HEMERAD
ActiveSummary
HEMERAD has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €412,061 and a net result of €158,133. Equity has been growing by about 50% per year since 2023. Its solvency ranks better than 76% of 20,700 sector peers (NACE 86, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 18-01-2023 Normal situation
- Activity
- Specialist medical practice NACE 86220and 1 other
- Establishment unit
- 2.340.758.567 4000 Liège, since 18-01-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 28-12-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €233,237
- ▲ 52.3%
- Turnover
- ≈ €430,000
- estimated
- Profit
- €158,133
- ▲ 62.3%
- Equity
- €412,061
- ▲ 62.3%
- Total assets
- €488,041
- ▲ 6.7%
- 2025 accounts filed 26 days after the deadline
Score breakdownlowers riskSector: Human health activities (NACE 86)Liquidity: current ratio 9.16, cash €246,404Equity €412,061 (84.4% of total assets)Figures for financial year 2025 (filed on 26-08-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 86, micro). It does better than 82% of them on solvency, 95% on liquidity, 80% on profitability and 83% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 22 days after the deadline. In the sector (NACE 86), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00427988.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is 57% higher than in 2024 and the highest since 2023. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Human health activities (NACE 86). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €28,127 | €62,856 | €5,953 |
| Depreciation and write-downs of the year | €8,752 | €12,682 | €14,952 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,752 | €12,682 | €14,952 | ▲ 17.9% |
| Other operating charges640/8 | €271 | €1,752 | €295 | ▼ 83.2% |
| Gross operating margin9900 | €224,665 | €153,101 | €233,237 | ▲ 52.3% |
| Operating profit (loss)9901 | €215,641 | €138,666 | €217,989 | ▲ 57.2% |
| Financial charges65/66B | €2 | €1,183 | €1,333 | ▲ 12.7% |
| Recurring financial charges65 | €2 | €1,183 | €1,333 | ▲ 12.7% |
| Profit (loss) for the period before taxes9903 | €215,639 | €137,483 | €216,656 | ▲ 57.6% |
| Income taxes67/77 | €64,150 | €40,044 | €58,523 | ▲ 46.1% |
| Profit (loss) for the period9904 | €151,489 | €97,440 | €158,133 | ▲ 62.3% |
| Profit (loss) for the period to be appropriated9905 | €151,489 | €97,440 | €158,133 | ▲ 62.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €281,426 | €457,461 | €488,041 | ▲ 6.7% |
| Fixed assets21/28 | €19,375 | €54,254 | €45,255 | ▼ 16.6% |
| Tangible fixed assets22/27 | €19,375 | €54,254 | €45,255 | ▼ 16.6% |
| Furniture and vehicles24 | €19,375 | €54,254 | €45,255 | ▼ 16.6% |
| Current assets29/58 | €262,051 | €403,207 | €442,786 | ▲ 9.8% |
| Amounts receivable within one year40/41 | €88,096 | €126,575 | €151,318 | ▲ 19.5% |
| Trade receivables40 | €85,516 | €126,575 | €151,318 | ▲ 19.5% |
| Other amounts receivable41 | €2,580 | - | - | - |
| Current investments50/53 | - | €41,000 | €41,000 | = |
| Cash at bank and in hand54/58 | €173,955 | €230,553 | €246,404 | ▲ 6.9% |
| Deferred charges and accrued income490/1 | - | €5,079 | €4,064 | ▼ 20.0% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €281,426 | €457,461 | €488,041 | ▲ 6.7% |
| Equity10/15 | €156,489 | €253,928 | €412,061 | ▲ 62.3% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €151,450 | €248,890 | €407,023 | ▲ 63.5% |
| Distributable reserves133 | €151,450 | €248,890 | €407,023 | ▲ 63.5% |
| Profit (loss) carried forward14 | €39 | €39 | €39 | = |
| Amounts payable17/49 | €124,937 | €203,532 | €75,979 | ▼ 62.7% |
| Amounts payable after more than one year17 | - | €39,942 | €27,645 | ▼ 30.8% |
| Financial debts170/4 | - | €39,942 | €27,645 | ▼ 30.8% |
| Amounts payable within one year42/48 | €124,937 | €163,590 | €48,334 | ▼ 70.5% |
| Current portion of amounts payable after more than one year42 | €13,795 | €12,298 | €12,298 | = |
| Trade debts44 | €3,235 | €28,785 | - | - |
| Suppliers440/4 | €3,235 | €28,785 | - | - |
| Taxes, remuneration and social security45 | €81,045 | €116,454 | €35,845 | ▼ 69.2% |
| Taxes450/3 | €81,045 | €116,454 | €35,845 | ▼ 69.2% |
| Other amounts payable47/48 | €26,862 | €6,054 | €192 | ▼ 96.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €151,489 | €97,440 | €158,133 | ▲ 62.3% |
| + Depreciation and write-downs630 | €8,752 | €12,682 | €14,952 | ▲ 17.9% |
| Operating cash flow (approximation) | €160,241 | €110,122 | €173,085 | ▲ 57.2% |
| Investment in fixed assets (approximation) | - | -€47,561 | -€5,953 | ▲ 87.5% |
| Change in cash | - | €56,598 | €15,852 | ▼ 72.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,127 companies had the same profile as HEMERAD has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of HEMERAD itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 3,127 companies, not a prediction for HEMERAD. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- COLLIGNON Laurent Paul Emile Ghislain 100 shares (100%) · in cash
Capital transactions
- 20-01-2023 Incorporation · €5,000 · 100 shares
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “2, héritiers et légataires d'un actionnaire décédé tenus de solliciter l'agrément selon mêmes formes, délais et majorité que cessions entre…”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 20-01-2023 (in French)
Network & group
HEMERAD shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of HEMERAD. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
20-01
Gazette deed
IncorporationStarting capital €5,000 · Appointment: COLLIGNON Laurent Paul Emile Ghislain (director) · Permanent representative: COLLIGNON Laurent Paul Emile Ghislain13 points ▸
- Incorporation, 17-01-2023
- Founding capital, €5,000
- Bank account, 5000, “dépôt des versements de souscription” (deed in French)
- Other provision, “remise de l'attestation bancaire et fonds disponibles”, € (deed in French)
- Pre-incorporation commitments, “takeover, engagements obligations activités au nom pour compte société en formation” (deed in French)
- Registered office clause, “4000 Liège, rue des Anglais”, 50 (deed in French)
- Board rule, 1, “assemblée” (deed in French)
- Director appointment, COLLIGNON Laurent Paul Emile Ghislain (director (not named in the articles))
- Permanent representative, COLLIGNON Laurent Paul Emile Ghislain
- Other provision, “autorisations préalables exercice objet, notaire” (deed in French)
- Other provision, “dénomination société article 2:3 Code Sociétés Associations, notaire soussigné” (deed in French)
- Other provision, “capacité parties” (deed in French)
- The act holds 1 more point.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62818F0134/00A002 | Wallonia | 1,361 m² | 1 · 80 m² | 15.4 m · 4 |