HERCOL
ActiveSummary
The computed 12-month bankruptcy probability of HERCOL is 11.8% (high). For HERCOL, at least two annual filings are missing. The 2023 annual accounts show equity of €160,204 and a net result of €1,915, of which €7,586 non-recurring income. Equity has been growing by about 3.6% per year since 2018. Its solvency ranks better than 95% of 664 sector peers (NACE 16, financial year 2023). The company has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 01-07-1989 Normal situation
- Activity
- Manufacture of other wood products NACE 16281
- Joint committee
- 100 Aanvullend Paritair Comité voor de werklieden · annual accounts 2023
- Establishment unit
- 2.045.177.197 3130 Begijnendijk, since 12-10-1989
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Board and ownership
Board
- Zienebergh TomDirector · since 01-01-2020
- De Leeuw HélèneDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 11.8%
2023 figures too old to score
Annual accounts 2023
- Gross margin
- €10,887
- ▼ 32.5%
- Turnover
- ≈ €83,000
- estimated
- Profit
- €1,915
- ▼ 71.8%
- Equity
- €160,204
- ▲ 1.2%
- Total assets
- €167,381
- ▲ 1.2%
- Staff
- ≈ 0.2 FTE
- estimated
- 2024 accounts not filed, 459 days past the deadline
Filed on 28-01-2025
Signalsraises riskFigures for financial year 2023 (filed on 03-02-2025)2 financial years not filed after the legal deadline; last filed accounts filed 181 days late; 2 of the last 3 accounts lateSize: total assets €167,3811 change of registered office in 24 monthsTwo or more financial years not filed2023 accounts filed 181 days lateShow the evidence
Bankruptcy probability
No current score
Figures too old
The latest figures are for FY 2023. They are too old for a current score.
Bankruptcy probability: High
Filing: At least two annual filings are missing
Financial strength, FY 2023 · tick: 2022
Strong
Solvency
100=
equity 95.7% of total assets
Liquidity
57=
short-term debt 4.3% · cash 5.2%
Profitability
70-4
return on assets 1.1%
Bankruptcy probability within 12 months
11.8%
High
0%0.5%1.5%4%10%≥ 25%
About 1 in 8 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.5%
01-2025: 3.0%▲ +1.5 percentage points vs 12-2024
02-2025: 3.0%● unchanged vs 01-2025
03-2025: 1.2%▼ -1.8 percentage points vs 02-2025
04-2025: 1.2%● unchanged vs 03-2025
05-2025: 1.2%● unchanged vs 04-2025
06-2025: 1.1%▼ -0.1 percentage points vs 05-2025lowest value
07-2025: 1.3%▲ +0.2 percentage points vs 06-2025
08-2025: 1.6%▲ +0.3 percentage points vs 07-2025
09-2025: 1.9%▲ +0.3 percentage points vs 08-2025
10-2025: 2.4%▲ +0.5 percentage points vs 09-2025
11-2025: 2.3%▼ -0.1 percentage points vs 10-2025
12-2025: 2.8%▲ +0.5 percentage points vs 11-2025
01-2026: 5.6%▲ +2.8 percentage points vs 12-2025
02-2026: 5.6%● unchanged vs 01-2026
03-2026: 6.0%▲ +0.4 percentage points vs 02-2026
04-2026: 5.5%▼ -0.5 percentage points vs 03-2026
05-2026: 5.5%● unchanged vs 04-2026
06-2026: 9.1%▲ +3.6 percentage points vs 05-2026
07-2026: 9.1%● unchanged vs 06-2026
08-2026: 11.8%▲ +2.7 percentage points vs 07-2026highest value
09-2026: 11.8%● unchanged vs 08-2026highest value
10-2026: 11.8%● unchanged vs 09-2026highest value
11-2026: 11.8%● unchanged vs 10-2026highest value
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises risk
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2024 year end31-07-2025 deadline02-11-2026 today
raises risk · 2023 accounts filed 181 days late
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 28-01-2025, 181 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
not filed
2023
181 days late
2022
31 days late
2021
41 days early
2020
3 days early
2019
31 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 40 days after the deadline. In the sector (NACE 16), the median for financial year 2024 was 3 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (1)
Financials
Financials · financial year 2023, micro format
2024 annual accounts not yet filed, deadline passed on 31 July 2025 The financial year closed on 31 December 2024. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). 2 financial years without a filing since the last one filed. Source: NBB filings, as of 2 November 2026.
