H.V.D.
ActiveSummary
H.V.D. has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€809,957) and a net result of €73,863. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 5% of 5046 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability37▼-23
Solvency0=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.09 against 1.01 in 2024; short-term debt: 84% and cash: 5.4% of total assets), and equity is negative.
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Signals
Five 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 5046 sector peers (2025).
NBB · sector comparisonPosition among 5046 sector peers
Solvency
better than 5%
← weakest
strongest →
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 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
17 d early
2023
23 d early
2022
60 d early
2021
24 d early
2020
46 d early
2019
59 d early
← 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 37 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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 7 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€73,863▲ 22.8%
2024 · €60,166
Working capital
€177,068▲ 3,142%
2024 · €5,462
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€84,268▲ 109%€57,085▼ 32.3%€49,514▼ 13.3%€80,149▲ 61.9%€129,155▲ 61.1%
Net result€58,026within the sector's middle half▲ 127%€31,764within the sector's middle half▼ 45.3%€25,365within the sector's middle half▼ 20.1%€60,166within the sector's middle half▲ 137%€73,863within the sector's middle half▲ 22.8%
Equity-€1.0mbelow the sector's middle half▲ 5.5%-€969,351below the sector's middle half▲ 3.2%-€943,986below the sector's middle half▲ 2.6%-€883,820below the sector's middle half▲ 6.4%-€809,957below the sector's middle half▲ 8.4%
Total assets€418,923below the sector's middle half▲ 1.6%€416,442below the sector's middle half▼ 0.6%€418,227below the sector's middle half▲ 0.4%€996,632below the sector's middle half▲ 138%€2.4mwithin the sector's middle half▲ 143%
Debt€1.4m▼ 3.5%€1.4m▼ 2.4%€1.4m▼ 1.7%€1.9m▲ 38.0%€3.2m▲ 71.9%
Working capital-€583,075below the sector's middle half▲ 55.6%-€538,227below the sector's middle half▲ 7.7%-€487,870below the sector's middle half▲ 9.4%€5,462below the sector's middle half€177,068below the sector's middle half▲ 3,142%
Solvency-239.0%below the sector's middle half▲ 17.9pp-232.8%below the sector's middle half▲ 6.2pp-225.7%below the sector's middle half▲ 7.1pp-88.7%below the sector's middle half▲ 137.0pp-33.4%below the sector's middle half▲ 55.3pp
Current ratio0.22below the sector's middle half▲ 0.120.25below the sector's middle half▲ 0.030.29below the sector's middle half▲ 0.041.01below the sector's middle half▲ 0.721.09below the sector's middle half▲ 0.08
Return on assets (ROA)13.9%above the sector's middle half▲ 7.7pp7.6%within the sector's middle half▼ 6.2pp6.1%within the sector's middle half▼ 1.6pp6.0%within the sector's middle half=3.0%within the sector's middle half▼ 3.0pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 61% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€210,286 ▲ 3.7%
Current assets
€2.2m ▲ 179%
Key figures and ratios
EBITDA
€146,554▲
2024 · €96,293
Cash flow
€91,261▲
2024 · €76,310
Quick ratio
0.97▼
2024 · 0.97
Debt to equity
-3.99▼
2024 · -2.13
Interest coverage
1.70▼
2024 · 4.09
Debt ≤ 1 year
€2.0m▲
2024 · €788,417
Debt > 1 year
€1.2m▲
2024 · €1.1m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 517 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 92% are still going.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.5%
went bankrupt
3.9%
stopped otherwise
92%
still going
A further 1.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 517 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €72,872 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,905 | €17,423 | €16,149 | €16,144 | €17,399 | ▲ 7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€21,503 | €0 | - | - | - |
