''HYDROTHAN''
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 5 February 2026, deadline 1 February 2026 (7 months after the close on 1 July 2025, Companies Code art. 3:10). Source: NBB, 2026-00033254.
Annual accounts 2025 filed on 05-02-2026 PDF all 29 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€70,684▲ 3.2%
2024 · -€73,042
Working capital
-€174,150▼ 20.6%
2024 · -€144,348
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€70,949
▲ 2.7%
2025
20192025
Net result
-€70,684
▲ 3.2%
2025
lowest quarter of the sector
20192025
Equity
€128,601
▼ 35.5%
2025
middle half of the sector
20192025
Total assets
€397,744
▼ 16.3%
2025
highest quarter of the sector
20192025
Debt
€269,144
▼ 2.5%
2025
20192025
Working capital
-€174,150
▼ 20.6%
2025
lowest quarter of the sector
20192025
Solvency
32.3%
▼ 9.6pp
2025
middle half of the sector
20192025
Current ratio
0.35
▼ 0.12
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-17.8%
▼ 2.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€19,326--€28,789€44,746-€55,595-€70,729▼ 27.2%-€72,944▼ 3.1%-€70,949▲ 2.7%
Net result€10,049--€32,123below the sector's middle half€37,181within the sector's middle half-€55,827below the sector's middle half-€70,987below the sector's middle half▼ 27.2%-€73,042below the sector's middle half▼ 2.9%-€70,684below the sector's middle half▲ 3.2%
Equity€394,082-€361,959within the sector's middle half▼ 8.2%€399,141within the sector's middle half▲ 10.3%€343,314within the sector's middle half▼ 14.0%€272,327above the sector's middle half▼ 20.7%€199,285above the sector's middle half▼ 26.8%€128,601within the sector's middle half▼ 35.5%
Total assets€940,996-€840,204within the sector's middle half▼ 10.7%€750,485within the sector's middle half▼ 10.7%€625,416within the sector's middle half▼ 16.7%€551,698above the sector's middle half▼ 11.8%€475,429above the sector's middle half▼ 13.8%€397,744above the sector's middle half▼ 16.3%
Debt€546,914-€478,245▼ 12.6%€351,344▼ 26.5%€282,102▼ 19.7%€279,370▼ 1.0%€276,144▼ 1.2%€269,144▼ 2.5%
Working capital-€133,564--€146,873below the sector's middle half▼ 10.0%-€56,043below the sector's middle half▲ 61.8%-€86,795below the sector's middle half▼ 54.9%-€112,877below the sector's middle half▼ 30.0%-€144,348below the sector's middle half▼ 27.9%-€174,150below the sector's middle half▼ 20.6%
Solvency41.9%-43.1%within the sector's middle half▲ 1.2pp53.2%within the sector's middle half▲ 10.1pp54.9%within the sector's middle half▲ 1.7pp49.4%within the sector's middle half▼ 5.5pp41.9%within the sector's middle half▼ 7.4pp32.3%within the sector's middle half▼ 9.6pp
Current ratio0.72-0.67below the sector's middle half▼ 0.050.83below the sector's middle half▲ 0.160.69below the sector's middle half▼ 0.130.60below the sector's middle half▼ 0.100.48below the sector's middle half▼ 0.120.35below the sector's middle half▼ 0.12
Return on assets (ROA)1.1%--3.8%below the sector's middle half▼ 4.9pp5.0%within the sector's middle half▲ 8.8pp-8.9%below the sector's middle half▼ 13.9pp-12.9%below the sector's middle half▼ 3.9pp-15.4%below the sector's middle half▼ 2.5pp-17.8%below the sector's middle half▼ 2.4pp
Staff (FTE)2.8-2.8below the sector's middle half=2.8below the sector's middle half=2.9below the sector's middle half▲ 3.6%
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 a loss of €70,949, smaller than the loss of €72,944 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €397,744
Fixed assets
