H²
ActiveSummary
H² has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€601,417) and a net result of -€70,083. Equity is shrinking by ~18.7% per year across the filed fiscal years. Its solvency ranks better than 14% of 695 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▲+1
Solvency4▼-3
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.48 against 0.16 in 2024; short-term debt: 4% and cash: 1.7% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-21.3%
Return on assets
-2.5%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€601,417
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
29 d late
2023
30 d late
2022
64 d late
2021
89 d late
2020
94 d late
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 61 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 44% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€70,083▲ 28.6%
2024 · -€98,110
Working capital
-€58,216▲ 40.5%
2024 · -€97,788
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€49,053▲ 59.5%-€36,424▲ 25.7%-€24,874▲ 31.7%-€82,278▼ 231%-€54,693▲ 33.5%
Net result-€58,214▲ 56.6%-€51,915▲ 10.8%-€38,954▲ 25.0%-€98,110▼ 152%-€70,083▲ 28.6%
Equity-€342,356▼ 20.5%-€394,271▼ 15.2%-€433,225▼ 9.9%-€531,334▼ 22.6%-€601,417▼ 13.2%
Total assets€3.1m▼ 1.4%€3.1m▲ 0.9%€3.1m=€3.0m▼ 4.3%€2.8m▼ 5.1%
Debt€3.4m▲ 0.4%€3.5m▲ 2.3%€3.5m▲ 1.1%€3.5m▼ 1.0%€3.4m▼ 2.4%
Working capital-€281,847▲ 1.4%-€135,086▲ 52.1%-€73,618▲ 45.5%-€97,788▼ 32.8%-€58,216▲ 40.5%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €54,693 in 2025 against €82,278 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
Fixed assets
€2.8m ▼ 6.3%
Current assets
€53,562 ▲ 191%
Key figures and ratios
EBITDA
€136,848▲
2024 · €105,896
Cash flow
€121,459▲
2024 · €90,065
Solvency
-21.3%▼
2024 · -17.8%
Current ratio
0.48▲
2024 · 0.16
Debt to equity
-5.70▲
2024 · -6.61
ROA
-2.5%▲
2024 · -3.3%
Interest coverage
9.07▲
2024 · 6.82
Debt ≤ 1 year
€111,778▼
2024 · €116,191
Debt > 1 year
€3.3m▼
2024 · €3.4m
Income taxes
€306▼
2024 · €311
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €159,436 | €171,483 | €196,457 | €188,174 | €191,541 | ▲ 1.8% |
| Other operating charges640/8 | €4,344 | €7,358 | €7,229 | €7,668 | €10,684 | ▲ 39.3% |
| Gross operating margin9900 | €114,726 | €142,418 | €178,811 | €113,564 | €147,532 | ▲ 29.9% |
| Operating profit (loss)9901 | -€49,053 | -€36,424 | -€24,874 | -€82,278 | -€54,693 | ▲ 33.5% |
| Financial income75/76B | - | €58 | €25 | €0 | - | - |
| Recurring financial income75 | - | €58 | €25 | €0 | - | - |
| Financial charges65/66B | €9,161 | €15,549 | €14,023 | €15,520 | €15,083 | ▼ 2.8% |
| Recurring financial charges65 | €9,161 | €15,549 | €14,023 | €15,520 | €15,083 | ▼ 2.8% |
| Profit (loss) for the period before taxes9903 | -€58,214 | -€51,915 | -€38,872 | -€97,798 | -€69,776 | ▲ 28.7% |
| Income taxes67/77 | - | - | €81 | €311 | €306 | ▼ 1.6% |
| Profit (loss) for the period9904 | -€58,214 | -€51,915 | -€38,954 | -€98,110 | -€70,083 | ▲ 28.6% |
| Profit (loss) for the period to be appropriated9905 | -€58,214 | -€51,915 | -€38,954 | -€98,110 | -€70,083 | ▲ 28.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.1m | €3.1m | €3.1m | €3.0m | €2.8m | ▼ 5.1% |
| Fixed assets21/28 | €3.1m | €3.1m | €3.1m | €3.0m | €2.8m | ▼ 6.3% |
| Tangible fixed assets22/27 | €3.1m | €3.1m | €3.1m | €3.0m | €2.8m | ▼ 6.3% |
| Land and buildings22 | €3.0m | €3.0m | €3.0m | €2.9m | €2.7m | ▼ 5.7% |
| Furniture and vehicles24 | €54,523 | €47,032 | €66,250 | €106,114 | €80,704 | ▼ 23.9% |
| Assets under construction and advance payments27 | - | €13,500 | - | - | - | - |
