Pascal Hardy
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-03-2026 PDF all 27 filings
Turnover
≈ €230,000
Estimated: probably between €140,000 and €320,000
Total assets
€102,987▲ 17.7%
2024 · €87,530
Net result
€6,446
2024 · -€8,619
Working capital
€45,194▼ 34.7%
2024 · €69,190
In the rankings
#3 oldest company in La Roche-en-Ardenne, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,737
2025
20182025
Net result
€6,446
2025
middle half of the sector
20182025
Equity
€75,731
▲ 9.3%
2025
middle half of the sector
20182025
Total assets
€102,987
▲ 17.7%
2025
middle half of the sector
20182025
Debt
€27,256
▲ 49.4%
2025
20182025
Working capital
€45,194
▼ 34.7%
2025
middle half of the sector
20182025
Solvency
73.5%
▼ 5.6pp
2025
highest quarter of the sector
20182025
Current ratio
2.76
▼ 2.52
2025
middle half of the sector
20182025
Return on assets (ROA)
6.3%
▲ 16.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,127-€1,671▲ 48.3%€8,947▲ 435%€15,701▲ 75.5%€12,765▼ 18.7%€3,559▼ 72.1%-€8,306€7,737
Net result€1,703-€565▼ 66.8%€5,722within the sector's middle half▲ 913%€10,201within the sector's middle half▲ 78.3%€7,331within the sector's middle half▼ 28.1%€1,214within the sector's middle half▼ 83.4%-€8,619below the sector's middle half€6,446within the sector's middle half
Equity€52,871-€53,436▲ 1.1%€59,158within the sector's middle half▲ 10.7%€69,360within the sector's middle half▲ 17.2%€76,690within the sector's middle half▲ 10.6%€77,904within the sector's middle half▲ 1.6%€69,285within the sector's middle half▼ 11.1%€75,731within the sector's middle half▲ 9.3%
Total assets€105,868-€114,565▲ 8.2%€99,908within the sector's middle half▼ 12.8%€105,144within the sector's middle half▲ 5.2%€117,554within the sector's middle half▲ 11.8%€98,444within the sector's middle half▼ 16.3%€87,530within the sector's middle half▼ 11.1%€102,987within the sector's middle half▲ 17.7%
Debt€52,997-€61,128▲ 15.3%€40,750▼ 33.3%€35,784▼ 12.2%€40,864▲ 14.2%€20,540▼ 49.7%€18,245▼ 11.2%€27,256▲ 49.4%
Working capital€17,927-€18,674▲ 4.2%€28,703within the sector's middle half▲ 53.7%€45,432within the sector's middle half▲ 58.3%€68,183within the sector's middle half▲ 50.1%€75,798within the sector's middle half▲ 11.2%€69,190within the sector's middle half▼ 8.7%€45,194within the sector's middle half▼ 34.7%
Solvency49.9%-46.6%▼ 3.3pp59.2%within the sector's middle half▲ 12.6pp66.0%above the sector's middle half▲ 6.8pp65.2%within the sector's middle half▼ 0.7pp79.1%above the sector's middle half▲ 13.9pp79.2%above the sector's middle half=73.5%above the sector's middle half▼ 5.6pp
Current ratio1.39-1.39=1.80within the sector's middle half▲ 0.412.27within the sector's middle half▲ 0.472.72within the sector's middle half▲ 0.454.92above the sector's middle half▲ 2.205.29above the sector's middle half▲ 0.372.76within the sector's middle half▼ 2.52
Return on assets (ROA)1.6%-0.5%▼ 1.1pp5.7%within the sector's middle half▲ 5.2pp9.7%within the sector's middle half▲ 4.0pp6.2%within the sector's middle half▼ 3.5pp1.2%within the sector's middle half▼ 5.0pp-9.8%below the sector's middle half▼ 11.1pp6.3%within the sector's middle half▲ 16.1pp
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 profit of €7,737, after a loss of €8,306 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 €102,987
Fixed assets
