HD Square Engineering
ActiveSummary
HD Square Engineering has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €265,849 and a net result of €53,075. Equity remains stable across the filed fiscal years (±2.3% per year). Its solvency ranks better than 47% of 737 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+12
Solvency65▼-14
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity tight (current ratio 1.33 against 1.51 in 2024; short-term debt: 56% and cash: 52% of total assets), and 60.2% of the assets are financed with debt.
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Signals
Five 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 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.8%
Return on assets
8%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 30-10-2025, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2022
31 d late
2021
26 d early
2020
7 d early
2019
61 d late
2018
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 12 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close29-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€53,075
2024 · -€8,429
Working capital
€122,941▲ 19.8%
2024 · €102,611
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, 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
Line20202021202220242025
Operating result€775▼ 97.5%€618▼ 20.3%-€4,940-€4,014-€86,927
Net result-€817below the sector's middle half-€7,655below the sector's middle half▼ 837%-€9,724below the sector's middle half▼ 27.0%-€8,429below the sector's middle half-€53,075within the sector's middle half
Equity€280,687within the sector's middle half▼ 0.3%€273,032within the sector's middle half▼ 2.7%€263,308within the sector's middle half▼ 3.6%€254,879within the sector's middle half-€265,849within the sector's middle half▲ 4.3%
Total assets€543,063within the sector's middle half▼ 16.5%€542,460within the sector's middle half▼ 0.1%€491,699within the sector's middle half▼ 9.4%€473,283within the sector's middle half-€667,270within the sector's middle half▲ 41.0%
Debt€262,376▼ 28.8%€269,428▲ 2.7%€228,391▼ 15.2%€218,404-€401,421▲ 83.8%
Working capital€135,318within the sector's middle half▲ 3.3%€127,272within the sector's middle half▼ 5.9%€130,431within the sector's middle half▲ 2.5%€102,611within the sector's middle half-€122,941within the sector's middle half▲ 19.8%
Solvency51.7%within the sector's middle half▲ 8.4pp50.3%within the sector's middle half▼ 1.4pp53.6%within the sector's middle half▲ 3.2pp53.9%within the sector's middle half-39.8%within the sector's middle half▼ 14.0pp
Current ratio1.65within the sector's middle half▲ 0.191.55within the sector's middle half▼ 0.101.59within the sector's middle half▲ 0.041.51within the sector's middle half-1.33within the sector's middle half▼ 0.18
Return on assets (ROA)-0.2%below the sector's middle half▼ 1.9pp-1.4%below the sector's middle half▼ 1.3pp-2.0%below the sector's middle half▼ 0.6pp-1.8%below the sector's middle half-8.0%within the sector's middle half▲ 9.7pp
Staff (FTE)5within the sector's middle half▼ 28.6%5within the sector's middle half=5.9within the sector's middle half▲ 18.0%4.2within the sector's middle half-4.6within the sector's middle half▲ 9.5%
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €86,927 after a loss of €4,014 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €667,270
Fixed assets
€170,684 ▲ 0.1%
Current assets
€496,586 ▲ 64.0%
Equity and liabilities €667,270
Equity
€265,849 ▲ 4.3%
Debt
€401,421 ▲ 83.8%
Debt's share of the balance-sheet total rises from 46.1% to 60.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€112,481▲
2024 · €23,238
Cash flow
€78,629▲
2024 · €18,823
Quick ratio
1.32▼
2024 · 1.41
Debt to equity
1.51▲
2024 · 0.86
ROE
20.0%▲
2024 · -3.3%
Interest coverage
45.38▲
2024 · 9.78
Debt ≤ 1 year
€373,645▲
2024 · €200,118
Debt > 1 year
€25,736▲
2024 · €16,245
Income taxes
€31,819▲
2024 · €2,441
Staff costs
€387,533▲
2024 · €341,449
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,370 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €200 | €738 | - | €1,500 | - |
| Remuneration, social security and pensions62 | - | €333,992 | €297,420 | €341,449 | €387,533 | ▲ 13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,490 | €33,187 | €27,099 | €27,252 | €25,554 | ▼ 6.2% |
| Other operating charges640/8 | - | €5,330 | €5,184 | €6,868 | €7,961 | ▲ 15.9% |
| Non-recurring operating charges66A | - | - | - | €637 | - | - |
| Gross operating margin9900 | €292,893 | €373,127 | €324,763 | €372,191 | €507,976 | ▲ 36.5% |
| Operating profit (loss)9901 | €775 | €618 | -€4,940 | -€4,014 | €86,927 | ▲ 2,265% |
| Financial income75/76B | - | €100 | €12 | €403 | €445 | ▲ 10.4% |
| Recurring financial income75 | €87 | €100 | €12 | €403 | €445 | ▲ 10.4% |
| Financial charges65/66B | - | €5,852 | €3,108 | €2,377 | €2,479 | ▲ 4.3% |
| Recurring financial charges65 | €5,514 | €5,852 | €3,108 | €2,377 | €2,479 | ▲ 4.3% |
| Profit (loss) for the period before taxes9903 | -€4,653 | -€5,134 | -€8,037 | -€5,988 | €84,894 | ▲ 1,518% |
| Income taxes67/77 | -€3,836 | €2,522 | €1,687 | €2,441 | €31,819 | ▲ 1,204% |
