H.C.E.
ActiveSummary
H.C.E. has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.2m and a net result of €19,081. Equity remains stable across the filed fiscal years (±0.2% per year). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+1
Solvency100=
Growth65▲+14
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 22.08 against 22.47 in 2024; short-term debt: 2.3% and cash: 47.7% of total assets), and 2.7% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
97.3%
Return on assets
0.8%
Age of the figures
9 mo
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 08-06-2026, 53 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
53 d early
2024
42 d early
2023
12 d early
2022
32 d early
2021
58 d early
2020
24 d late
2019
13 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 23 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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. Usually files around 19 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€278,426▲ 4.2%
2024 · €267,292
EBIT margin
6.0%▲ 5.5pp
2024 · 0.5%
Net result
€19,081▲ 346%
2024 · €4,282
Working capital
€1.1m▲ 5.7%
2024 · €1.0m
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
Turnover€261,165▲ 4.2%€284,754▲ 9.0%€275,931▼ 3.1%€267,292▼ 3.1%€278,426▲ 4.2%
Operating result€1,692€33,451▲ 1,877%€7,095▼ 78.8%€1,305▼ 81.6%€16,659▲ 1,176%
Net result€1,477€33,246▲ 2,151%€8,337▼ 74.9%€4,282▼ 48.6%€19,081▲ 346%
EBIT margin0.6%▲ 27.5pp11.7%▲ 11.1pp2.6%▼ 9.2pp0.5%▼ 2.1pp6.0%▲ 5.5pp
Equity€2.1m▲ 0.1%€2.2m▲ 1.6%€2.2m▲ 0.4%€2.2m▲ 0.2%€2.2m▲ 0.9%
Total assets€2.2m▼ 3.8%€2.2m▲ 2.2%€2.2m▲ 0.4%€2.2m▲ 1.2%€2.3m▲ 1.0%
Debt€19,424▼ 80.6%€33,659▲ 73.3%€33,964▲ 0.9%€56,321▲ 65.8%€60,038▲ 6.6%
Working capital€894,978▲ 5.0%€978,550▲ 9.3%€1.0m▲ 5.7%€1.0m▲ 0.4%€1.1m▲ 5.7%
Staff (FTE)
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 1,176% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€1.1m ▼ 3.5%
Current assets
€1.1m ▲ 5.8%
Equity and liabilities €2.3m
Equity
€2.2m ▲ 0.9%
Debt
€60,038 ▲ 6.6%
Debt's share of the balance-sheet total rises from 2.5% to 2.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€112,560▲
2024 · €79,616
Cash flow
€114,982▲
2024 · €82,593
Current ratio
22.08▼
2024 · 22.47
Debt to equity
0.03▲
2024 · 0.03
ROE
0.9%▲
2024 · 0.2%
ROA
0.8%▲
2024 · 0.2%
Interest coverage
533.16▲
2024 · 370.65
Debt ≤ 1 year
€52,045▲
2024 · €48,328
Debt > 1 year
€7,993=
2024 · €7,993
Income taxes
€1,922
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,732 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,732 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €261,165 | €284,754 | €275,931 | €267,292 | €278,426 | ▲ 4.2% |
| Goods, raw materials, services and sundry goods60/61 | €135,215 | €125,391 | €157,318 | €157,702 | €129,852 | ▼ 17.7% |
| Remuneration, social security and pensions62 | - | - | - | €27 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €75,161 | €72,780 | €67,213 | €78,310 | €95,901 | ▲ 22.5% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €1,074 | - | - | - | - | - |
| Other operating charges640/8 | €48,023 | €53,132 | €44,303 | €68,190 | €63,075 | ▼ 7.5% |
| Gross operating margin9900 | €125,950 | €159,363 | €118,612 | €147,833 | €175,636 | ▲ 18.8% |
| Operating profit (loss)9901 | €1,692 | €33,451 | €7,095 | €1,305 | €16,659 | ▲ 1,176% |
| Financial income75/76B | €1 | €0 | €1,305 | €3,192 | €4,555 | ▲ 42.7% |
| Recurring financial income75 | €1 | €0 | €1,305 | €3,192 | €4,555 | ▲ 42.7% |
| Financial charges65/66B | €217 | €205 | €62 | €215 | €211 | ▼ 1.7% |
| Recurring financial charges65 | €217 | €205 | €62 | €215 | €211 | ▼ 1.7% |
| Profit (loss) for the period before taxes9903 | €1,477 | €33,246 | €8,337 | €4,282 | €21,003 | ▲ 390% |
| Income taxes67/77 | - | - | - | - | €1,922 | - |
| Profit (loss) for the period9904 | €1,477 | €33,246 | €8,337 | €4,282 | €19,081 | ▲ 346% |
| Profit (loss) for the period to be appropriated9905 | €1,477 | €33,246 | €8,337 | €4,282 | €19,081 | ▲ 346% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.2m | €2.2m | €2.2m | €2.2m | €2.3m | ▲ 1.0% |
| Fixed assets21/28 | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.5% |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €1.2m | €1.2m | €1.1m | ▼ 3.5% |
| Land and buildings22 | €1.2m | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 3.2% |