€32,182 ▲ 15×
Current assets
€70,805 ▼ 17.0%
Equity and liabilities €102,987
Equity
€75,731 ▲ 9.3%
Debt
€27,256 ▲ 49.4%
Debt's share of the balance-sheet total rises from 20.8% to 26.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,881▲
2024 · -€7,200
Cash flow
€14,591▲
2024 · -€7,513
Quick ratio
2.25▼
2024 · 4.70
Debt to equity
0.36▲
2024 · 0.26
ROE
8.5%▲
2024 · -12.4%
Interest coverage
over 100▲
2024 · -213.35
Debt ≤ 1 year
€25,611▲
2024 · €16,140
Income taxes
€1,320▲
2024 · €348
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 | €2,679 | - | €1,141 | - | €38,126 |
| Depreciation and write-downs of the year | €13,898 | €14,258 | €7,542 | €1,106 | €8,144 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,634 | €13,532 | €13,628 | €13,898 | €14,258 | €7,542 | €1,106 | €8,144 | ▲ 636% |
| Other operating charges640/8 | - | - | - | €946 | €955 | €1,034 | €1,071 | €1,444 | ▲ 34.8% |
| Gross operating margin9900 | €16,453 | €18,127 | €23,491 | €30,545 | €27,977 | €12,134 | -€6,129 | €17,325 | - |
| Operating profit (loss)9901 | €1,127 | €1,671 | €8,947 | €15,701 | €12,765 | €3,559 | -€8,306 | €7,737 | - |
| Financial income75/76B | - | - | - | €1,012 | €358 | €345 | €69 | €78 | ▲ 13.5% |
| Recurring financial income75 | €430 | €399 | €499 | €1,012 | €358 | €345 | €69 | €78 | ▲ 13.5% |
| Financial charges65/66B | - | - | - | €191 | €105 | €44 | €34 | €48 | ▲ 42.5% |
| Recurring financial charges65 | €266 | €216 | €306 | €191 | €105 | €44 | €34 | €48 | ▲ 42.5% |
| Profit (loss) for the period before taxes9903 | €2,903 | €1,854 | €9,140 | €16,522 | €13,018 | €3,860 | -€8,271 | €7,767 | - |
| Income taxes67/77 | €1,199 | €1,289 | €3,418 | €6,320 | €5,687 | €2,646 | €348 | €1,320 | ▲ 280% |
| Profit (loss) for the period9904 | €1,703 | €565 | €5,722 | €10,201 | €7,331 | €1,214 | -€8,619 | €6,446 | - |
| Profit (loss) for the period to be appropriated9905 | €1,703 | €565 | €5,722 | €10,201 | €7,331 | €1,214 | -€8,619 | €6,446 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €105,868 | €114,565 | €99,908 | €105,144 | €117,554 | €98,444 | €87,530 | €102,987 | ▲ 17.7% |
| Fixed assets21/28 | €42,338 | €47,863 | €35,184 | €23,965 | €9,707 | €3,306 | €2,200 | €32,182 | ▲ 15× |
| Tangible fixed assets22/27 | €41,875 | €47,400 | €34,722 | €23,502 | €9,244 | €2,844 | €1,738 | €31,720 | ▲ 18× |
| Plant, machinery and equipment23 | - | - | - | €2,503 | €1,967 | €2,560 | €1,644 | €1,551 | ▼ 5.6% |
| Furniture and vehicles24 | - | - | - | €21,000 | €7,277 | €284 | €94 | €30,169 | ▲ 321× |
| Financial fixed assets28 | €463 | €463 | €463 | €463 | €463 | €463 | €463 | €463 | = |
| Current assets29/58 | €63,531 | €66,702 | €64,724 | €81,179 | €107,847 | €95,137 | €85,330 | €70,805 | ▼ 17.0% |
| Stocks and contracts in progress3 | €7,666 | €8,766 | €11,792 | €11,905 | €7,486 | €9,346 | €9,478 | €13,170 | ▲ 39.0% |
| Stocks30/36 | - | - | - | €11,905 | €7,486 | €9,346 | €9,478 | €13,170 | ▲ 39.0% |
| Amounts receivable within one year40/41 | €2,076 | €4,981 | €6,996 | €9,374 | €3,867 | €3,558 | €3,516 | €2,262 | ▼ 35.7% |
| Trade receivables40 | - | - | - | €5,817 | €137 | €3,352 | €800 | €1,734 | ▲ 117% |
| Other amounts receivable41 | - | - | - | €3,557 | €3,730 | €206 | €2,716 | €529 | ▼ 80.5% |