| Profit (loss) for the period9904 | -€817 | -€7,655 | -€9,724 | -€8,429 | €53,075 | ▲ 730% |
| Profit (loss) for the period to be appropriated9905 | -€817 | -€7,655 | -€9,724 | -€8,429 | €53,075 | ▲ 730% |
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €543,063 | €542,460 | €491,699 | €473,283 | €667,270 | ▲ 41.0% |
| Fixed assets21/28 | €199,059 | €182,805 | €141,144 | €170,553 | €170,684 | ▲ 0.1% |
| Tangible fixed assets22/27 | €198,026 | €181,773 | €140,111 | €169,520 | €169,651 | ▲ 0.1% |
| Land and buildings22 | - | €155,920 | €135,562 | €117,775 | €126,254 | ▲ 7.2% |
| Plant, machinery and equipment23 | - | - | - | - | €2,229 | - |
| Furniture and vehicles24 | - | €25,852 | €4,549 | €51,745 | €41,169 | ▼ 20.4% |
| Financial fixed assets28 | €1,033 | €1,033 | €1,033 | €1,033 | €1,033 | = |
| Current assets29/58 | €344,004 | €359,655 | €350,555 | €302,730 | €496,586 | ▲ 64.0% |
| Stocks and contracts in progress3 | - | - | €49,890 | €20,017 | €5,017 | ▼ 74.9% |
| Stocks30/36 | - | - | €49,890 | €20,017 | €5,017 | ▼ 74.9% |
| Amounts receivable within one year40/41 | €144,605 | €144,248 | €184,209 | €190,049 | €138,330 | ▼ 27.2% |
| Trade receivables40 | - | €142,295 | €177,108 | €182,046 | €117,344 | ▼ 35.5% |
| Other amounts receivable41 | - | €1,953 | €7,101 | €8,003 | €20,986 | ▲ 162% |
| Cash at bank and in hand54/58 | €192,084 | €207,973 | €110,405 | €85,362 | €346,857 | ▲ 306% |
| Deferred charges and accrued income490/1 | - | €7,434 | €6,051 | €7,302 | €6,382 | ▼ 12.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €543,063 | €542,460 | €491,699 | €473,283 | €667,270 | ▲ 41.0% |
| Equity10/15 | €280,687 | €273,032 | €263,308 | €254,879 | €265,849 | ▲ 4.3% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €247,851 | €247,851 | €247,851 | €247,851 | €253,449 | ▲ 2.3% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | €245,991 | €245,991 | €247,851 | €253,449 | ▲ 2.3% |
| Profit (loss) carried forward14 | €20,436 | €12,781 | €3,057 | -€5,372 | - | - |
| Amounts payable17/49 | €262,376 | €269,428 | €228,391 | €218,404 | €401,421 | ▲ 83.8% |
| Amounts payable after more than one year17 | €53,690 | €37,045 | €6,467 | €16,245 | €25,736 | ▲ 58.4% |
| Financial debts170/4 | - | €37,045 | €6,467 | €16,245 | €25,736 | ▲ 58.4% |
| Amounts payable within one year42/48 | €208,687 | €232,383 | €220,124 | €200,118 | €373,645 | ▲ 86.7% |
| Current portion of amounts payable after more than one year42 | - | €27,361 | €26,329 | €5,998 | €9,128 | ▲ 52.2% |
| Financial debts43 | - | €4,201 | €4,250 | €4,311 | €1,086 | ▼ 74.8% |
| Credit institutions430/8 | - | €4,201 | €4,250 | €4,311 | €1,086 | ▼ 74.8% |
| Trade debts44 | €103,318 | €132,103 | €127,278 | €159,278 | €194,207 | ▲ 21.9% |
| Suppliers440/4 | - | €132,103 | €127,278 | €159,278 | €194,207 | ▲ 21.9% |
| Advances received on contracts in progress46 | - | - | - | - | €36,093 | - |
| Taxes, remuneration and social security45 | - | €61,150 | €54,699 | €26,595 | €84,014 | ▲ 216% |
| Taxes450/3 | - | €4,583 | €4,562 | €4,395 | €33,726 | ▲ 667% |
| Remuneration and social security454/9 | - | €56,567 | €50,137 | €22,201 | €50,288 | ▲ 127% |
| Other amounts payable47/48 | - | €7,568 | €7,568 | €3,937 | €49,117 | ▲ 1,148% |
| Accrued charges and deferred income492/3 | - | - | €1,800 | €2,040 | €2,040 | = |
| Line | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€817 | -€7,655 | -€9,724 | -€8,429 | €53,075 | ▲ 730% |
| + Depreciation and write-downs630 | €35,490 | €33,187 | €27,099 | €27,252 | €25,554 | ▼ 6.2% |
| Operating cash flow (approximation) | €34,673 | €25,532 | €17,375 | €18,823 | €78,629 | ▲ 318% |
| Investment in fixed assets (approximation) | - | -€16,934 | €14,562 | - | -€25,685 | - |
| Change in cash | - | €15,889 | -€97,568 | - | €261,495 | - |
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
2025
30-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
31-03
Financial
Back to profitnet €53,075
Net result €53,075 after 4 loss-making years.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€9,724
Net result drops to -€9,724, the lowest in the series; recovery starts the following year.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 61 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
2016
23-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Lessines · 1 establishment unit since 2003
Ground area
5,851 m²
Building footprint
168 m²
Volume, LiDAR
955 m³
Parcel 55007D0009/00R003, Wallonia · tallest building 10.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
hd square engineering
since 20032.132.360.502
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 55007D0009/00R003 | Wallonia | 5,851 m² | 1 · 168 m² | 10.8 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.
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Of 11,573 companies in sector 71121 we hold annual accounts for 6,569. 4,965 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
Founded23-05-2003
Fiscal year end31-03
Activities, NACEBEL 2025
43211General electrical installation work
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0480295203
Also
9925:BE0480295203
Registered
12-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.