HEMICO
ActiveSummary
HEMICO has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €173,373 and a net result of €171,821. Equity is growing by about 42% per year across the filed financial years. Its solvency ranks better than 50% of 13,642 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
- Equity
- €173,373
- Profit
- €171,821
- Parent
- MSG · 100%
- Immesoete MichaelDirector
- MANMAXCODirector · permanent representative Helmut Vangheluwe
Why 95raises riskSector: Wholesale trade (NACE 46)lowers riskLiquidity: current ratio 1.65, cash €143,698Figures for financial year 2025 (filed 29-04-2026)Size: total assets €423,620Show the evidence
Checked score
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 46, micro): better than 50% on solvency, 72% on liquidity, 95% on profitability and 93% on growth.
The bankruptcy probability was computed on 26-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 1 day after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Resignation: Manmaxco bv (director)Director discharge
- Highest result from 2019 to 2025net €171,821 ▲545%
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 5.6 times 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 26,972 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 94.9% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 26,972 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,693 | €7,380 | €5,818 | €8,899 | €3,677 | €5,562 | €18,700 | ▲ 236% |
| Other operating charges640/8 | - | - | €188 | €912 | €857 | €2,264 | €671 | ▼ 70.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €391 | €0 | ▼ 100% |
| Gross operating margin9900 | €42,234 | €15,064 | €30,296 | €47,790 | -€9,932 | €45,212 | €226,795 | ▲ 402% |
| Operating profit (loss)9901 | €34,302 | €7,442 | €24,290 | €37,980 | -€14,466 | €36,995 | €207,423 | ▲ 461% |
| Financial income75/76B | - | - | €1,241 | €14 | €30 | €4 | €2,590 | ▲ 719× |
| Recurring financial income75 | €2 | €15 | €1,241 | €14 | €30 | €4 | €2,516 | ▲ 699× |
| Non-recurring financial income76B | - | - | - | - | - | - | €74 | - |
| Financial charges65/66B | - | - | €1,818 | €4,472 | €5,631 | €4,771 | €7,733 | ▲ 62.1% |
| Recurring financial charges65 | €440 | €936 | €1,818 | €4,472 | €5,631 | €4,771 | €7,733 | ▲ 62.1% |
| Profit (loss) for the period before taxes9903 | €33,864 | €6,521 | €23,713 | €33,522 | -€20,066 | €32,228 | €202,280 | ▲ 528% |
| Income taxes67/77 | €3,443 | €2,038 | €6,774 | €8,015 | €0 | €5,588 | €30,459 | ▲ 445% |
| Profit (loss) for the period9904 | €30,421 | €4,483 | €16,938 | €25,507 | -€20,066 | €26,640 | €171,821 | ▲ 545% |
| Profit (loss) for the period to be appropriated9905 | €30,421 | €4,483 | €16,938 | €25,507 | -€20,066 | €26,640 | €171,821 | ▲ 545% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €90,476 | €81,293 | €183,068 | €222,277 | €237,319 | €337,563 | €423,620 | ▲ 25.5% |
| Fixed assets21/28 | €24,834 | €17,454 | €12,716 | €20,067 | €16,390 | €73,076 | €64,727 | ▼ 11.4% |
| Intangible fixed assets21 | €1,563 | - | - | - | - | €2,346 | €9,152 | ▲ 290% |
| Tangible fixed assets22/27 | €23,272 | €17,454 | €11,636 | €18,987 | €15,310 | €69,650 | €53,075 | ▼ 23.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €2,720 | €2,447 | ▼ 10.1% |
| Furniture and vehicles24 | - | - | €854 | €427 | €0 | €16,416 | €12,324 | ▼ 24.9% |
| Leasing and similar rights25 | - | - | €10,782 | €18,560 | €15,310 | €50,514 | €38,304 | ▼ 24.2% |
| Financial fixed assets28 | - | - | €1,080 | €1,080 | €1,080 | €1,080 | €2,500 | ▲ 131% |
| Current assets29/58 | €65,641 | €63,839 | €170,352 | €202,210 | €220,929 | €264,487 | €358,893 | ▲ 35.7% |
| Stocks and contracts in progress3 | €11,047 | €12,419 | €16,332 | €119,942 | €90,549 | €63,073 | €37,206 | ▼ 41.0% |
| Stocks30/36 | - | - | €16,332 | €102,433 | €56,953 | €42,571 | €37,206 | ▼ 12.6% |
| Contracts in progress37 | - | - | - | €17,509 | €33,596 | €20,502 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €29,660 | €21,638 | €107,695 | €73,197 | €109,300 | €186,820 | €177,989 | ▼ 4.7% |
| Trade receivables40 | - | - | €86,631 | €67,040 | €86,648 | €154,091 | €115,078 | ▼ 25.3% |
| Other amounts receivable41 | - | - | €21,064 | €6,157 | €22,652 | €32,729 | €62,910 | ▲ 92.2% |
| Cash at bank and in hand54/58 | €24,934 | €29,782 | €46,325 | €8,350 | €20,291 | €14,594 | €143,698 | ▲ 885% |
| Deferred charges and accrued income490/1 | - | - | - | €720 | €788 | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €90,476 | €81,293 | €183,068 | €222,277 | €237,319 | €337,563 | €423,620 | ▲ 25.5% |
| Equity10/15 | €20,699 | €25,183 | €42,121 | €67,628 | €47,562 | €86,552 | €173,373 | ▲ 100% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €18,550 | €18,550 | = |
| Reserves13 | €14,499 | €18,983 | €35,921 | €61,428 | €41,362 | €68,002 | €154,823 | ▲ 128% |
