HULLOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-03-2026 PDF all 17 filings
Turnover
≈ €270,000
Estimated: probably between €170,000 and €460,000
Total assets
€155,830▼ 48.9%
2024 · €305,148
Net result
-€12,423
2024 · €15,204
Working capital
€25,455▼ 20.6%
2024 · €32,055
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€24,150
2025
20192025
Net result
-€12,423
2025
20192025
Equity
€84,151
▼ 12.9%
2025
20192025
Total assets
€155,830
▼ 48.9%
2025
20192025
Debt
€51,920
▼ 70.6%
2025
20192025
Working capital
€25,455
▼ 20.6%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€46,255--€139,883▼ 202%-€79,815▲ 42.9%-€81,819▼ 2.5%-€39,733▲ 51.4%€9,932-€24,150
Net result-€39,122--€136,025▼ 248%-€76,159▲ 44.0%-€78,246▼ 2.7%-€36,263▲ 53.7%€15,204-€12,423
Equity€408,063-€272,037▼ 33.3%€195,878▼ 28.0%€117,632▼ 39.9%€81,369▼ 30.8%€96,573▲ 18.7%€84,151▼ 12.9%
Total assets€796,065-€652,367▼ 18.1%€574,997▼ 11.9%€487,446▼ 15.2%€421,655▼ 13.5%€305,148▼ 27.6%€155,830▼ 48.9%
Debt€296,604-€300,871▲ 1.4%€311,600▲ 3.6%€314,236▲ 0.8%€296,647▼ 5.6%€176,875▼ 40.4%€51,920▼ 70.6%
Working capital€140,767--€52,755-€47,968▲ 9.1%-€33,317▲ 30.5%€18,016€32,055▲ 77.9%€25,455▼ 20.6%
The operating result for 2025 is a loss of €24,150, after a profit of €9,932 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 €155,830
Fixed assets
€115,834 ▼ 53.8%
Current assets
€39,995 ▼ 26.4%
Equity and liabilities €155,830
Equity
€84,151 ▼ 12.9%
Provisions
€19,759 ▼ 37.7%
Debt
€51,920 ▼ 70.6%
Debt's share of the balance-sheet total falls from 58.0% to 33.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€79,847▼
2024 · €118,564
Cash flow
€91,574▼
2024 · €123,837
Current ratio
2.75▲
2024 · 2.44
Debt to equity
0.62▼
2024 · 1.83
ROE
-14.8%▼
2024 · 15.7%
ROA
-8.0%▼
2024 · 5.0%
Interest coverage
over 100▲
2024 · 17.94
Debt ≤ 1 year
€14,540▼
2024 · €22,255
Debt > 1 year
€36,033▼
2024 · €137,005
Income taxes
€90▼
2024 · €134
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €968 | - | €35,642 | - |
| Depreciation and write-downs of the year | €103,893 | €103,997 | €108,632 | €103,997 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €82,532 | €92,277 | €102,900 | €103,893 | €103,997 | €108,632 | €103,997 | ▼ 4.3% |
| Other operating charges640/8 | - | - | - | €7,848 | €7,810 | €6,423 | €8,289 | ▲ 29.1% |
| Gross operating margin9900 | €49,204 | -€38,399 | €28,103 | €29,922 | €72,074 | €124,987 | €88,136 | ▼ 29.5% |
| Operating profit (loss)9901 | -€46,255 | -€139,883 | -€79,815 | -€81,819 | -€39,733 | €9,932 | -€24,150 | - |
| Financial income75/76B | - | - | - | - | - | €73 | €109 | ▲ 49.2% |
| Recurring financial income75 | - | - | - | - | - | €73 | €109 | ▲ 49.2% |
| Financial charges65/66B | - | - | - | €8,278 | €8,341 | €6,607 | €231 | ▼ 96.5% |
| Recurring financial charges65 | €3,586 | €7,951 | €8,285 | €8,278 | €8,341 | €6,607 | €231 | ▼ 96.5% |
| Profit (loss) for the period before taxes9903 | -€49,841 | -€147,965 | -€88,099 | -€90,097 | -€48,074 | €3,398 | -€24,272 | - |
| Transfer from deferred taxes780 | - | - | - | €11,940 | €11,940 | €11,940 | €11,940 | = |
| Income taxes67/77 | - | - | - | €89 | €129 | €134 | €90 | ▼ 32.3% |
| Profit (loss) for the period9904 | -€39,122 | -€136,025 | -€76,159 | -€78,246 | -€36,263 | €15,204 | -€12,423 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €35,820 | €35,820 | €35,820 | €35,820 | = |
| Profit (loss) for the period to be appropriated9905 | -€6,966 | -€100,206 | -€40,340 | -€42,427 | -€443 | €51,024 | €23,397 | ▼ 54.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €796,065 | €652,367 | €574,997 | €487,446 | €421,655 | €305,148 | €155,830 | ▼ 48.9% |
| Fixed assets21/28 | €568,059 | €625,448 | €533,528 | €427,825 | €323,828 | €250,838 | €115,834 | ▼ 53.8% |
| Tangible fixed assets22/27 | €568,059 | €625,448 | €533,528 | €427,825 | €323,828 | €250,838 | €115,834 | ▼ 53.8% |
| Land and buildings22 | - | - | - | €427,825 | €323,828 | €219,831 | €115,834 | ▼ 47.3% |
| Furniture and vehicles24 | - | - | - | - | - | €31,007 | - | - |