Annual accounts 2023 filed on 28-01-2025 PDF all 33 filings
Turnover
≈ €83,000
Estimated: probably between €38,000 and €200,000
Total assets
€167,381▲ 1.2%
2022 · €165,404
Net result
€1,915▼ 71.8%
2022 · €6,785
Working capital
€150,768▲ 1.4%
2022 · €148,758
Trend over the years
2019 to 2023, 5 financial years 2018 to 2023, 6 financial years
The operating result for 2023 is 64% lower than in 2022 and the lowest since 2019.
Operating result€3,266
2023
Net result€1,915
2023
Total assets€167,381
2023
Equity€160,204
2023
Debt€7,177
2023
Working capital€150,768
2023
Return on assets (ROA)1.1%
2023
Solvency95.7%
2023
Current ratio22.01
2023
Staff (FTE)1
2022
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.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Operating result€25,163-€8,649▼ 65.6%€17,723▲ 105%€4,079▼ 77.0%€9,198▲ 125%€3,266▼ 64.5%
Net result€19,240-€3,032▼ 84.2%€12,274within the sector's middle half▲ 305%€840within the sector's middle half▼ 93.2%€6,785within the sector's middle half▲ 708%€1,915within the sector's middle half▼ 71.8%
Equity€135,359-€138,391▲ 2.2%€150,665above the sector's middle half▲ 8.9%€151,505above the sector's middle half▲ 0.6%€158,290above the sector's middle half▲ 4.5%€160,204above the sector's middle half▲ 1.2%
Total assets€151,108-€155,441▲ 2.9%€156,219within the sector's middle half▲ 0.5%€161,429within the sector's middle half▲ 3.3%€165,404within the sector's middle half▲ 2.5%€167,381within the sector's middle half▲ 1.2%
Debt€15,749-€17,050▲ 8.3%€5,555▼ 67.4%€9,924▲ 78.7%€7,114▼ 28.3%€7,177▲ 0.9%
Working capital€121,441-€128,883▲ 6.1%€145,566above the sector's middle half▲ 12.9%€144,836above the sector's middle half▼ 0.5%€148,758above the sector's middle half▲ 2.7%€150,768above the sector's middle half▲ 1.4%
Solvency89.6%-89.0%▼ 0.5pp96.4%above the sector's middle half▲ 7.4pp93.9%above the sector's middle half▼ 2.6pp95.7%above the sector's middle half▲ 1.8pp95.7%above the sector's middle half=
Current ratio8.71-8.56▼ 0.1527.21above the sector's middle half▲ 18.6515.59above the sector's middle half▼ 11.6121.91above the sector's middle half▲ 6.3222.01above the sector's middle half▲ 0.10
Return on assets (ROA)12.7%-2.0%▼ 10.8pp7.9%within the sector's middle half▲ 5.9pp0.5%within the sector's middle half▼ 7.3pp4.1%within the sector's middle half▲ 3.6pp1.1%within the sector's middle half▼ 3.0pp
Staff (FTE)0.81▲ 25.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €167,381
Fixed assets
€9,436 ▼ 1.0%
Current assets
€157,945 ▲ 1.3%
Equity and liabilities €167,381
Equity
€160,204 ▲ 1.2%
Debt
€7,177 ▲ 0.9%
Debt's share of the balance-sheet total stays at 4.3%.
