H. MANAGEMENT
ActiveSummary
H. MANAGEMENT has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €125,622 and a net result of €21,717. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 40% of 3267 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▼-4
Solvency66▲+6
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity short (current ratio 0.78 against 0.72 in 2024; short-term debt: 57.9% and cash: 0.3% of total assets), and 58.9% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← 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
41.1%
Return on assets
7.1%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €125,622
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
29 d late
2023
83 d late
2022
32 d late
2021
88 d late
2020
40 d early
2019
61 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 34 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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. Usually files around 1 September (4 of the last 5 filed years within 52 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€0
2024 · €0
EBIT margin
Not included in this filing
Net result
€21,717▼ 29.7%
2024 · €30,895
Working capital
-€38,089▲ 20.4%
2024 · -€47,857
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€0€0€0€0
Operating result€31,323▲ 10.4%€48,244▲ 54.0%€43,643▼ 9.5%€48,638▲ 11.4%€35,386▼ 27.2%
Net result€16,703within the sector's middle half▲ 11.6%€29,551within the sector's middle half▲ 76.9%€24,433within the sector's middle half▼ 17.3%€30,895within the sector's middle half▲ 26.4%€21,717within the sector's middle half▼ 29.7%
Equity€129,026within the sector's middle half▼ 1.0%€88,577below the sector's middle half▼ 31.3%€93,010below the sector's middle half▲ 5.0%€103,905within the sector's middle half▲ 11.7%€125,622below the sector's middle half▲ 20.9%
Total assets€311,177below the sector's middle half▼ 12.7%€272,598below the sector's middle half▼ 12.4%€327,493below the sector's middle half▲ 20.1%€298,500below the sector's middle half▼ 8.9%€305,633below the sector's middle half▲ 2.4%
Debt€177,645▼ 19.7%€179,862▲ 1.2%€230,670▲ 28.2%€191,129▼ 17.1%€176,892▼ 7.4%
Working capital€5,237within the sector's middle half▼ 71.3%-€44,512within the sector's middle half-€49,481within the sector's middle half▼ 11.2%-€47,857within the sector's middle half▲ 3.3%-€38,089within the sector's middle half▲ 20.4%
Solvency41.5%within the sector's middle half▲ 4.9pp32.5%within the sector's middle half▼ 9.0pp28.4%within the sector's middle half▼ 4.1pp34.8%within the sector's middle half▲ 6.4pp41.1%within the sector's middle half▲ 6.3pp
Current ratio1.05within the sector's middle half▼ 0.090.64within the sector's middle half▼ 0.410.74within the sector's middle half▲ 0.100.72within the sector's middle half▼ 0.020.78within the sector's middle half▲ 0.06
Return on assets (ROA)5.4%within the sector's middle half▲ 1.2pp10.8%within the sector's middle half▲ 5.5pp7.5%within the sector's middle half▼ 3.4pp10.3%within the sector's middle half▲ 2.9pp7.1%within the sector's middle half▼ 3.2pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 27% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €305,633
Fixed assets
€166,830 ▼ 4.4%
Current assets
€138,802 ▲ 11.9%
Equity and liabilities €305,633
Equity
€125,622 ▲ 20.9%
Provisions
€3,119 ▼ 10.0%
Debt
€176,892 ▼ 7.4%
Debt's share of the balance-sheet total falls from 64.0% to 57.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€44,304▼
2024 · €57,610
Cash flow
€30,635▼
2024 · €39,867
Debt to equity
1.41▼
2024 · 1.84
ROE
17.3%▼
2024 · 29.7%
Interest coverage
5.82▲
2024 · 5.79
Debt ≤ 1 year
€176,892▲
2024 · €171,883
Debt > 1 year
€0▼
2024 · €18,200
Income taxes
€9,334▼
2024 · €11,976
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 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% | 1.8% |
