HUNGRY MINDS
ActiveSummary
HUNGRY MINDS has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €420,906 and a net result of €214,555. Equity remains stable across the filed fiscal years (±2% per year). Its solvency ranks better than 29% of 719 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-4
Solvency45▲+1
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.21 in 2024; short-term debt: 79.7% and cash: 22.9% of total assets), and 79.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
20.3%
Return on assets
10.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-05-2026, 72 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
72 d early
2024
100 d early
2023
12 d early
2022
25 d early
2021
100 d early
2020
114 d early
2019
80 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 72 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 20 May (4 of the last 5 filed years within 47 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€214,555▼ 41.1%
2024 · €364,290
Working capital
€356,310▼ 18.3%
2024 · €436,010
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€671,041▲ 33.4%€340,846▼ 49.2%€883,770▲ 159%€519,572▼ 41.2%€320,546▼ 38.3%
Net result€484,472above the sector's middle half▲ 35.0%€236,725above the sector's middle half▼ 51.1%€620,703above the sector's middle half▲ 162%€364,290above the sector's middle half▼ 41.3%€214,555above the sector's middle half▼ 41.1%
Equity€492,450within the sector's middle half▼ 19.0%€729,175within the sector's middle half▲ 48.1%€754,060within the sector's middle half▲ 3.4%€506,350within the sector's middle half▼ 32.9%€420,906within the sector's middle half▼ 16.9%
Total assets€2.0mwithin the sector's middle half▲ 1.8%€2.1mwithin the sector's middle half▲ 4.0%€3.1mwithin the sector's middle half▲ 44.0%€2.6mwithin the sector's middle half▼ 15.0%€2.1mwithin the sector's middle half▼ 20.0%
Debt€1.5m▲ 10.9%€1.4m▼ 10.0%€2.3m▲ 65.3%€2.1m▼ 9.1%€1.7m▼ 20.8%
Working capital€425,249within the sector's middle half▼ 23.6%€660,497above the sector's middle half▲ 55.3%€701,859above the sector's middle half▲ 6.3%€436,010within the sector's middle half▼ 37.9%€356,310within the sector's middle half▼ 18.3%
Solvency24.1%within the sector's middle half▼ 6.2pp34.4%within the sector's middle half▲ 10.2pp24.7%within the sector's middle half▼ 9.7pp19.5%within the sector's middle half▼ 5.2pp20.3%within the sector's middle half▲ 0.8pp
Current ratio1.28within the sector's middle half▼ 0.121.48within the sector's middle half▲ 0.201.31within the sector's middle half▼ 0.171.21within the sector's middle half▼ 0.101.22within the sector's middle half▲ 0.01
Return on assets (ROA)23.8%above the sector's middle half▲ 5.8pp11.2%within the sector's middle half▼ 12.6pp20.3%above the sector's middle half▲ 9.2pp14.0%above the sector's middle half▼ 6.3pp10.3%above the sector's middle half▼ 3.7pp
Staff (FTE)18.3within the sector's middle half▲ 35.6%19.8above the sector's middle half▲ 8.2%17.8above the sector's middle half▼ 10.1%20.3above the sector's middle half▲ 14.0%21.2within the sector's middle half▲ 4.4%
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 38% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€64,596 ▼ 8.2%
Current assets
€2.0m ▼ 20.4%
Equity and liabilities €2.1m
Equity
€420,906 ▼ 16.9%
Debt
€1.7m ▼ 20.8%
Debt's share of the balance-sheet total falls from 80.5% to 79.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€345,562▼
2024 · €547,325
Cash flow
€239,571▼
2024 · €392,043
Quick ratio
1.15▼
2024 · 1.16
Debt to equity
3.93▼
2024 · 4.13
ROE
51.0%▼
2024 · 71.9%
Interest coverage
21.49▼
2024 · 48.52
Debt ≤ 1 year
€1.7m▼
2024 · €2.1m
Income taxes
€93,591▼
2024 · €144,108
Staff costs
€1.5m▲
2024 · €1.5m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,613 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
