Equity
Equity fell by 90% in 2 years.
Equity fell by 90% in 2 years.
The micro format states no turnover.
Of this, €124,907 falls due within a year.
In 2025, 1 person joined and 1 left.
The last five annual accounts were filed 14 to 45 days before the end of the period.
Lower solvency than 89% of companies in specialised construction. Sector median 46.7% · 35,136 companies.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 43, micro). It does better than 10% of them on solvency, 45% on liquidity, 76% on profitability and 7% 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 low class on 30-06-2025, 0.8% 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).
In July 2024, 2,153 companies had the same profile as HD SECURITY has now. Each dot stands for 6 companies, two years later.
That fits the bankruptcy probability of HD SECURITY itself: 1.0% within 12 months.
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 2,153 companies, not a prediction for HD SECURITY. 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.
Liquidity is insufficient, with a current ratio of 0.54 (0.84 in 2024), below 1. Short-term debt is 58% and cash 24.8% of total assets. 95.8% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 30 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| HD SECURITY Dour | €215,314 | €84,455 | 4.2% | - |
| AS TECHNOLOGIES Saint-Ghislain | €187,909 | €84,433 | 21.2% | - |
| ELECTRICOOL Morlanwelz | €235,918 | €88,281 | 32.0% | - |
| DELY PROTEK Tournai | €197,991 | €76,531 | 1.3% | - |
| TMZ Pont-à-Celles | €256,704 | €95,091 | 88.6% | - |
| DIYARLOG Zaventem | €201,420 | €79,909 | 14.4% | - |
| CLIMACOSTA Kraainem | €214,347 | €91,477 | -11.7% | - |
These companies have the same main activity as HD SECURITY: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €188,000 and €257,000, founded between 2020 and 2021.
HD SECURITY files the micro format. That format states no turnover. The gross margin rose from €22,363 in 2021 to €84,455 in 2025.
The balance sheet grew most from 2022 to 2024 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €200,000 and €520,000.
Higher than 11% of 35,136 companies in 2025.
Higher than 8% of 34,510 companies in 2025.
Higher than 73% of 34,711 companies in 2025.
Net result: top quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 1 left. Training hours in 2025: 1,193.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
215,314 | 254,600 | 178,374 | 103,947 | 60,789 | |
21/28 |
147,543 | 137,728 | 70,367 | 13,259 | 10,489 | |
21 |
819 | 1,029 | - | - | - | |
22/27 |
146,724 | 136,699 | 70,367 | 13,259 | 10,489 | |
22 |
64,451 | 67,851 | - | - | - | |
23 |
15,962 | 10,003 | 8,900 | 6,917 | 4,405 | |
24 |
42,508 | 57,874 | 61,467 | 6,342 | 6,084 | |
26 |
23,803 | 970 | - | - | - | |
29/58 |
67,771 | 116,872 | 108,006 | 90,688 | 50,300 | |
40/41 |
9,134 | 26,546 | 6,728 | 15,189 | 9,630 | |
40 |
8,123 | 5,450 | 5,351 | 12,739 | 6,505 | |
41 |
1,011 | 21,096 | 1,377 | 2,450 | 3,125 | |
54/58 |
53,351 | 89,054 | 100,809 | 75,140 | 39,869 | |
490/1 |
5,286 | 1,272 | 470 | 359 | 801 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
215,314 | 254,600 | 178,374 | 103,947 | 60,789 | |
10/15 |
9,060 | 22,566 | 87,504 | 59,733 | 20,331 | |
10/11 |
4,000 | 4,000 | 4,000 | 4,000 | 4,000 | |
14 |
5,060 | 18,566 | 83,504 | 55,733 | 16,331 | |
17/49 |
206,254 | 232,033 | 90,869 | 44,214 | 40,457 | |
17 |
81,336 | 92,147 | 38,758 | 976 | 2,636 | |
170/4 |
81,336 | 92,147 | 38,758 | 976 | 2,636 | |
42/48 |
124,907 | 139,887 | 52,111 | 43,238 | 37,822 | |
42 |
24,621 | 22,422 | 14,174 | 1,660 | 1,643 | |
43 |
3,374 | 3,388 | - | - | - | |
430/8 |
3,374 | 3,388 | - | - | - | |
44 |
