HSCH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 11 filings
Turnover
≈ €220,000
Estimated: probably between €110,000 and €390,000
Total assets
€56,005▲ 1.1%
2024 · €55,409
Net result
€4,280▼ 39.0%
2024 · €7,021
Working capital
€13,746▼ 27.4%
2024 · €18,938
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,745
▼ 34.4%
2025
20182025
Net result
€4,280
▼ 39.0%
2025
middle half of the sector
20182025
Equity
€38,309
▲ 12.6%
2025
middle half of the sector
20182025
Total assets
€56,005
▲ 1.1%
2025
middle half of the sector
20182025
Debt
€17,696
▼ 17.2%
2025
20182025
Working capital
€13,746
▼ 27.4%
2025
middle half of the sector
20182025
Solvency
68.4%
▲ 7.0pp
2025
highest quarter of the sector
20182025
Current ratio
1.78
▼ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
7.6%
▼ 5.0pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,282--€3,305€27,713€6,644▼ 76.0%€18,840▲ 184%€6,792▼ 63.9%€13,341▲ 96.4%€8,745▼ 34.4%
Net result€37,160--€5,669€26,026above the sector's middle half€5,556within the sector's middle half▼ 78.7%€16,641within the sector's middle half▲ 200%€2,013within the sector's middle half▼ 87.9%€7,021within the sector's middle half▲ 249%€4,280within the sector's middle half▼ 39.0%
Equity-€17,559--€23,228▼ 32.3%€2,797below the sector's middle half€8,353below the sector's middle half▲ 199%€24,995within the sector's middle half▲ 199%€27,007within the sector's middle half▲ 8.1%€34,029within the sector's middle half▲ 26.0%€38,309within the sector's middle half▲ 12.6%
Total assets€80,814-€42,020▼ 48.0%€64,826below the sector's middle half▲ 54.3%€55,955below the sector's middle half▼ 13.7%€51,854below the sector's middle half▼ 7.3%€49,489below the sector's middle half▼ 4.6%€55,409below the sector's middle half▲ 12.0%€56,005within the sector's middle half▲ 1.1%
Debt€98,373-€65,248▼ 33.7%€62,028▼ 4.9%€47,601▼ 23.3%€26,859▼ 43.6%€22,481▼ 16.3%€21,380▼ 4.9%€17,696▼ 17.2%
Working capital-€21,234--€22,694▼ 6.9%€8,862within the sector's middle half€3,677within the sector's middle half▼ 58.5%€2,534within the sector's middle half▼ 31.1%€8,282within the sector's middle half▲ 227%€18,938within the sector's middle half▲ 129%€13,746within the sector's middle half▼ 27.4%
Solvency-21.7%--55.3%▼ 33.6pp4.3%below the sector's middle half▲ 59.6pp14.9%below the sector's middle half▲ 10.6pp48.2%within the sector's middle half▲ 33.3pp54.6%within the sector's middle half▲ 6.4pp61.4%within the sector's middle half▲ 6.8pp68.4%above the sector's middle half▲ 7.0pp
Current ratio0.52-0.22▼ 0.301.25within the sector's middle half▲ 1.031.14within the sector's middle half▼ 0.111.17within the sector's middle half▲ 0.031.56within the sector's middle half▲ 0.392.05within the sector's middle half▲ 0.491.78within the sector's middle half▼ 0.27
Return on assets (ROA)46.0%--13.5%▼ 59.5pp40.1%above the sector's middle half▲ 53.6pp9.9%within the sector's middle half▼ 30.2pp32.1%above the sector's middle half▲ 22.2pp4.1%within the sector's middle half▼ 28.0pp12.7%within the sector's middle half▲ 8.6pp7.6%within the sector's middle half▼ 5.0pp
Staff (FTE)1.7-1▼ 41.2%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 34% lower 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €56,005
Fixed assets
€24,562 ▲ 33.7%
Current assets
€31,442 ▼ 15.1%
Equity and liabilities €56,005
Equity
€38,309 ▲ 12.6%
Debt
€17,696 ▼ 17.2%
Debt's share of the balance-sheet total falls from 38.6% to 31.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,808▼
2024 · €21,259
Cash flow
€11,343▼
2024 · €14,939
Debt to equity
0.46▼
2024 · 0.63
ROE
11.2%▼
2024 · 20.6%
Interest coverage
6.25▼
2024 · 12.87
Debt ≤ 1 year
€17,696▼
2024 · €18,101
Income taxes
€1,936▼
2024 · €4,668
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 | €21,930 | €18,785 | - | - | €22,730 |
| Financial fixed assets | €1,250 | - | - | - | - |
| Depreciation and write-downs of the year | €6,164 | €5,957 | €7,918 | €7,918 | €7,063 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,929 | €22,557 | €15,251 | €6,164 | €5,957 | €7,918 | €7,918 | €7,063 | ▼ 10.8% |
| Other operating charges640/8 | - | - | - | €12,017 | €6,377 | €1,471 | €1,521 | €2,165 | ▲ 42.3% |
| Gross operating margin9900 | €116,093 | €64,136 | €49,088 | €24,825 | €31,175 | €16,181 | €22,780 | €17,973 | ▼ 21.1% |
| Operating profit (loss)9901 | €39,282 | -€3,305 | €27,713 | €6,644 | €18,840 | €6,792 | €13,341 | €8,745 | ▼ 34.4% |
| Financial income75/76B | - | - | - | €1 | - | - | €0 | €1 | ▲ 86× |
| Recurring financial income75 | - | - | - | €1 | - | - | €0 | €1 | ▲ 86× |
| Financial charges65/66B | - | - | - | €1,089 | €1,876 | €1,990 | €1,652 | €2,530 | ▲ 53.2% |
