H2R
ActiveSummary
The annual accounts of H2R for fiscal year 2025 show a net loss of 54% of the equity at the start of that year. The 2025 annual accounts show equity of €65k and a net result of €-75k. Equity is shrinking by ~11.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 9234 sector peers (fiscal year 2025). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability30▼-1
Solvency28▼-3
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 2.34 against 2.39 in 2024; short-term debt: 42.7% and cash: 1.6% of total assets), but 97.3% of the assets are financed with debt.
Credit check for your own amount and term
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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-75k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 9234 sector peers (2025).
NBB · sector comparisonPosition among 9234 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
43 d late
2023
27 d late
2022
15 d late
2021
31 d late
2020
33 d late
2019
9 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-75k▼ 17.9%
2024 · €-64k
Working capital
€1.37M▼ 5.2%
2024 · €1.45M
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
Operating result€53k▲ 166%€-7k€131k€-11k€-36k▼ 227%
Net result€2k€-49k€140k€-64k€-75k▼ 17.9%
Equity€113k▲ 1.5%€64k▼ 43.6%€204k▲ 219%€140k▼ 31.4%€65k▼ 53.9%
Total assets€2.41M▼ 9.5%€2.39M▼ 1.0%€2.32M▼ 2.5%€2.49M▲ 6.9%€2.39M▼ 3.8%
Debt€2.16M▼ 10.6%€2.18M▲ 1.1%€2.12M▼ 2.8%€2.35M▲ 10.6%€2.33M▼ 0.8%
Working capital€1.39M▲ 2.6%€1.37M▼ 1.8%€1.31M▼ 4.2%€1.45M▲ 10.4%€1.37M▼ 5.2%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €36k in 2025 against €11k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €2.39M
Equity
€65k ▼ 53.9%
Debt
€2.33M ▼ 0.8%
Debt's share of the balance-sheet total rises from 94.4% to 97.3%. Equity and debt are lower.
Key figures and ratios
Current ratio
2.34▼
2024 · 2.39
Quick ratio
0.05▼
2024 · 0.14
Debt to equity
36.04▲
2024 · 16.75
ROE
-116.9%▼
2024 · -45.7%
ROA
-3.2%▼
2024 · -2.6%
Debt ≤ 1 year
€1.02M▼
2024 · €1.04M
Debt > 1 year
€866k=
2024 · €866k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €26k | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €-140k | - | - | - |
| Other operating charges640/8 | €4k | €4k | €5k | €5k | €5k | ▲ 7.5% |
| Gross operating margin9900 | €57k | €-2k | €-4k | €-6k | €-4k | ▲ 28.1% |
| Operating profit (loss)9901 | €53k | €-7k | €131k | €-11k | €-36k | ▼ 227% |
| Financial income75/76B | - | - | €58k | - | - | - |
| Recurring financial income75 | - | - | €58k | - | - | - |
| Financial charges65/66B | €51k | €43k | €48k | €53k | €40k | ▼ 25.3% |
| Recurring financial charges65 | €51k | €43k | €48k | €53k | €40k | ▼ 25.3% |
| Profit (loss) for the period before taxes9903 | €2k | €-49k | €140k | €-64k | €-75k | ▼ 17.9% |
| Profit (loss) for the period9904 | €2k | €-49k | €140k | €-64k | €-75k | ▼ 17.9% |
| Profit (loss) for the period to be appropriated9905 | €2k | €-49k | €140k | €-64k | €-75k | ▼ 17.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.41M | €2.39M | €2.32M | €2.49M | €2.39M | ▼ 3.8% |
| Current assets29/58 | €2.41M | €2.39M | €2.32M | €2.49M | €2.39M | ▼ 3.8% |
| Stocks and contracts in progress3 | €2.26M | €2.27M | €2.27M | €2.34M | €2.34M | ▲ 0.3% |
| Stocks30/36 | €2.26M | €2.27M | €2.27M | €2.34M | €2.34M | ▲ 0.3% |
| Amounts receivable within one year40/41 | €31k | €32k | €33k | €36k | €11k | ▼ 69.2% |
| Trade receivables40 | €26k | €26k | €26k | €26k | - | - |
| Other amounts receivable41 | €4k | €6k | €6k | €10k | €11k | ▲ 10.2% |
| Cash at bank and in hand54/58 | €117k | €81k | €17k | €114k | €39k | ▼ 66.1% |
| Deferred charges and accrued income490/1 | - | - | - | €143 | €635 | ▲ 345% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.41M | €2.39M | €2.32M | €2.49M | €2.39M | ▼ 3.8% |
| Equity10/15 | €113k | €64k | €204k | €140k | €65k | ▼ 53.9% |
| Contributions10/11 | €600k | €600k | €600k | €600k | €600k | = |
| Capital10 | - | €600k | €600k | €600k | €600k | = |
| Issued capital100 | - | €600k | €600k | €600k | €600k | = |
| Profit (loss) carried forward14 | €-487k | €-536k | €-396k | €-460k | €-535k | ▼ 16.4% |
| Provisions and deferred taxes16 | €140k | €140k | - | - | - | - |
| Provisions for liabilities and charges160/5 | €140k | €140k | - | - | - | - |
| Environmental obligations163 | - | €140k | - | - | - | - |
| Other liabilities and charges164/5 | €140k | - | - | - | - | - |
| Amounts payable17/49 | €2.16M | €2.18M | €2.12M | €2.35M | €2.33M | ▼ 0.8% |
| Amounts payable after more than one year17 | €699k | €723k | €666k | €866k | €866k | = |
| Financial debts170/4 | €699k | €723k | €666k | €866k | €866k | = |
| Amounts payable within one year42/48 | €1.02M | €1.02M | €1.01M | €1.04M | €1.02M | ▼ 1.7% |
| Financial debts43 | €1.02M | €1.01M | €1.01M | €1.01M | €1.01M | = |
| Credit institutions430/8 | €1.02M | €1.01M | €1.01M | €1.01M | €1.01M | = |
| Trade debts44 | €3k | €3k | - | €25k | €8k | ▼ 70.3% |
| Suppliers440/4 | €3k | €3k | - | €25k | €8k | ▼ 70.3% |
| Accrued charges and deferred income492/3 | €440k | €440k | €440k | €440k | €440k | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2k | €-49k | €140k | €-64k | €-75k | ▼ 17.9% |
| Operating cash flow (approximation) | €2k | €-49k | €140k | €-64k | €-75k | ▼ 17.9% |
| Change in cash | - | €-36k | €-64k | €96k | €-75k | ▼ 178% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 25 days late
2025
31-12
Financial
Weakest financial yearnet €-75k
Net result drops to €-75k, the lowest in the series.
12-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 43 days late
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-12
Financial
Back to profitnet €140k
Net result €140k after one loss-making year.
31-12
Financial
Equity above €200kEq €204k ▲219%
Equity rises from €64k to €204k.
15-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 15 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Back to profitnet €2k
Net result €2k after 2 loss-making years.
02-09
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 33 days late
2020
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
24-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 55 days late
2018
23-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Andenne · 1 establishment unit since 2007
Ground area
329 m²
Building footprint
167 m²
Parcel 92113E0498/00N000, Wallonia. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Rue Jérusalem 75, 5300 Andenne
since 20072.164.317.151
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92113E0498/00N000 | Wallonia | 329 m² | 1 · 167 m² | - |
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.
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Of 9,698 companies in sector 68121 we hold annual accounts for 7,384. 5,173 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded05-07-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
Contact
E-mail
immexpert@skynet.beAndenne
Phone
085/84.41.91Andenne
Scores and ratios are computed by Checked and are not a credit decision.