Summary
HADVISORY is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €20,504 and a net result of €74,992. Equity is shrinking by ~12.6% per year across the filed fiscal years. Its solvency ranks better than 12% of 2463 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 2463 sector peers (2025).
NBB · sector comparisonPosition among 2463 sector peers
Solvency
better than 12%
← 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 24-07-2026, 7 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
7 d early
2024
31 d early
2023
7 d early
2022
25 d early
2021
8 d late
2020
32 d early
2019
27 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 10 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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 24 July (5 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, micro schema
Equity
€20,504=
2024 · €20,511
Net result
€74,992▼ 7.5%
2024 · €81,046
Total assets
€415,426▲ 59.4%
2024 · €260,686
Solvency
4.9%▼ 2.9pp
2024 · 7.9%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, 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€109,894▲ 5.8%€98,625▼ 10.3%€64,821▼ 34.3%€116,724▲ 80.1%€108,498▼ 7.0%
Net result€85,869above the sector's middle half▲ 5.1%€72,416above the sector's middle half▼ 15.7%€45,979within the sector's middle half▼ 36.5%€81,046above the sector's middle half▲ 76.3%€74,992within the sector's middle half▼ 7.5%
Equity€20,521below the sector's middle half▼ 88.9%€20,437below the sector's middle half▼ 0.4%€20,466below the sector's middle half▲ 0.1%€20,511below the sector's middle half▲ 0.2%€20,504below the sector's middle half=
Total assets€107,156below the sector's middle half▼ 48.4%€83,946below the sector's middle half▼ 21.7%€222,275within the sector's middle half▲ 165%€260,686within the sector's middle half▲ 17.3%€415,426within the sector's middle half▲ 59.4%
Debt€86,635▲ 273%€63,509▼ 26.7%€201,810▲ 218%€240,174▲ 19.0%€394,922▲ 64.4%
Working capital€18,795within the sector's middle half▼ 89.3%€19,297within the sector's middle half▲ 2.7%-€26,330below the sector's middle half-€20,241below the sector's middle half▲ 23.1%-€57,792below the sector's middle half▼ 186%
Solvency19.2%below the sector's middle half▼ 69.7pp24.3%within the sector's middle half▲ 5.2pp9.2%below the sector's middle half▼ 15.1pp7.9%below the sector's middle half▼ 1.3pp4.9%below the sector's middle half▼ 2.9pp
Current ratio1.22within the sector's middle half▼ 7.371.31within the sector's middle half▲ 0.090.52below the sector's middle half▼ 0.790.78below the sector's middle half▲ 0.270.40below the sector's middle half▼ 0.38
Return on assets (ROA)80.1%above the sector's middle half▲ 40.8pp86.3%above the sector's middle half▲ 6.1pp20.7%above the sector's middle half▼ 65.6pp31.1%above the sector's middle half▲ 10.4pp18.1%within the sector's middle half▼ 13.0pp
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 7% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €415,426
Fixed assets
€376,370 ▲ 101%
Current assets
€39,056 ▼ 46.6%
Equity and liabilities €415,426
Equity
€20,504 =
Debt
€394,922 ▲ 64.4%
Debt's share of the balance-sheet total rises from 92.1% to 95.1%. Debt is higher.
Key figures and ratios
ROE
365.8%▼
2024 · 395.1%
Debt ≤ 1 year
€96,848▲
2024 · €93,315
Debt > 1 year
€297,271▲
2024 · €146,452
Income taxes
€27,441▼
2024 · €29,700
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,544 | €544 | €33,922 | €7,228 | €37,453 | ▲ 418% |
| Other operating charges640/8 | €787 | €794 | €1,080 | €2,242 | €2,574 | ▲ 14.8% |
| Gross operating margin9900 | €117,225 | €99,963 | €99,823 | €126,195 | €148,525 | ▲ 17.7% |
| Operating profit (loss)9901 | €109,894 | €98,625 | €64,821 | €116,724 | €108,498 | ▼ 7.0% |
| Financial income75/76B | €0 | - | €143 | €3 | €1 | ▼ 79.4% |
| Recurring financial income75 | €0 | - | €143 | €3 | €1 | ▼ 79.4% |
| Financial charges65/66B | €100 | €309 | €1,434 | €5,982 | €6,065 | ▲ 1.4% |
| Recurring financial charges65 | €100 | €309 | €1,434 | €5,982 | €6,065 | ▲ 1.4% |
| Profit (loss) for the period before taxes9903 | €109,794 | €98,316 | €63,530 | €110,745 | €102,433 | ▼ 7.5% |
| Income taxes67/77 | €23,924 | €25,900 | €17,552 | €29,700 | €27,441 | ▼ 7.6% |
| Profit (loss) for the period9904 | €85,869 | €72,416 | €45,979 | €81,046 | €74,992 | ▼ 7.5% |
| Profit (loss) for the period to be appropriated9905 | €85,869 | €72,416 | €45,979 | €81,046 | €74,992 | ▼ 7.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €107,156 | €83,946 | €222,275 | €260,686 | €415,426 | ▲ 59.4% |
| Fixed assets21/28 | €2,035 | €1,491 | €194,006 | €187,611 | €376,370 | ▲ 101% |
