GOLF D'HULENCOURT

Active

Public limited companyfounded 198838 yrs activeTrou du Bois-Bruyère Hulencourt 15, 1472 Genappe, BelgiumKBO/BCE: BE 0434.893.956

GOLF D'HULENCOURT has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.88M and a net result of €-5.12M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 85% of 417 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

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Checked score

Score 2025

50 / 100

Fair▼ -2 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability0=

Solvency81▼-16

Growth52=

Stability100

Bankruptcy probability, 12 months

0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €440k at 30 days acceptable

Liquidity tight (current ratio 1.12 against 1.89 in 2024), and 26% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 93

Relative position

BE, all sectors

reference

Sector 93

lower

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

74%

Return on assets

-42.7%

Age of the figures

8 mo

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-06-2026, 58 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

58 d early

2024

12 d early

2023

54 d early

2022

39 d early

2021

125 d early

2020

113 d early

2019

42 d early

← before the deadline after the deadline →

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.

Companies Code · seven months

Position in the running window

15-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€-5.12M▼ 34.6%

2024 · €-3.80M

2018: €-1.41M 2019: €-1.96M 2020: €-1.56M 2021: €-2.25M 2022: €-2.76M 2023: €-2.76M 2024: €-3.80M

2018 → 2025

Working capital

€230k▼ 78.9%

2024 · €1.09M

2018: €2.20M 2019: €2.18M 2020: €2.92M 2021: €1.83M 2022: €1.52M 2023: €1.32M 2024: €1.09M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Equity€-19.05M-€10.16M€11.04M▲ 8.6%€7.24M▼ 34.5%€8.88M▲ 22.7%

Operating result€-2.31M-€-2.82M▼ 22.1%€-2.83M▼ 0.4%€-3.22M▼ 14.0%€-5.15M▼ 59.8%

Net result€-2.25M-€-2.76M▼ 22.5%€-2.76M▼ 0.1%€-3.80M▼ 37.8%€-5.12M▼ 34.6%

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €5.15M in 2025 against €3.22M in 2024; the loss grows and 2025 is the lowest year so far.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €12.00M

82.5%

17.5%

Fixed assets €9.90M▲ 12.3%

Current assets €2.09M▼ 9.4%

Equity and liabilities €12.00M

74.0%

26.0%

Equity €8.88M▲ 22.7%

Debt €3.12M▼ 19.9%

The debt ratio falls from 35.0% to 26.0%: equity grows while debt is paid down.

Key figures and ratios

2025 value · change against 2024

EBITDA

€-4.21M▼

2024 · €-2.37M

Cash flow

€-4.18M▼

2024 · €-2.95M

Solvency

74.0%▲

2024 · 65.0%

Current ratio

1.12▼

2024 · 1.89

Quick ratio

1.01▼

2024 · 1.71

Debt / equity

0.35▼

2024 · 0.54

ROE

-57.7%▼

2024 · -52.6%

ROA

-42.7%▼

2024 · -34.2%

Interest coverage

-113.37▲

2024 · -157.97

Debt

€3.12M▼

2024 · €3.90M

Debt ≤ 1 year

€1.86M▲

2024 · €1.22M

Debt > 1 year

€1.25M▼

2024 · €2.67M

Staff costs

€2.14M▲

2024 · €1.77M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€11.13M€12.00M▲

Fixed assets21/28€8.82M€9.90M▲

Intangible fixed assets21€31k€24k▼

Tangible fixed assets22/27€8.79M€9.88M▲

Land and buildings22€8.34M€9.08M▲

Plant, machinery and equipment23€132k€522k▲

Furniture and vehicles24€316k€277k▼

Financial fixed assets28€0-

Current assets29/58€2.31M€2.09M▼

Stocks and contracts in progress3€220k€216k▼

Stocks30/36€220k€216k▼

Amounts receivable within one year40/41€86k€43k▼

Other amounts receivable41€86k€43k▼

Current investments50/53€1.63M€1.70M▲

Cash at bank and in hand54/58€267k€89k▼

Deferred charges and accrued income490/1€110k€51k▼

Equity and liabilities

Total equity and liabilities10/49€11.13M€12.00M▲

Equity10/15€7.24M€8.88M▲

Contributions10/11€41.81M€48.57M▲

Capital10€41.81M€48.57M▲

Issued capital100€41.81M€48.57M▲

Reserves13€24k€24k=

Distributable reserves133€24k€24k=

Profit (loss) carried forward14€-34.60M€-39.72M▼

Amounts payable17/49€3.90M€3.12M▼

Amounts payable after more than one year17€2.67M€1.25M▼

Financial debts170/4-€1.25M

Other amounts payable178/9€2.67M€990▼

Amounts payable within one year42/48€1.22M€1.86M▲

Current portion of amounts payable after more than one year42-€321k

Trade debts44€1.11M€1.07M▼

Suppliers440/4€1.11M€1.07M▼

Taxes, remuneration and social security45€117k€475k▲

Taxes450/3€38k€88k▲

Remuneration and social security454/9€79k€388k▲

Accrued charges and deferred income492/3-€5k

Income statement Code20242025

Remuneration, social security and pensions62€1.77M€2.14M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€852k€942k▲

Other operating charges640/8€50k€71k▲

Gross operating margin9900€-556k€-2.00M▼

Operating profit (loss)9901€-3.22M€-5.15M▼

Financial income75/76B€81k€85k▲

Recurring financial income75€81k€85k▲

Financial charges65/66B€659k€50k▼

Recurring financial charges65€15k€37k▲

Non-recurring financial charges66B€644k€12k▼

Profit (loss) for the period before taxes9903€-3.80M€-5.12M▼

Profit (loss) for the period9904€-3.80M€-5.12M▼

Profit (loss) for the period to be appropriated9905€-3.80M€-5.12M▼

Appropriation of the result

Profit (loss) to be appropriated9906€-34.60M€-39.72M▼

Profit (loss) brought forward from the previous period14P€-30.80M€-34.60M▼

Social balance

Average headcount (FTE)908722.428.0▲

The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

03-06

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Weakest financial yearnet €-5.12M

Net result drops to €-5.12M, the lowest in the series.

19-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

07-06

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

22-06

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

31-12

Financial Equity above €10MEq €10.16M

Equity rises from €-19.05M to €10.16M.

28-03

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

09-04

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

19-06

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

21-06

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

10-10

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 71 days late

2017

06-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2025

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

24-07-2025 Jean-Jacques Delori: Resigned as Director

20-07-2023 Claude Penneman: Resigned as Director

15-12-2016 James Beckman: Resigned as Managing director

Location & real-estate footprint

Registered office, Genappe · 1 establishment unit since 1988

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Trou du Bois-Bruyère Hulencourt 151472 Genappe

1 establishment unit

GOLF D'HULENCOURT

Trou du Bois 15, 1472 GenappeNACE 92611

since 19882.039.736.685