HW IMMO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 51 days after the deadline Filed on 20 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00518443.
Annual accounts 2025 filed on 20-09-2026 at the NBB all 14 filings
Turnover
€218,319▼ 4.5%
2024 · €228,649
EBIT margin
11.1%▲ 10.9pp
2024 · 0.2%
Net result
€19,721
2024 · -€6,013
Working capital
-€74,645▲ 9.7%
2024 · -€82,691
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€218,319
▼ 4.5%
2025
20182025
Operating result
€24,174
▲ 60×
2025
20182025
Net result
€19,721
2025
middle half of the sector
20182025
EBIT margin
11.1%
▲ 10.9pp
2025
20182025
Equity
€38,727
▲ 104%
2025
middle half of the sector
20182025
Total assets
€230,587
▲ 6.3%
2025
middle half of the sector
20182025
Debt
€191,860
▼ 3.0%
2025
20182025
Working capital
-€74,645
▲ 9.7%
2025
lowest quarter of the sector
20182025
Solvency
16.8%
▲ 8.0pp
2025
middle half of the sector
20182025
Current ratio
0.43
▲ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
8.6%
▲ 11.3pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€206,326-€276,932▲ 34.2%€195,076▼ 29.6%€225,988▲ 15.8%€270,632▲ 19.8%€199,621▼ 26.2%€228,649▲ 14.5%€218,319▼ 4.5%
Operating result-€6,824-€59,915-€8,836€9,008€57,469▲ 538%-€30,099€404€24,174▲ 60×
Net result-€17,059-€53,747-€12,962within the sector's middle half€6,423within the sector's middle half€52,054above the sector's middle half▲ 710%-€37,802below the sector's middle half-€6,013within the sector's middle half▲ 84.1%€19,721within the sector's middle half
EBIT margin-3.3%-21.6%▲ 24.9pp-4.5%▼ 26.2pp4.0%▲ 8.5pp21.2%▲ 17.2pp-15.1%▼ 36.3pp0.2%▲ 15.3pp11.1%▲ 10.9pp
Equity-€36,440-€17,307€4,345below the sector's middle half▼ 74.9%€10,768below the sector's middle half▲ 148%€62,822within the sector's middle half▲ 483%€25,020within the sector's middle half▼ 60.2%€19,007within the sector's middle half▼ 24.0%€38,727within the sector's middle half▲ 104%
Total assets€294,303-€310,956▲ 5.7%€319,161below the sector's middle half▲ 2.6%€285,400within the sector's middle half▼ 10.6%€319,897within the sector's middle half▲ 12.1%€286,175within the sector's middle half▼ 10.5%€216,876within the sector's middle half▼ 24.2%€230,587within the sector's middle half▲ 6.3%
Debt€330,743-€293,649▼ 11.2%€314,816▲ 7.2%€274,632▼ 12.8%€257,075▼ 6.4%€261,155▲ 1.6%€197,870▼ 24.2%€191,860▼ 3.0%
Working capital-€101,787--€52,063▲ 48.9%-€58,324within the sector's middle half▼ 12.0%-€61,629within the sector's middle half▼ 5.7%-€18,347within the sector's middle half▲ 70.2%-€68,411within the sector's middle half▼ 273%-€82,691below the sector's middle half▼ 20.9%-€74,645below the sector's middle half▲ 9.7%
Solvency-12.4%-5.6%▲ 17.9pp1.4%below the sector's middle half▼ 4.2pp3.8%below the sector's middle half▲ 2.4pp19.6%within the sector's middle half▲ 15.9pp8.7%within the sector's middle half▼ 10.9pp8.8%within the sector's middle half=16.8%within the sector's middle half▲ 8.0pp
Current ratio0.37-0.63▲ 0.260.66within the sector's middle half▲ 0.030.58within the sector's middle half▼ 0.080.87within the sector's middle half▲ 0.290.59within the sector's middle half▼ 0.290.31below the sector's middle half▼ 0.280.43within the sector's middle half▲ 0.13
Return on assets (ROA)-5.8%-17.3%▲ 23.1pp-4.1%below the sector's middle half▼ 21.3pp2.3%within the sector's middle half▲ 6.3pp16.3%above the sector's middle half▲ 14.0pp-13.2%below the sector's middle half▼ 29.5pp-2.8%below the sector's middle half▲ 10.4pp8.6%within the sector's middle half▲ 11.3pp
Staff (FTE)1.7-1.8▲ 5.9%2.7within the sector's middle half▲ 50.0%3.4▲ 25.9%2.5▼ 26.5%2.1▼ 16.0%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 60 times that of 2024. It is the second rise in a row, after the fall in 2023.
