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HCO

Active
Public limited companyfounded 2017active for 9 yearsScheldelaan 417, 2030 Antwerpen, BelgiumKBO/BCE: BE 0677.943.490
Summary

HCO has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €870,444 and a net result of €549,103. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 50% of 275 sector peers (NACE 38, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Overview

Activity
Materials recovery from waste
NACE 38210
1 site
Size
€5.4mturnover 2025
Staff
34.4 FTE
Equity
€870,444
Profit
€549,103
Financial health
95 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Structure
Parent
COMMA · 100%
Auditor: DELOITTE Bedrijfsrevisoren BVAccounts 4 days early3 of 12 deeds read
Why 95raises riskSize: turnover €5.4m, 34.4 FTE, total assets €2.1mlowers riskLiquidity: current ratio 1.62, cash €1.3mProfit of €549,103 (financial year 2025)Equity €870,444 (40.6% of total assets)Show the evidence

Checked score

Score 2025
95 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 81% of its sector peers (NACE 38, small)
Financial strength · tick = 2024
Strong
Solvency 66+25
equity 40.6% of total assets
Liquidity 74+15
short-term debt 51.5% · cash 59.6%
Profitability 97+13
return on assets 25.6%
Bankruptcy probability, 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%

About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (199 companies, NACE 38, small)
Last 24 months 11-2024: 1.4% 12-2024: 1.4%● unchanged vs 11-2024 01-2025: 1.4%● unchanged vs 12-2024 02-2025: 1.3%▼ -0.1 percentage points vs 01-2025 03-2025: 1.3%● unchanged vs 02-2025 04-2025: 1.2%▼ -0.1 percentage points vs 03-2025 05-2025: 1.2%● unchanged vs 04-2025 06-2025: 1.3%▲ +0.1 percentage points vs 05-2025 07-2025: 1.4%▲ +0.1 percentage points vs 06-2025highest value 08-2025: 0.8%▼ -0.6 percentage points vs 07-2025 09-2025: 0.7%▼ -0.1 percentage points vs 08-2025 10-2025: 0.7%● unchanged vs 09-2025 11-2025: 0.7%● unchanged vs 10-2025 12-2025: 0.7%● unchanged vs 11-2025 01-2026: 0.7%● unchanged vs 12-2025 02-2026: 0.7%● unchanged vs 01-2026 03-2026: 0.7%● unchanged vs 02-2026 04-2026: 0.7%● unchanged vs 03-2026 05-2026: 0.7%● unchanged vs 04-2026 06-2026: 0.7%● unchanged vs 05-2026 07-2026: 0.8%▲ +0.1 percentage points vs 06-2026 08-2026: 0.1%▼ -0.7 percentage points vs 07-2026lowest value 09-2026: 0.1%● unchanged vs 08-2026lowest value 10-2026: 0.1%● unchanged vs 09-2026lowest value
Credit of up to €80,000 on 30-day terms is acceptable
Liquidity ample (current ratio 1.62, compared with 1.09 in 2024, above the usual 1.5; short-term debt: 51.5% and cash: 59.6% of total assets), but 59.4% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 38, small): better than 56% on solvency, 92% on liquidity, 95% on profitability and 81% on growth.

The bankruptcy probability was computed on 12-10-2026 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.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
lowers riskraises riskneutral
lowers risk · Liquidity: current ratio 1.62, cash €1.3m
NBB · annual accounts
lowers risk · Profit of €549,103 (financial year 2025)
NBB · annual accounts
raises risk · Size: turnover €5.4m, 34.4 FTE, total assets €2.1m
Companies of this size fail more often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
lowers risk · Equity €870,444 (40.6% of total assets)
NBB · annual accounts
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025
Equity per financial year
1819202122232425
2018 to 2025 · latest year €870,444
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 27-07-2026, 4 days ahead of the deadline.
NBB · 8 filings
Deviation from the deadline
2025
4 days early
2024
16 days early
2023
34 days early
2022
316 days late
2021
46 days early
2020
9 days early
2019
44 days 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 23 days after the deadline; the sector median (NACE 38) for financial year 2024 is 8 days before the deadline, and 32% 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 15 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
13-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Resignations: Mieke Hoorens, Philippe Tychon and…Appointments: Paul Peeters, Bart Vanstiphout…
  3. Highest result from 2018 to 2025net €549,103 ▲69.7%

Key points

  • Positive: Equity rose in 2025from €321,341 to €870,444 ▲ 171% View
  • Caution: Board changedlatest change 30-06-2026 · 2 in office 3 joined · 4 left View
  • Positive: 8 profitable years in a rowprofit 2025: €549,103 8 years View
  • Controlled by COMMAultimately: VEOLIA NV-SA 100% View

By topic

Financials

Financial year
2025
Turnover
€5.4m
Profit
€549,103
Solvency
40.6%
Turnover▲ 6.6%
Net result
20182025
Go to Financials

Board & ownership

Board
2 members
Parent
COMMA · 100%
Auditor
DELOITTE Bedrijfsrevisoren BV
  • Bart VanstiphoutDirector
  • Paul PeetersDirector
Go to Board & ownership

Timeline

Events
14
Since
2019
Next accounts
by 31-07-2027
  1. 31-12-2025Equity above €500,000
  2. 10-12-2025Resignation: Stijn Vermoet (director and managing director)
  3. 16-10-2025Resignations: Nicolas Germond (chair and managing director)…
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Materials recovery from wasteNACE 38210
Founded
05-07-2017
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

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