€302,751 ▼ 11.9%
Current assets
€94,993 ▼ 27.9%
Equity and liabilities €397,744
Equity
€128,601 ▼ 35.5%
Debt
€269,144 ▼ 2.5%
Debt's share of the balance-sheet total rises from 58.1% to 67.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€30,067▲
2024 · -€31,372
Cash flow
-€29,802▲
2024 · -€31,471
Debt to equity
2.09▲
2024 · 1.39
ROE
-55.0%▼
2024 · -36.7%
Interest coverage
-89.55▲
2024 · -111.47
Debt ≤ 1 year
€269,144▼
2024 · €276,144
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 01-07-2022 |
|---|---|
| Employees at the balance-sheet date | 4 |
| full-time | 1 |
| part-time | 3 |
| in full-time equivalents | 2.8 |
| Average over the year, in full-time equivalents | 2.9 |
| On a permanent contract | 4 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2022 annual accounts
Securities and guarantees
| Item | 01-07-2022 | 01-07-2023 | 01-07-2024 | 01-07-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €440,000 | - | - | - |
| Carrying value of the mortgaged assets | €414,348 | - | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €71,248 | -€4,098 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,183 | €61,266 | €60,911 | €54,071 | €44,942 | €41,572 | €40,882 | ▼ 1.7% |
| Other operating charges640/8 | - | - | - | €5,608 | €10,244 | €10,652 | €11,068 | ▲ 3.9% |
| Non-recurring operating charges66A | - | - | - | - | €1,300 | - | - | - |
| Gross operating margin9900 | €238,361 | €173,979 | €259,727 | €75,332 | -€18,341 | -€20,720 | -€18,998 | ▲ 8.3% |
| Operating profit (loss)9901 | €19,326 | -€28,789 | €44,746 | -€55,595 | -€70,729 | -€72,944 | -€70,949 | ▲ 2.7% |
| Financial income75/76B | - | - | - | €309 | €4 | €183 | €600 | ▲ 228% |
| Recurring financial income75 | €825 | €655 | €161 | €309 | €4 | €183 | €600 | ▲ 228% |
| Financial charges65/66B | - | - | - | €540 | €262 | €281 | €336 | ▲ 19.3% |
| Recurring financial charges65 | €5,302 | €3,886 | €2,033 | €540 | €262 | €281 | €336 | ▲ 19.3% |
| Profit (loss) for the period before taxes9903 | €14,849 | -€32,020 | €42,874 | -€55,827 | -€70,987 | -€73,042 | -€70,684 | ▲ 3.2% |
| Income taxes67/77 | €4,800 | €103 | €5,693 | - | - | - | - | - |
| Profit (loss) for the period9904 | €10,049 | -€32,123 | €37,181 | -€55,827 | -€70,987 | -€73,042 | -€70,684 | ▲ 3.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €47,200 | - |
| Profit (loss) for the period to be appropriated9905 | €10,049 | -€16,623 | €37,181 | -€55,827 | -€70,987 | -€73,042 | -€23,484 | ▲ 67.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €940,996 | €840,204 | €750,485 | €625,416 | €551,698 | €475,429 | €397,744 | ▼ 16.3% |
| Fixed assets21/28 | €595,540 | €540,519 | €484,217 | €430,147 | €385,204 | €343,633 | €302,751 | ▼ 11.9% |
| Tangible fixed assets22/27 | €595,540 | €540,519 | €484,217 | €430,147 | €385,204 | €343,633 | €302,751 | ▼ 11.9% |
| Land and buildings22 | - | - | - | €323,010 | €302,709 | €282,409 | €262,108 | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €92,534 | €71,069 | €50,374 | €29,793 | ▼ 40.9% |
| Furniture and vehicles24 | - | - | - | €14,603 | €11,426 | €10,850 | €10,850 | = |
| Current assets29/58 | €345,456 | €299,685 | €266,268 | €195,269 | €166,493 | €131,796 | €94,993 | ▼ 27.9% |
| Stocks and contracts in progress3 | €108,339 | €96,554 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €37,026 | €23,155 | €79,416 | €17,529 | €16,074 | €2,739 | €2,622 | ▼ 4.3% |
| Trade receivables40 | - | - | - | €1,393 | - | €1,665 | €1,548 | ▼ 7.0% |
