Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Shrinking team NBB
FTE fell two years in a row, from 4 to 3.
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Busy address KBO
83 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
HARCO GROUP from Elsene, company number BE0474970792, closed financial year 2025 with a result of € -93,867 after tax. For that financial year HARCO GROUP recorded a gross margin of € 256,874 and equity of € 1.5 million. Compared with financial year 2024, the result moved from € -73,835 to € -93,867. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on February 2, 2026.
€ 1.5 million
▼ 6% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -93,867
▼ 27 % more loss than in 2024
Profit after tax over the fiscal year.
€ 35,726
▼ 12% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 373,707.
People and assets in 2025
3
▼ 0.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 70,549
▼ 38% vs 2024
€ 23,500 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 7,399
▼ 18% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.1 million
▼ 13% vs 2024
€ 128,334 is repaid this year. At this pace the long-term loan is gone in ≈ 4 years.
€ 664,493
▼ 12% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 24,091
▲ 40% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 1,031,388 | - | - | - | |
| Gross margin | - | € 89,545 | € 235,382 | € 256,874 | ▲ 9% |
| Profit after taxes | € -69,413 | € -129,879 | € -73,835 | € -93,867 | ▼ € 20,032 |
| Equity | € 1,788,408 | € 1,658,529 | € 1,584,694 | € 1,490,827 | ▼ 6% |
| Total debts | € 2,684,669 | € 2,385,467 | € 2,466,825 | € 2,445,647 | ▼ 1% |
| Cash | € 84,174 | € 54,364 | € 40,404 | € 35,726 | ▼ 12% |
| Retained profit | € 671,288 | € 541,409 | € 467,574 | € 373,707 | ▼ 20% |
| Bank debt | € 1,584,707 | € 1,232,249 | € 1,282,180 | € 1,114,101 | ▼ 13% |
| Balance sheet total | € 4,473,078 | € 4,043,996 | € 4,051,519 | € 3,936,474 | ▼ 3% |
| Employees (FTE) | 4.3 | 4 | 3.4 | 3 | ▼ 0.4 |
Key figures of HARCO GROUP, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to HARCO GROUP?
What happened at HARCO GROUP in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Hrair Babikian stepped down as director. NBB
- Arda Makinadjian stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 93,867. filed late Source: NBB ↗
- Hrair Babikian became a director. NBB
- Arda Makinadjian became a director. NBB
- New establishment in Elsene. KBO
- Start of the company according to the CBE. KBO
In short
From € 69,413 loss in 2022 to € 93,867 loss in 2025.
Paid € 647 in corporate taxes since 2022.
On average € 85,600 of value added per employee in 2025.
A new publication or filing at HARCO GROUP? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
It owns 100% of HARCO GROUP SOUTH AFRICA PTY LTD and 91% of HARCO ASIA LT itself.
Directors
According to the 2025 annual accounts
since 2021 · until 2026
since 2021 · until 2026
Establishments
Establishment units
Physical locations of this company
Louizalaan 390
1050 Elsene
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 83 companies are registered at this address.
All companies at this address →Niagara
€ -1,509 gross margin · 2025
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€ 584 gross margin · 2025
BERNINFO
SILHOUETTE
€ 12,242 gross margin · 2025
I P A C
+78 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Barracuda
Hosting
INTERNETX-AS, DE
Domain
Domain
harcogroup.be
Registered
2001-09-19
Website info
Features
Security
Details
- Company number
- 0474.970.792
- VAT number
- BE 0474.970.792
- Registered office
- Louizalaan 390, 1050 Elsene
- Names & denominations
- HARCO GROUP
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 12 June 2001
- Peppol
- Active · Active since 14 Nov 2025
- Contact
- harcogroup.be
- Activities · NACE
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+29