HD Systems
ActiveHD Systems has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.85M and a net result of €45k. Equity is growing by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 36% of 827 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
51
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability39▼-40
Solvency48▲+3
Growth77▼-4
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €190k at 30 days acceptable
Liquidity tight (current ratio 1.2 against 1.28 in 2024; short-term debt: 74.9% and cash: 8.6% of total assets), and 77.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Sector 41
higher
← fewer bankruptcies
more bankruptcies →
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
22.9%
Return on assets
0.3%
Age of the figures
9 mo
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
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
15 d early
2023
42 d early
2022
32 d late
2021
5 d early
2020
1 d early
2019
7 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€36.10M▼ 7.3%
2024 · €38.93M
2018: €15.56M
2019: €17.50M
2020: €13.64M
2021: €18.04M
2022: €21.91M
2023: €32.25M
2024: €38.93M
2018 → 2025
EBIT margin
0.8%▼ 9.1pp
2024 · 9.9%
2018: -0.6%
2019: 3.3%
2020: 4.4%
2021: 0.9%
2022: 4.5%
2023: 5.1%
2024: 9.9%
2018 → 2025
Net result
€45k▼ 98.4%
2024 · €2.77M
2018: €-60k
2019: €354k
2020: €399k
2021: €45k
2022: €658k
2023: €1.17M
2024: €2.77M
2018 → 2025
Working capital
€2.51M▼ 33.7%
2024 · €3.78M
2018: €1.80M
2019: €2.15M
2020: €2.34M
2021: €2.21M
2022: €2.18M
2023: €2.23M
2024: €3.78M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€18.04M-€21.91M▲ 21.4%€32.25M▲ 47.2%€38.93M▲ 20.7%€36.10M▼ 7.3%
Equity€2.76M-€2.77M▲ 0.2%€2.84M▲ 2.6%€3.80M▲ 34.0%€3.85M▲ 1.2%
Operating result€171k-€975k▲ 470%€1.64M▲ 68.0%€3.84M▲ 134%€285k▼ 92.6%
Net result€45k-€658k▲ 1,350%€1.17M▲ 78.5%€2.77M▲ 136%€45k▼ 98.4%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 93% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16.82M
Fixed assets
€1.70M▲ 15.8%
Current assets
€15.11M▼ 11.9%
Equity and liabilities €16.82M
Equity
€3.85M▲ 1.2%
Provisions
€0▼ 100%
Debt
€12.97M▼ 4.8%
The debt ratio rises from 73.2% to 77.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€590k▼
2024 · €4.05M
Cash flow
€350k▼
2024 · €2.97M
Solvency
22.9%▲
2024 · 20.4%
Current ratio
1.20▼
2024 · 1.28
Quick ratio
1.01▼
2024 · 1.10
Debt / equity
3.37▼
2024 · 3.58
ROE
1.2%▼
2024 · 72.8%
ROA
0.3%▼
2024 · 14.9%
Interest coverage
3.08▼
2024 · 16.33
Debt
€12.97M▼
2024 · €13.63M
Debt ≤ 1 year
€12.60M▼
2024 · €13.37M
Debt > 1 year
€295k▲
2024 · €152k
Income taxes
€104k▼
2024 · €824k
Staff costs
€6.10M▲
2024 · €5.14M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€18.62M€16.82M▼
Fixed assets21/28€1.47M€1.70M▲
Intangible fixed assets21€16k€5k▼
Tangible fixed assets22/27€621k€837k▲
Plant, machinery and equipment23€106k€303k▲
Furniture and vehicles24€308k€310k▲
Leasing and similar rights25€126k€150k▲
Other tangible fixed assets26€81k€74k▼
Financial fixed assets28€834k€862k▲
Other financial fixed assets284/8€834k€862k▲
Shares284€58k€60k▲
Amounts receivable and cash guarantees285/8€776k€802k▲
Current assets29/58€17.15M€15.11M▼
Amounts receivable after more than one year29€1.12M€1.12M=
Other amounts receivable291€1.12M€1.12M=
Stocks and contracts in progress3€2.41M€2.34M▼
Stocks30/36€441k€491k▲
Raw materials and consumables30/31€441k€491k▲
Contracts in progress37€1.97M€1.85M▼
Amounts receivable within one year40/41€12.13M€9.88M▼
Trade receivables40€9.24M€8.39M▼
Other amounts receivable41€2.89M€1.49M▼
Cash at bank and in hand54/58€1.34M€1.45M▲
Deferred charges and accrued income490/1€160k€331k▲
Equity and liabilities
Total equity and liabilities10/49€18.62M€16.82M▼
Equity10/15€3.80M€3.85M▲
Contributions10/11€19k€19k=
Reserves13€1.56M€1.57M▲
Non-distributable reserves130/1€1.12M€1.13M▲
Financial assistance1313€1.12M€1.12M=
Other1319€4k€10k▲
Tax-exempt reserves132€299k€299k=
Distributable reserves133€144k€144k=
Profit (loss) carried forward14€2.22M€2.26M▲
Provisions and deferred taxes16€1.19M-
Provisions for liabilities and charges160/5€1.19M-
Other liabilities and charges164/5€1.19M-
Amounts payable17/49€13.63M€12.97M▼
Amounts payable after more than one year17€152k€295k▲
Financial debts170/4€152k€295k▲
Leasing and similar obligations172€88k€90k▲
Credit institutions173€64k€206k▲
Amounts payable within one year42/48€13.37M€12.60M▼
Current portion of amounts payable after more than one year42€77k€165k▲
Financial debts43€4.62M€4.47M▼
Credit institutions430/8€4.62M€4.47M▼
Trade debts44€5.68M€6.30M▲
Suppliers440/4€5.68M€6.30M▲