| 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 31,371 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 | - | €0 | €0 | €0 | €0 | - |
| Non-recurring operating income76A | - | - | €6,861 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €0 | €0 | €0 | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,972 | €8,972 | €8,972 | €8,972 | €8,918 | ▼ 0.6% |
| Other operating charges640/8 | €3,780 | €4,243 | €5,137 | €4,587 | €7,671 | ▲ 67.2% |
| Non-recurring operating charges66A | - | - | €6,861 | - | - | - |
| Gross operating margin9900 | €44,075 | €61,459 | €64,613 | €62,197 | €51,975 | ▼ 16.4% |
| Operating profit (loss)9901 | €31,323 | €48,244 | €43,643 | €48,638 | €35,386 | ▼ 27.2% |
| Financial income75/76B | - | - | €1,728 | €3,829 | €2,936 | ▼ 23.3% |
| Recurring financial income75 | - | - | €1,728 | €3,829 | €2,936 | ▼ 23.3% |
| Financial charges65/66B | €7,853 | €6,976 | €11,434 | €9,942 | €7,618 | ▼ 23.4% |
| Recurring financial charges65 | €7,853 | €6,976 | €11,434 | €9,942 | €7,618 | ▼ 23.4% |
| Profit (loss) for the period before taxes9903 | €23,470 | €41,268 | €33,937 | €42,524 | €30,704 | ▼ 27.8% |
| Transfer from deferred taxes780 | €347 | €347 | €347 | €347 | €347 | = |
| Income taxes67/77 | €7,113 | €12,063 | €9,850 | €11,976 | €9,334 | ▼ 22.1% |
| Profit (loss) for the period9904 | €16,703 | €29,551 | €24,433 | €30,895 | €21,717 | ▼ 29.7% |
| Transfer from tax-exempt reserves789 | €673 | €673 | €673 | €673 | €673 | = |
| Profit (loss) for the period to be appropriated9905 | €17,376 | €30,224 | €25,106 | €31,568 | €22,390 | ▼ 29.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €311,177 | €272,598 | €327,493 | €298,500 | €305,633 | ▲ 2.4% |
| Fixed assets21/28 | €201,390 | €192,418 | €183,446 | €174,474 | €166,830 | ▼ 4.4% |
| Tangible fixed assets22/27 | €113,177 | €104,205 | €95,233 | €86,261 | €78,617 | ▼ 8.9% |
| Land and buildings22 | €112,104 | €103,481 | €94,857 | €86,234 | €77,610 | ▼ 10.0% |
| Furniture and vehicles24 | €1,073 | €724 | €376 | €27 | €1,006 | ▲ 3,662% |
| Financial fixed assets28 | €88,213 | €88,213 | €88,213 | €88,213 | €88,213 | = |
| Current assets29/58 | €109,786 | €80,180 | €144,047 | €124,026 | €138,802 | ▲ 11.9% |
| Amounts receivable within one year40/41 | €108,101 | €61,677 | €142,211 | €116,480 | €131,276 | ▲ 12.7% |
| Trade receivables40 | €61,677 | €61,677 | €76,158 | €76,202 | €63,317 | ▼ 16.9% |
| Other amounts receivable41 | €46,424 | - | €66,052 | €40,278 | €67,959 | ▲ 68.7% |
| Cash at bank and in hand54/58 | €243 | €17,017 | €142 | €6,083 | €851 | ▼ 86.0% |
| Deferred charges and accrued income490/1 | €1,442 | €1,485 | €1,694 | €1,463 | €6,676 | ▲ 356% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €311,177 | €272,598 | €327,493 | €298,500 | €305,633 | ▲ 2.4% |
| Equity10/15 | €129,026 | €88,577 | €93,010 | €103,905 | €125,622 | ▲ 20.9% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €16,010 | €15,337 | €14,663 | €13,990 | €13,317 | ▼ 4.8% |
| Non-distributable reserves130/1 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | €9,810 | €9,137 | €8,463 | €7,790 | €7,117 | ▼ 8.6% |
| Profit (loss) carried forward14 | €51,016 | €11,241 | €16,347 | €27,915 | €50,305 | ▲ 80.2% |
| Provisions and deferred taxes16 | €4,505 | €4,159 | €3,812 | €3,466 | €3,119 | ▼ 10.0% |
| Deferred taxes168 | €4,505 | €4,159 | €3,812 | €3,466 | €3,119 | ▼ 10.0% |
| Amounts payable17/49 | €177,645 | €179,862 | €230,670 | €191,129 | €176,892 | ▼ 7.4% |
| Amounts payable after more than one year17 | €72,342 | €55,170 | €37,142 | €18,200 | €0 | ▼ 100% |
| Financial debts170/4 | €72,342 | €55,170 | €37,142 | €18,200 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €104,549 | €124,691 | €193,528 | €171,883 | €176,892 | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | €20,563 | €17,172 | €18,028 | €18,942 | €18,200 | ▼ 3.9% |
