HV-TECH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 6 filings
Turnover
≈ €110,000
Estimated: probably between €73,000 and €230,000
Total assets
€26,333▲ 2.1%
2024 · €25,783
Net result
€1,920▼ 89.4%
2024 · €18,061
Working capital
€17,668▲ 12.6%
2024 · €15,691
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€3,595
▼ 85.3%
2025
20202025
Net result
€1,920
▼ 89.4%
2025
middle half of the sector
20202025
Equity
€20,340
▲ 10.4%
2025
lowest quarter of the sector
20202025
Total assets
€26,333
▲ 2.1%
2025
lowest quarter of the sector
20202025
Debt
€5,993
▼ 18.6%
2025
20202025
Working capital
€17,668
▲ 12.6%
2025
middle half of the sector
20202025
Solvency
77.2%
▲ 5.8pp
2025
highest quarter of the sector
20202025
Current ratio
3.95
▲ 0.82
2025
highest quarter of the sector
20202025
Return on assets (ROA)
7.3%
▼ 62.8pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€944-€5,058▲ 436%€5,462▲ 8.0%-€9,231€24,537€3,595▼ 85.3%
Net result€781within the sector's middle half-€2,888within the sector's middle half▲ 270%€3,027within the sector's middle half▲ 4.8%-€9,338below the sector's middle half€18,061within the sector's middle half€1,920within the sector's middle half▼ 89.4%
Equity€3,781below the sector's middle half-€6,669below the sector's middle half▲ 76.4%€9,696below the sector's middle half▲ 45.4%€359below the sector's middle half▼ 96.3%€18,419below the sector's middle half▲ 51×€20,340below the sector's middle half▲ 10.4%
Total assets€9,955below the sector's middle half-€17,474below the sector's middle half▲ 75.5%€33,020below the sector's middle half▲ 89.0%€15,506below the sector's middle half▼ 53.0%€25,783below the sector's middle half▲ 66.3%€26,333below the sector's middle half▲ 2.1%
Debt€6,175-€10,805▲ 75.0%€23,324▲ 116%€15,147▼ 35.1%€7,364▼ 51.4%€5,993▼ 18.6%
Working capital€2,632below the sector's middle half-€5,754within the sector's middle half▲ 119%€7,480within the sector's middle half▲ 30.0%-€1,460below the sector's middle half€15,691within the sector's middle half€17,668within the sector's middle half▲ 12.6%
Solvency38.0%within the sector's middle half-38.2%within the sector's middle half▲ 0.2pp29.4%within the sector's middle half▼ 8.8pp2.3%below the sector's middle half▼ 27.1pp71.4%above the sector's middle half▲ 69.1pp77.2%above the sector's middle half▲ 5.8pp
Current ratio1.43within the sector's middle half-1.53within the sector's middle half▲ 0.111.32within the sector's middle half▼ 0.210.90below the sector's middle half▼ 0.423.13within the sector's middle half▲ 2.233.95above the sector's middle half▲ 0.82
Return on assets (ROA)7.8%within the sector's middle half-16.5%within the sector's middle half▲ 8.7pp9.2%within the sector's middle half▼ 7.4pp-60.2%below the sector's middle half▼ 69.4pp70.0%above the sector's middle half▲ 130.3pp7.3%within the sector's middle half▼ 62.8pp
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 85% lower than 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 €26,333
Fixed assets
€2,672 ▼ 2.1%
Current assets
€23,662 ▲ 2.6%
Equity and liabilities €26,333
Equity
€20,340 ▲ 10.4%
Debt
€5,993 ▼ 18.6%
Debt's share of the balance-sheet total falls from 28.6% to 22.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4,395▼
2024 · €25,054
Cash flow
€2,721▼
2024 · €18,578
Quick ratio
3.36▲
2024 · 2.26
Debt to equity
0.29▼
2024 · 0.40
ROE
9.4%▼
2024 · 98.1%
Interest coverage
46.53▼
2024 · 47.41
Debt ≤ 1 year
€5,993▼
2024 · €7,364
Income taxes
€1,580▼
2024 · €5,948
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 | - | €1,645 | - | €1,427 | €744 |
| Depreciation and write-downs of the year | €234 | €342 | €398 | €517 | €800 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €193 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21 | €234 | €342 | €398 | €517 | €800 | ▲ 54.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €8,135 | - |
| Other operating charges640/8 | - | €402 | €912 | €1,066 | €1,301 | €959 | ▼ 26.3% |
| Gross operating margin9900 | €1,154 | €5,694 | €6,716 | -€7,766 | €26,548 | €13,489 | ▼ 49.2% |
| Operating profit (loss)9901 | €944 | €5,058 | €5,462 | -€9,231 | €24,537 | €3,595 | ▼ 85.3% |
