HybriPlus
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 9 filings
Turnover
€30,683▼ 80.7%
2019 · €158,856
EBIT margin
95.2%▲ 72.0pp
2019 · 23.2%
Net result
-€42,057▼ 227%
2024 · -€12,871
Working capital
€34,486▼ 64.2%
2024 · €96,249
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€39,422
▼ 1,479%
2025
20182025
Net result
-€42,057
▼ 227%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€34,486
▼ 54.9%
2025
20182025
Total assets
€67,708
▼ 89.0%
2025
20182025
Debt
€33,222
▼ 93.9%
2025
20182025
Working capital
€34,486
▼ 64.2%
2025
20182025
Staff (FTE)
0
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€158,856€30,683▼ 80.7%
Operating result€76,080-€36,863▼ 51.5%€29,205▼ 20.8%€18,097▼ 38.0%€18,115▲ 0.1%€1,627▼ 91.0%-€2,497-€39,422▼ 1,479%
Net result€45,786-€11,789▼ 74.3%€11,976▲ 1.6%€3,908▼ 67.4%€5,837▲ 49.4%-€11,456-€12,871▼ 12.3%-€42,057▼ 227%
EBIT margin23.2%95.2%▲ 72.0pp
Equity€65,011-€79,148▲ 21.7%€91,125▲ 15.1%€95,033▲ 4.3%€100,870▲ 6.1%€89,414▼ 11.4%€76,543▼ 14.4%€34,486▼ 54.9%
Total assets€530,959-€410,560▼ 22.7%€417,400▲ 1.7%€396,516▼ 5.0%€626,550▲ 58.0%€617,168▼ 1.5%€616,750▼ 0.1%€67,708▼ 89.0%
Debt€465,948-€331,412▼ 28.9%€326,275▼ 1.6%€301,483▼ 7.6%€525,679▲ 74.4%€527,754▲ 0.4%€540,207▲ 2.4%€33,222▼ 93.9%
Working capital€484,511-€378,758▼ 21.8%€356,454▼ 5.9%€303,433▼ 14.9%€309,270▲ 1.9%€309,814▲ 0.2%€96,249▼ 68.9%€34,486▼ 64.2%
Staff (FTE)00
The operating result for 2025 is a loss of €39,422, larger than the loss of €2,497 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €67,708
Equity
€34,486 ▼ 54.9%
Debt
€33,222 ▼ 93.9%
Debt's share of the balance-sheet total falls from 87.6% to 49.1%. Equity and debt are lower.
Key figures and ratios
Current ratio
2.04▲
2024 · 1.18
Quick ratio
1.25▲
2024 · 0.30
Debt to equity
0.96▼
2024 · 7.06
ROE
-122.0%▼
2024 · -16.8%
ROA
-62.1%▼
2024 · -2.1%
Debt ≤ 1 year
€33,222▼
2024 · €520,502
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €27,500 | - |
| Carrying value of the mortgaged assets | - | - | - | €462,548 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | - | €0 |
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 | - | €158,856 | €30,683 | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €3,399 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €1,196 | €1,103 | €1,573 | €511 | €400 | ▼ 21.7% |
| Gross operating margin9900 | €76,587 | €38,060 | €30,506 | €19,293 | €19,219 | €3,200 | -€1,987 | -€39,022 | ▼ 1,864% |
| Operating profit (loss)9901 | €76,080 | €36,863 | €29,205 | €18,097 | €18,115 | €1,627 | -€2,497 | -€39,422 | ▼ 1,479% |
| Financial income75/76B | - | - | - | - | - | €386 | €0 | - | - |
| Recurring financial income75 | - | - | - | - | - | €386 | €0 | - | - |
| Financial charges65/66B | - | - | - | €12,908 | €12,078 | €12,013 | €10,373 | €2,636 | ▼ 74.6% |
| Recurring financial charges65 | €17,546 | €12,380 | €13,497 | €12,908 | €12,078 | €12,013 | €10,373 | €2,636 | ▼ 74.6% |
| Profit (loss) for the period before taxes9903 | €58,534 | €24,482 | €15,708 | €5,189 | €6,037 | -€9,999 | -€12,871 | -€42,057 | ▼ 227% |
| Income taxes67/77 | €12,748 | €12,693 | €3,731 | €1,281 | €200 | €1,457 | €0 | - | - |
| Profit (loss) for the period9904 | €45,786 | €11,789 | €11,976 | €3,908 | €5,837 | -€11,456 | -€12,871 | -€42,057 | ▼ 227% |
| Profit (loss) for the period to be appropriated9905 | €45,786 | €11,789 | €11,976 | €3,908 | €5,837 | -€11,456 | -€12,871 | -€42,057 | ▼ 227% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €530,959 | €410,560 | €417,400 | €396,516 | €626,550 | €617,168 | €616,750 | €67,708 | ▼ 89.0% |