2.0%
stopped otherwise
97%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,613 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1.1m | €1.3m | €1.3m | €1.5m | €1.5m | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,798 | €29,319 | €29,596 | €27,753 | €25,016 | ▼ 9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €0 | - | - | - | - | - |
| Other operating charges640/8 | €4,574 | €1,564 | €1,315 | €2,299 | €2,325 | ▲ 1.1% |
| Non-recurring operating charges66A | €0 | - | - | - | - | - |
| Gross operating margin9900 | €1.8m | €1.7m | €2.2m | €2.0m | €1.9m | ▼ 7.0% |
| Operating profit (loss)9901 | €671,041 | €340,846 | €883,770 | €519,572 | €320,546 | ▼ 38.3% |
| Financial income75/76B | €9 | €170 | €93 | €106 | €3,681 | ▲ 3,364% |
| Recurring financial income75 | €9 | €170 | €93 | €106 | €3,681 | ▲ 3,364% |
| Financial charges65/66B | €8,079 | €9,391 | €22,205 | €11,280 | €16,081 | ▲ 42.6% |
| Recurring financial charges65 | €8,079 | €9,391 | €22,205 | €11,280 | €16,081 | ▲ 42.6% |
| Profit (loss) for the period before taxes9903 | €662,971 | €331,625 | €861,658 | €508,399 | €308,146 | ▼ 39.4% |
| Income taxes67/77 | €178,498 | €94,900 | €240,955 | €144,108 | €93,591 | ▼ 35.1% |
| Profit (loss) for the period9904 | €484,472 | €236,725 | €620,703 | €364,290 | €214,555 | ▼ 41.1% |
| Profit (loss) for the period to be appropriated9905 | €484,472 | €236,725 | €620,703 | €364,290 | €214,555 | ▼ 41.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.0m | €2.1m | €3.1m | €2.6m | €2.1m | ▼ 20.0% |
| Fixed assets21/28 | €94,700 | €75,290 | €52,201 | €70,340 | €64,596 | ▼ 8.2% |
| Tangible fixed assets22/27 | €68,180 | €48,769 | €27,805 | €46,060 | €40,315 | ▼ 12.5% |
| Plant, machinery and equipment23 | €1 | €0 | - | - | - | - |
| Furniture and vehicles24 | €67,226 | €48,686 | €27,805 | €46,060 | €40,315 | ▼ 12.5% |
| Other tangible fixed assets26 | €953 | €84 | €0 | - | - | - |
| Financial fixed assets28 | €26,520 | €26,520 | €24,395 | €24,280 | €24,280 | = |
| Current assets29/58 | €1.9m | €2.0m | €3.0m | €2.5m | €2.0m | ▼ 20.4% |
| Stocks and contracts in progress3 | - | €89,890 | €182,531 | €109,414 | €106,158 | ▼ 3.0% |
| Stocks30/36 | - | €89,890 | €182,531 | €109,414 | €106,158 | ▼ 3.0% |
| Amounts receivable within one year40/41 | €925,789 | €1.4m | €2.2m | €2.0m | €1.4m | ▼ 28.8% |
| Trade receivables40 | €925,789 | €1.4m | €1.7m | €1.9m | €1.4m | ▼ 27.7% |
| Other amounts receivable41 | €0 | €2,850 | €474,978 | €46,642 | €13,051 | ▼ 72.0% |
| Current investments50/53 | €110,000 | €20,000 | €10,000 | €10,000 | €11,073 | ▲ 10.7% |
| Cash at bank and in hand54/58 | €902,457 | €534,598 | €603,203 | €428,206 | €476,200 | ▲ 11.2% |
| Deferred charges and accrued income490/1 | €6,559 | €26,566 | €21,471 | €26,717 | €28,464 | ▲ 6.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.0m | €2.1m | €3.1m | €2.6m | €2.1m | ▼ 20.0% |
| Equity10/15 | €492,450 | €729,175 | €754,060 | €506,350 | €420,906 | ▼ 16.9% |
| Contributions10/11 | €260,179 | €260,179 | €260,179 | €260,179 | €260,179 | = |
| Capital10 | €260,179 | €260,179 | €260,179 | €260,179 | €260,179 | = |
| Issued capital100 | €260,179 | €260,179 | €260,179 | €260,179 | €260,179 | = |
| Reserves13 | €30,497 | €30,497 | €30,497 | €30,497 | €30,497 | = |
| Non-distributable reserves130/1 | €26,018 | €26,018 | €26,018 | €26,018 | €26,018 | = |
| Legal reserve130 | €26,018 | €26,018 | €26,018 | €26,018 | €26,018 | = |
| Tax-exempt reserves132 | €4,479 | €4,479 | €4,479 | €4,479 | €4,479 | = |
| Profit (loss) carried forward14 | €201,774 | €438,499 | €463,384 | €215,674 | €130,229 | ▼ 39.6% |
| Amounts payable17/49 | €1.5m | €1.4m | €2.3m | €2.1m | €1.7m | ▼ 20.8% |
| Amounts payable after more than one year17 | €27,499 | €6,611 | €0 | - | - | - |