| Other operating charges640/8 | €5,807 | €5,940 | €6,513 | €6,765 | €7,365 | ▲ 8.9% |
| Non-recurring operating charges66A | - | €27,200 | €0 | - | - | - |
| Gross operating margin9900 | €107,980 | €86,145 | €72,176 | €103,058 | €153,918 | ▲ 49.4% |
| Operating profit (loss)9901 | €84,268 | €57,085 | €49,514 | €80,149 | €129,155 | ▲ 61.1% |
| Financial income75/76B | €2,195 | €2,600 | €3,061 | €3,580 | €30,993 | ▲ 766% |
| Recurring financial income75 | €2,195 | €2,600 | €3,061 | €3,580 | €30,993 | ▲ 766% |
| Financial charges65/66B | €28,437 | €27,921 | €27,210 | €23,563 | €86,286 | ▲ 266% |
| Recurring financial charges65 | €28,437 | €27,921 | €27,210 | €23,563 | €86,286 | ▲ 266% |
| Profit (loss) for the period before taxes9903 | €58,026 | €31,764 | €25,365 | €60,166 | €73,863 | ▲ 22.8% |
| Profit (loss) for the period9904 | €58,026 | €31,764 | €25,365 | €60,166 | €73,863 | ▲ 22.8% |
| Profit (loss) for the period to be appropriated9905 | €58,026 | €31,764 | €25,365 | €60,166 | €73,863 | ▲ 22.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €418,923 | €416,442 | €418,227 | €996,632 | €2.4m | ▲ 143% |
| Fixed assets21/28 | €252,399 | €234,976 | €218,827 | €202,754 | €210,286 | ▲ 3.7% |
| Tangible fixed assets22/27 | €251,632 | €234,209 | €218,060 | €201,917 | €209,449 | ▲ 3.7% |
| Land and buildings22 | €251,632 | €234,209 | €218,060 | €201,917 | €194,292 | ▼ 3.8% |
| Furniture and vehicles24 | - | - | - | - | €5,158 | - |
| Assets under construction and advance payments27 | - | - | - | - | €10,000 | - |
| Financial fixed assets28 | €767 | €767 | €767 | €837 | €837 | = |
| Current assets29/58 | €166,524 | €181,465 | €199,399 | €793,878 | €2.2m | ▲ 179% |
| Stocks and contracts in progress3 | €0 | - | - | €28,388 | €237,346 | ▲ 736% |
| Stocks30/36 | €0 | - | - | €28,388 | €237,346 | ▲ 736% |
| Amounts receivable within one year40/41 | €157,423 | €180,637 | €191,093 | €765,490 | €1.8m | ▲ 140% |
| Trade receivables40 | €32,372 | €32,647 | €22,166 | €538,699 | €967,977 | ▲ 79.7% |
| Other amounts receivable41 | €125,051 | €147,990 | €168,927 | €226,792 | €871,121 | ▲ 284% |
| Cash at bank and in hand54/58 | €9,101 | €828 | €7,026 | €0 | €130,180 | - |
| Deferred charges and accrued income490/1 | - | - | €1,280 | €0 | €6,181 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €418,923 | €416,442 | €418,227 | €996,632 | €2.4m | ▲ 143% |
| Equity10/15 | -€1.0m | -€969,351 | -€943,986 | -€883,820 | -€809,957 | ▲ 8.4% |
| Contributions10/11 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | = |
| Capital10 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | = |
| Issued capital100 | €420,000 | €420,000 | €420,000 | €420,000 | €420,000 | = |
| Reserves13 | €6,171 | €6,171 | €6,171 | €6,171 | €6,171 | = |
| Non-distributable reserves130/1 | €6,171 | €6,171 | €6,171 | €6,171 | €6,171 | = |
| Legal reserve130 | €6,171 | €6,171 | €6,171 | €6,171 | €6,171 | = |
| Profit (loss) carried forward14 | -€1.4m | -€1.4m | -€1.4m | -€1.3m | -€1.2m | ▲ 5.6% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.4m | €1.9m | €3.2m | ▲ 71.9% |
| Amounts payable after more than one year17 | €670,439 | €666,100 | €674,943 | €1.1m | €1.2m | ▲ 9.6% |
| Other amounts payable178/9 | €670,439 | €666,100 | €674,943 | €1.1m | €1.2m | ▲ 9.6% |
| Amounts payable within one year42/48 | €749,598 | €719,693 | €687,269 | €788,417 | €2.0m | ▲ 158% |
| Financial debts43 | - | - | - | €1,087 | €1.4m | ▲ 128,683% |
| Credit institutions430/8 | - | - | - | €1,087 | €1.4m | ▲ 128,683% |
| Trade debts44 | €6,830 | €348 | €4,340 | €2,915 | €20,847 | ▲ 615% |
| Suppliers440/4 | €6,830 | €348 | €4,340 | €2,915 | €20,847 | ▲ 615% |
| Taxes, remuneration and social security45 | €0 | - | - | - | €31,442 | - |
| Taxes450/3 | €0 | - | - | - | €31,442 | - |
| Other amounts payable47/48 | €742,769 | €719,345 | €682,929 | €784,415 | €583,448 | ▼ 25.6% |