| Financial debts43 | €50,000 | €50,000 | €50,676 | €50,000 | €50,657 | ▲ 1.3% |
| Credit institutions430/8 | €50,000 | €50,000 | €50,676 | €50,000 | €50,657 | ▲ 1.3% |
| Trade debts44 | €13,178 | €10,390 | €4,264 | €5,610 | €7,236 | ▲ 29.0% |
| Suppliers440/4 | €13,178 | €10,390 | €4,264 | €5,610 | €7,236 | ▲ 29.0% |
| Taxes, remuneration and social security45 | €15,092 | €22,488 | €42,664 | €28,165 | €25,383 | ▼ 9.9% |
| Taxes450/3 | €15,092 | €22,488 | €42,664 | €28,165 | €25,383 | ▼ 9.9% |
| Other amounts payable47/48 | €5,717 | €24,642 | €77,896 | €69,166 | €75,416 | ▲ 9.0% |
| Accrued charges and deferred income492/3 | €754 | €0 | - | €1,046 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,703 | €29,551 | €24,433 | €30,895 | €21,717 | ▼ 29.7% |
| + Depreciation and write-downs630 | €8,972 | €8,972 | €8,972 | €8,972 | €8,918 | ▼ 0.6% |
| Operating cash flow (approximation) | €25,675 | €38,523 | €33,405 | €39,867 | €30,635 | ▼ 23.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€1,274 | - |
| Change in cash | - | €16,774 | -€16,875 | €5,941 | -€5,232 | ▼ 188% |
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
05-08
State Gazette act
Reappointments: Morgane Harms (director) and Henri Harms (director)4 facts ▸
State Gazette act
Reappointments: Morgane Harms (director) and Henri Harms (director)
4 facts ▸
- General meeting, 14-07-2026
- Director reappointment, Morgane Harms (director)
- Director reappointment, Henri Harms (director)
- Director reappointment, Henri Harms (managing director)
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
31-12
Financial
Highest result since 2018net €30,895 ▲26.4%
Operating result €48,638, net result €30,895, both a record.
31-12
Financial
Equity above €100,000Eq €103,905 ▲11.7%
7 profitable years in a row build equity to €103,905.
22-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 83 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 32 days late
2022
27-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 88 days late
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 61 days late
2019
31-12
Financial
Weakest financial yearnet €71 ▼96.9%
Net result drops to €71, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 26 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 2 acts read
About the unread acts
Of the 2 Belgian State Gazette acts we know for this company, 1 has been read. The other one has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, 1 in day-to-day management, last change in 2026
Board 2
HARMS Morgane
CurrentDirector · since 14-07-2026
Henri Harms
CurrentDirector · since 14-07-2026
Day-to-day management 1
Henri Harms
CurrentManaging director · since 14-07-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
1 of this company's 2 Belgian State Gazette acts has not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Ukkel
Ground area
269 m²
Building footprint
73 m²
Volume, LiDAR
663 m³
Parcel 21612D0490/00Y024, Brussels · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612D0490/00Y024 | Brussels | 269 m² | 1 · 73 m² | 12.0 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| HARMS Morgane |
|
| Henri Harms |
|
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
50%
-
50%
According to the 2025 annual accounts of H. MANAGEMENT and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
L'Association laîque de Communautés éducatives
via HARMS Morgane · Director
former→
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Company details
Identification
Legal formPublic limited company
Founded27-09-2001
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0475719474
Also
9925:BE0475719474
Registered
25-08-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.