HUMAVA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 6 filings
Turnover
€108,150▼ 16.8%
2020 · €130,060
EBIT margin
26.5%▼ 8.3pp
2020 · 34.8%
Net result
€73,478▲ 391%
2024 · €14,974
Working capital
-€9,240
2024 · €54,795
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
no figure
2025
20202025
Operating result
€93,158
▲ 352%
2025
20202025
Net result
€73,478
▲ 391%
2025
highest quarter of the sector
20202025
EBIT margin
no figure
2025
20202025
Equity
€2,500
▼ 95.9%
2025
lowest quarter of the sector
20202025
Total assets
€86,903
▲ 18.4%
2025
middle half of the sector
20202025
Debt
€84,403
▲ 587%
2025
20202025
Working capital
-€9,240
2025
lowest quarter of the sector
20202025
Solvency
2.9%
▼ 80.4pp
2025
lowest quarter of the sector
20202025
Current ratio
0.89
▼ 4.57
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
84.6%
▲ 64.2pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€130,060-€108,150▼ 16.8%
Operating result€45,262-€28,671▼ 36.7%€45,748▲ 59.6%€56,492▲ 23.5%€20,601▼ 63.5%€93,158▲ 352%
Net result€37,162within the sector's middle half-€19,888within the sector's middle half▼ 46.5%€34,932within the sector's middle half▲ 75.6%€43,782within the sector's middle half▲ 25.3%€14,974within the sector's middle half▼ 65.8%€73,478above the sector's middle half▲ 391%
EBIT margin34.8%-26.5%▼ 8.3pp
Equity€39,662within the sector's middle half-€58,750within the sector's middle half▲ 48.1%€93,682within the sector's middle half▲ 59.5%€137,464within the sector's middle half▲ 46.7%€61,148within the sector's middle half▼ 55.5%€2,500below the sector's middle half▼ 95.9%
Total assets€64,424below the sector's middle half-€85,924within the sector's middle half▲ 33.4%€123,969within the sector's middle half▲ 44.3%€168,736within the sector's middle half▲ 36.1%€73,426below the sector's middle half▼ 56.5%€86,903within the sector's middle half▲ 18.4%
Debt€24,762-€27,174▲ 9.7%€30,287▲ 11.5%€31,272▲ 3.3%€12,278▼ 60.7%€84,403▲ 587%
Working capital€39,662within the sector's middle half-€53,780within the sector's middle half▲ 35.6%€89,456within the sector's middle half▲ 66.3%€131,300within the sector's middle half▲ 46.8%€54,795within the sector's middle half▼ 58.3%-€9,240below the sector's middle half
Solvency61.6%within the sector's middle half-68.4%within the sector's middle half▲ 6.8pp75.6%within the sector's middle half▲ 7.2pp81.5%above the sector's middle half▲ 5.9pp83.3%above the sector's middle half▲ 1.8pp2.9%below the sector's middle half▼ 80.4pp
Current ratio2.60within the sector's middle half-2.98within the sector's middle half▲ 0.383.95within the sector's middle half▲ 0.975.20above the sector's middle half▲ 1.245.46above the sector's middle half▲ 0.260.89below the sector's middle half▼ 4.57
Return on assets (ROA)57.7%above the sector's middle half-23.1%within the sector's middle half▼ 34.5pp28.2%above the sector's middle half▲ 5.0pp25.9%within the sector's middle half▼ 2.2pp20.4%within the sector's middle half▼ 5.6pp84.6%above the sector's middle half▲ 64.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 4.5 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €86,903
Fixed assets
€11,740 ▲ 84.8%
Current assets
€75,163 ▲ 12.1%
Equity and liabilities €86,903
Equity
€2,500 ▼ 95.9%
Debt
€84,403 ▲ 587%
Debt's share of the balance-sheet total rises from 16.7% to 97.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€98,208▲
2024 · €22,577
Cash flow
€78,527▲
2024 · €16,950
Debt to equity
33.76▲
2024 · 0.20
Interest coverage
over 100▲
2024 · 11.39
Debt ≤ 1 year
€84,403▲
2024 · €12,278
Income taxes
€19,070▲
2024 · €4,433
A ratio outside any meaningful range has been withheld (balance sheet total €86,903, equity €2,500).