Advances received on contracts in progress46€430k€166k▼
Taxes, remuneration and social security45€534k€675k▲
Taxes450/3€188k€260k▲
Remuneration and social security454/9€346k€415k▲
Other amounts payable47/48€2.04M€828k▼
Accrued charges and deferred income492/3€104k€69k▼
Income statement
Code20242025
Operating income70/76A€42.27M€36.44M▼
Turnover70€38.93M€36.10M▼
Change in stocks of work in progress, finished goods and contracts in progress71€2.86M€-122k▼
Other operating income74€482k€463k▼
Non-recurring operating income76A-€232
Operating charges60/66A€38.43M€36.16M▼
Goods for resale, raw materials and consumables60€26.66M€25.95M▼
Purchases600/8€26.45M€26.00M▼
Change in stocks: decrease (increase)609€208k€-50k▼
Services and other goods61€5.72M€4.59M▼
Remuneration, social security and pensions62€5.14M€6.10M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€204k€305k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-56k€34k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€710k€-1.19M▼
Other operating charges640/8€48k€363k▲
Non-recurring operating charges66A€15k€12k▼
Operating profit (loss)9901€3.84M€285k▼
Financial income75/76B€64k€86k▲
Recurring financial income75€64k€86k▲
Income from financial fixed assets750€8k€9k▲
Other financial income752/9€56k€76k▲
Financial charges65/66B€314k€221k▼
Recurring financial charges65€314k€221k▼
Debt charges650€248k€191k▼
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€30k-
Other financial charges652/9€36k€29k▼
Profit (loss) for the period before taxes9903€3.59M€150k▼
Income taxes67/77€824k€104k▼
Taxes670/3€824k€104k▼
Profit (loss) for the period9904€2.77M€45k▼
Transfer to tax-exempt reserves689€299k-
Profit (loss) for the period to be appropriated9905€2.47M€45k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4.02M€2.27M▼
Profit (loss) brought forward from the previous period14P€1.56M€2.22M▲
Transfer to equity691/2€4k€6k▲
To other reserves6921€4k€6k▲
Profit to be distributed694/7€1.80M-
Return on contributions (dividend)694€1.20M-
Directors or managers695€600k-
Social balance
Average headcount (FTE)908772.379.6▲
The notes to these accounts (83 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
State Gazette act
Registered office · Resignations & appointmentsGeneral meeting · Email change · Auditor reappointment4 facts ▸
State Gazette act
Registered office · Resignations & appointments
General meeting · Email change · Auditor reappointment4 facts ▸
- General meeting, 25/06/2026
- Email change, email, bp@hd-group.be
- Auditor reappointment, commissaire, issue de l'Assemblée générale ordinaire de 2029 relative aux comptes arrêtés au 31 décembre 2028
- Permanent representative, RAHIER Samuel (représentant permanent)
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · unclassified schema
2024
31-12
Financial
Highest result since 2018net €2.77M ▲136%
Operating result €3.84M, net result €2.77M, both a record.
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · unclassified schema
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · unclassified schema · 32 days late
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · unclassified schema
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €354k
Net result €354k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2024
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
14-02-2024
DENOEL CONSULTING: Resigned as Director
01-08-2011
DENOEL Nicolas: Resigned as Manager
01-08-2011
Philippe HOGGE: Resigned as Manager
Location & real-estate footprint
Registered office, Verviers · 1 establishment unit since 2008
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Avenue des Biolleux 214800 VerviersGround area
4,525 m²
Parcel 63059A0382/00K002, Wallonia. Linked by address, not a title deed.
1 establishment unit
HD SYSTEMS
since 20082.168.536.948
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63059A0382/00K002 | Wallonia | 4,525 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
1 auditor| 3R, Leboutte & C°Current Commissaire · represented by RAHIER Samuel | 31-08-2026 → present |
Recognitions · licences · registrations
Recognised contractor
6 categoriesHD Systems SRL34718
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Of 29,801 companies in sector 41001 we hold annual accounts for 16,045. 2,425 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded23-01-2008
Fiscal year end31-12
Activities, NACEBEL
41001General construction of residential buildings
43990Other specialised construction activities
43999Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryE-mail:bp@hd-group.be