ACTIVE

HARCO GROUP

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Financial year 2025 · closed on 30/06/2025

Net result

-93,9 k €

-27.1% YoY

Gross margin

256,9 k €

+9.1% YoY

Equity

1,5 M €

-5.9% YoY

Workforce

3,0 ETP

-11.8% YoY

What does HARCO GROUP do?

HARCO GROUP is a Public limited company incorporated in 2001. Its registered office is in Ixelles. It employs on average 3,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0474.970.792

Incorporation

12/06/2001

Legal form

Public limited company

Registered office

Avenue Louise 390
1050 Ixelles · BruxellesSee on map

Contributed capital

1 117 120,32 €

Latest accounts

30/06/2025

Average workforce

3,0 ETP

Joint committees (3)

Signals

Solid equityLow riskGood liquidityPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	256,9 k €	+9.1%	235,4 k €	+163%	89,5 k €		–		–		–		–		–		–		–		–		–		–		–		641,5 k €	-8.4%	700 k €	+0.4%	697,2 k €	+12.6%	619,4 k €
EBITDA	34,4 k €	+287%	-18,4 k €	+20.7%	-23,3 k €	+60.5%	-58,9 k €	-105%	1,1 M €	+4083%	26,2 k €	+128%	-92,2 k €	-135%	266,3 k €	-61.3%	687,7 k €	+118%	315,6 k €	-26.0%	426,5 k €	+27.8%	333,6 k €	-30.1%	477,1 k €	+19.4%	399,6 k €	-4.8%	419,7 k €	+11.4%	376,9 k €	-19.9%	470,7 k €	+18.5%	397,1 k €
Operating result	26,4 k €	+201%	-26,2 k €	+44.5%	-47,2 k €	+48.6%	-91,9 k €	-108%	1,1 M €	+19019%	-5,7 k €	+95.9%	-139,9 k €	-184%	167,1 k €	-70.0%	557,5 k €	+191%	191,4 k €	-38.0%	308,9 k €	+54.4%	200 k €	-41.8%	343,5 k €	+33.4%	257,5 k €	+2.0%	252,5 k €	+12.6%	224,3 k €	-33.3%	336,4 k €	+12.8%	298,2 k €
Net result	-93,9 k €	-27.1%	-73,8 k €	+43.2%	-129,9 k €	-87.1%	-69,4 k €	-107%	1,1 M €	+106506%	989,2 €	+101%	-158,5 k €	-114%	-74,2 k €	-2437%	3,2 k €	-94.4%	57,1 k €	+279%	15,1 k €	+69.1%	8,9 k €	-69.9%	29,6 k €	-46.9%	55,8 k €	+64.3%	34 k €	+79.0%	19 k €	-65.7%	55,2 k €	+19.3%	46,3 k €
Balance sheet
Equity	1,5 M €	-5.9%	1,6 M €	-4.5%	1,7 M €	-7.3%	1,8 M €	-3.7%	1,9 M €	+131%	803,3 k €	+0.1%	802,3 k €	-16.5%	960,9 k €	-30.7%	1,4 M €	+0.2%	1,4 M €	+28.6%	1,1 M €	+1.4%	1,1 M €	+0.8%	1,1 M €	+45.7%	721,7 k €	+8.4%	665,9 k €	+5.4%	632 k €	+30.8%	483 k €	+12.9%	427,8 k €
Total assets	3,9 M €	-2.8%	4,1 M €	+0.2%	4 M €	-9.6%	4,5 M €	+9.6%	4,1 M €	-11.8%	4,6 M €	-0.8%	4,7 M €	-19.3%	5,8 M €	-10.3%	6,4 M €	-0.2%	6,5 M €	+3.0%	6,3 M €	-7.7%	6,8 M €	-5.7%	7,2 M €	+16.0%	6,2 M €	+45.4%	4,3 M €	+24.9%	3,4 M €	-35.5%	5,3 M €	+63.4%	3,2 M €
Cash	35,7 k €	-11.6%	40,4 k €	-25.7%	54,4 k €	-35.4%	84,2 k €	-12.6%	96,4 k €	+104%	47,2 k €	+62.6%	29 k €	-94.0%	484,4 k €	+18.1%	410,2 k €	+186%	143,2 k €	-48.1%	276,1 k €	+216%	87,3 k €	-88.4%	753,9 k €	+178%	270,9 k €	+221%	84,4 k €	-38.7%	137,6 k €	+630%	18,9 k €	-70.0%	62,9 k €
Debts	2,4 M €	+3.0%	2,3 M €	+2.7%	2,3 M €	-11.3%	2,6 M €	+16.1%	2,2 M €	-41.4%	3,8 M €	-1.2%	3,8 M €	-19.2%	4,8 M €	-4.9%	5 M €	+1.4%	4,9 M €	-3.9%	5,1 M €	-9.9%	5,7 M €	-6.6%	6,1 M €	+12.1%	5,4 M €	+52.2%	3,6 M €	+30.4%	2,7 M €	-42.7%	4,8 M €	+71.8%	2,8 M €
Other
Workforce	3,0 ETP	-11.8%	3,4 ETP	-15.0%	4,0 ETP	-7.0%	4,3 ETP	-14.0%	5,0 ETP	0.0%	5,0 ETP	-5.7%	5,3 ETP	-42.4%	9,2 ETP	-28.1%	12,8 ETP	+34.7%	9,5 ETP	+4.4%	9,1 ETP	+9.6%	8,3 ETP	+13.7%	7,3 ETP	-2.7%	7,5 ETP	+2.7%	7,3 ETP	-11.0%	8,2 ETP	+28.1%	6,4 ETP	+30.6%	4,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/06/2025 · 2 active · 12 ended