| Other amounts receivable41 | - | - | - | €16,136 | €16,074 | €1,074 | €1,074 | = |
| Current investments50/53 | €179,075 | €155,367 | €135,366 | €135,367 | €117,368 | €105,051 | €82,632 | ▼ 21.3% |
| Cash at bank and in hand54/58 | €19,674 | €24,506 | €51,486 | €42,373 | €32,545 | €24,006 | €9,740 | ▼ 59.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €506 | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €940,996 | €840,204 | €750,485 | €625,416 | €551,698 | €475,429 | €397,744 | ▼ 16.3% |
| Equity10/15 | €394,082 | €361,959 | €399,141 | €343,314 | €272,327 | €199,285 | €128,601 | ▼ 35.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €375,482 | €343,359 | €380,541 | €324,714 | €253,727 | €180,685 | €110,001 | ▼ 39.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €47,200 | €47,200 | €47,200 | - | - |
| Distributable reserves133 | - | - | - | €275,654 | €204,667 | €133,485 | €110,001 | ▼ 17.6% |
| Amounts payable17/49 | €546,914 | €478,245 | €351,344 | €282,102 | €279,370 | €276,144 | €269,144 | ▼ 2.5% |
| Amounts payable after more than one year17 | €67,307 | €22,691 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €479,020 | €446,558 | €322,311 | €282,064 | €279,370 | €276,144 | €269,144 | ▼ 2.5% |
| Trade debts44 | €46,390 | €34,067 | €8,385 | €81 | €1,156 | €2,420 | €5,496 | ▲ 127% |
| Suppliers440/4 | - | - | - | €81 | €1,156 | €2,420 | €5,496 | ▲ 127% |
| Advances received on contracts in progress46 | - | - | - | €7,877 | €11,413 | €7,877 | €7,877 | = |
| Taxes, remuneration and social security45 | - | - | - | €12,003 | €1,710 | €756 | €1,680 | ▲ 122% |
| Taxes450/3 | - | - | - | €7,906 | €1,710 | €756 | €1,680 | ▲ 122% |
| Remuneration and social security454/9 | - | - | - | €4,098 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €262,103 | €265,091 | €265,091 | €254,091 | ▼ 4.1% |
| Accrued charges and deferred income492/3 | - | - | - | €37 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,049 | -€32,123 | €37,181 | -€55,827 | -€70,987 | -€73,042 | -€70,684 | ▲ 3.2% |
| + Depreciation and write-downs630 | €66,183 | €61,266 | €60,911 | €54,071 | €44,942 | €41,572 | €40,882 | ▼ 1.7% |
| Operating cash flow (approximation) | €76,232 | €29,143 | €98,092 | -€1,756 | -€26,045 | -€31,471 | -€29,802 | ▲ 5.3% |
| Investment in fixed assets (approximation) | - | -€6,245 | -€4,609 | -€0 | €0 | €0 | €0 | - |
| Change in cash | - | €4,832 | €26,980 | -€9,113 | -€9,828 | -€8,539 | -€14,266 | ▼ 67.1% |
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, 5,831 companies had the same profile as ''HYDROTHAN'' has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ''HYDROTHAN'' itself: 1.0% 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 5,831 companies, not a prediction for ''HYDROTHAN''. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 01-07-2025 | micro format | 05-02-2026 | 2026-00033254 | |
| 01-07-2024 | micro format | 05-02-2025 | 2025-00028524 | |
| 01-07-2023 | micro format | 26-02-2024 | 2024-00034143 | |
| 01-07-2022 | full format | 28-02-2023 | 2023-00032519 | |
| 01-07-2021 | full format | 02-03-2022 | 2022-06900492 | |
| 01-07-2020 | full format | 01-03-2021 | 2021-06900065 | |
| 01-07-2019 | full format | 29-02-2020 | 2020-06200229 | |
| 01-07-2018 | full format | 26-02-2019 | 2019-05700533 | |
| 01-07-2017 | full format | 27-02-2018 | 2018-05600285 | |
| 01-07-2016 | full format | 28-02-2017 | 2017-05400042 |