1,785 | 15,813 | 7,214 | 9,535 | 11,869 | |
440/4 |
1,785 | 15,813 | 7,214 | 9,535 | 11,869 | |
45 |
1,219 | 8,264 | 18,034 | 13,966 | 3,883 | |
450/3 |
- | 7,551 | 17,634 | 13,966 | 3,883 | |
454/9 |
1,219 | 713 | 401 | - | - | |
47/48 |
93,909 | 90,000 | 12,689 | 18,077 | 20,426 | |
492/3 |
10 | - | - | - | - | |
| Income statement | ||||||
9900 |
84,455 | 72,591 | 48,841 | 55,174 | 22,363 | |
62 |
7,073 | 2,404 | 881 | - | - | |
630 |
24,867 | 32,361 | 8,454 | 3,532 | 1,037 | |
640/8 |
692 | 2,075 | 615 | 582 | 170 | |
66A |
1,254 | 168 | 292 | - | - | |
9901 |
50,568 | 35,583 | 38,600 | 51,060 | 21,156 | |
75/76B |
511 | 404 | 0 | 1 | 1 | |
75 |
511 | 404 | 0 | 1 | 1 | |
65/66B |
5,372 | 4,219 | 2,445 | 776 | 142 | |
65 |
5,372 | 4,219 | 2,445 | 776 | 142 | |
9903 |
45,708 | 31,769 | 36,155 | 50,285 | 21,015 | |
67/77 |
9,214 | 6,708 | 7,551 | 10,083 | 3,883 | |
9904 |
36,494 | 25,062 | 28,604 | 40,202 | 17,131 | |
9905 |
36,494 | 25,062 | 28,604 | 40,202 | 17,131 | |
| Appropriation of the result | ||||||
9906 |
55,060 | 108,566 | 84,337 | 56,533 | 17,131 | |
14P |
18,566 | 83,504 | 55,733 | 16,331 | - | |
694/7 |
50,000 | 90,000 | 833 | 800 | 800 | |
694 |
50,000 | 90,000 | 833 | 800 | 800 | |
| Social balance sheet | ||||||
9087 |
0.8 | 0.5 | 0.2 | - | - | |
Hours worked1013 |
1,194 | 396 | 72 | - | - | |
| Document | ||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00210341 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00213766 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00252468 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178992 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20065698 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 75,435 | 67,945 | 47,053 | 54,592 | 22,193 | ||
| 61,361 | 57,423 | 37,058 | 43,734 | 18,169 | ||
| 35,937 | 102,492 | 95,161 | 6,739 | 11,526 | ||
| -35,703 | -11,755 | 25,669 | 35,271 | - | ||
| -57,136 | -23,015 | 55,895 | 47,450 | 12,478 | ||
| 4.2% | 8.9% | 49.1% | 57.5% | 33.4% | ||
| 0.54 | 0.84 | 2.07 | 2.10 | 1.33 | ||
| 22.77 | 10.28 | 1.04 | 0.74 | 1.99 | ||
| 402.8% | 111.1% | 32.7% | 67.3% | 84.3% | ||
| 16.9% | 9.8% | 16.0% | 38.7% | 28.2% | ||
| 14.04 | 16.11 | 19.25 | 70.37 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| 0.8 | 0.5 | 0.2 | |
| Joined | 1 | 1 | 1 |
| Left | 1 | 1 | 0 |
| Training hours | 1,193 | 395 | 71 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €35,937 | €101,442 | €95,161 | €6,739 | €11,526 |
| Intangible fixed assets | - | €1,050 | - | - | - |
| €24,867 | €32,361 | €8,454 | €3,532 | €1,037 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 42% higher than in 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 91.1% to 95.8%. Equity and debt are lower.
HD SECURITY has no parent and no holdings in its annual accounts. DEGAUQUIER Hervé is the only director.
| MP - ELEC via DEGAUQUIER Hervé, no longer at MP - ELEC · Director and manager founded in 2009 |
total assets €414,015 (2025) |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
HD SECURITY was incorporated on 28 January 2021 as a private limited company by one natural person, with a starting capital of €4,000.12 Since 2021, DEGAUQUIER Hervé has served as director.3 Total assets rose from €60,789 in 2021 to €215,314 in 2025 and headcount from 0.2 full-time equivalents in 2023 to 0.8 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Rue du Joncquois 38 registered office 7370 Dour | 28-01-2021 | 2.312.711.315 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 53012A0512/00Z000 | 708 m² | 1 · 100 m² | 8.1 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0762.648.048
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