Equity
€64,596 from €537,593 in 2008
Equity fell by 88% in 17 years.
H2R
Lifetime
18 annual accounts with figures on one time axispeak €657,977 (2018)
-€4,266▲ €1,669
lowest -€128,686 (2017)
-€75,482▼ €11,459
peak €537,593 (2008)
€64,596▼ 53.9%
€2.3m▼ 0.8%
Board3 names since 2007
3 directorsEtienne ROBERT and 2 others
Documentsfilings and deeds
25-08-202625 days late
2025abbreviated format
Gross margin from -€5,935 to -€4,266Loss of €75,482Equity from €140,078 to €64,596Cash from €113,656 to €38,522
Key points
from the 2025 annual accountsLosses
-€139,505 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Debts
€2.3m 97% of the balance sheet
Financial debts 81%Suppliers 0%Other 19%
Of this, €1.0m falls due within a year.
2025 accounts filed 25 days after the deadline
Checked score
53
Fair
Financially stronger than 19% of small companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,995 companies (NACE 68, small).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024lowest value
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.3%▲ +0.1 percentage points vs 05-2025
07-2025: 0.4%▲ +0.1 percentage points vs 06-2025
08-2025: 0.5%▲ +0.1 percentage points vs 07-2025
09-2025: 0.7%▲ +0.2 percentage points vs 08-2025highest value
10-2025: 0.2%▼ -0.5 percentage points vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.3%▲ +0.1 percentage points vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.6%▲ +0.3 percentage points vs 07-2026
09-2026: 0.2%▼ -0.4 percentage points vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Last filed accounts filed 25 days late; 1 of the last 3 accounts late
Equity €64,596 (2.7% of total assets)
lowers risk
Size: total assets €2.4m
Figures for financial year 2025 (filed on 26-08-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 20% of them on solvency, 25% on liquidity, 22% on profitability and 8% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 912 companies had the same profile as H2R has now. Each dot stands for 3 companies, two years later.
95.3%
were still trading
2.1%
stopped another way
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of H2R itself is lower: 0.2% within 12 months. It rests on far more data about H2R than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 912 companies, not a prediction for H2R. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €3,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 2.34 (2.39 in 2024), above the usual 1.5. Short-term debt is 42.7% and cash 1.6% of total assets. However, 97.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises risk
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 -€75,482
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 11299 sector peers (2025).
NBB · sector comparisonPosition among 11299 sector peers
Solvency
better than 21%
← weakest
strongest →
raises risk · 2025 accounts filed 25 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
25 days late
2024
43 days late
2023
27 days late
2022
15 days late
2021
31 days late
2020
33 days late
2019
9 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 24 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 28 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0890622128
3 directors reappointed
Khalil HODAIBI, Etienne ROBERT and Morgane ROBERT · General meeting of 29-05-2020 · Gazette deed
First establishment
Rue Jérusalem 75, Andenne
Incorporation
published on 16-07-2007 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| H2R Andenne | €2.4m | -€4,266 | 2.7% | - |
| WATIMMO INVEST Namur | €2.1m | -€56,846 | 13.3% | - |
| Passionimmo Gembloux | €1.9m | -€20,169 | -15.7% | - |
| TRANS EUROPEAN PROPERTIES IV FREE Sint-Martens-Latem | €2.4m | -€15,502 | 83.6% | - |
| NEWCAP REAL ESTATE Ixelles | €2.3m | -€460,978 | 12.7% | - |
| Bravimmo Retie | €2.4m | -€1,752 | -88.3% | 0 |
| DM-SIX Kapellen | €2.3m | -€7,327 | 69.5% | - |
These companies have the same main activity as H2R: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €1.9m and €2.4m, founded between 2005 and 2008.
Official details
Source: KBO- Status
- Active since 05-07-2007Normal situation
- Activity
- Development of residential building projectsNACE 68121and 4 others
- Establishment unit
- 2.164.317.1515300 Andenne, since 02-08-2007
- Financial year end
- 31 December
- Peppol
- Reachable since 23-06-2025
Insights on H2R
H2R files the abbreviated format. That format states no turnover. The gross margin rose from -€11,488 in 2008 to -€4,266 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about H2R
- What is the company number of H2R?
- The company number of H2R is 0890.622.128. The VAT number is the same number with BE in front: BE 0890.622.128.
- Where is H2R based?
- The registered office is at Rue Jérusalem 75, 5300 Andenne.Company details
- What does H2R do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of H2R?
- H2R is a public limited company (NV).
- When was H2R founded?
- H2R was founded on 05-07-2007.
- Is H2R still active?
- Yes, H2R is an active enterprise in the KBO register.
- What is the turnover of H2R?
- The annual accounts for financial year 2025 state no turnover.Financials
- Is H2R profitable?
- In financial year 2025, H2R made a loss of €75,482.
- Where can I find the annual accounts of H2R?
- H2R filed 18 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of H2R due?
- H2R must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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