| Current assets29/58 | €228,006 | €26,919 | €41,468 | €59,621 | €97,826 | €54,310 | €39,995 | ▼ 26.4% |
| Amounts receivable within one year40/41 | €49,365 | €99 | €99 | €99 | €2,463 | €2,345 | - | - |
| Trade receivables40 | - | - | - | €99 | €1,797 | €1,155 | - | - |
| Other amounts receivable41 | - | - | - | - | €666 | €1,189 | - | - |
| Cash at bank and in hand54/58 | €166,171 | €22,161 | €38,101 | €58,500 | €92,967 | €48,825 | €37,835 | ▼ 22.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,022 | €2,397 | €3,141 | €2,160 | ▼ 31.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €796,065 | €652,367 | €574,997 | €487,446 | €421,655 | €305,148 | €155,830 | ▼ 48.9% |
| Equity10/15 | €408,063 | €272,037 | €195,878 | €117,632 | €81,369 | €96,573 | €84,151 | ▼ 12.9% |
| Contributions10/11 | €100,000 | - | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €349,570 | €313,750 | €277,931 | €242,111 | €206,292 | €170,472 | €134,652 | ▼ 21.0% |
| Non-distributable reserves130/1 | - | - | - | €615 | €615 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €615 | €615 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €166,736 | €130,917 | €95,097 | €59,278 | ▼ 37.7% |
| Distributable reserves133 | - | - | - | €74,760 | €74,760 | €75,375 | €75,375 | = |
| Profit (loss) carried forward14 | -€41,507 | -€141,713 | -€182,053 | -€224,479 | -€224,923 | -€173,899 | -€150,502 | ▲ 13.5% |
| Provisions and deferred taxes16 | €91,398 | €79,458 | €67,519 | €55,579 | €43,639 | €31,699 | €19,759 | ▼ 37.7% |
| Deferred taxes168 | - | - | - | €55,579 | €43,639 | €31,699 | €19,759 | ▼ 37.7% |
| Amounts payable17/49 | €296,604 | €300,871 | €311,600 | €314,236 | €296,647 | €176,875 | €51,920 | ▼ 70.6% |
| Amounts payable after more than one year17 | €205,000 | €205,000 | €205,000 | €205,000 | €205,000 | €137,005 | €36,033 | ▼ 73.7% |
| Other amounts payable178/9 | - | - | - | €205,000 | €205,000 | €137,005 | €36,033 | ▼ 73.7% |
| Amounts payable within one year42/48 | €87,240 | €79,674 | €89,436 | €92,938 | €79,810 | €22,255 | €14,540 | ▼ 34.7% |
| Trade debts44 | €19,629 | €2,647 | €5,517 | €330 | €6,838 | €3,437 | €6,129 | ▲ 78.3% |
| Suppliers440/4 | - | - | - | €330 | €6,838 | €3,437 | €6,129 | ▲ 78.3% |
| Taxes, remuneration and social security45 | - | - | - | €89 | €347 | €112 | €58 | ▼ 48.4% |
| Taxes450/3 | - | - | - | €89 | €347 | €112 | €58 | ▼ 48.4% |
| Other amounts payable47/48 | - | - | - | €92,519 | €72,625 | €18,706 | €8,354 | ▼ 55.3% |
| Accrued charges and deferred income492/3 | - | - | - | €16,298 | €11,837 | €17,616 | €1,347 | ▼ 92.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€39,122 | -€136,025 | -€76,159 | -€78,246 | -€36,263 | €15,204 | -€12,423 | - |
| + Depreciation and write-downs630 | €82,532 | €92,277 | €102,900 | €103,893 | €103,997 | €108,632 | €103,997 | ▼ 4.3% |
| Operating cash flow (approximation) | €43,410 | -€43,748 | €26,741 | €25,647 | €67,734 | €123,837 | €91,574 | ▼ 26.1% |
| Investment in fixed assets (approximation) | - | -€149,666 | -€10,980 | €1,811 | €0 | -€35,642 | €31,007 | - |
| Change in cash | - | -€144,010 | €15,940 | €20,399 | €34,467 | -€44,143 | -€10,989 | ▲ 75.1% |
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, 6,908 companies had the same profile as HULLOS has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HULLOS itself: 0.2% 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 6,908 companies, not a prediction for HULLOS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 25-03-2026 | 2026-00061889 | |
| 30-09-2024 | micro format | 02-04-2025 | 2025-00061675 | |
| 30-09-2023 | micro format | 20-03-2024 | 2024-00046161 | |
| 30-09-2022 | micro format | 25-04-2023 | 2023-00064479 | |
| 30-09-2021 | micro format | 16-02-2022 | 2022-05800147 | |
| 30-09-2020 | micro format | 22-04-2021 | 2021-10900120 | |
| 30-09-2019 | micro format | 19-03-2020 | 2020-07000556 | |
| 30-09-2018 | micro format | 11-02-2019 | 2019-05000599 | |
| 30-09-2017 | micro format | 07-03-2018 | 2018-06600030 | |
| 30-09-2016 | full format | 13-01-2017 | 2017-01400157 |