| Financial income75/76B | - | €10 | €0 | €1 | €0 | - | - |
| Recurring financial income75 | - | €10 | €0 | €1 | €0 | - | - |
| Financial charges65/66B | - | €82 | €251 | €107 | €528 | €94 | ▼ 82.1% |
| Recurring financial charges65 | €10 | €82 | €251 | €107 | €528 | €94 | ▼ 82.1% |
| Profit (loss) for the period before taxes9903 | €933 | €4,985 | €5,212 | -€9,338 | €24,009 | €3,501 | ▼ 85.4% |
| Income taxes67/77 | €153 | €2,097 | €2,184 | - | €5,948 | €1,580 | ▼ 73.4% |
| Profit (loss) for the period9904 | €781 | €2,888 | €3,027 | -€9,338 | €18,061 | €1,920 | ▼ 89.4% |
| Profit (loss) for the period to be appropriated9905 | €781 | €2,888 | €3,027 | -€9,338 | €18,061 | €1,920 | ▼ 89.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €9,955 | €17,474 | €33,020 | €15,506 | €25,783 | €26,333 | ▲ 2.1% |
| Fixed assets21/28 | €1,149 | €915 | €2,217 | €1,819 | €2,728 | €2,672 | ▼ 2.1% |
| Tangible fixed assets22/27 | €1,149 | €915 | €2,217 | €1,819 | €2,728 | €2,672 | ▼ 2.1% |
| Plant, machinery and equipment23 | - | €915 | €2,217 | €1,819 | €1,420 | €1,043 | ▼ 26.6% |
| Furniture and vehicles24 | - | - | - | - | €1,308 | €1,629 | ▲ 24.5% |
| Current assets29/58 | €8,807 | €16,559 | €30,803 | €13,688 | €23,055 | €23,662 | ▲ 2.6% |
| Stocks and contracts in progress3 | - | €36 | €1,280 | €682 | €6,411 | €3,506 | ▼ 45.3% |
| Stocks30/36 | - | €36 | €1,280 | €682 | €6,411 | €3,506 | ▼ 45.3% |
| Amounts receivable within one year40/41 | €1,432 | €3,508 | €12,453 | €9,986 | €12,172 | €13,939 | ▲ 14.5% |
| Trade receivables40 | - | €2,910 | €6,683 | €8,022 | €3,377 | €5,314 | ▲ 57.4% |
| Other amounts receivable41 | - | €598 | €5,770 | €1,963 | €8,795 | €8,625 | ▼ 1.9% |
| Cash at bank and in hand54/58 | €7,375 | €13,015 | €17,069 | €2,699 | €4,472 | €6,216 | ▲ 39.0% |
| Deferred charges and accrued income490/1 | - | - | - | €321 | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €9,955 | €17,474 | €33,020 | €15,506 | €25,783 | €26,333 | ▲ 2.1% |
| Equity10/15 | €3,781 | €6,669 | €9,696 | €359 | €18,419 | €20,340 | ▲ 10.4% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | - | €6,696 | - | - | - | - |
| Distributable reserves133 | - | - | €6,696 | - | - | - | - |
| Profit (loss) carried forward14 | €781 | €3,669 | - | -€2,641 | €15,419 | €17,340 | ▲ 12.5% |
| Amounts payable17/49 | €6,175 | €10,805 | €23,324 | €15,147 | €7,364 | €5,993 | ▼ 18.6% |
| Amounts payable within one year42/48 | €6,175 | €10,805 | €23,324 | €15,147 | €7,364 | €5,993 | ▼ 18.6% |
| Financial debts43 | - | €1,007 | €555 | €155 | €87 | €332 | ▲ 282% |
| Credit institutions430/8 | - | €1,007 | €555 | €155 | €87 | €332 | ▲ 282% |
| Trade debts44 | €3,097 | €2,742 | €12,385 | €6,912 | €132 | €2,213 | ▲ 17× |
| Suppliers440/4 | - | €2,742 | €12,385 | €6,912 | €132 | €2,213 | ▲ 17× |
| Taxes, remuneration and social security45 | - | €2,100 | €2,467 | €2,184 | €7,145 | €3,448 | ▼ 51.7% |
| Taxes450/3 | - | €2,100 | €2,467 | €2,184 | €7,145 | €3,448 | ▼ 51.7% |
| Other amounts payable47/48 | - | €4,956 | €7,917 | €5,896 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €781 | €2,888 | €3,027 | -€9,338 | €18,061 | €1,920 | ▼ 89.4% |
| + Depreciation and write-downs630 | €21 | €234 | €342 | €398 | €517 | €800 | ▲ 54.8% |
| Operating cash flow (approximation) | €801 | €3,122 | €3,370 | -€8,939 | €18,578 | €2,721 | ▼ 85.4% |
| Investment in fixed assets (approximation) | - | €0 | -€1,645 | €0 | -€1,427 | -€744 | ▲ 47.9% |
| Change in cash | - | €5,640 | €4,055 | -€14,370 | €1,773 | €1,744 | ▼ 1.6% |
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, 26,972 companies had the same profile as HV-TECH has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HV-TECH itself: 0.5% 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 26,972 companies, not a prediction for HV-TECH. 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 | 13-07-2026 | 2026-00284444 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00314997 | |
| 31-12-2023 | micro format | 28-07-2024 | 2024-00293146 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00376721 | |
| 31-12-2021 | micro format | 28-09-2022 | 2022-20437491 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-50000329 |