Equity
€8.1m ▲ 93.1%
Equity rose in 2025 from €4.2m to €8.1m.
HertBelgium
Lifetime
11 annual accounts with figures on one time axispeak €3.6m (2023)
-not published
lowest -€360,839 (2023)
€3.9m▼ 13.0%
peak €8.1m (2025)
€8.1m▲ 93.1%
€9.5m▼ 16.4%
peak 45.3 FTE (2024)
34.5 FTE▼ 23.8%
Board8 names since 2014
3 directorsEPB XL and 2 others
Owners2 names in the annual accounts
100%ACEG GROUP
Documentsfilings and deeds
24-06-202637 days before the deadline
2025financial year
Turnover from €14.5m to €12.4mStaff from 45.3 FTE to 34.5 FTEAppointment: Baker Tilly Bedrijfsrevisoren BV (statutory audi… 28-01Equity from €4.2m to €8.1mDebts from €11.4m to €9.5m
Key points
from the 2025 annual accountsInvestments
€1.7m 3.6 × depreciation
Green is investment, beige is depreciation. Machinery stands 131.3% higher than in 2024.
Staff
36 employees on 31-12-2025
In 2025, 30 people joined and 35 left.
Payment terms
83 days to suppliers
HertBelgium pays its suppliers 68 days later than in 2024. Customers pay 149 days earlier.
Filings
11 annual accounts since 2015
Seven of the last ten came late. The 2021 accounts came latest: 134 days after the end of the period.
At the same address
27 companies
Checked score
83
Excellent
Financially stronger than 51% of small companies in head offices and management consultancy (NACE 70)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.7%
01-2025: 1.7%● unchanged vs 12-2024
02-2025: 1.8%▲ +0.1 percentage points vs 01-2025
03-2025: 1.8%● unchanged vs 02-2025
04-2025: 1.8%● unchanged vs 03-2025
05-2025: 1.8%● unchanged vs 04-2025
06-2025: 1.9%▲ +0.1 percentage points vs 05-2025
07-2025: 2.0%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.6%▼ -1.4 percentage points vs 07-2025
09-2025: 0.6%● unchanged vs 08-2025
10-2025: 0.6%● unchanged vs 09-2025
11-2025: 0.6%● unchanged vs 10-2025
12-2025: 0.6%● unchanged vs 11-2025
01-2026: 0.6%● unchanged vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.7%▲ +0.1 percentage points vs 05-2026
07-2026: 0.6%▼ -0.1 percentage points vs 06-2026
08-2026: 0.9%▲ +0.3 percentage points vs 07-2026
09-2026: 1.1%▲ +0.2 percentage points vs 08-2026
10-2026: 0.4%▼ -0.7 percentage points vs 09-2026lowest value
11-2026: 0.4%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Liquidity: current ratio 1.21, cash €110,779
1 of the last 3 accounts late
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Profit of €3.9m (financial year 2025)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, small). It does better than 44% of them on solvency, 11% on liquidity, 93% on profitability and 57% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 17,811 companies had the same profile as HertBelgium has now. Each dot stands for 45 companies, two years later.
96.5%
were still trading
3.2%
stopped another way
0.3%
went bankrupt
That fits the bankruptcy probability of HertBelgium itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,447 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 17,811 companies, not a prediction for HertBelgium. 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.
Credit verdict
Credit of up to €650,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.21 (0.81 in 2024), below the usual 1.5. Short-term debt is 52.6% and cash 0.6% of total assets. 54% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-06-2026, 37 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
37 days early
2024
60 days late
2023
on the day
2022
10 days late
2021
134 days late
2020
20 days late
2019
24 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 30 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 10 August (4 of the last 5 accounts filed within 50 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- ACEG GROUP 100%score 91equity €11.1m (2025) · 2025 annual accounts of ACEG GROUP
- Consortium ACEG GROUP - SPOQ consolidatesannual accounts 2025
Shares in 3 companies, including ACEG and RESEARCH & SOLUTIONS
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0506743836
Appointment: Baker Tilly Bedrijfsrevisoren BV (statutory auditor)
General meeting of 14-11-2024 · Gazette deed
Merger: HertBelgium takes over PoCoFiMo
General meeting of 03-10-2023 · Gazette deed
Merger proposal: HertBelgium takes over PoCoFiMo
Permanent representative: Levi Vaneycken · The company holds all the shares of PoCoFiMo · ACEG GROUP BV holds 1,000 shares · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HertBelgium Grimbergen | €12.4m | 31.6% | 46.0% | 34.5 |
| Serco Defence Auderghem | €11.6m | -3.8% | 35.5% | 31.8 |
| ELIA GRID INTERNATIONAL Brussels | €14.3m | -2.5% | 66.4% | 30.6 |
| PORR Government Services Benelux Jodoigne | €17.8m | 18.5% | 61.8% | 36.4 |
| EIGHT ADVISORY BELGIUM Brussels | €15.6m | 12.2% | 6.1% | 45.7 |
| EY Economic and Policy Advisory Services Machelen (Brab.) | €9.8m | 2.5% | 25.8% | 21 |
| Swedish Orphan Biovitrum (Belgium) Zaventem | €8.3m | 14.7% | 83.4% | 19.3 |
Grey: the largest companies of the sector (head offices and management consultancy (NACE 70)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as HertBelgium: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €9.8m and €17m, founded between 2013 and 2018.
Official details
Source: KBO- Status
- Active since 11-12-2014Normal situation
- Registered office
- 28 active companies are registered at this address3 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Joint committees
- 200Auxiliary committee for white-collar workers
- 100Auxiliary committee for blue-collar workers · annual accounts 2025
- Establishment units
- 2.239.459.1901853 Grimbergen, since 11-12-2014
- 2.297.507.5548400 Ostend, since 20-06-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 26-11-2025
Annual accounts 2025
- €17.6m▲ 13.1%
- Employeeson 31-12-2025
- 36
- Filing
- Filed on 24-06-2026, 37 days before the end of the filing period
Companies linked to HertBelgium
Subsidiaries and holdings
- BriskSky - ACEG29.33%
Insights on HertBelgium
HertBelgium has existed since 2014. In 2017 the gross margin rose from €92,849 to €269,737.
Solvency rose in 2025 from 26.9% to 46.0% because of the retained profit and lower debts.
ACEG GROUP holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about HertBelgium
- What is the company number of HertBelgium?
- The company number of HertBelgium is 0506.743.836. The VAT number is the same number with BE in front: BE 0506.743.836.
- Where is HertBelgium based?
- The registered office is at Ringlaan 39, 1853 Grimbergen.Company details
- What does HertBelgium do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of HertBelgium?
- HertBelgium is a private limited company (BV).
- When was HertBelgium founded?
- HertBelgium was founded on 11-12-2014.
- Is HertBelgium still active?
- Yes, HertBelgium is an active enterprise in the KBO register.
- How many employees does HertBelgium have?
- HertBelgium had an average of 34.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does HertBelgium fall under?
- In its 2025 annual accounts, HertBelgium states joint committees 200 (Auxiliary committee for white-collar workers) and 100 (Auxiliary committee for blue-collar workers).
- What is the turnover of HertBelgium?
- The turnover of HertBelgium was €12.4m in financial year 2025, according to the filed annual accounts.
- Is HertBelgium profitable?
- In financial year 2025, HertBelgium made a profit of €3.9m.
- Where can I find the annual accounts of HertBelgium?
- HertBelgium filed 11 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of HertBelgium due?
- HertBelgium must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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