -€1,762 | -€607 | €1,027 | - |
| Profit (loss) for the period to be appropriated9905 | €5,594 | €3,144 | €9,251 | €4,351 | -€1,023 | -€1,762 | -€607 | €1,027 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €51,748 | €30,533 | €45,323 | €28,929 | €21,169 | €19,520 | €21,966 | €33,382 | ▲ 52.0% |
| Fixed assets21/28 | €21,820 | €14,510 | €9,778 | €8,988 | €7,198 | €9,013 | €7,678 | €13,606 | ▲ 77.2% |
| Intangible fixed assets21 | €5,979 | €5,979 | €5,979 | €5,979 | €5,979 | €5,979 | €5,979 | €5,979 | = |
| Tangible fixed assets22/27 | €15,592 | €8,281 | €3,550 | €2,759 | €969 | €2,785 | €1,449 | €7,378 | ▲ 409% |
| Plant, machinery and equipment23 | - | - | - | €1,305 | €969 | €634 | €298 | €41 | ▼ 86.3% |
| Furniture and vehicles24 | - | - | - | €1,454 | - | €2,151 | €1,151 | €7,337 | ▲ 538% |
| Financial fixed assets28 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | €250 | = |
| Current assets29/58 | €29,927 | €16,024 | €35,545 | €19,941 | €13,970 | €10,506 | €14,289 | €19,775 | ▲ 38.4% |
| Stocks and contracts in progress3 | €529 | €582 | €830 | €435 | €511 | €579 | €514 | €718 | ▲ 39.8% |
| Stocks30/36 | - | - | - | €435 | €511 | €579 | €514 | €718 | ▲ 39.8% |
| Amounts receivable within one year40/41 | €2,904 | €1,936 | €15,589 | €482 | €7,068 | €1,151 | €12 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €482 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | - | €7,068 | €1,151 | €12 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €24,394 | €11,881 | €18,970 | €18,870 | €3,863 | €7,671 | €10,770 | €17,061 | ▲ 58.4% |
| Deferred charges and accrued income490/1 | - | - | - | €154 | €2,529 | €1,106 | €2,993 | €1,997 | ▼ 33.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €51,748 | €30,533 | €45,323 | €28,929 | €21,169 | €19,520 | €21,966 | €33,382 | ▲ 52.0% |
| Equity10/15 | €956 | €4,100 | €13,350 | €17,701 | €16,678 | €14,916 | €14,310 | €15,337 | ▲ 7.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€19,504 | -€16,360 | -€7,110 | -€2,759 | -€3,782 | -€5,544 | -€6,150 | -€5,123 | ▲ 16.7% |
| Amounts payable17/49 | €50,792 | €26,434 | €31,973 | €11,228 | €4,491 | €4,603 | €7,656 | €18,045 | ▲ 136% |
| Amounts payable within one year42/48 | €50,792 | €26,434 | €31,173 | €11,228 | €4,443 | €4,555 | €7,635 | €18,003 | ▲ 136% |
| Trade debts44 | €1,007 | €2,272 | €942 | €7,593 | €1,294 | €1,870 | €2,652 | €6,532 | ▲ 146% |
| Suppliers440/4 | - | - | - | €7,593 | €1,294 | €1,870 | €2,652 | €6,532 | ▲ 146% |
| Taxes, remuneration and social security45 | - | - | - | €3,113 | €3,149 | €2,685 | €4,909 | €3,906 | ▼ 20.4% |
| Taxes450/3 | - | - | - | €3,113 | €3,149 | €2,685 | €4,909 | €3,906 | ▼ 20.4% |
| Other amounts payable47/48 | - | - | - | €521 | - | - | €75 | €7,565 | ▲ 101× |
| Accrued charges and deferred income492/3 | - | - | - | - | €48 | €48 | €21 | €42 | ▲ 99.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,594 | €3,144 | €9,251 | €4,351 | -€1,023 | -€1,762 | -€607 | €1,027 | - |
| + Depreciation and write-downs630 | €11,468 | €7,311 | €5,452 | €1,749 | €1,789 | €1,185 | €1,336 | €2,393 | ▲ 79.2% |
| Operating cash flow (approximation) | €17,062 | €10,454 | €14,702 | €6,100 | €766 | -€577 | €729 | €3,420 | ▲ 369% |
| Investment in fixed assets (approximation) | - | €0 | -€720 | -€958 | €0 | -€3,000 | €0 | -€8,322 | - |
| Change in cash | - | -€12,513 | €7,089 | -€100 | -€15,008 | €3,808 | €3,100 | €6,290 | ▲ 103% |
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, 17,041 companies had the same profile as HSB has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HSB 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 17,041 companies, not a prediction for HSB. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00285537 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00316775 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00327054 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00373730 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20296450 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-26900407 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27900240 | |
| 31-12-2018 | micro format | 14-08-2019 | 2019-47100306 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-49400213 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-22500040 |