Staff figure correction
- 2019 The accounts state 60,612 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure shown is 1.8 FTE (source: average staff, item 9087).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €230,587
Fixed assets
€173,590 ▼ 3.7%
Current assets
€56,997 ▲ 55.9%
Equity and liabilities €230,587
Equity
€38,727 ▲ 104%
Debt
€191,860 ▼ 3.0%
Debt's share of the balance-sheet total falls from 91.2% to 83.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€30,890▲
2024 · €7,120
Cash flow
€26,437▲
2024 · €702
Debt to equity
4.95▼
2024 · 10.41
ROE
50.9%▲
2024 · -31.6%
Interest coverage
6.94▲
2024 · 1.11
Debt ≤ 1 year
€131,642▲
2024 · €119,262
Debt > 1 year
€60,218▼
2024 · €78,608
Customer credit
12 days▲
2024 · 3 days
Supplier credit
44 days▲
2024 · 7 days
Staff costs
€43,760▼
2024 · €46,424
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 |
| full-time | 3 | 2 | 2 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 3 | 2 | 2 |
| Average over the year, in full-time equivalents | 3.4 | 2.5 | 2.1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 0 | 1 | 1 |
| Left | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €4,382 | - | - |
| Depreciation and write-downs of the year | €7,393 | €6,863 | €8,139 | €6,716 | €6,716 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 4.5% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.1m | €1.5m | €0.2m | €0.2m | €0.1m | ▼ 19.8% |
| Remuneration, social security and pensions62 | - | - | - | €0.07m | €0.06m | €0.05m | €0.05m | €0.04m | ▼ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.02m | €0.007m | €0.007m | €0.008m | €0.007m | €0.007m | = |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €0.003m | €0.003m | €0.006m | ▲ 76.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €179 | €86 | ▼ 52.0% |
| Gross operating margin9900 | €0.07m | €0.1m | €0.05m | €0.09m | €0.1m | €0.03m | €0.06m | €0.08m | ▲ 41.3% |
| Operating profit (loss)9901 | -€0.007m | €0.06m | -€0.009m | €0.009m | €0.06m | -€0.03m | €404 | €0.02m | ▲ 60× |
| Financial income75/76B | - | - | - | - | - | €87 | - | - | - |
| Recurring financial income75 | - | - | - | - | - | €87 | - | - | - |
| Financial charges65/66B | - | - | - | €0.003m | €0.005m | €0.006m | €0.006m | €0.004m | ▼ 30.6% |
| Recurring financial charges65 | €0.01m | €0.004m | €0.004m | €0.003m | €0.005m | €0.006m | €0.006m | €0.004m | ▼ 30.6% |
| Profit (loss) for the period before taxes9903 | -€0.02m | €0.06m | -€0.01m | €0.006m | €0.05m | -€0.04m | -€0.006m | €0.02m | - |
| Income taxes67/77 | - | €0.002m | - | - | - | €0.002m | - | - | - |
| Profit (loss) for the period9904 | -€0.02m | €0.05m | -€0.01m | €0.006m | €0.05m | -€0.04m | -€0.006m | €0.02m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | €0.05m | -€0.01m | €0.006m | €0.05m | -€0.04m | -€0.006m | €0.02m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €294,303 | €310,956 | €319,161 | €285,400 | €319,897 | €286,175 | €216,876 | €230,587 | ▲ 6.3% |
| Fixed assets21/28 | €235,394 | €222,274 | €207,035 | €199,642 | €192,779 | €189,022 | €180,306 | €173,590 | ▼ 3.7% |
| Tangible fixed assets22/27 | €235,084 | €221,964 | €206,725 | €199,332 | €192,469 | €188,712 | €179,996 | €173,280 | ▼ 3.7% |
| Land and buildings22 | - | - | - | €198,485 | €192,045 | €185,606 | €179,167 | €172,727 | ▼ 3.6% |
| Plant, machinery and equipment23 | - | - | - | €550 | €275 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €297 | €149 | €3,105 | €829 | €553 | ▼ 33.3% |
| Financial fixed assets28 | €310 | €310 | €310 | €310 | €310 | €310 | €310 | €310 | = |
| Current assets29/58 | €58,910 | €88,683 | €112,126 | €85,758 | €127,118 | €97,153 | €36,571 | €56,997 | ▲ 55.9% |
