HV&E SLOCK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 10 filings
Turnover
≈ €320,000
Estimated: probably between €260,000 and €390,000
Total assets
€293,011▼ 11.3%
2024 · €330,379
Net result
€53,739▲ 3.5%
2024 · €51,897
Working capital
€151,436▲ 23.3%
2024 · €122,784
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€80,831
▲ 4.0%
2025
20182025
Net result
€53,739
▲ 3.5%
2025
highest quarter of the sector
20182025
Equity
€175,606
▲ 20.2%
2025
highest quarter of the sector
20182025
Total assets
€293,011
▼ 11.3%
2025
middle half of the sector
20182025
Debt
€117,405
▼ 36.3%
2025
20182025
Working capital
€151,436
▲ 23.3%
2025
highest quarter of the sector
20182025
Solvency
59.9%
▲ 15.7pp
2025
middle half of the sector
20182025
Current ratio
2.39
▲ 0.64
2025
middle half of the sector
20182025
Return on assets (ROA)
18.3%
▲ 2.6pp
2025
highest 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€13,594-€4,448▼ 67.3%€7,108▲ 59.8%€17,251▲ 143%€36,209▲ 110%€11,463▼ 68.3%€77,735▲ 578%€80,831▲ 4.0%
Net result€9,528-€2,309▼ 75.8%€4,450within the sector's middle half▲ 92.7%€11,865within the sector's middle half▲ 167%€24,905within the sector's middle half▲ 110%€8,110within the sector's middle half▼ 67.4%€51,897above the sector's middle half▲ 540%€53,739above the sector's middle half▲ 3.5%
Equity€42,531-€44,840▲ 5.4%€49,290within the sector's middle half▲ 9.9%€61,155within the sector's middle half▲ 24.1%€86,060within the sector's middle half▲ 40.7%€94,170within the sector's middle half▲ 9.4%€146,067above the sector's middle half▲ 55.1%€175,606above the sector's middle half▲ 20.2%
Total assets€62,094-€60,482▼ 2.6%€94,476within the sector's middle half▲ 56.2%€106,112within the sector's middle half▲ 12.3%€228,038within the sector's middle half▲ 115%€220,875within the sector's middle half▼ 3.1%€330,379above the sector's middle half▲ 49.6%€293,011within the sector's middle half▼ 11.3%
Debt€19,563-€15,642▼ 20.0%€45,186▲ 189%€44,957▼ 0.5%€141,978▲ 216%€126,705▼ 10.8%€184,312▲ 45.5%€117,405▼ 36.3%
Working capital€33,699-€32,776▼ 2.7%€77,383within the sector's middle half▲ 136%€45,506within the sector's middle half▼ 41.2%€58,043within the sector's middle half▲ 27.6%€69,786within the sector's middle half▲ 20.2%€122,784above the sector's middle half▲ 75.9%€151,436above the sector's middle half▲ 23.3%
Solvency68.5%-74.1%▲ 5.6pp52.2%within the sector's middle half▼ 22.0pp57.6%within the sector's middle half▲ 5.5pp37.7%within the sector's middle half▼ 19.9pp42.6%within the sector's middle half▲ 4.9pp44.2%within the sector's middle half▲ 1.6pp59.9%within the sector's middle half▲ 15.7pp
Current ratio2.72-3.10▲ 0.3710.16above the sector's middle half▲ 7.072.04within the sector's middle half▼ 8.131.60within the sector's middle half▼ 0.441.74within the sector's middle half▲ 0.151.75within the sector's middle half▲ 0.012.39within the sector's middle half▲ 0.64
Return on assets (ROA)15.3%-3.8%▼ 11.5pp4.7%within the sector's middle half▲ 0.9pp11.2%within the sector's middle half▲ 6.5pp10.9%within the sector's middle half▼ 0.3pp3.7%within the sector's middle half▼ 7.2pp15.7%within the sector's middle half▲ 12.0pp18.3%above the sector's middle half▲ 2.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €293,011
Fixed assets
€32,612 ▼ 26.1%
Current assets
€260,399 ▼ 9.0%
Equity and liabilities €293,011
Equity
€175,606 ▲ 20.2%
