HE3M · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of HE3M is 0.1% (very low). The 2025 annual accounts show equity of €1.09M and a net result of €118k. Equity is shrinking by ~22% per year across the filed fiscal years. Its solvency ranks better than 39% of 1943 sector peers (fiscal year 2025). The company has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Signals

1 signal · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2024 and 2025).

View the result trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-05-2026, 73 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

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.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2025, that is 31-07-2026.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	19-05-2026	73 d early	2026-00113596
31-12-2024	31-07-2025	27-05-2025	65 d early	2025-00107037
31-03-2023	31-10-2023	01-09-2023	60 d early	2023-00407152
31-03-2022	31-10-2022	14-09-2022	47 d early	2022-20428513
31-03-2021	31-10-2021	20-09-2021	41 d early	2021-67500441
31-03-2020	31-10-2020	29-09-2020	32 d early	2020-56200346
31-03-2019	31-10-2019	25-09-2019	36 d early	2019-65300003
31-03-2018	31-10-2018	14-09-2018	47 d early	2018-62900281
30-06-2016	31-01-2017	06-12-2016	56 d early	2016-69100539
30-06-2015	31-01-2016	29-01-2016	2 d early	2016-03100069

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Long-established

Founded in 1998, 27 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

0.1% Very low

0%0,5%1,5%4%10%≥25%

Lower-failure-rate sector −Long track record −Annual accounts: healthy financial profile −

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€118k-47.2%

Working capital€-182k+90.2%

CSV export

Annual accounts & ratios

Source: NBB · 2025

Annual accounts filed on 19-05-2026 with the NBB · fiscal year 2025 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

volatile Too volatile to project: the yearly deviation from the trend is ~51% of the level (threshold 35%). We therefore deliberately show no projection line.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 69, Legal & accounting · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	38.2%	53.8%	better than 39% of 1943 sector peers
Net result	€118k	€43k	better than 86% of 1943 sector peers
Equity	€1.09M	€56k	better than 95% of 1944 sector peers
Gross operating margin	€357k	€68k	better than 95% of 1942 sector peers
Total assets	€2.85M	€133k	better than 95% of 1943 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P39

Weakening position over 2020-2025 · n=558-4818

Net result P86

Stable position over 2020-2025 · n=558-4815

Equity P95

Stable position over 2020-2025 · n=559-4818

Gross operating margin P95

Stable position over 2020-2025 · n=557-4813

Describes the position versus peers, not a forecast.

EBITDA

€342k

-41.3% 19-25

Net profit

€118k

-47.2% 19-25

Cash flow

€258k

-45.8% 19-25

Total assets

€2.85M

-0.7% 19-25

Equity

€1.09M

+12.2% 19-25

Working capital

€-182k

+90.2% 19-25

Income taxes

€56k

-46.6% 19-25

Dividends

€1.48M

-23.7% 19-25

Debt

€1.76M

-7.3% 19-25

Debt ≤ 1y

€288k

-84.9% 19-25

Debt > 1y

€1.47M

+162.2% 19-25

Current ratio

0.37

+1252.1% 19-25

Quick ratio

0.37

+1252.1% 19-25

Solvency

38.2%

+13.0% 19-25

Debt / equity

1.62

-17.3% 19-25

ROE

10.8%

-52.9% 19-25

ROA

4.1%

-46.8% 19-25

Interest coverage

12.66

-99.8% 19-25

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2025
Deposit	micro
Revenue	-
EBITDA	€342k
Net profit	€118k
Cash flow	€258k
Staff costs	-
Income taxes	€56k
Dividends	-
Total assets	€2.85M
Equity	€1.09M
Debt	€1.76M
of which ≤ 1y	€288k
of which > 1y	€1.47M
Working capital	€-182k
Employees (FTE)	-

Ratios (computed)

	2025
Current ratio	0.37
Quick ratio	0.37
Working capital ratio	-6.4%
Solvency	38.2%
Debt / equity	1.62
Long-term debt ratio	1.35
Interest coverage	12.66
Gross margin	-
Net margin	-
ROA	4.1%
ROE	10.8%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2025

Assets

Fixed assets €2.74M · 96.3% Current assets €106k · 3.7%

Equity & liabilities

Equity €1.09M · 38.2% Debt €1.76M · 61.8%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025
Balance sheet, Assets
TOTAL ASSETS	20/58	€2.85M
Fixed assets	21/28	€2.74M
Tangible fixed assets	22/27	€2.74M
Current assets	29/58	€106k
Amounts receivable within one year	40/41	€20k
Cash & bank	54/58	€86k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€2.85M
Equity	10/15	€1.09M
Contributions / capital	10/11	€6k
Reserves	13	€1.08M
Amounts payable	17/49	€1.76M
Amounts payable after one year	17	€1.47M
Amounts payable within one year	42/48	€288k
Trade debts payable within one year	44	€22k
Income statement
Gross operating margin	9900	€357k
Operating result	9901	€201k
Financial charges	65	€27k
Result before taxes	9903	€174k
Income taxes	67/77	€56k
Net result for the period	9904	€118k
Result to be appropriated	9905	€118k

You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2025 · computed

56 / 100 Fair

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Structure & network

Connections & network

1 connected company

Group structure

L2D

We sit on their board · 3 subsidiaries · 1 location

→

Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

1 party

HE3MBE 0464.425.607

controls

Where this company holds controlthis company sits on their board1

L2D

3 subsidiaries · 1 location

Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.

Locations & real estate

Registered office

from the Crossroads Bank

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.

Paalsteen 59830 Sint-Martens-Latem

Establishment units

1 location

HE3M

Paalsteen 5, 9830 Sint-Martens-LatemOntwerpen van textielpatronen, kleding, juwelen, meubels en decoratieartikelen

since 19982.224.514.460

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area2,670 m²

Buildings1

Building footprint270 m²

Volume (LiDAR)1,709 m³

Tallest building8.4 m · ±2 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
44064B0086/00C003	Flanders	2,670 m²	1 · 270 m²	8.4 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

No structured acts for this company yet

That means one of two things: the company has published no company deeds, or its deeds are still queued for reading. The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Snowflake analysis

financial profile on 5 axes

58 / 100

Mixed profile: strong on stability, weaker on growth.

All 5 axes are computed from data Checked has read.

Health 56

Profitability 54

Solvency 48

Growth 32

Stability 100

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