The Morning Warning List · 21 October 2026
Hamiconsult
It made a small profit in 2025. Months later, a court in Herning declared it bankrupt. How?
Engineers for the building trade.
Hamiconsult was a consulting engineering firm in Herning, founded in 2014, that advised on building and construction projects. It had 12 employees and was part of a small group of companies.
Steady advice, steady work.
A small engineering firm lives on a simple promise: good advice, delivered on time, paid for when the project pays.
- Keep winning projectsThe business modelShrinking
- Carry on as a going concernIts own accountsDoubted
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- Five years of shrinking business, in a chart
- Why a profit can hide a cash problem
- Three lessons for every small firm
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Less work, year after year.
Hamiconsult’s gross profit, what was left after paying for outside work, fell from DKK 13.2 million in 2021 to DKK 9.8 million in 2025. In 2024 it lost DKK 1.1 million. In 2025 it made a profit of just DKK 19,000.
On 4 September 2026 a bankruptcy petition was filed, and on 15 September the court in Herning declared it bankrupt. A sister company in the same group was asked into bankruptcy the same day.
Gross profit, DKK million
A profit is not cash.
Engineers are paid when projects are paid. If the building trade slows, or one big client pays late, a small firm can show a profit on paper and still run out of money.
According to Licitationen, the latest annual report already raised doubt about whether the business could continue. That doubt, written into the accounts, is one of the earliest public warning signs a small company can give.
Read the note, not just the number.
The bankruptcy hit two companies in the same group within days. When firms in a group lean on each other, one problem rarely stays in one company.
Three lessons for every small firm.
Watch the cash, not the result.
Know each month how much money is in the bank and who owes you what.
Don’t depend on a few clients.
If two or three clients pay late at once, a 12-person firm has no cushion.
Act on the auditor’s doubt.
When the accounts say ‘doubt about continuing’, that is the moment to raise money, cut costs or find a buyer.
Always Read the Note, Not Just the Number
In Herning in 2025, a firm of twelve people closed its books and found a profit: DKK 19,000. Not a fortune, roughly the price of a good sofa, but black ink is black ink, and most readers would stop there. That was the mistake. Year by year the work had been shrinking, and according to the trade press, the same annual report already raised doubt about whether the firm could carry on. In September 2026 the court in Herning declared it bankrupt. The headline figure tells you what happened. The note beside it tells you what is coming. Read the note.
— Max Noble
Hamiconsult’s last result was a profit. The warning was in the words beside it.
From the book in preparationThe Laws of BANKRUPT · out 31 October 2027Read every law so far →
Every number traceable.
- Licitationen, 17 Sep 2026: bankruptcy spreads in the group · licitationen.dk
- estatistik.dk: Hamiconsult accounts 2021–2025 · estatistik.dk
- Proff.dk: company facts, employees, owner · proff.dk
The grade, the three moves and the law are Max Noble’s analysis. Not investment advice.