Debt
€117,405 ▼ 36.3%
Debt's share of the balance-sheet total falls from 55.8% to 40.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€98,148▲
2024 · €94,762
Cash flow
€71,056▲
2024 · €68,924
Debt to equity
0.67▼
2024 · 1.26
ROE
30.6%▼
2024 · 35.5%
Interest coverage
14.48▼
2024 · 20.85
Debt ≤ 1 year
€108,963▼
2024 · €163,474
Debt > 1 year
€8,442▼
2024 · €20,838
Income taxes
€20,898▼
2024 · €21,293
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 | €12,811 | €66,225 | €2,590 | €3,747 | €5,808 |
| Depreciation and write-downs of the year | €4,786 | €9,062 | €18,023 | €17,026 | €17,317 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,000 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,200 | €6,018 | €4,171 | €4,786 | €9,062 | €18,023 | €17,026 | €17,317 | ▲ 1.7% |
| Other operating charges640/8 | - | - | - | €996 | €21,020 | €971 | €528 | €4,921 | ▲ 832% |
| Gross operating margin9900 | €19,516 | €10,946 | €11,746 | €23,033 | €66,291 | €30,457 | €95,289 | €103,069 | ▲ 8.2% |
| Operating profit (loss)9901 | €13,594 | €4,448 | €7,108 | €17,251 | €36,209 | €11,463 | €77,735 | €80,831 | ▲ 4.0% |
| Financial income75/76B | - | - | - | €223 | €125 | €1,911 | €0 | €585 | ▲ 58,540× |
| Recurring financial income75 | €3 | €210 | €51 | €223 | €125 | €1,911 | €0 | €585 | ▲ 58,540× |
| Financial charges65/66B | - | - | - | €866 | €1,465 | €1,646 | €4,545 | €6,779 | ▲ 49.2% |
| Recurring financial charges65 | €346 | €748 | €684 | €866 | €1,465 | €1,646 | €4,545 | €6,779 | ▲ 49.2% |
| Profit (loss) for the period before taxes9903 | €13,251 | €3,910 | €6,475 | €16,608 | €34,869 | €11,728 | €73,190 | €74,637 | ▲ 2.0% |
| Income taxes67/77 | €3,723 | €1,601 | €2,025 | €4,743 | €9,964 | €3,618 | €21,293 | €20,898 | ▼ 1.9% |
| Profit (loss) for the period9904 | €9,528 | €2,309 | €4,450 | €11,865 | €24,905 | €8,110 | €51,897 | €53,739 | ▲ 3.5% |
| Profit (loss) for the period to be appropriated9905 | €9,528 | €2,309 | €4,450 | €11,865 | €24,905 | €8,110 | €51,897 | €53,739 | ▲ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €62,094 | €60,482 | €94,476 | €106,112 | €228,038 | €220,875 | €330,379 | €293,011 | ▼ 11.3% |
| Fixed assets21/28 | €8,832 | €12,064 | €8,646 | €16,671 | €72,834 | €57,401 | €44,121 | €32,612 | ▼ 26.1% |
| Tangible fixed assets22/27 | €8,832 | €12,064 | €8,646 | €16,671 | €72,834 | €57,401 | €44,121 | €32,612 | ▼ 26.1% |
| Plant, machinery and equipment23 | - | - | - | €7,444 | €4,805 | €2,165 | €3,345 | €7,693 | ▲ 130% |
| Furniture and vehicles24 | - | - | - | €9,227 | €68,029 | €55,236 | €40,776 | €24,919 | ▼ 38.9% |
| Current assets29/58 | €53,262 | €48,418 | €85,830 | €89,441 | €155,204 | €163,474 | €286,258 | €260,399 | ▼ 9.0% |
| Stocks and contracts in progress3 | €2,929 | €1,904 | €1,942 | €1,521 | €35,154 | €33,122 | €82,933 | - | - |
| Stocks30/36 | - | - | - | €1,521 | - | - | - | - | - |
| Contracts in progress37 | - | - | - | - | €35,154 | €33,122 | €82,933 | - | - |
| Amounts receivable within one year40/41 | €32,796 | €23,677 | €71,184 | €67,036 | €102,242 | €98,289 | €78,702 | €111,675 | ▲ 41.9% |
| Trade receivables40 | - | - | - | €61,940 | €99,067 | €88,610 | €72,102 | €111,675 | ▲ 54.9% |
| Other amounts receivable41 | - | - | - | €5,096 | €3,175 | €9,679 | €6,600 | - | - |
