'T HOOFD
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-04-2026 PDF all 35 filings
Turnover
€488,415▲ 3.3%
2018 · €472,797
EBIT margin
89.3%▼ 1.2pp
2018 · 90.4%
Net result
€410,713▲ 11.4%
2024 · €368,552
Working capital
€228,990▼ 72.9%
2024 · €844,553
In the rankings
#7 company by equity in Willebroek, Real estate sector#8 company by total assets in Willebroek, Real estate sector#9 oldest company in Willebroek, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€512,929
▲ 10.9%
2025
20182025
Net result
€410,713
▲ 11.4%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.3m
▼ 31.9%
2025
highest quarter of the sector
20182025
Total assets
€2.3m
▲ 23.9%
2025
middle half of the sector
20182025
Debt
€1.0m
▲ 131×
2025
20182025
Working capital
€228,990
▼ 72.9%
2025
middle half of the sector
20182025
Solvency
54.7%
▼ 44.8pp
2025
middle half of the sector
20182025
Current ratio
1.22
2025
middle half of the sector
20182025
Return on assets (ROA)
17.9%
▼ 2.0pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.5m-€0.5m
Operating result€0.4m-€0.4m▼ 2.0%€0.4m▲ 4.0%€0.4m▼ 2.8%€0.4m▲ 2.9%€0.5m▲ 6.2%€0.5m=€0.5m▲ 10.9%
Net result€0.4m-€0.4m▼ 1.5%€0.4mabove the sector's middle half▲ 5.0%€0.4mabove the sector's middle half▼ 18.0%€0.3mabove the sector's middle half▼ 8.0%€0.4mabove the sector's middle half▲ 9.1%€0.4mabove the sector's middle half▲ 3.5%€0.4mabove the sector's middle half▲ 11.4%
EBIT margin90.4%-89.3%
Equity-€0.4m-€0.008m€0.4mwithin the sector's middle half▲ 57×€0.8mwithin the sector's middle half▲ 80.6%€1.1mwithin the sector's middle half▲ 41.1%€1.5mwithin the sector's middle half▲ 31.8%€1.8mabove the sector's middle half▲ 24.9%€1.3mabove the sector's middle half▼ 31.9%
Total assets€0.6m-€0.7m▲ 12.7%€0.8mwithin the sector's middle half▲ 10.4%€0.8mwithin the sector's middle half▲ 6.0%€1.2mwithin the sector's middle half▲ 42.0%€1.5mwithin the sector's middle half▲ 29.0%€1.9mwithin the sector's middle half▲ 24.9%€2.3mwithin the sector's middle half▲ 23.9%
Debt€1.0m-€0.7m▼ 32.8%€0.3m▼ 52.7%€0.02m▼ 95.2%€0.03m▲ 89.0%€0.008m▼ 74.7%€0.008m▲ 5.8%€1.0m▲ 131×
Working capital-€1.0m--€0.7m▲ 35.6%-€0.3mbelow the sector's middle half▲ 50.8%€0.03mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 401%€0.5mwithin the sector's middle half▲ 201%€0.8mabove the sector's middle half▲ 78.1%€0.2mwithin the sector's middle half▼ 72.9%
Solvency-65.8%-1.1%▲ 66.9pp57.6%within the sector's middle half▲ 56.5pp98.1%above the sector's middle half▲ 40.5pp97.4%above the sector's middle half▼ 0.6pp99.5%above the sector's middle half▲ 2.1pp99.6%above the sector's middle half▲ 0.1pp54.7%within the sector's middle half▼ 44.8pp
Current ratio0.00-0.05▲ 0.040.01below the sector's middle half▼ 0.043.01above the sector's middle half▲ 3.006.32above the sector's middle half▲ 3.3164.14above the sector's middle half▲ 57.821.22within the sector's middle half
Return on assets (ROA)68.0%-59.5%▼ 8.6pp56.6%above the sector's middle half▼ 2.9pp43.8%above the sector's middle half▼ 12.8pp28.4%above the sector's middle half▼ 15.4pp24.0%above the sector's middle half▼ 4.4pp19.9%above the sector's middle half▼ 4.1pp17.9%above the sector's middle half▼ 2.0pp