| Tangible fixed assets22/27 | €1,993 | €1,449 | €193,964 | €187,611 | €376,370 | ▲ 101% |
| Land and buildings22 | - | - | €188,736 | €183,042 | €371,020 | ▲ 103% |
| Plant, machinery and equipment23 | - | - | - | €840 | €752 | ▼ 10.4% |
| Furniture and vehicles24 | - | - | €534 | €420 | €2,489 | ▲ 493% |
| Other tangible fixed assets26 | €1,993 | €1,449 | €4,694 | €3,309 | €2,109 | ▼ 36.3% |
| Financial fixed assets28 | €41 | €41 | €41 | - | - | - |
| Current assets29/58 | €105,121 | €82,456 | €28,270 | €73,075 | €39,056 | ▼ 46.6% |
| Amounts receivable within one year40/41 | €75 | €3,179 | - | - | €16,173 | - |
| Trade receivables40 | - | - | - | - | €16,173 | - |
| Other amounts receivable41 | €75 | €3,179 | - | - | - | - |
| Current investments50/53 | - | €2,045 | - | - | - | - |
| Cash at bank and in hand54/58 | €103,687 | €75,987 | €26,975 | €71,354 | €20,443 | ▼ 71.3% |
| Deferred charges and accrued income490/1 | €1,359 | €1,244 | €1,295 | €1,721 | €2,440 | ▲ 41.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €107,156 | €83,946 | €222,275 | €260,686 | €415,426 | ▲ 59.4% |
| Equity10/15 | €20,521 | €20,437 | €20,466 | €20,511 | €20,504 | = |
| Contributions10/11 | €18,550 | €18,550 | €20,405 | €20,405 | €20,405 | = |
| Reserves13 | €1,855 | €1,855 | - | - | - | - |
| Non-distributable reserves130/1 | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | €1,855 | €1,855 | - | - | - | - |
| Profit (loss) carried forward14 | €116 | €32 | €61 | €106 | €99 | ▼ 7.2% |
| Amounts payable17/49 | €86,635 | €63,509 | €201,810 | €240,174 | €394,922 | ▲ 64.4% |
| Amounts payable after more than one year17 | - | - | €146,859 | €146,452 | €297,271 | ▲ 103% |
| Financial debts170/4 | - | - | €146,859 | €141,517 | €289,711 | ▲ 105% |
| Other amounts payable178/9 | - | - | - | €4,935 | €7,560 | ▲ 53.2% |
| Amounts payable within one year42/48 | €86,326 | €63,158 | €54,599 | €93,315 | €96,848 | ▲ 3.8% |
| Current portion of amounts payable after more than one year42 | - | - | €5,141 | €5,343 | €11,655 | ▲ 118% |
| Trade debts44 | €886 | €218 | €1,364 | €105 | €14,560 | ▲ 13,712% |
| Suppliers440/4 | €886 | €218 | €1,364 | €105 | €14,560 | ▲ 13,712% |
| Taxes, remuneration and social security45 | - | - | €2,200 | €5,540 | €5,940 | ▲ 7.2% |
| Taxes450/3 | - | - | €2,200 | €5,540 | €5,940 | ▲ 7.2% |
| Other amounts payable47/48 | €85,440 | €62,940 | €45,895 | €82,327 | €64,692 | ▼ 21.4% |
| Accrued charges and deferred income492/3 | €309 | €351 | €351 | €407 | €804 | ▲ 97.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €85,869 | €72,416 | €45,979 | €81,046 | €74,992 | ▼ 7.5% |
| + Depreciation and write-downs630 | €6,544 | €544 | €33,922 | €7,228 | €37,453 | ▲ 418% |
| Operating cash flow (approximation) | €92,414 | €72,960 | €79,901 | €88,274 | €112,446 | ▲ 27.4% |
| Investment in fixed assets (approximation) | - | €0 | -€226,437 | -€834 | -€226,212 | ▼ 27,033% |
| Change in cash | - | -€27,700 | -€49,013 | €44,379 | -€50,910 | ▼ 215% |
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
24-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
08-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 8 days late
2021
31-12
Financial
Highest result since 2018net €85,869 ▲5.1%
Net result €85,869, the highest in the series.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €150,000Eq €184,651 ▲78%
3 profitable years in a row build equity to €184,651.
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 27 days late
2019
31-12
Financial
Equity above €100,000Eq €103,731 ▲112%
2 profitable years in a row build equity to €103,731.
10-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Montigny-le-Tilleul · 1 establishment unit since 2018
Ground area
1,123 m²
Building footprint
83 m²
Volume, LiDAR
555 m³
Parcel 52048B0895/00S003, Wallonia · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
HADVISORY
since 20182.271.681.996
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52048B0895/00S003 | Wallonia | 1,123 m² | 1 · 83 m² | 7.9 m · 2 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.
Recognitions · licences · registrations
Legal Entity Identifier
699400NG7ELLT6HBY711
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Of 4,673 companies in sector 66220 we hold annual accounts for 3,222. 1,540 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded09-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
66220Insurance agents and brokers
66191Agents and brokers in banking services
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0687684072
Also
9925:BE0687684072
Registered
09-02-2026
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.