| Plant, machinery and equipment23 | €29,825 | €42,416 | €45,928 | €29,344 | €24,517 | ▼ 16.5% |
| Furniture and vehicles24 | €1,695 | €1,084 | €473 | €565 | €371 | ▼ 34.2% |
| Financial fixed assets28 | €50 | - | - | - | - | - |
| Current assets29/58 | €909,954 | €1.0m | €1.1m | €1.1m | €1.1m | ▲ 5.8% |
| Amounts receivable within one year40/41 | €43,033 | €47,319 | €46,138 | €65,355 | €62,183 | ▼ 4.9% |
| Trade receivables40 | €32,829 | €42,319 | €45,746 | €64,397 | €54,739 | ▼ 15.0% |
| Other amounts receivable41 | €10,204 | €5,000 | €391 | €958 | €7,444 | ▲ 677% |
| Cash at bank and in hand54/58 | €864,168 | €954,960 | €1.0m | €1.0m | €1.1m | ▲ 6.2% |
| Deferred charges and accrued income490/1 | €2,752 | €3,082 | €4,439 | €5,220 | €8,684 | ▲ 66.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.2m | €2.2m | €2.2m | €2.2m | €2.3m | ▲ 1.0% |
| Equity10/15 | €2.1m | €2.2m | €2.2m | €2.2m | €2.2m | ▲ 0.9% |
| Contributions10/11 | €775,000 | €775,000 | €775,000 | €775,000 | €775,000 | = |
| Capital10 | €775,000 | €775,000 | €775,000 | €775,000 | €775,000 | = |
| Issued capital100 | €775,000 | €775,000 | €775,000 | €775,000 | €775,000 | = |
| Reserves13 | €201,500 | €201,500 | €201,500 | €201,500 | €201,500 | = |
| Non-distributable reserves130/1 | €77,500 | €77,500 | €77,500 | €77,500 | €77,500 | = |
| Legal reserve130 | €77,500 | €77,500 | €77,500 | €77,500 | €77,500 | = |
| Distributable reserves133 | €124,000 | €124,000 | €124,000 | €124,000 | €124,000 | = |
| Profit (loss) carried forward14 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 1.6% |
| Amounts payable17/49 | €19,424 | €33,659 | €33,964 | €56,321 | €60,038 | ▲ 6.6% |
| Amounts payable after more than one year17 | €4,448 | €6,848 | €8,148 | €7,993 | €7,993 | = |
| Other amounts payable178/9 | €4,448 | €6,848 | €8,148 | €7,993 | €7,993 | = |
| Amounts payable within one year42/48 | €14,976 | €26,811 | €25,816 | €48,328 | €52,045 | ▲ 7.7% |
| Trade debts44 | €14,976 | €26,811 | €25,816 | €48,328 | €52,045 | ▲ 7.7% |
| Suppliers440/4 | €14,976 | €26,811 | €25,816 | €48,328 | €52,045 | ▲ 7.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,477 | €33,246 | €8,337 | €4,282 | €19,081 | ▲ 346% |
| + Depreciation and write-downs630 | €75,161 | €72,780 | €67,213 | €78,310 | €95,901 | ▲ 22.5% |
| Operating cash flow (approximation) | €76,637 | €106,026 | €75,551 | €82,593 | €114,982 | ▲ 39.2% |
| Investment in fixed assets (approximation) | - | -€24,854 | -€21,460 | -€78,734 | -€55,504 | ▲ 29.5% |
| Change in cash | - | €90,792 | €54,221 | €6,217 | €62,904 | ▲ 912% |
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
08-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €33,246 ▲2,151%
Operating result €33,451, net result €33,246, both a record.
03-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €1,477
Net result €1,477 after one loss-making year.
31-12
Financial
Liquidity times 6current ratio 60.76
Current ratio from 9.80 to 60.76; short-term debt falls from €96,834 to €14,976.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 24 days late
2020
31-12
Financial
Weakest financial yearnet -€68,287
Net result drops to -€68,287, the lowest in the series; recovery starts the following year.
13-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 13 days late
2019
14-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 14 days late
2018
03-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 3 days late
2017
14-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 14 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Sint-Pieters-Woluwe · 1 establishment unit since 1989
Ground area
235 m²
Building footprint
181 m²
Volume, LiDAR
2,139 m³
2 parcels, Brussels · tallest building 18.5 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
H.C.E.
since 19892.045.546.787
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21911C0008/00R003 | Brussels | 142 m² | 1 · 89 m² | 18.5 m · 5 fl. |
| 21684B0057/00F022 | Brussels | 93 m² | 1 · 93 m² | 11.6 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
699400GP4ZUX2MNHUW57
Identification & contact
Identification
Legal formPublic limited company
Founded06-10-1989
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0438630832
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.