HUCA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 23 filings
Turnover
≈ €690,000
Estimated: probably between €420,000 and €1.2m
EBIT margin
Not included in this filing
Net result
€38,102▼ 2.9%
2024 · €39,257
Working capital
€113,875▲ 26.2%
2024 · €90,228
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€60,990
▼ 10.9%
2025
20182025
Net result
€38,102
▼ 2.9%
2025
middle half of the sector
20182025
Equity
€247,401
▲ 10.7%
2025
middle half of the sector
20182025
Total assets
€441,219
▲ 0.7%
2025
middle half of the sector
20182025
Debt
€193,818
▼ 9.7%
2025
20182025
Working capital
€113,875
▲ 26.2%
2025
middle half of the sector
20182025
Solvency
56.1%
▲ 5.1pp
2025
middle half of the sector
20182025
Current ratio
1.72
▲ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
8.6%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
4.2
▼ 16.0%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€43,905-€24,126▼ 45.1%€16,302▼ 32.4%€120,710▲ 640%€61,539▼ 49.0%€25,276▼ 58.9%€68,473▲ 171%€60,990▼ 10.9%
Net result€31,415-€14,130▼ 55.0%€9,934within the sector's middle half▼ 29.7%€84,016above the sector's middle half▲ 746%€43,658within the sector's middle half▼ 48.0%€11,839within the sector's middle half▼ 72.9%€39,257within the sector's middle half▲ 232%€38,102within the sector's middle half▼ 2.9%
Equity€45,594-€59,724▲ 31.0%€69,658within the sector's middle half▲ 16.6%€153,674above the sector's middle half▲ 121%€197,333within the sector's middle half▲ 28.4%€209,172within the sector's middle half▲ 6.0%€223,429within the sector's middle half▲ 6.8%€247,401within the sector's middle half▲ 10.7%
Total assets€124,198-€153,911▲ 23.9%€167,813within the sector's middle half▲ 9.0%€346,956above the sector's middle half▲ 107%€424,970within the sector's middle half▲ 22.5%€450,296within the sector's middle half▲ 6.0%€438,161within the sector's middle half▼ 2.7%€441,219within the sector's middle half▲ 0.7%
Debt€78,604-€94,187▲ 19.8%€98,155▲ 4.2%€193,282▲ 96.9%€227,637▲ 17.8%€241,124▲ 5.9%€214,732▼ 10.9%€193,818▼ 9.7%
Working capital€23,898-€23,000▼ 3.8%€29,713within the sector's middle half▲ 29.2%€87,908above the sector's middle half▲ 196%€78,701within the sector's middle half▼ 10.5%€68,275within the sector's middle half▼ 13.2%€90,228within the sector's middle half▲ 32.2%€113,875within the sector's middle half▲ 26.2%
Solvency36.7%-38.8%▲ 2.1pp41.5%within the sector's middle half▲ 2.7pp44.3%within the sector's middle half▲ 2.8pp46.4%above the sector's middle half▲ 2.1pp46.5%within the sector's middle half=51.0%within the sector's middle half▲ 4.5pp56.1%within the sector's middle half▲ 5.1pp
Current ratio1.53-1.40▼ 0.131.38within the sector's middle half▼ 0.031.67within the sector's middle half▲ 0.291.72within the sector's middle half▲ 0.061.48within the sector's middle half▼ 0.241.59within the sector's middle half▲ 0.111.72within the sector's middle half▲ 0.13
Return on assets (ROA)25.3%-9.2%▼ 16.1pp5.9%within the sector's middle half▼ 3.3pp24.2%above the sector's middle half▲ 18.3pp10.3%within the sector's middle half▼ 13.9pp2.6%within the sector's middle half▼ 7.6pp9.0%within the sector's middle half▲ 6.3pp8.6%above the sector's middle half▼ 0.3pp
Staff (FTE)0.53below the sector's middle half▲ 500%3.8within the sector's middle half▲ 26.7%5within the sector's middle half▲ 31.6%4.2below the sector's middle half▼ 16.0%
above
within
below
The sector band is the middle half of the companies in Postal and courier activities (NACE 53). 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 11% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €441,219
Fixed assets
€169,832 ▼ 12.9%
Current assets
€271,387 ▲ 11.6%
Equity and liabilities €441,219
Equity
€247,401 ▲ 10.7%
Debt
€193,818 ▼ 9.7%
Debt's share of the balance-sheet total falls from 49.0% to 43.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€133,801▼
2024 · €143,832
Cash flow
€110,913▼
2024 · €114,616
Debt to equity
0.78▼
2024 · 0.96
ROE
15.4%▼
2024 · 17.6%