| Recurring financial charges65 | €2,122 | €2,364 | €1,687 | €1,089 | €1,876 | €1,990 | €1,652 | €2,530 | ▲ 53.2% |
| Profit (loss) for the period before taxes9903 | €37,160 | -€5,669 | €26,026 | €5,556 | €16,964 | €4,802 | €11,689 | €6,216 | ▼ 46.8% |
| Income taxes67/77 | - | - | - | - | €323 | €2,789 | €4,668 | €1,936 | ▼ 58.5% |
| Profit (loss) for the period9904 | €37,160 | -€5,669 | €26,026 | €5,556 | €16,641 | €2,013 | €7,021 | €4,280 | ▼ 39.0% |
| Profit (loss) for the period to be appropriated9905 | €37,160 | -€5,669 | €26,026 | €5,556 | €16,641 | €2,013 | €7,021 | €4,280 | ▼ 39.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €80,814 | €42,020 | €64,826 | €55,955 | €51,854 | €49,489 | €55,409 | €56,005 | ▲ 1.1% |
| Fixed assets21/28 | €58,136 | €35,579 | €20,328 | €26,379 | €34,206 | €26,288 | €18,370 | €24,562 | ▲ 33.7% |
| Tangible fixed assets22/27 | €57,650 | €35,093 | €19,842 | €24,643 | €32,470 | €24,552 | €16,634 | €22,826 | ▲ 37.2% |
| Furniture and vehicles24 | - | - | - | €19,642 | €32,470 | €24,552 | €16,634 | €22,826 | ▲ 37.2% |
| Leasing and similar rights25 | - | - | - | €5,001 | - | - | - | - | - |
| Financial fixed assets28 | €486 | €486 | €486 | €1,736 | €1,736 | €1,736 | €1,736 | €1,736 | = |
| Current assets29/58 | €22,678 | €6,441 | €44,498 | €29,576 | €17,647 | €23,200 | €37,038 | €31,442 | ▼ 15.1% |
| Stocks and contracts in progress3 | €1,418 | - | €1,406 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,890 | €4,781 | €35,367 | €27,682 | €15,738 | €23,057 | €33,757 | €30,677 | ▼ 9.1% |
| Trade receivables40 | - | - | - | €202 | - | - | €5,510 | - | - |
| Other amounts receivable41 | - | - | - | €27,481 | €15,738 | €23,057 | €28,247 | €30,677 | ▲ 8.6% |
| Cash at bank and in hand54/58 | €2,251 | - | €7,164 | €1,679 | €1,910 | €143 | €3,281 | €765 | ▼ 76.7% |
| Deferred charges and accrued income490/1 | - | - | - | €215 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €80,814 | €42,020 | €64,826 | €55,955 | €51,854 | €49,489 | €55,409 | €56,005 | ▲ 1.1% |
| Equity10/15 | -€17,559 | -€23,228 | €2,797 | €8,353 | €24,995 | €27,007 | €34,029 | €38,309 | ▲ 12.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€36,159 | -€41,828 | -€15,803 | -€10,247 | €6,395 | €8,407 | €15,429 | €19,709 | ▲ 27.7% |
| Amounts payable17/49 | €98,373 | €65,248 | €62,028 | €47,601 | €26,859 | €22,481 | €21,380 | €17,696 | ▼ 17.2% |
| Amounts payable after more than one year17 | €54,462 | €36,114 | €26,392 | €21,703 | €11,746 | €7,562 | €3,279 | - | - |
| Financial debts170/4 | - | - | - | €21,703 | €11,746 | €7,562 | €3,279 | - | - |
| Amounts payable within one year42/48 | €43,911 | €29,135 | €35,636 | €25,898 | €15,113 | €14,919 | €18,101 | €17,696 | ▼ 2.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,744 | €4,085 | €4,183 | €4,283 | €3,279 | ▼ 23.4% |
| Financial debts43 | - | - | - | €2,099 | €2,826 | €2,918 | - | €2,653 | - |
| Credit institutions430/8 | - | - | - | €2,099 | €2,826 | €2,918 | - | €2,653 | - |
| Trade debts44 | €13,507 | €9,248 | €17,189 | €9,055 | €7,879 | €4,705 | €6,886 | €6,808 | ▼ 1.1% |
| Suppliers440/4 | - | - | - | €9,055 | €7,879 | €4,705 | €6,886 | €6,808 | ▼ 1.1% |
| Taxes, remuneration and social security45 | - | - | - | - | €323 | €3,112 | €6,932 | €4,956 | ▼ 28.5% |
| Taxes450/3 | - | - | - | - | €323 | €3,112 | €6,932 | €4,956 | ▼ 28.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,160 | -€5,669 | €26,026 | €5,556 | €16,641 | €2,013 | €7,021 | €4,280 | ▼ 39.0% |
| + Depreciation and write-downs630 | €23,929 | €22,557 | €15,251 | €6,164 | €5,957 | €7,918 | €7,918 | €7,063 | ▼ 10.8% |
| Operating cash flow (approximation) | €61,089 | €16,888 | €41,277 | €11,720 | €22,599 | €9,930 | €14,939 | €11,343 | ▼ 24.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€12,215 | -€13,784 | €0 | €0 | -€13,255 | - |
| Change in cash | - | - | - | -€5,486 | €231 | -€1,766 | €3,138 | -€2,516 | - |
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 HSCH 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 HSCH itself: 0.6% 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 HSCH. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00183960 | |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00174487 | |
| 31-12-2023 | micro format | 07-08-2024 | 2024-00332659 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00151439 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20049453 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27700509 | |
| 31-12-2019 | micro format | 17-08-2020 | 2020-41600564 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41600579 | |
| 31-12-2017 | micro format | 09-07-2018 | 2018-30300334 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-20400086 |