NMHR Consult
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 24 days after the deadline Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00453523.
Annual accounts 2025 filed on 24-08-2026 at the NBB all 7 filings
Turnover
≈ €100,000
Estimated: probably between €62,000 and €140,000
Total assets
€145,318▲ 18.1%
2024 · €123,018
Net result
-€14,785
2024 · €35,811
Working capital
€88,337▼ 20.2%
2024 · €110,682
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€6,401
2025
20192025
Net result
-€14,785
2025
lowest quarter of the sector
20192025
Equity
€47,417
▼ 57.7%
2025
middle half of the sector
20192025
Total assets
€145,318
▲ 18.1%
2025
middle half of the sector
20192025
Debt
€56,530
▲ 423%
2025
20192025
Working capital
€88,337
▼ 20.2%
2025
middle half of the sector
20192025
Solvency
32.6%
▼ 58.6pp
2025
middle half of the sector
20192025
Current ratio
2.56
▼ 8.67
2025
middle half of the sector
20192025
Return on assets (ROA)
-10.2%
▼ 39.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€37,775-€37,063▼ 1.9%€51,235▲ 38.2%€44,789▼ 12.6%€39,184▼ 12.5%€46,502▲ 18.7%-€6,401
Net result€25,908-€25,582within the sector's middle half▼ 1.3%€39,268within the sector's middle half▲ 53.5%€34,376within the sector's middle half▼ 12.5%€30,350within the sector's middle half▼ 11.7%€35,811within the sector's middle half▲ 18.0%-€14,785below the sector's middle half
Equity€32,108-€57,690within the sector's middle half▲ 79.7%€109,358within the sector's middle half▲ 89.6%€70,090within the sector's middle half▼ 35.9%€100,440within the sector's middle half▲ 43.3%€112,202within the sector's middle half▲ 11.7%€47,417within the sector's middle half▼ 57.7%
Total assets€46,664-€91,542within the sector's middle half▲ 96.2%€130,750within the sector's middle half▲ 42.8%€166,384within the sector's middle half▲ 27.3%€109,476within the sector's middle half▼ 34.2%€123,018within the sector's middle half▲ 12.4%€145,318within the sector's middle half▲ 18.1%
Debt€14,555-€33,851▲ 133%€21,392▼ 36.8%€96,293▲ 350%€9,036▼ 90.6%€10,816▲ 19.7%€56,530▲ 423%
Working capital€31,917-€56,445within the sector's middle half▲ 76.9%€103,892within the sector's middle half▲ 84.1%€66,211within the sector's middle half▼ 36.3%€97,633within the sector's middle half▲ 47.5%€110,682within the sector's middle half▲ 13.4%€88,337within the sector's middle half▼ 20.2%
Solvency68.8%-63.0%within the sector's middle half▼ 5.8pp83.6%above the sector's middle half▲ 20.6pp42.1%within the sector's middle half▼ 41.5pp91.7%above the sector's middle half▲ 49.6pp91.2%above the sector's middle half▼ 0.5pp32.6%within the sector's middle half▼ 58.6pp
Current ratio3.19-2.67within the sector's middle half▼ 0.535.86above the sector's middle half▲ 3.191.69within the sector's middle half▼ 4.1711.80above the sector's middle half▲ 10.1211.23above the sector's middle half▼ 0.572.56within the sector's middle half▼ 8.67
Return on assets (ROA)55.5%-27.9%above the sector's middle half▼ 27.6pp30.0%above the sector's middle half▲ 2.1pp20.7%within the sector's middle half▼ 9.4pp27.7%within the sector's middle half▲ 7.1pp29.1%within the sector's middle half▲ 1.4pp-10.2%below the sector's middle half▼ 39.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €6,401, after a profit of €46,502 in 2024. It is the lowest result since 2019.