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 11% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€1.0m ▲ 2.6%
Current assets
€1.3m ▲ 48.8%
Equity and liabilities €2.3m
Equity
€1.3m ▼ 31.9%
Debt
€1.0m ▲ 131×
Debt's share of the balance-sheet total rises from 0.4% to 45.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€549,971▲
2024 · €498,594
Cash flow
€447,755▲
2024 · €404,427
Debt to equity
0.83▲
2024 · 0.00
ROE
32.7%▲
2024 · 20.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€1.0m▲
2024 · €7,947
Income taxes
€139,092▲
2024 · €124,373
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 | €24,424 | €229,532 | €75,893 | €34,183 | €63,318 |
| Depreciation and write-downs of the year | €22,287 | €29,303 | €36,344 | €35,874 | €37,042 |
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 | €472,797 | - | €488,415 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,352 | €14,636 | €19,214 | €22,287 | €29,303 | €36,344 | €35,874 | €37,042 | ▲ 3.3% |
| Other operating charges640/8 | - | - | - | €30,062 | €31,305 | €33,738 | €35,679 | €36,797 | ▲ 3.1% |
| Gross operating margin9900 | €466,050 | €462,560 | €485,033 | €476,029 | €496,365 | €533,024 | €534,272 | €586,768 | ▲ 9.8% |
| Operating profit (loss)9901 | €427,533 | €419,109 | €435,977 | €423,679 | €435,757 | €462,941 | €462,719 | €512,929 | ▲ 10.9% |
| Financial income75/76B | - | - | - | - | €619 | €15,326 | €30,489 | €37,049 | ▲ 21.5% |
| Recurring financial income75 | - | - | - | - | €619 | €15,326 | €30,489 | €37,049 | ▲ 21.5% |
| Financial charges65/66B | - | - | - | €572 | €48 | €244 | €283 | €173 | ▼ 38.9% |
| Recurring financial charges65 | €9,636 | €7,341 | €3,649 | €572 | €48 | €244 | €283 | €173 | ▼ 38.9% |
| Profit (loss) for the period before taxes9903 | €417,897 | €411,768 | €432,328 | €423,108 | €436,327 | €478,023 | €492,925 | €549,805 | ▲ 11.5% |
| Income taxes67/77 | - | - | - | €68,444 | €109,859 | €121,915 | €124,373 | €139,092 | ▲ 11.8% |
| Profit (loss) for the period9904 | €417,897 | €411,768 | €432,328 | €354,664 | €326,468 | €356,108 | €368,552 | €410,713 | ▲ 11.4% |
| Profit (loss) for the period to be appropriated9905 | €417,897 | €411,768 | €432,328 | €354,664 | €326,468 | €356,108 | €368,552 | €410,713 | ▲ 11.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.7m | €0.8m | €0.8m | €1.2m | €1.5m | €1.9m | €2.3m | ▲ 23.9% |
| Fixed assets21/28 | €0.6m | €0.7m | €0.8m | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 2.6% |
| Tangible fixed assets22/27 | €0.6m | €0.7m | €0.8m | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 2.6% |
| Land and buildings22 | - | - | - | €0.8m | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 2.6% |
| Current assets29/58 | €0.005m | €0.03m | €0.003m | €0.05m | €0.2m | €0.5m | €0.9m | €1.3m | ▲ 48.8% |
| Amounts receivable within one year40/41 | €0.003m | €0.001m | - | €0.04m | €0.2m | €0.5m | €0.8m | €1.3m | ▲ 49.3% |
| Trade receivables40 | - | - | - | €0.03m | - | €0.03m | €0.03m | - | - |
| Other amounts receivable41 | - | - | - | €0.01m | €0.2m | €0.4m | €0.8m | €1.3m | ▲ 55.6% |