| Accrued charges and deferred income492/3 | €0 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58,026 | €31,764 | €25,365 | €60,166 | €73,863 | ▲ 22.8% |
| + Depreciation and write-downs630 | €17,905 | €17,423 | €16,149 | €16,144 | €17,399 | ▲ 7.8% |
| Operating cash flow (approximation) | €75,931 | €49,187 | €41,514 | €76,310 | €91,261 | ▲ 19.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€70 | -€24,931 | ▼ 35,516% |
| Change in cash | - | -€8,272 | €6,198 | -€7,026 | €130,180 | ▲ 1,953% |
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
09-07
State Gazette act
Resignation: J.B.V. IMMO SA (director)Permanent representative: Jürgen Baatzsch · Appointment: Jürgen Baatzsch (director) · Director discharge9 facts ▸
State Gazette act
Resignation: J.B.V. IMMO SA (director)
Permanent representative: Jürgen Baatzsch · Appointment: Jürgen Baatzsch (director) · Director discharge9 facts ▸
- General meeting, 22-06-2026
- Director resignation, J.B.V. IMMO SA (director)
- Permanent representative, Jürgen Baatzsch (permanent representative)
- Director discharge, J.B.V. IMMO SA (director)
- Director discharge, Jürgen Baatzsch (permanent representative)
- Other statement, mandat de J.B.V. IMMO SA en qualité d'administrateur et de Monsieur Jürgen Baatzsch en qualité de représentant permanent pour période depuis début exercice soci…
- Director appointment, Jürgen Baatzsch (director)
- Other statement, absence d'interdiction d'exercer un mandat d'administrateur
- Power of attorney
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €73,863 ▲22.8%
Operating result €129,155, net result €73,863, both a record.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Liquidity triplescurrent ratio 1.01
Current ratio from 0.29 to 1.01.
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
15-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
02-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €17,724
Net result €17,724 after one loss-making year.
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
04-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-06
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.
1 of 13 acts read
About the unread acts
Of the 13 Belgian State Gazette acts we know for this company, 1 has been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Jürgen Baatzsch
CurrentDirector · since 25-03-2026
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
12 of this company's 13 Belgian State Gazette acts have 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, Sint-Genesius-Rode · 1 establishment unit since 2014
Ground area
2,410 m²
Building footprint
257 m²
Volume, LiDAR
1,259 m³
Parcel 22552F0002/00L090, Flanders · tallest building 7.6 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
H.V.D.
since 20142.239.867.580
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22552F0002/00L090 | Flanders | 2,410 m² | 1 · 257 m² | 7.6 m · 1 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, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Jürgen Baatzsch |
|
| J.B.V. Immo |
|
Structure & network
Owners and holdings
1 ownerChain of control
- J.B.V. IMMO
- H.V.D.
Highest known parent: J.B.V. IMMO. The sources do not say who stands above it.
Owners 1
- J.B.V. IMMOparent99.99%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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 current directorThe group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 979 companies in sector 46431 we hold annual accounts for 706. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded05-02-1997
Fiscal year end31-12
Activities, NACEBEL 2025
46431Wholesale of electrical household appliances and audio-video equipment
46460Wholesale of pharmaceutical and medical goods
46474Wholesale trade
47540Retail sale of electrical household appliances
E-invoicing
Reachable via Peppol
Peppol ID
0208:0459969446
Also
9925:BE0459969446
Registered
27-05-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.