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 €145,318
Fixed assets
€452 ▼ 70.3%
Current assets
€144,867 ▲ 19.2%
Equity and liabilities €145,318
Equity
€47,417 ▼ 57.7%
Provisions
€41,371
Debt
€56,530 ▲ 423%
Debt's share of the balance-sheet total rises from 8.8% to 38.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,332▼
2024 · €47,788
Cash flow
-€13,716▼
2024 · €37,097
Debt to equity
1.19▲
2024 · 0.10
ROE
-31.2%▼
2024 · 31.9%
Interest coverage
-3.13▼
2024 · 43.97
Debt ≤ 1 year
€56,530▲
2024 · €10,816
Income taxes
€8,470▼
2024 · €11,035
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 | €5,473 | €232 | €417 | - | €25,607 |
| Depreciation and write-downs of the year | €1,252 | €1,819 | €1,489 | €1,287 | €1,069 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | €88,747 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,784 | €544 | €1,252 | €1,819 | €1,489 | €1,287 | €1,069 | ▼ 16.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €41,371 | - |
| Other operating charges640/8 | - | - | €425 | €290 | €118 | €569 | €256 | ▼ 54.9% |
| Non-recurring operating charges66A | - | - | €55 | €258 | - | - | - | - |
| Gross operating margin9900 | €41,085 | €38,044 | €52,966 | €47,156 | €40,791 | €48,357 | €36,296 | ▼ 24.9% |
| Operating profit (loss)9901 | €37,775 | €37,063 | €51,235 | €44,789 | €39,184 | €46,502 | -€6,401 | - |
| Financial income75/76B | - | - | €190 | €1,278 | €1,515 | €1,431 | €1,788 | ▲ 24.9% |
| Recurring financial income75 | €0 | €0 | €190 | €1,278 | €1,515 | €1,431 | €1,788 | ▲ 24.9% |
| Financial charges65/66B | - | - | €331 | €1,865 | €1,486 | €1,087 | €1,703 | ▲ 56.7% |
| Recurring financial charges65 | €15 | €183 | €331 | €1,865 | €1,486 | €1,087 | €1,703 | ▲ 56.7% |
| Profit (loss) for the period before taxes9903 | €37,761 | €36,880 | €51,094 | €44,202 | €39,212 | €46,846 | -€6,315 | - |
| Income taxes67/77 | €11,852 | €11,299 | €11,826 | €9,826 | €8,863 | €11,035 | €8,470 | ▼ 23.2% |
| Profit (loss) for the period9904 | €25,908 | €25,582 | €39,268 | €34,376 | €30,350 | €35,811 | -€14,785 | - |
| Profit (loss) for the period to be appropriated9905 | €25,908 | €25,582 | €39,268 | €34,376 | €30,350 | €35,811 | -€14,785 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €46,664 | €91,542 | €130,750 | €166,384 | €109,476 | €123,018 | €145,318 | ▲ 18.1% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €192 | €1,245 | €5,467 | €3,880 | €2,807 | €1,521 | €452 | ▼ 70.3% |
| Tangible fixed assets22/27 | €149 | €1,203 | €5,424 | €3,837 | €2,765 | €1,478 | €409 | ▼ 72.3% |
| Plant, machinery and equipment23 | - | - | €514 | €44 | - | - | - | - |
| Furniture and vehicles24 | - | - | €819 | €627 | €523 | €161 | €17 | ▼ 89.4% |
| Other tangible fixed assets26 | - | - | €4,091 | €3,166 | €2,242 | €1,317 | €392 | ▼ 70.2% |
| Financial fixed assets28 | €42 | €42 | €42 | €42 | €42 | €42 | €42 | = |
| Current assets29/58 | €46,472 | €90,297 | €125,283 | €162,504 | €106,669 | €121,498 | €144,867 | ▲ 19.2% |
| Amounts receivable after more than one year29 | - | - | €49,139 | €55,038 | €55,038 | €55,038 | €58,555 | ▲ 6.4% |
| Other amounts receivable291 | - | - | €49,139 | €55,038 | €55,038 | €55,038 | €58,555 | ▲ 6.4% |
| Amounts receivable within one year40/41 | €43,219 | €57,924 | €13,438 | €25,848 | €21,841 | €12,936 | €19,697 | ▲ 52.3% |
| Trade receivables40 | - | - | €13,438 | €13,674 | €14,114 | €12,936 | €11,558 | ▼ 10.7% |
