H & M Project
ActiveH & M Project has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €104k and a net result of €175. Equity is shrinking by ~4.6% per year across the filed fiscal years. Its solvency ranks better than 26% of 402 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability35▲+13
Solvency39▼-6
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity tight (current ratio 1.21 against 0.74 in 2024; short-term debt: 49% and cash: 10.4% of total assets), and 85.7% of the assets are financed with debt.
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 31
Relative position
BE, all sectors
reference
Sector 31
higher
← fewer bankruptcies
more bankruptcies →
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
14.3%
Return on assets
0%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 31-01-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
12 d late
2023
12 d early
2022
40 d early
2021
4 d early
2020
6 d early
2019
16 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close17-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€175
2024 · €-19k
2019: €35k
2021: €912
2022: €2k
2023: €679
2024: €-19k
2019 → 2025
Working capital
€75k
2024 · €-77k
2019: €-202k
2021: €-101k
2022: €-100k
2023: €-71k
2024: €-77k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€133k-€131k▼ 1.7%€128k▼ 2.3%€106k▼ 16.9%€104k▼ 1.9%
Operating result€5k-€3k▼ 32.9%€2k▼ 29.4%€-10k€15k
Net result€912-€2k▲ 66.7%€679▼ 55.3%€-19k€175
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €15k after a loss of €10k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €731k
Fixed assets
€297k▼ 3.6%
Current assets
€434k▲ 97.9%
Equity and liabilities €731k
Equity
€104k▼ 1.9%
Debt
€627k▲ 48.8%
The debt ratio rises from 79.9% to 85.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€33k▲
2024 · €10k
Cash flow
€18k▲
2024 · €76
Solvency
14.3%▼
2024 · 20.1%
Current ratio
1.21▲
2024 · 0.74
Quick ratio
0.79▲
2024 · 0.34
Debt / equity
6.01▲
2024 · 3.97
ROE
0.2%▲
2024 · -18.3%
ROA
0.0%▲
2024 · -3.7%
Interest coverage
1.92▲
2024 · 0.89
Debt
€627k▲
2024 · €421k
Debt ≤ 1 year
€358k▲
2024 · €296k
Debt > 1 year
€268k▲
2024 · €125k
Income taxes
€146▲
2024 · €92
Staff costs
€236k▲
2024 · €223k
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€527k€731k▲
Fixed assets21/28€308k€297k▼
Tangible fixed assets22/27€308k€297k▼
Land and buildings22€304k€293k▼
Plant, machinery and equipment23-€2k
Furniture and vehicles24€4k€2k▼
Current assets29/58€219k€434k▲
Stocks and contracts in progress3€119k€151k▲
Stocks30/36€119k€151k▲
Amounts receivable within one year40/41€85k€205k▲
Trade receivables40€52k€164k▲
Other amounts receivable41€33k€42k▲
Cash at bank and in hand54/58€13k€76k▲
Deferred charges and accrued income490/1€3k€2k▼
Equity and liabilities
Total equity and liabilities10/49€527k€731k▲
Equity10/15€106k€104k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€56k€56k=
Non-distributable reserves130/1€5k€5k=
Legal reserve130€5k€5k=
Distributable reserves133€51k€51k=
Profit (loss) carried forward14€-16k€-16k▲
Investment grants15€5k€2k▼
Amounts payable17/49€421k€627k▲
Amounts payable after more than one year17€125k€268k▲
Financial debts170/4€125k€268k▲
Amounts payable within one year42/48€296k€358k▲
Current portion of amounts payable after more than one year42€8k€129k▲
Trade debts44€86k€159k▲
Suppliers440/4€86k€159k▲
Taxes, remuneration and social security45€19k€24k▲
Taxes450/3€341€487▲
Remuneration and social security454/9€18k€24k▲
Other amounts payable47/48€183k€46k▼
Income statement
Code20242025
Remuneration, social security and pensions62€223k€236k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€18k▼
Other operating charges640/8€7k€10k▲
Gross operating margin9900€240k€278k▲
Operating profit (loss)9901€-10k€15k▲
Financial income75/76B€2k€2k▼
Recurring financial income75€2k€2k▼
Financial charges65/66B€12k€17k▲
Recurring financial charges65€11k€17k▲
Non-recurring financial charges66B€1k-
Profit (loss) for the period before taxes9903€-19k€321▲
Income taxes67/77€92€146▲
Profit (loss) for the period9904€-19k€175▲
Profit (loss) for the period to be appropriated9905€-19k€175▲
Appropriation of the result
Profit (loss) to be appropriated9906€-16k€-16k▲
Profit (loss) brought forward from the previous period14P€3k€-16k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Back to profitnet €175
Net result €175 after one loss-making year.
12-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 12 days late
2024
30-06
Financial
Weakest financial yearnet €-19k ▼2958%
Net result drops to €-19k, the lowest in the series; recovery starts the following year.
19-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
22-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
27-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
15-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
20-12
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
30-01
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
27-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 27 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Tournai · 1 establishment unit since 2006
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.
Rue de la Forêt(BL) 47522 TournaiGround area
1.3 ha
Building footprint
3,765 m²
Volume, LiDAR
22,386 m³
2 parcels, Wallonia · tallest building 9.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
H & M Project SA
since 20062.159.778.838
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57031A0010/00N000indicative | Wallonia | 1.0 ha | 1 · 2,724 m² | 9.4 m · 3 fl. |
| 57031A0010/00R000 | Wallonia | 3,027 m² | 1 · 1,041 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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HQcoating
BE 0453.083.931
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Maatwerk D'hont
BE 0751.499.085
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AD HOC STUDIO
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Of 1,499 companies in sector 31004 we hold annual accounts for 620. 466 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded14-09-2006
Fiscal year end30-06
Activities, NACEBEL
31004Manufacture of dining room, living room, bedroom and bathroom furniture
36100
36141
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.