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 | €5,135 | - | €3,246 | €2,165 | €10,436 |
| Depreciation and write-downs of the year | €165 | €744 | €1,309 | €1,976 | €5,049 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €130,060 | €108,150 | - | - | - | - | - |
| Non-recurring operating income76A | - | €0 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €79,184 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €165 | €744 | €1,309 | €1,976 | €5,049 | ▲ 156% |
| Other operating charges640/8 | - | - | €186 | €0 | €788 | €506 | ▼ 35.8% |
| Gross operating margin9900 | €45,262 | €28,836 | €46,678 | €57,801 | €23,365 | €98,713 | ▲ 322% |
| Operating profit (loss)9901 | €45,262 | €28,671 | €45,748 | €56,492 | €20,601 | €93,158 | ▲ 352% |
| Financial income75/76B | - | €21 | €0 | €478 | €788 | €190 | ▼ 76.0% |
| Recurring financial income75 | - | €21 | €0 | €478 | €788 | €190 | ▼ 76.0% |
| Financial charges65/66B | - | €909 | €1,391 | €1,350 | €1,983 | €800 | ▼ 59.7% |
| Recurring financial charges65 | €996 | €909 | €1,391 | €1,350 | €1,983 | €800 | ▼ 59.7% |
| Profit (loss) for the period before taxes9903 | €44,265 | €27,783 | €44,357 | €55,620 | €19,407 | €92,548 | ▲ 377% |
| Income taxes67/77 | €7,103 | €7,896 | €9,425 | €11,839 | €4,433 | €19,070 | ▲ 330% |
| Profit (loss) for the period9904 | €37,162 | €19,888 | €34,932 | €43,782 | €14,974 | €73,478 | ▲ 391% |
| Profit (loss) for the period to be appropriated9905 | €37,162 | €19,888 | €34,932 | €43,782 | €14,974 | €73,478 | ▲ 391% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €64,424 | €85,924 | €123,969 | €168,736 | €73,426 | €86,903 | ▲ 18.4% |
| Fixed assets21/28 | - | €4,970 | €4,227 | €6,163 | €6,353 | €11,740 | ▲ 84.8% |
| Tangible fixed assets22/27 | - | €4,970 | €4,227 | €6,163 | €6,353 | €11,740 | ▲ 84.8% |
| Plant, machinery and equipment23 | - | €2,275 | €1,815 | €1,354 | €894 | €433 | ▼ 51.5% |
| Furniture and vehicles24 | - | €2,695 | €2,412 | €4,809 | €5,459 | €11,306 | ▲ 107% |
| Current assets29/58 | €64,424 | €80,954 | €119,742 | €162,573 | €67,073 | €75,163 | ▲ 12.1% |
| Amounts receivable within one year40/41 | €13,988 | €12,342 | €12,548 | €32,944 | €32,518 | €23,377 | ▼ 28.1% |
| Trade receivables40 | - | €12,342 | €12,548 | €15,348 | €28,045 | €15,592 | ▼ 44.4% |
| Other amounts receivable41 | - | - | - | €17,596 | €4,473 | €7,785 | ▲ 74.0% |
| Cash at bank and in hand54/58 | €50,437 | €68,612 | €103,446 | €125,453 | €30,324 | €48,898 | ▲ 61.2% |
| Deferred charges and accrued income490/1 | - | - | €3,748 | €4,175 | €4,231 | €2,889 | ▼ 31.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €64,424 | €85,924 | €123,969 | €168,736 | €73,426 | €86,903 | ▲ 18.4% |
| Equity10/15 | €39,662 | €58,750 | €93,682 | €137,464 | €61,148 | €2,500 | ▼ 95.9% |
| Contributions10/11 | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €37,162 | €56,250 | €91,182 | €0 | - | - | - |
| Distributable reserves133 | - | €56,250 | €91,182 | €0 | - | - | - |
| Profit (loss) carried forward14 | - | €0 | €0 | €134,964 | €58,648 | €0 | ▼ 100% |
| Amounts payable17/49 | €24,762 | €27,174 | €30,287 | €31,272 | €12,278 | €84,403 | ▲ 587% |
| Amounts payable within one year42/48 | €24,762 | €27,174 | €30,287 | €31,272 | €12,278 | €84,403 | ▲ 587% |
| Trade debts44 | €1,364 | €2,386 | €7,815 | €20,420 | €2,406 | €1,754 | ▼ 27.1% |
| Suppliers440/4 | - | €2,386 | €7,815 | €20,420 | €2,406 | €1,754 | ▼ 27.1% |
| Taxes, remuneration and social security45 | - | €23,498 | €20,789 | €10,853 | €9,872 | €9,171 | ▼ 7.1% |
| Taxes450/3 | - | €22,980 | €16,966 | €10,853 | €9,872 | €9,171 | ▼ 7.1% |
| Remuneration and social security454/9 | - | €518 | €3,823 | €0 | - | - | - |
| Other amounts payable47/48 | - | €1,290 | €1,683 | €0 | - | €73,478 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,162 | €19,888 | €34,932 | €43,782 | €14,974 | €73,478 | ▲ 391% |
| + Depreciation and write-downs630 | - | €165 | €744 | €1,309 | €1,976 | €5,049 | ▲ 156% |
| Operating cash flow (approximation) | €37,162 | €20,053 | €35,676 | €45,091 | €16,950 | €78,527 | ▲ 363% |
| Investment in fixed assets (approximation) | - | - | €0 | -€3,246 | -€2,165 | -€10,436 | ▼ 382% |
| Change in cash | - | €18,175 | €34,835 | €22,007 | -€95,128 | €18,573 | - |
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, 2,153 companies had the same profile as HUMAVA has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of HUMAVA itself is lower: 0.1% within 12 months. It rests on far more data about HUMAVA than the profile alone.
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 2,153 companies, not a prediction for HUMAVA. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00241301 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00227762 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00207228 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00375580 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20254085 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-60000444 |