| Other amounts receivable41 | - | - | - | €12,174 | €7,727 | - | €8,139 | - |
| Cash at bank and in hand54/58 | €2,579 | €31,919 | €61,814 | €79,402 | €26,154 | €52,728 | €63,698 | ▲ 20.8% |
| Deferred charges and accrued income490/1 | - | - | €892 | €2,217 | €3,636 | €796 | €2,917 | ▲ 267% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €46,664 | €91,542 | €130,750 | €166,384 | €109,476 | €123,018 | €145,318 | ▲ 18.1% |
| Equity10/15 | €32,108 | €57,690 | €109,358 | €70,090 | €100,440 | €112,202 | €47,417 | ▼ 57.7% |
| Contributions10/11 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | €18,600 | €18,600 | - | - | - | - |
| Other1109/19 | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €25,908 | €51,490 | €51,490 | €51,490 | €51,490 | €27,442 | €27,442 | = |
| 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 | = |
| Distributable reserves133 | - | - | €49,630 | €49,630 | €49,630 | €25,582 | €25,582 | = |
| Profit (loss) carried forward14 | - | - | €39,268 | - | €30,350 | €66,161 | €1,376 | ▼ 97.9% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €41,371 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €41,371 | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €41,371 | - |
| Amounts payable17/49 | €14,555 | €33,851 | €21,392 | €96,293 | €9,036 | €10,816 | €56,530 | ▲ 423% |
| Amounts payable within one year42/48 | €14,555 | €33,851 | €21,392 | €96,293 | €9,036 | €10,816 | €56,530 | ▲ 423% |
| Trade debts44 | €2,703 | €3,638 | €2,087 | €4,037 | €2,261 | €1,685 | €773 | ▼ 54.2% |
| Suppliers440/4 | - | - | €2,087 | €4,037 | €2,261 | €1,685 | €773 | ▼ 54.2% |
| Taxes, remuneration and social security45 | - | - | €18,676 | €29,659 | €6,775 | €4,967 | €12,088 | ▲ 143% |
| Taxes450/3 | - | - | €18,619 | €29,602 | €6,775 | €4,967 | €11,728 | ▲ 136% |
| Remuneration and social security454/9 | - | - | €57 | €57 | - | - | €360 | - |
| Other amounts payable47/48 | - | - | €629 | €62,597 | - | €4,163 | €43,669 | ▲ 949% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,908 | €25,582 | €39,268 | €34,376 | €30,350 | €35,811 | -€14,785 | - |
| + Depreciation and write-downs630 | €1,784 | €544 | €1,252 | €1,819 | €1,489 | €1,287 | €1,069 | ▼ 16.9% |
| Operating cash flow (approximation) | €27,693 | €26,126 | €40,520 | €36,195 | €31,839 | €37,097 | -€13,716 | - |
| Investment in fixed assets (approximation) | - | -€1,597 | -€5,473 | -€232 | -€417 | €0 | €0 | - |
| Change in cash | - | €29,340 | €29,895 | €17,588 | -€53,247 | €26,574 | €10,970 | ▼ 58.7% |
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, 3,591 companies had the same profile as NMHR Consult has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NMHR Consult itself is lower: 0.1% within 12 months. It rests on far more data about NMHR Consult than the profile alone.
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 3,591 companies, not a prediction for NMHR Consult. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-08-2026 | 2026-00453523 | |
| 31-12-2024 | micro format | 19-08-2025 | 2025-00382710 | |
| 31-12-2023 | micro format | 25-08-2024 | 2024-00366610 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00340169 | |
| 31-12-2021 | micro format | 28-08-2022 | 2022-20329748 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57500072 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-67300531 |