Interest coverage
22.72▲
2024 · 18.93
Debt ≤ 1 year
€157,512▲
2024 · €152,999
Debt > 1 year
€36,305▼
2024 · €61,733
Income taxes
€17,029▼
2024 · €21,619
Supplier credit
23 days▲
2024 · 21 days
Staff costs
€155,419▼
2024 · €156,882
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 3 | 4 | 5 | 3 |
| full-time | 1 | 3 | 4 | 5 | 3 |
| in full-time equivalents | 1 | 3 | 4 | 5 | 3 |
| Average over the year, in full-time equivalents | 0.5 | 3 | 3.8 | 4.4 | 4.2 |
| On a permanent contract | 1 | 3 | 4 | 5 | 3 |
| Joined | 1 | 2 | 3 | 4 | 2 |
| Left | 0 | 0 | 2 | 3 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €110,957 | €156,699 | €73,665 | €30,275 | €50,472 |
| Depreciation and write-downs of the year | €35,845 | €40,516 | €70,680 | €75,358 | €72,811 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 3 entries · €4,196 awarded · €4,196 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €536 | €536 |
| 2022 | 2 | €3,660 | €3,660 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €7,017 | €2,193 | €6,000 | €6,250 | €6,237 | ▼ 0.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €510,730 | €535,026 | €465,914 | €422,288 | €524,540 | ▲ 24.2% |
| Remuneration, social security and pensions62 | - | - | - | €16,161 | €114,882 | €151,134 | €156,882 | €155,419 | ▼ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,051 | €33,038 | €32,140 | €35,845 | €40,516 | €70,680 | €75,358 | €72,811 | ▼ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €2,321 | €4,622 | -€137 | - |
| Other operating charges640/8 | - | - | - | €2,262 | €1,844 | €3,413 | €4,922 | €3,424 | ▼ 30.4% |
| Non-recurring operating charges66A | - | - | - | €3,941 | - | - | - | - | - |
| Gross operating margin9900 | €67,135 | €59,596 | €51,916 | €178,919 | €218,781 | €252,823 | €310,257 | €292,506 | ▼ 5.7% |
| Operating profit (loss)9901 | €43,905 | €24,126 | €16,302 | €120,710 | €61,539 | €25,276 | €68,473 | €60,990 | ▼ 10.9% |
| Financial income75/76B | - | - | - | €20 | €80 | €158 | €1 | €30 | ▲ 56× |
| Recurring financial income75 | €13 | €127 | €103 | €20 | €80 | €158 | €1 | €30 | ▲ 56× |
| Financial charges65/66B | - | - | - | €3,104 | €3,803 | €8,340 | €7,597 | €5,888 | ▼ 22.5% |
| Recurring financial charges65 | €1,891 | €1,929 | €2,072 | €3,104 | €3,803 | €8,340 | €7,597 | €5,888 | ▼ 22.5% |
| Profit (loss) for the period before taxes9903 | €41,853 | €22,324 | €14,333 | €117,625 | €57,816 | €17,094 | €60,877 | €55,131 | ▼ 9.4% |
| Income taxes67/77 | €10,551 | €8,194 | €4,400 | €33,609 | €14,157 | €5,255 | €21,619 | €17,029 | ▼ 21.2% |
| Profit (loss) for the period9904 | €31,415 | €14,130 | €9,934 | €84,016 | €43,658 | €11,839 | €39,257 | €38,102 | ▼ 2.9% |
| Profit (loss) for the period to be appropriated9905 | €31,752 | €14,130 | €9,934 | €84,016 | €43,658 | €11,839 | €39,257 | €38,102 | ▼ 2.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €124,198 | €153,911 | €167,813 | €346,956 | €424,970 | €450,296 | €438,161 | €441,219 | ▲ 0.7% |
| Fixed assets21/28 | €55,361 | €73,872 | €59,519 | €126,907 | €237,033 | €240,018 | €194,934 | €169,832 | ▼ 12.9% |
| Tangible fixed assets22/27 | €55,361 | €73,872 | €59,519 | €126,907 | €237,033 | €240,018 | €194,934 | €169,832 | ▼ 12.9% |
| Land and buildings22 | - | - | - | €707 | €530 | €353 | €177 | - | - |
| Plant, machinery and equipment23 | - | - | - | €8,343 | €8,964 | €6,726 | €4,271 | €5,984 | ▲ 40.1% |
| Furniture and vehicles24 | - | - | - | €14,988 | €69,906 | €69,773 | €78,247 | €68,103 | ▼ 13.0% |
| Leasing and similar rights25 | - | - | - | €86,400 | €130,900 | €132,125 | €84,821 | €71,948 | ▼ 15.2% |
| Other tangible fixed assets26 | - | - | - | €16,469 | €26,733 | €31,040 | €27,419 | €23,797 | ▼ 13.2% |
| Current assets29/58 | €68,837 | €80,039 | €108,294 | €220,050 | €187,937 | €210,278 | €243,227 | €271,387 | ▲ 11.6% |
| Stocks and contracts in progress3 | €300 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €51,301 | €67,416 | €83,295 | €157,765 | €134,980 | €150,523 | €176,039 | €203,812 | ▲ 15.8% |