Active mandates

Arda Makinadjian

Director · since 15 novembre 2021 · until 15 novembre 2026

Active

Hrair Babikian

Managing director · since 15 novembre 2021 · until 15 novembre 2026

Active

Ended mandates

Arda Makinadjian

Director · since 26 juin 2015 · until 26 avril 2021

Ended

Arda Makinadjian

Director · since 26 juin 2015 · until 15 novembre 2021

Ended

Hrair Babikian

Managing director · since 26 juin 2015 · until 26 avril 2021

Ended

Hrair Babikian

Managing director · since 26 juin 2015 · until 15 novembre 2021

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Full model	Full model	Full model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	02/02/2026	04/02/2025	31/01/2024	04/04/2023	28/02/2022	23/09/2021
General meeting	30/01/2026	31/01/2025	26/01/2024	31/01/2023	28/01/2022	23/09/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/06/2025	30/01/2026	02/02/2026	French	PDF
Abridged model	30/06/2024	31/01/2025	04/02/2025	French	PDF
Abridged model	30/06/2023	26/01/2024	31/01/2024	French	PDF
Full model	30/06/2022	31/01/2023	04/04/2023	French	PDF
Full model	30/06/2021	28/01/2022	28/02/2022	French	PDF
Full model	30/06/2020	23/09/2021	23/09/2021	French	PDF
Full model	30/06/2019	30/12/2019	15/01/2020	French	PDF
Full model	30/06/2018	28/12/2018	05/02/2019	French	PDF
Full model	31/12/2016	30/06/2017	24/07/2017	French	PDF
Full model	31/12/2015	30/06/2016	08/07/2016	French	PDF
Full model	31/12/2014	26/06/2015	06/07/2015	French	PDF
Full model	31/12/2013	30/06/2014	07/07/2014	French	PDF
Full model	31/12/2012	24/05/2013	30/05/2013	French	PDF
Full model	31/12/2011	28/06/2012	23/07/2012	French	PDF
Full modelCorrection	31/12/2010	24/06/2011	28/06/2012	French	PDF
Full model	31/12/2010	24/06/2011	04/07/2011	French	PDF
Abridged model	31/12/2009	21/05/2010	30/06/2010	French	PDF
Abridged model	31/12/2008	05/06/2009	26/06/2009	French	PDF
Abridged model	31/12/2007	23/06/2008	30/06/2008	French	PDF
Abridged model	31/12/2006	11/06/2007	15/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 30/06/2025 · 2 active · 12 ended

Active mandates

Arda Makinadjian

Director · since 15 novembre 2021 · until 15 novembre 2026

Active

Hrair Babikian

Managing director · since 15 novembre 2021 · until 15 novembre 2026

Active

Ended mandates

Arda Makinadjian

Director · since 26 juin 2015 · until 26 avril 2021

Ended

Arda Makinadjian

Director · since 26 juin 2015 · until 15 novembre 2021

Ended

Hrair Babikian

Managing director · since 26 juin 2015 · until 26 avril 2021

Ended

Hrair Babikian

Managing director · since 26 juin 2015 · until 15 novembre 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other21/02/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates07/03/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates27/10/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates31/10/2018
DEMISSIONS, NOMINATIONS
PDF
Other08/03/2018
ASSEMBLEE GENERALE - ANNEE COMPTABLE
PDF
Restructuring19/01/2017
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Mandates27/12/2016
DEMISSIONS, NOMINATIONS
PDF
Restructuring13/10/2016
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-93,9 k €↓
2024
Annual accounts 2024-73,8 k €↑
2023
Annual accounts 2023-129,9 k €↓
2022
Annual accounts 2022-69,4 k €↓
2021
Annual accounts 20211,1 M €↑
2020
Annual accounts 2020989,2 €↑
2019
Annual accounts 2019-158,5 k €↓
2018
Annual accounts 2018-74,2 k €↓
2015
Annual accounts 20153,2 k €↓
2014
Annual accounts 201457,1 k €↑
2013
Annual accounts 201315,1 k €↑
2012
Annual accounts 20128,9 k €↓
2011
Annual accounts 201129,6 k €↓
2010
Annual accounts 201055,8 k €↑
2009
Annual accounts 200934 k €↑
2008
Annual accounts 200819 k €↓
2007
Annual accounts 200755,2 k €↑
2006
Annual accounts 200646,3 k €
12/06/2001
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

HARCO GROUP

Overview

What does HARCO GROUP do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline