H.N.R.
ActiveH.N.R. has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €258k and a net result of €44k. Equity is growing by ~5.7% per year across the filed fiscal years. Its solvency ranks better than 60% of 2041 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
71
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability79▲+43
Solvency75▼-17
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €18k at 30 days acceptable
Liquidity short (current ratio 0.96 against 1.62 in 2024; short-term debt: 48.9% and cash: 15.7% of total assets), and 50% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine 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 43
Relative position
BE, all sectors
reference
Sector 43
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
50%
Return on assets
8.5%
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 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
61 d late
2023
61 d late
2022
31 d early
2021
23 d late
2020
61 d late
2019
21 d late
← before the deadline
after the deadline →
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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€44k
2024 · €-8k
2018: €32k
2019: €163k
2020: €99k
2021: €218k
2022: €78k
2023: €53k
2024: €-8k
2018 → 2025
Working capital
€-9k
2024 · €119k
2018: €59k
2019: €-47k
2020: €-34k
2021: €96k
2022: €118k
2023: €100k
2024: €119k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€480k-€480k▼ 0.1%€436k▼ 9.1%€427k▼ 2.0%€258k▼ 39.6%
Operating result€331k-€105k▼ 68.1%€63k▼ 40.3%€31k▼ 50.1%€70k▲ 124%
Net result€218k-€78k▼ 64.3%€53k▼ 32.0%€-8k€44k
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 124% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €516k
Fixed assets
€273k▼ 15.2%
Current assets
€243k▼ 22.3%
Equity and liabilities €516k
Equity
€258k▼ 39.6%
Debt
€258k▲ 24.3%
The debt ratio rises from 32.7% to 50.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€103k▲
2024 · €76k
Cash flow
€77k▲
2024 · €36k
Solvency
50.0%▼
2024 · 67.3%
Current ratio
0.96▼
2024 · 1.62
Quick ratio
0.61▼
2024 · 1.08
Debt / equity
1.00▲
2024 · 0.49
ROE
16.9%▲
2024 · -1.8%
ROA
8.5%▲
2024 · -1.2%
Interest coverage
13.39▲
2024 · 2.29
Debt
€258k▲
2024 · €207k
Debt ≤ 1 year
€252k▲
2024 · €193k
Debt > 1 year
€4k▼
2024 · €13k
Income taxes
€20k▲
2024 · €10k
Staff costs
€97k▲
2024 · €88k
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€634k€516k▼
Fixed assets21/28€322k€273k▼
Tangible fixed assets22/27€322k€273k▼
Land and buildings22€274k€259k▼
Plant, machinery and equipment23€3k€1k▼
Furniture and vehicles24€44k€12k▼
Current assets29/58€313k€243k▼
Stocks and contracts in progress3€103k€88k▼
Stocks30/36€103k€88k▼
Amounts receivable within one year40/41€105k€67k▼
Trade receivables40€56k€55k▼
Other amounts receivable41€50k€11k▼
Current investments50/53€22k-
Cash at bank and in hand54/58€61k€81k▲
Deferred charges and accrued income490/1€21k€7k▼
Equity and liabilities
Total equity and liabilities10/49€634k€516k▼
Equity10/15€427k€258k▼
Contributions10/11€170k€170k=
Capital10€170k€170k=
Issued capital100€170k€170k=
Reserves13€252k€80k▼
Non-distributable reserves130/1€17k€17k=
Legal reserve130€17k€17k=
Distributable reserves133€235k€63k▼
Profit (loss) carried forward14€-3k-
Investment grants15€9k€8k▼
Amounts payable17/49€207k€258k▲
Amounts payable after more than one year17€13k€4k▼
Financial debts170/4€13k€4k▼
Amounts payable within one year42/48€193k€252k▲
Current portion of amounts payable after more than one year42€16k€9k▼
Financial debts43€20k€40k▲
Credit institutions430/8€20k€40k▲
Trade debts44€11k€36k▲
Suppliers440/4€11k€36k▲
Advances received on contracts in progress46€12k€8k▼
Taxes, remuneration and social security45€111k€39k▼
Taxes450/3€101k€36k▼
Remuneration and social security454/9€9k€3k▼
Other amounts payable47/48€23k€120k▲
Accrued charges and deferred income492/3€1k€1k=
Income statement
Code20242025
Remuneration, social security and pensions62€88k€97k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€33k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-3k€-3k▲
Other operating charges640/8€22k€22k▼
Non-recurring operating charges66A-€428
Gross operating margin9900€182k€219k▲
Operating profit (loss)9901€31k€70k▲
Financial income75/76B€3k€2k▼
Recurring financial income75€3k€2k▼
Financial charges65/66B€33k€8k▼
Recurring financial charges65€33k€8k▼
Profit (loss) for the period before taxes9903€2k€64k▲
Income taxes67/77€10k€20k▲
Profit (loss) for the period9904€-8k€44k▲
Profit (loss) for the period to be appropriated9905€-8k€44k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-3k€40k▲
Profit (loss) brought forward from the previous period14P€4k€-3k▼
Transfer from equity791/2-€212k
Transfer to equity691/2-€40k
To other reserves6921-€40k
Profit to be distributed694/7-€212k
Return on contributions (dividend)694-€212k
Social balance
Average headcount (FTE)90871.51.7▲
The notes to these accounts (11 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
09-09
State Gazette act
General meeting · DemergerGeneral meeting · Demerger · Name change9 facts ▸
State Gazette act
General meeting · Demerger
General meeting · Demerger · Name change9 facts ▸
- General meeting, 2026-07-31
- Demerger, scission partielle sans dissolution, 100
- Name change, HNR IMMO
- Purpose change, La société a pour objet, tant en Belgique qu'à l'étranger, pour compte propre ou compte de tiers ou en participation avec ceux-ci : La constitution et la gestio…
- Capital, €129.218,25
- Mandate compensation, ATLAS
- Mandate compensation, Laurence HAVET
- Mandate compensation, Frédéric HAVET
- Power of attorney, H.N.R.
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €44k
Net result €44k after one loss-making year.
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 61 days late
2024
31-12
Financial
Weakest financial yearnet €-8k ▼114%
Net result drops to €-8k, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 61 days late
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 23 days late
2021
31-12
Financial
Highest result since 2018net €218k ▲120%
Operating result €331k, net result €218k, both a record.
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 61 days late
2020
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 21 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
2017
10-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2014
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.
15-12-2014
Resigned as Daily management
Location & real-estate footprint
Registered office, Stavelot · 2 establishment units 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.
Route de Malmedy 144970 StavelotGround area
2,768 m²
Building footprint
1,041 m²
Volume, LiDAR
4,700 m³
2 parcels, Wallonia · tallest building 8.6 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
Route de Malmedy 14, 4970 Stavelot
since 19882.033.441.583
HNR sa
since 20112.342.742.416
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63073B2291/00Y004 | Wallonia | 2,326 m² | 1 · 840 m² | 8.6 m · 2 fl. |
| 82302B0242/00N002 | Wallonia | 442 m² | 1 · 201 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Acquisitions and mergers
1 transactionContributed a business line to:HNR PISCINES
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Of 9,530 companies in sector 43222 we hold annual accounts for 5,661. 4,652 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded07-12-1987
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
43990Other specialised construction activities
43999Specialised construction activities
45250
43211General electrical installation work
43221Plumbing work
43240Other construction installation
43299Specialised construction activities
45310
45332
Sources
Crossroads Bank for EnterprisesNational Bank · 38 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.