HAVALO · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of HAVALO is 0.2% (very low). The 2025 annual accounts show equity of €133k and a net result of €39k. Equity is growing by ~45.4% per year across the filed fiscal years. Its solvency ranks better than 58% of 2219 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 3 annual accounts.

Signals

2 signals · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Growing equity

Equity grew over 2023-2025. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-02-2026, 155 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

How we compute the deadline

The year end is derived from 3 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	26-02-2026	155 d early	2026-00044335
31-12-2024	31-07-2025	28-03-2025	125 d early	2025-00059406
31-12-2023	31-07-2024	02-07-2024	29 d early	2024-00205352

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2023, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.2% Very low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Young company +Multiple establishment units +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€39k-16.6%

Working capital€118k+49.6%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 26-02-2026 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~45.4%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 86, Human health · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	67.6%	58.2%	better than 58% of 2219 sector peers
Net result	€39k	€60k	better than 36% of 2217 sector peers
Equity	€133k	€74k	better than 66% of 2219 sector peers
Gross operating margin	€66k	€95k	better than 35% of 2219 sector peers
Staff costs	€1k	€22k	higher than 17% of 362 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P58

Stable position over 2023-2025 · n=2219-6584

Net result P36

Weakening position over 2023-2025 · n=2217-6578

Equity P66

Improving position over 2023-2025 · n=2219-6584

Gross operating margin P35

Stable position over 2023-2025 · n=2219-6586

Describes the position versus peers, not a forecast.

EBITDA

€64k

-7.2% 23-25

Net profit

€39k

-16.6% 23-25

Cash flow

€54k

-2.9% 23-25

Total assets

€197k

+20.3% 23-25

Equity

€133k

+41.7% 23-25

Working capital

€118k

+49.6% 23-25

Staff costs

€1k

+58.1% 23-25

Income taxes

€10k

-17.5% 23-25

Show 11 other metrics

Dividends

€0

-100.0% 23-25

Debt

€64k

-8.6% 23-25

Debt ≤ 1y

€26k

+11.5% 23-25

Debt > 1y

€34k

-27.9% 23-25

Current ratio

5.60

+26.4% 23-25

Quick ratio

5.60

+26.4% 23-25

Solvency

67.6%

+17.8% 23-25

Debt / equity

0.48

-35.5% 23-25

ROE

29.4%

-41.1% 23-25

ROA

19.9%

-30.6% 23-25

Interest coverage

28.76

-29.9% 23-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	-
EBITDA	€64k
Net profit	€39k
Cash flow	€54k
Staff costs	€1k
Income taxes	€10k
Dividends	€0
Total assets	€197k
Equity	€133k
Debt	€64k
of which ≤ 1y	€26k
of which > 1y	€34k
Working capital	€118k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	5.60
Quick ratio	5.60
Working capital ratio	59.9%
Solvency	67.6%
Debt / equity	0.48
Long-term debt ratio	0.25
Interest coverage	28.76
Gross margin	-
Net margin	-
ROA	19.9%
ROE	29.4%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €53k · 27.1% Current assets €144k · 72.9%

Equity & liabilities

Equity €133k · 67.6% Debt €64k · 32.4%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€197k
Fixed assets	21/28	€53k
Tangible fixed assets	22/27	€53k
Current assets	29/58	€144k
Amounts receivable within one year	40/41	€2k
Cash & bank	54/58	€67k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€197k
Equity	10/15	€133k
Contributions / capital	10/11	€3k
Reserves	13	€130k
Accumulated profits (losses)	14	€0
Amounts payable	17/49	€64k
Amounts payable after one year	17	€34k
Amounts payable within one year	42/48	€26k
Trade debts payable within one year	44	€0
Income statement
Gross operating margin	9900	€66k
Operating result	9901	€50k
Financial income	75	€2k
Financial charges	65	€2k
Result before taxes	9903	€49k
Income taxes	67/77	€10k
Net result for the period	9904	€39k
Result to be appropriated	9905	€39k

This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

93 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

Establishment units

2 locations

HAVALO

Schansstraat(Kin) 12, 3640 KinrooiActiviteiten van huisartspraktijken

since 20232.347.930.233

Oudekerkstraat (Mol) 8, 3640 Kinrooi

Activiteiten van huisartspraktijken

since 20232.347.930.332

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area1,487 m²

Buildings2

Building footprint399 m²

Volume (LiDAR)2,363 m³

Tallest building10.6 m · ±3 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 2 (100%)