| Current assets29/58 | €29,209 | €26,319 | €26,473 | €18,403 | €53,562 | ▲ 191% |
| Amounts receivable within one year40/41 | €18,854 | €10,014 | €3,237 | €764 | €3,164 | ▲ 314% |
| Trade receivables40 | €18,854 | €10,014 | €3,237 | €588 | €2,924 | ▲ 397% |
| Other amounts receivable41 | - | - | - | €176 | €240 | ▲ 36.2% |
| Cash at bank and in hand54/58 | €7,046 | €13,962 | €18,090 | €7,796 | €47,402 | ▲ 508% |
| Deferred charges and accrued income490/1 | €3,309 | €2,343 | €5,147 | €9,843 | €2,996 | ▼ 69.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.1m | €3.1m | €3.1m | €3.0m | €2.8m | ▼ 5.1% |
| Equity10/15 | -€342,356 | -€394,271 | -€433,225 | -€531,334 | -€601,417 | ▼ 13.2% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€356,616 | -€408,531 | -€447,485 | -€545,594 | -€615,677 | ▼ 12.8% |
| Amounts payable17/49 | €3.4m | €3.5m | €3.5m | €3.5m | €3.4m | ▼ 2.4% |
| Amounts payable after more than one year17 | €3.1m | €3.3m | €3.4m | €3.4m | €3.3m | ▼ 2.3% |
| Financial debts170/4 | €701,139 | €869,969 | €791,458 | €745,099 | €650,353 | ▼ 12.7% |
| Other amounts payable178/9 | €2.4m | €2.5m | €2.7m | €2.7m | €2.7m | ▲ 0.6% |
| Amounts payable within one year42/48 | €311,056 | €161,405 | €100,091 | €116,191 | €111,778 | ▼ 3.8% |
| Current portion of amounts payable after more than one year42 | €56,809 | €79,167 | €78,511 | €93,634 | €96,013 | ▲ 2.5% |
| Trade debts44 | €115,167 | €58,378 | €21,104 | €18,799 | €7,894 | ▼ 58.0% |
| Suppliers440/4 | €115,167 | €58,378 | €21,104 | €18,799 | €7,894 | ▼ 58.0% |
| Advances received on contracts in progress46 | - | - | - | €2,100 | €4,400 | ▲ 110% |
| Taxes, remuneration and social security45 | €8,048 | €80 | €476 | €1,658 | €3,471 | ▲ 109% |
| Taxes450/3 | €8,048 | €80 | €476 | €1,658 | €3,471 | ▲ 109% |
| Other amounts payable47/48 | €131,031 | €23,779 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€58,214 | -€51,915 | -€38,954 | -€98,110 | -€70,083 | ▲ 28.6% |
| + Depreciation and write-downs630 | €159,436 | €171,483 | €196,457 | €188,174 | €191,541 | ▲ 1.8% |
| Operating cash flow (approximation) | €101,222 | €119,569 | €157,503 | €90,065 | €121,459 | ▲ 34.9% |
| Investment in fixed assets (approximation) | - | -€201,855 | -€196,879 | -€61,265 | -€3,547 | ▲ 94.2% |
| Change in cash | - | €6,915 | €4,128 | -€10,294 | €39,606 | ▲ 485% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
03-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 64 days late
2022
28-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 89 days late
2021
02-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 94 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
03-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 34 days late
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 24 days late
NBB filing
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Couvin · 1 establishment unit since 2010
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.
Hameau de Géronsart, Fra. 265660 Couvin1 establishment unit
Hameau de Géronsart, Fra. 26, 5660 Couvin
since 20102.188.060.573
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Of 733 companies in sector 55209 we hold annual accounts for 208. 121 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-04-2010
Fiscal year end31-12
Activities, NACEBEL 2025
55209Other holiday and short-stay accommodation
41003General construction of other non-residential buildings
68110Buying and selling of own real estate
Contact
E-mail
creations@hortiluc.beCouvin
Phone
+32495173266Couvin
Scores and ratios are computed by Checked and are not a credit decision.