| Non-distributable reserves130/1 | - | - | €1,850 | €1,850 | €1,850 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,850 | €1,850 | €1,850 | €0 | - | - |
| Distributable reserves133 | - | - | €34,071 | €59,578 | €39,512 | €68,002 | €154,823 | ▲ 128% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €69,776 | €56,110 | €140,947 | €154,648 | €189,757 | €251,012 | €250,248 | ▼ 0.3% |
| Amounts payable after more than one year17 | €20,906 | €15,902 | €10,747 | €50,326 | €35,662 | €51,734 | €32,463 | ▼ 37.2% |
| Financial debts170/4 | - | - | €10,747 | €50,326 | €35,662 | €51,734 | €32,463 | ▼ 37.2% |
| Amounts payable within one year42/48 | €48,870 | €40,208 | €130,201 | €88,532 | €154,095 | €199,277 | €217,784 | ▲ 9.3% |
| Current portion of amounts payable after more than one year42 | - | - | €5,155 | €28,073 | €37,487 | €42,435 | €19,271 | ▼ 54.6% |
| Financial debts43 | - | - | €82,750 | €37,500 | €21,900 | €0 | €5,746 | - |
| Credit institutions430/8 | - | - | €82,750 | €37,500 | €21,900 | €0 | €5,746 | - |
| Trade debts44 | €30,359 | €9,669 | €40,476 | €19,908 | €94,708 | €156,842 | €107,308 | ▼ 31.6% |
| Suppliers440/4 | - | - | €40,476 | €19,908 | €94,708 | €156,842 | €107,308 | ▼ 31.6% |
| Taxes, remuneration and social security45 | - | - | €1,774 | €3,015 | €0 | - | €459 | - |
| Taxes450/3 | - | - | €1,774 | €3,015 | €0 | - | €459 | - |
| Other amounts payable47/48 | - | - | €45 | €36 | €0 | - | €85,000 | - |
| Accrued charges and deferred income492/3 | - | - | - | €15,790 | €0 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,421 | €4,483 | €16,938 | €25,507 | -€20,066 | €26,640 | €171,821 | ▲ 545% |
| + Depreciation and write-downs630 | €7,693 | €7,380 | €5,818 | €8,899 | €3,677 | €5,562 | €18,700 | ▲ 236% |
| Operating cash flow (approximation) | €38,114 | €11,864 | €22,756 | €34,406 | -€16,389 | €32,201 | €190,522 | ▲ 492% |
| Investment in fixed assets (approximation) | - | €0 | -€1,080 | -€16,250 | €0 | -€62,248 | -€10,351 | ▲ 83.4% |
| Change in cash | - | €4,848 | €16,543 | -€37,974 | €11,941 | -€5,697 | €129,105 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00093056 |
| 30-09-2024 | micro format | 10-04-2025 | 2025-00067131 |
| 30-09-2023 | micro format | 25-04-2024 | 2024-00068566 |
| 30-09-2022 | micro format | 16-05-2023 | 2023-00087685 |
| 30-09-2021 | micro format | 13-05-2022 | 2022-20025967 |
| 30-09-2020 | micro format | 22-04-2021 | 2021-10800446 |
| 30-09-2019 | micro format | 14-05-2020 | 2020-12000419 |
| 30-09-2018 | micro format | 31-03-2019 | 2019-08800049 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 2
Permanent representatives 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Immesoete Michael |
|
| MANMAXCO |
|
Owners and capital
Owners
2 ownersOwners 2
- MSGparentSourceaccounts MSG 2025100%
-
50%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 14-12-2023 Converted to unavailable equity
- 14-12-2023 Converted to available equity
Group and network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
06-01
Gazette deed
Resignation: Manmaxco bv (director)Director discharge3 facts ▸
- General meeting, 24-11-2025
- Director resignation, Manmaxco bv (director)
- Director discharge, Manmaxco bv (director)
14-12
Gazette deed
Resignations: Immesoete Michael (zaakvoerder,thans bestuurder) and MANMAXCO (zaakvoerder,thans bestuurder)Permanent representatives: Immesoete Michael and Vangheluwe Helmut · Reappointments: Immesoete Michael (director) and MANMAXCO (director) · Legal-form conversion19 facts ▸
- General meeting, 08-12-2023
- Other provision, “aanpassing statuten aan Wetboek van vennootschappen en verenigingen, artikel 39,§1,tweede lid van de wet van 23-03-2019 tot invoering van het Wetboek van ven…” (deed in Dutch)
- Legal-form conversion, “besloten vennootschap” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Capital conversion, “beschikbare eigen vermogensrekening” (deed in Dutch)
- Amendment of the articles
- Director resignation, Immesoete Michael (zaakvoerder,thans bestuurder)
- Director resignation, MANMAXCO (zaakvoerder,thans bestuurder)
- Permanent representative, Immesoete Michael
- Permanent representative, Vangheluwe Helmut
- Director discharge, MSG
- Director discharge, MANMAXCO
- +7 further facts in this act
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 2 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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, with enterprise number 0679.986.331
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 31037A0072/00B002 | Flanders | 924 m² | 1 · 218 m² | 2.9 m |
How the parcels are linked
Articles of association
- Other provisionsOther rules from the articles that fall under none of the themes above.
- 1 more provision in the deed, see the deed of 14-12-2023
Read from the deeds: 1 provision, deed of 14-12-2023