| Cash at bank and in hand54/58 | €0.002m | €0.03m | €0.003m | €0.008m | €0.02m | €0.001m | €0.003m | €0.001m | ▼ 82.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €0.8m | €0.8m | €1.2m | €1.5m | €1.9m | €2.3m | ▲ 23.9% |
| Equity10/15 | -€0.4m | €0.008m | €0.4m | €0.8m | €1.1m | €1.5m | €1.8m | €1.3m | ▼ 31.9% |
| Contributions10/11 | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Capital10 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Issued capital100 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Contributions outside capital11 | - | - | - | €436 | €436 | €436 | €436 | €436 | = |
| Share premium1100/10 | - | - | - | €436 | €436 | €436 | €436 | €436 | = |
| Reserves13 | €31 | €31 | €31 | €31 | €0.01m | €0.03m | €0.05m | €0.07m | ▲ 42.0% |
| Non-distributable reserves130/1 | - | - | - | €7 | €0.01m | €0.03m | €0.05m | €0.07m | ▲ 42.0% |
| Legal reserve130 | - | - | - | €7 | €0.01m | €0.03m | €0.05m | €0.07m | ▲ 42.0% |
| Tax-exempt reserves132 | - | - | - | €22 | €22 | €22 | €22 | €22 | = |
| Distributable reserves133 | - | - | - | €2 | €2 | €2 | €2 | €2 | = |
| Profit (loss) carried forward14 | -€1.3m | -€0.9m | -€0.4m | -€0.07m | €0.2m | €0.6m | €0.9m | €0.3m | ▼ 65.7% |
| Amounts payable17/49 | €1.0m | €0.7m | €0.3m | €0.02m | €0.03m | €0.008m | €0.008m | €1.0m | ▲ 131× |
| Amounts payable within one year42/48 | €1.0m | €0.7m | €0.3m | €0.02m | €0.03m | €0.008m | €0.008m | €1.0m | ▲ 131× |
| Trade debts44 | €0.03m | €0.01m | €0.006m | €0.02m | €0.03m | €0.008m | €0.008m | €0.04m | ▲ 399% |
| Suppliers440/4 | - | - | - | €0.02m | €0.03m | €0.008m | €0.008m | €0.04m | ▲ 399% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €1.0m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €417,897 | €411,768 | €432,328 | €354,664 | €326,468 | €356,108 | €368,552 | €410,713 | ▲ 11.4% |
| + Depreciation and write-downs630 | €10,352 | €14,636 | €19,214 | €22,287 | €29,303 | €36,344 | €35,874 | €37,042 | ▲ 3.3% |
| Operating cash flow (approximation) | €428,249 | €426,404 | €451,542 | €376,951 | €355,771 | €392,452 | €404,427 | €447,755 | ▲ 10.7% |
| Investment in fixed assets (approximation) | - | -€65,451 | -€119,821 | -€24,423 | -€229,532 | -€75,893 | -€34,183 | -€63,318 | ▼ 85.2% |
| Change in cash | - | €29,494 | -€27,983 | €4,664 | €15,669 | -€22,918 | €2,563 | -€2,571 | - |
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, 20,136 companies had the same profile as 'T HOOFD has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of 'T HOOFD 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 20,136 companies, not a prediction for 'T HOOFD. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-04-2026 | 2026-00077220 | |
| 31-12-2024 | abbreviated format | 11-04-2025 | 2025-00070771 | |
| 31-12-2023 | abbreviated format | 18-04-2024 | 2024-00066411 | |
| 31-12-2022 | abbreviated format | 25-04-2023 | 2023-00072599 | |
| 31-12-2021 | abbreviated format | 02-05-2022 | 2022-20022358 | |
| 31-12-2020 | abbreviated format | 10-05-2021 | 2021-13900519 | |
| 31-12-2019 | abbreviated format | 12-06-2020 | 2020-18100326 | |
| 31-12-2018 | abbreviated format | 30-04-2019 | 2019-12600219 | |
| 31-12-2017 | abbreviated format | 05-06-2018 | 2018-16600204 | |
| 31-12-2016 | abbreviated format | 02-05-2017 | 2017-11200394 |