| Current assets29/58 | €530,959 | €410,560 | €417,400 | €396,516 | €626,550 | €617,168 | €616,750 | €67,708 | ▼ 89.0% |
| Stocks and contracts in progress3 | €389,809 | €267,284 | €267,284 | €238,250 | €462,548 | €462,548 | €462,548 | €26,119 | ▼ 94.4% |
| Stocks30/36 | - | - | - | €238,250 | €462,548 | €462,548 | €462,548 | €26,119 | ▼ 94.4% |
| Amounts receivable within one year40/41 | €9,000 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €16,398 | €3,524 | €1,961 | €4,112 | €9,847 | €466 | €48 | €41,588 | ▲ 862× |
| Deferred charges and accrued income490/1 | - | - | - | €154,154 | €154,154 | €154,154 | €154,154 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €530,959 | €410,560 | €417,400 | €396,516 | €626,550 | €617,168 | €616,750 | €67,708 | ▼ 89.0% |
| Equity10/15 | €65,011 | €79,148 | €91,125 | €95,033 | €100,870 | €89,414 | €76,543 | €34,486 | ▼ 54.9% |
| Contributions10/11 | €16,251 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €48,759 | €60,548 | €72,525 | €76,433 | €82,270 | €82,270 | €82,270 | €82,270 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | - | €74,573 | €80,410 | €80,410 | €82,270 | €82,270 | = |
| Profit (loss) carried forward14 | - | - | - | - | - | -€11,456 | -€24,327 | -€66,384 | ▼ 173% |
| Amounts payable17/49 | €465,948 | €331,412 | €326,275 | €301,483 | €525,679 | €527,754 | €540,207 | €33,222 | ▼ 93.9% |
| Amounts payable after more than one year17 | €407,500 | €275,609 | €253,329 | €200,000 | €200,000 | €200,000 | €0 | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €200,000 | €200,000 | €200,000 | €0 | - | - |
| Amounts payable within one year42/48 | €46,448 | €31,803 | €60,946 | €93,083 | €317,279 | €307,354 | €520,502 | €33,222 | ▼ 93.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €260,000 | €0 | ▼ 100% |
| Trade debts44 | - | - | - | - | €3,974 | €1,464 | €387 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | - | €3,974 | €1,464 | €387 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €5,472 | €1,500 | €1,589 | €0 | - | - |
| Taxes450/3 | - | - | - | €5,472 | €1,500 | €1,589 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €87,611 | €311,805 | €304,302 | €260,114 | €33,222 | ▼ 87.2% |
| Accrued charges and deferred income492/3 | - | - | - | €8,400 | €8,400 | €20,400 | €19,705 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,786 | €11,789 | €11,976 | €3,908 | €5,837 | -€11,456 | -€12,871 | -€42,057 | ▼ 227% |
| Operating cash flow (approximation) | €45,786 | €11,789 | €11,976 | €3,908 | €5,837 | -€11,456 | -€12,871 | -€42,057 | ▼ 227% |
| Change in cash | - | -€12,874 | -€1,563 | €2,151 | €5,736 | -€9,381 | -€418 | €41,540 | - |
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, 4,805 companies had the same profile as HybriPlus has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HybriPlus itself: 0.4% 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 4,805 companies, not a prediction for HybriPlus. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-07-2026 | 2026-00296604 | |
| 31-12-2024 | abbreviated format | 30-07-2025 | 2025-00344522 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00258102 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00311739 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20266122 | |
| 31-12-2020 | abbreviated format | 23-07-2021 | 2021-39100498 | |
| 31-12-2019 | abbreviated format | 13-04-2020 | 2020-09400382 | |
| 31-12-2018 | abbreviated format | 29-07-2019 | 2019-40300119 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-36400128 |