| Cash at bank and in hand54/58 | €8,743 | €6,313 | €4,336 | €20,884 | €17,808 | €32,063 | €124,623 | €148,724 | ▲ 19.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €62,094 | €60,482 | €94,476 | €106,112 | €228,038 | €220,875 | €330,379 | €293,011 | ▼ 11.3% |
| Equity10/15 | €42,531 | €44,840 | €49,290 | €61,155 | €86,060 | €94,170 | €146,067 | €175,606 | ▲ 20.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €23,760 | €26,060 | €30,510 | €42,360 | €66,360 | €72,600 | €124,400 | €153,900 | ▲ 23.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €40,500 | €64,500 | €72,600 | €124,400 | €153,900 | ▲ 23.7% |
| Profit (loss) carried forward14 | €171 | €180 | €180 | €195 | €1,100 | €2,970 | €3,067 | €3,106 | ▲ 1.3% |
| Amounts payable17/49 | €19,563 | €15,642 | €45,186 | €44,957 | €141,978 | €126,705 | €184,312 | €117,405 | ▼ 36.3% |
| Amounts payable after more than one year17 | - | - | - | €1,022 | €44,695 | €32,919 | €20,838 | €8,442 | ▼ 59.5% |
| Financial debts170/4 | - | - | - | €1,022 | €44,695 | €32,919 | €20,838 | €8,442 | ▼ 59.5% |
| Amounts payable within one year42/48 | €19,563 | €15,642 | €8,447 | €43,935 | €97,161 | €93,688 | €163,474 | €108,963 | ▼ 33.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,020 | €13,442 | €12,743 | €12,081 | €12,396 | ▲ 2.6% |
| Financial debts43 | - | - | - | - | €6 | €6 | €6 | €6 | = |
| Credit institutions430/8 | - | - | - | - | €6 | €6 | €6 | €6 | = |
| Trade debts44 | €13,084 | €6,265 | €5,458 | €19,698 | €57,493 | €44,131 | €58,260 | €49,799 | ▼ 14.5% |
| Suppliers440/4 | - | - | - | €19,698 | €57,493 | €44,131 | €58,260 | €49,799 | ▼ 14.5% |
| Taxes, remuneration and social security45 | - | - | - | €3,786 | €9,964 | €15,933 | €28,106 | €19,077 | ▼ 32.1% |
| Taxes450/3 | - | - | - | €3,786 | €9,964 | €15,933 | €28,106 | €19,077 | ▼ 32.1% |
| Other amounts payable47/48 | - | - | - | €16,431 | €16,256 | €20,875 | €65,020 | €27,685 | ▼ 57.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €122 | €98 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,528 | €2,309 | €4,450 | €11,865 | €24,905 | €8,110 | €51,897 | €53,739 | ▲ 3.5% |
| + Depreciation and write-downs630 | €5,200 | €6,018 | €4,171 | €4,786 | €9,062 | €18,023 | €17,026 | €17,317 | ▲ 1.7% |
| Operating cash flow (approximation) | €14,728 | €8,327 | €8,621 | €16,651 | €33,967 | €26,133 | €68,924 | €71,056 | ▲ 3.1% |
| Investment in fixed assets (approximation) | - | -€9,250 | -€753 | -€12,811 | -€65,225 | -€2,590 | -€3,746 | -€5,808 | ▼ 55.0% |
| Change in cash | - | -€2,430 | -€1,977 | €16,548 | -€3,076 | €14,255 | €92,560 | €24,101 | ▼ 74.0% |
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 HV&E SLOCK 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 HV&E SLOCK itself: 0.1% 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 HV&E SLOCK. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00250319 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00258524 | |
| 31-12-2023 | micro format | 11-07-2024 | 2024-00244794 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00220719 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20239764 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-33100181 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27400063 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25400592 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-32900199 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-25900145 |