| Amounts receivable within one year40/41 | €9,761 | €54,300 | €32,691 | €21,397 | €23,542 | €19,392 | €22,303 | €27,553 | ▲ 23.5% |
| Trade receivables40 | - | - | - | €12,152 | €19,297 | €19,392 | €1,892 | €7,142 | ▲ 278% |
| Other amounts receivable41 | - | - | - | €9,245 | €4,245 | - | €20,411 | €20,411 | = |
| Cash at bank and in hand54/58 | €49,149 | €34,383 | €79,436 | €64,362 | €103,576 | €77,761 | €14,268 | €29,445 | ▲ 106% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €294,303 | €310,956 | €319,161 | €285,400 | €319,897 | €286,175 | €216,876 | €230,587 | ▲ 6.3% |
| Equity10/15 | -€36,440 | €17,307 | €4,345 | €10,768 | €62,822 | €25,020 | €19,007 | €38,727 | ▲ 104% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €573 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€55,613 | -€3,153 | -€16,115 | -€9,692 | €42,362 | €4,560 | -€1,453 | €18,267 | - |
| Amounts payable17/49 | €330,743 | €293,649 | €314,816 | €274,632 | €257,075 | €261,155 | €197,870 | €191,860 | ▼ 3.0% |
| Amounts payable after more than one year17 | €170,047 | €152,904 | €144,366 | €127,245 | €111,610 | €95,591 | €78,608 | €60,218 | ▼ 23.4% |
| Financial debts170/4 | - | - | - | €127,245 | €111,610 | €95,591 | €78,608 | €60,218 | ▼ 23.4% |
| Amounts payable within one year42/48 | €160,696 | €140,746 | €170,450 | €147,387 | €145,465 | €165,564 | €119,262 | €131,642 | ▲ 10.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,090 | €15,719 | €16,019 | €16,983 | €17,990 | ▲ 5.9% |
| Trade debts44 | €64,600 | €34,688 | €23,831 | €15,036 | €24,068 | €12,657 | €3,286 | €16,749 | ▲ 410% |
| Suppliers440/4 | - | - | - | €15,036 | €24,068 | €12,657 | €3,286 | €16,749 | ▲ 410% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €4,100 | €4,100 | = |
| Taxes, remuneration and social security45 | - | - | - | €16,153 | €14,639 | €14,341 | €20,847 | €17,733 | ▼ 14.9% |
| Taxes450/3 | - | - | - | €9,097 | €13,516 | €4,001 | €4,959 | €15,188 | ▲ 206% |
| Remuneration and social security454/9 | - | - | - | €7,055 | €1,122 | €10,341 | €15,888 | €2,546 | ▼ 84.0% |
| Other amounts payable47/48 | - | - | - | €99,108 | €91,039 | €122,546 | €74,046 | €75,070 | ▲ 1.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,059 | €53,747 | -€12,962 | €6,423 | €52,054 | -€37,802 | -€6,013 | €19,721 | - |
| + Depreciation and write-downs630 | €15,568 | €15,239 | €15,239 | €7,393 | €6,863 | €8,139 | €6,716 | €6,716 | = |
| Operating cash flow (approximation) | -€1,491 | €68,986 | €2,277 | €13,815 | €58,917 | -€29,663 | €702 | €26,437 | ▲ 38× |
| Investment in fixed assets (approximation) | - | -€2,118 | €0 | €0 | €0 | -€4,382 | €2,000 | €0 | ▼ 100% |
| Change in cash | - | -€14,766 | €45,052 | -€15,074 | €39,215 | -€25,815 | -€63,493 | €15,177 | - |
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, 5,053 companies had the same profile as HW IMMO has now. Two years later, 95.8% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HW IMMO itself: 1.8% 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 5,053 companies, not a prediction for HW IMMO. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-09-2026 | 2026-00518443 | |
| 31-12-2024 | micro format | 28-10-2025 | 2025-00551277 | |
| 31-12-2023 | micro format | 22-09-2024 | 2024-00468330 | |
| 31-12-2022 | micro format | 07-10-2023 | 2023-00481550 | |
| 31-12-2021 | micro format | 08-10-2022 | 2022-20455257 | |
| 31-12-2020 | full format | 31-12-2021 | 2021-82400535 | |
| 31-12-2019 | full format | 20-12-2020 | 2020-76500460 | |
| 31-12-2018 | full format | 31-10-2019 | 2019-72500133 | |
| 31-12-2017 | full format | 28-08-2018 | 2018-55700266 | |
| 31-12-2016 | full format | 24-09-2017 | 2017-63500004 |