| Financial debts170/4 | €27,499 | €6,611 | €0 | - | - | - |
| Amounts payable within one year42/48 | €1.5m | €1.4m | €2.3m | €2.1m | €1.7m | ▼ 20.8% |
| Current portion of amounts payable after more than one year42 | €24,313 | €20,888 | €6,611 | €0 | - | - |
| Financial debts43 | €53,756 | €71,941 | €29,448 | €50,600 | €43,281 | ▼ 14.5% |
| Credit institutions430/8 | €53,756 | €71,941 | €29,448 | €50,600 | €43,281 | ▼ 14.5% |
| Trade debts44 | €318,915 | €710,691 | €879,728 | €665,754 | €747,942 | ▲ 12.3% |
| Suppliers440/4 | €318,915 | €710,691 | €879,728 | €665,754 | €747,942 | ▲ 12.3% |
| Advances received on contracts in progress46 | €45,999 | €259,902 | €242,770 | €445,570 | €278,684 | ▼ 37.5% |
| Taxes, remuneration and social security45 | €476,573 | €321,682 | €545,355 | €316,601 | €286,053 | ▼ 9.6% |
| Taxes450/3 | €277,050 | €158,638 | €320,098 | €92,751 | €99,434 | ▲ 7.2% |
| Remuneration and social security454/9 | €199,522 | €163,044 | €225,257 | €223,850 | €186,619 | ▼ 16.6% |
| Other amounts payable47/48 | €600,000 | €0 | €596,268 | €612,000 | €300,000 | ▼ 51.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €484,472 | €236,725 | €620,703 | €364,290 | €214,555 | ▼ 41.1% |
| + Depreciation and write-downs630 | €28,798 | €29,319 | €29,596 | €27,753 | €25,016 | ▼ 9.9% |
| Operating cash flow (approximation) | €513,271 | €266,044 | €650,299 | €392,043 | €239,571 | ▼ 38.9% |
| Investment in fixed assets (approximation) | - | -€9,908 | -€6,507 | -€45,893 | -€19,271 | ▲ 58.0% |
| Change in cash | - | -€367,859 | €68,605 | -€174,997 | €47,994 | ▲ 127% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €214,555 ▼41.1%
Net result drops to €214,555, the lowest in the series.
22-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €620,703 ▲162%
Operating result €883,770, net result €620,703, both a record.
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €500,000Eq €729,175 ▲48.1%
5 profitable years in a row build equity to €729,175.
22-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
08-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
12-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €500,000Eq €509,179 ▲20.3%
2 profitable years in a row build equity to €509,179.
21-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
22-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 22 acts read
About the unread acts
We know of 22 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
22 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Namur · 1 establishment unit since 2007
Ground area
1.3 ha
Building footprint
4,788 m²
Volume, LiDAR
53,377 m³
Parcel 92010C0151/00V005, Wallonia · tallest building 17.9 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Hungry Minds SA
since 20072.161.189.296
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92010C0151/00V005 | Wallonia | 1.3 ha | 1 · 4,788 m² | 17.9 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
4 ownersChain of control
- AdLib Inc.
- BRH HOLDING
- HUNGRY MINDS
Highest known parent: AdLib Inc.. The sources do not say who stands above it.
Owners 4
- BRH HOLDINGparent100%
-
50.1%
-
25%
- 24.92%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Wallonia-Brussels Federation
2021 · 2 entries · 84,761 EUR in total| Year | Entries | paid |
|---|---|---|
| 2021 | 2 | 84,761 EUR |
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Of 13,417 companies in sector 73300 we hold annual accounts for 6,906. 4,405 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-01-2002
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
73300Public relations and communication consultancy
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0476615339
Also
9925:BE0476615339
Registered
21-09-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.