| Trade receivables40 | - | - | - | €157,214 | €120,407 | €131,497 | €157,124 | €202,022 | ▲ 28.6% |
| Other amounts receivable41 | - | - | - | €551 | €14,574 | €19,026 | €18,915 | €1,789 | ▼ 90.5% |
| Cash at bank and in hand54/58 | €17,236 | €11,798 | €23,073 | €58,979 | €41,677 | €50,146 | €51,513 | €52,493 | ▲ 1.9% |
| Deferred charges and accrued income490/1 | - | - | - | €3,306 | €11,280 | €9,609 | €15,675 | €15,082 | ▼ 3.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €124,198 | €153,911 | €167,813 | €346,956 | €424,970 | €450,296 | €438,161 | €441,219 | ▲ 0.7% |
| Equity10/15 | €45,594 | €59,724 | €69,658 | €153,674 | €197,333 | €209,172 | €223,429 | €247,401 | ▲ 10.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €25,000 | €39,130 | €49,064 | €133,080 | €176,739 | €188,578 | €202,835 | €226,807 | ▲ 11.8% |
| Distributable reserves133 | - | - | - | €133,080 | €176,739 | €188,578 | €202,835 | €226,807 | ▲ 11.8% |
| Profit (loss) carried forward14 | €1,994 | €1,994 | €1,994 | €1,994 | €1,994 | €1,994 | €1,994 | €1,994 | = |
| Amounts payable17/49 | €78,604 | €94,187 | €98,155 | €193,282 | €227,637 | €241,124 | €214,732 | €193,818 | ▼ 9.7% |
| Amounts payable after more than one year17 | €33,664 | €37,148 | €19,574 | €61,141 | €118,401 | €99,121 | €61,733 | €36,305 | ▼ 41.2% |
| Financial debts170/4 | - | - | - | €61,141 | €118,401 | €99,121 | €61,733 | €36,305 | ▼ 41.2% |
| Amounts payable within one year42/48 | €44,939 | €57,039 | €78,580 | €132,141 | €109,236 | €142,004 | €152,999 | €157,512 | ▲ 3.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €35,645 | €65,892 | €78,862 | €61,826 | €50,485 | ▼ 18.3% |
| Financial debts43 | - | - | - | €20,000 | €4,174 | €6,758 | - | - | - |
| Credit institutions430/8 | - | - | - | €20,000 | €4,174 | €6,758 | - | - | - |
| Trade debts44 | €3,290 | €10,651 | €20,062 | €9,811 | €6,600 | €817 | €23,873 | €33,759 | ▲ 41.4% |
| Suppliers440/4 | - | - | - | €9,811 | €6,600 | €817 | €23,873 | €33,759 | ▲ 41.4% |
| Taxes, remuneration and social security45 | - | - | - | €34,922 | €19,800 | €46,904 | €45,574 | €52,455 | ▲ 15.1% |
| Taxes450/3 | - | - | - | €30,251 | €1,708 | €17,914 | €17,129 | €18,812 | ▲ 9.8% |
| Remuneration and social security454/9 | - | - | - | €4,671 | €18,092 | €28,990 | €28,446 | €33,644 | ▲ 18.3% |
| Other amounts payable47/48 | - | - | - | €31,764 | €12,770 | €8,663 | €21,725 | €20,813 | ▼ 4.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,415 | €14,130 | €9,934 | €84,016 | €43,658 | €11,839 | €39,257 | €38,102 | ▼ 2.9% |
| + Depreciation and write-downs630 | €22,051 | €33,038 | €32,140 | €35,845 | €40,516 | €70,680 | €75,358 | €72,811 | ▼ 3.4% |
| Operating cash flow (approximation) | €53,466 | €47,168 | €42,074 | €119,861 | €84,174 | €82,519 | €114,616 | €110,913 | ▼ 3.2% |
| Investment in fixed assets (approximation) | - | -€51,549 | -€17,787 | -€103,233 | -€150,642 | -€73,665 | -€30,275 | -€47,709 | ▼ 57.6% |
| Change in cash | - | -€5,438 | €11,275 | €35,906 | -€17,302 | €8,469 | €1,367 | €980 | ▼ 28.3% |
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, 31,368 companies had the same profile as HUCA has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HUCA 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 31,368 companies, not a prediction for HUCA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00353155 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00364386 | |
| 31-12-2023 | abbreviated format | 24-07-2024 | 2024-00289183 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00287983 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20257437 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-49800192 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-35600369 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-40400203 | |
| 31-12-2017 | micro format | 11-07-2018 | 2018-31900503 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-22600374 |