| Current investments50/53 | €4,683 | €3,203 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €45,633 | €46,290 | €44,543 | €58,408 | €95,141 | €78,758 | €71,185 | €53,966 | ▼ 24.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,492 | €1,352 | €3,476 | €1,151 | €1,407 | ▲ 22.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €105,868 | €114,565 | €99,908 | €105,144 | €117,554 | €98,444 | €87,530 | €102,987 | ▲ 17.7% |
| Equity10/15 | €52,871 | €53,436 | €59,158 | €69,360 | €76,690 | €77,904 | €69,285 | €75,731 | ▲ 9.3% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €20,451 | €20,451 | €20,451 | = |
| Contributions outside capital11 | - | - | - | €18,592 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €34,279 | €34,844 | €40,566 | €50,768 | €58,098 | €57,453 | €48,834 | €55,280 | ▲ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €48,908 | €56,239 | €57,453 | €48,834 | €55,280 | ▲ 13.2% |
| Amounts payable17/49 | €52,997 | €61,128 | €40,750 | €35,784 | €40,864 | €20,540 | €18,245 | €27,256 | ▲ 49.4% |
| Amounts payable after more than one year17 | €7,394 | €11,099 | €4,693 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €45,603 | €48,028 | €36,021 | €35,747 | €39,664 | €19,340 | €16,140 | €25,611 | ▲ 58.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,693 | - | - | - | - | - |
| Trade debts44 | €2,737 | €4,176 | €5,286 | €3,516 | €7,836 | €2,190 | €1,149 | €1,221 | ▲ 6.2% |
| Suppliers440/4 | - | - | - | €3,516 | €7,836 | €2,190 | €1,149 | €1,221 | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | - | - | €1,982 | €687 | €3,352 | €2,769 | €710 | ▼ 74.4% |
| Taxes450/3 | - | - | - | €1,982 | €687 | €3,352 | €2,769 | €710 | ▼ 74.4% |
| Other amounts payable47/48 | - | - | - | €25,557 | €31,140 | €13,798 | €12,222 | €23,680 | ▲ 93.8% |
| Accrued charges and deferred income492/3 | - | - | - | €37 | €1,200 | €1,200 | €2,105 | €1,645 | ▼ 21.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,703 | €565 | €5,722 | €10,201 | €7,331 | €1,214 | -€8,619 | €6,446 | - |
| + Depreciation and write-downs630 | €14,634 | €13,532 | €13,628 | €13,898 | €14,258 | €7,542 | €1,106 | €8,144 | ▲ 636% |
| Operating cash flow (approximation) | €16,337 | €14,097 | €19,350 | €24,100 | €21,588 | €8,756 | -€7,513 | €14,591 | - |
| Investment in fixed assets (approximation) | - | -€19,057 | -€950 | -€2,679 | €0 | -€1,141 | €0 | -€38,126 | - |
| Change in cash | - | €656 | -€1,747 | €13,865 | €36,734 | -€16,384 | -€7,573 | -€17,219 | ▼ 127% |
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, 31,368 companies had the same profile as Pascal Hardy has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Pascal Hardy itself: 0.1% 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 31,368 companies, not a prediction for Pascal Hardy. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-03-2026 | 2026-00051966 | |
| 31-12-2024 | micro format | 20-03-2025 | 2025-00054812 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00222116 | |
| 31-12-2022 | micro format | 06-03-2023 | 2023-00038967 | |
| 31-12-2021 | micro format | 10-05-2022 | 2022-20028448 | |
| 31-12-2020 | micro format | 08-06-2021 | 2021-19200373 | |
| 31-12-2019 | micro format | 18-05-2020 | 2020-12700366 | |
| 31-12-2018 | micro format | 29-05-2019 | 2019-15100037 | |
| 31-12-2017 | full format | 20-07-2018 | 2018-36400490 | |
| 31-12-2016 | full format | 13-07-2017 | 2017-32000279 |