Key figures and ratios
EBITDA
€5,619▼
2022 · €10,935
Cash flow
€4,268▼
2022 · €8,522
Debt to equity
0.04▼
2022 · 0.04
ROE
1.2%▼
2022 · 4.3%
Interest coverage
19.96▼
2022 · 25.40
Debt ≤ 1 year
€7,177▲
2022 · €7,114
Income taxes
€1,117▼
2022 · €2,000
Staff costs
€4,820▲
2022 · €4,441
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 1 |
| full-time | 1 | - |
| part-time | 1 | 1 |
| in full-time equivalents | 1.2 | 0.2 |
| Average over the year, in full-time equivalents | 0.4 | 0.3 |
| On a permanent contract | 1 | 1 |
| Joined | 5 | 3 |
| Left | 3 | 4 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | €7,485 | €2,393 |
| Financial fixed assets | - | €2,400 | - |
| Depreciation and write-downs of the year | €1,049 | €1,737 | €2,353 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as HERCOL: manufacture of other wood products (NACE 16281). They are comparable in size and age: total assets between €114,000 and €309,000, founded between 1975 and 1996.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| HERCOL De Haan | 1989 | €167,381 | €160,204 | €10,887 | €1,915 | 2023 |
| AVALO Izegem | 1975 | €128,571 | €92,160 | €13,965 | €4,834 | 2025 |
| THOEN ET FILS Ukkel | 1987 | €114,392 | €107,656 | €5,704 | €977 | 2025 |
| ARTOBEL Maaseik | 1983 | €308,682 | €85,781 | €21,227 | -€9,762 | 2025 |
| GALERIJ GOYA Mechelen | 1992 | €291,333 | €244,715 | €23,340 | €6,583 | 2025 |
| ARTO PRODUCTION Kinrooi | 1996 | €159,712 | €71,030 | €29,104 | €8,932 | 2025 |
| Denis - Knubben Sprimont | 1991 | €195,018 | -€1,989 | €3,724 | -€9,336 | 2025 |
They were chosen from the 163 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €8,323 | €9,576 | €7,586 | ▼ 20.8% |
| Remuneration, social security and pensions62 | - | - | - | €12,503 | €4,441 | €4,820 | ▲ 8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,410 | €4,410 | €4,410 | €1,049 | €1,737 | €2,353 | ▲ 35.5% |
| Other operating charges640/8 | - | - | - | €591 | €232 | €348 | ▲ 50.2% |
| Non-recurring operating charges66A | - | - | - | €184 | €526 | €100 | ▼ 81.0% |
| Gross operating margin9900 | €31,003 | €14,864 | €22,905 | €18,407 | €16,134 | €10,887 | ▼ 32.5% |
| Operating profit (loss)9901 | €25,163 | €8,649 | €17,723 | €4,079 | €9,198 | €3,266 | ▼ 64.5% |
| Financial income75/76B | - | - | - | €20 | €17 | €47 | ▲ 184% |
| Recurring financial income75 | €43 | €21 | €15 | €20 | €17 | €47 | ▲ 184% |
| Financial charges65/66B | - | - | - | €1,844 | €430 | €282 | ▼ 34.6% |
| Recurring financial charges65 | €1,351 | €2,583 | €885 | €1,844 | €430 | €282 | ▼ 34.6% |
| Profit (loss) for the period before taxes9903 | €23,855 | €6,087 | €16,853 | €2,255 | €8,784 | €3,032 | ▼ 65.5% |
| Income taxes67/77 | €4,615 | €3,055 | €4,579 | €1,415 | €2,000 | €1,117 | ▼ 44.1% |
| Profit (loss) for the period9904 | €19,240 | €3,032 | €12,274 | €840 | €6,785 | €1,915 | ▼ 71.8% |
| Profit (loss) for the period to be appropriated9905 | €19,240 | €3,032 | €12,274 | €840 | €6,785 | €1,915 | ▼ 71.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €151,108 | €155,441 | €156,219 | €161,429 | €165,404 | €167,381 | ▲ 1.2% |
| Fixed assets21/28 | €13,918 | €9,508 | €5,098 | €6,669 | €9,532 | €9,436 | ▼ 1.0% |
| Tangible fixed assets22/27 | €12,984 | €8,574 | €4,164 | €5,734 | €6,197 | €6,237 | ▲ 0.6% |
| Plant, machinery and equipment23 | - | - | - | €3,674 | €2,810 | €1,945 | ▼ 30.8% |
| Furniture and vehicles24 | - | - | - | €2,060 | €3,388 | €4,291 | ▲ 26.7% |
| Financial fixed assets28 | €935 | €935 | €935 | €935 | €3,335 | €3,200 | ▼ 4.0% |
| Current assets29/58 | €137,190 | €145,932 | €151,121 | €154,760 | €155,872 | €157,945 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €127,407 | €136,152 | €141,865 | €139,026 | €146,770 | €147,495 | ▲ 0.5% |
| Trade receivables40 | - | - | - | €3,695 | €4,563 | €1,601 | ▼ 64.9% |
| Other amounts receivable41 | - | - | - | €135,331 | €142,207 | €145,894 | ▲ 2.6% |
| Cash at bank and in hand54/58 | €9,572 | €8,803 | €8,524 | €14,825 | €8,674 | €8,762 | ▲ 1.0% |
| Deferred charges and accrued income490/1 | - | - | - | €909 | €429 | €1,688 | ▲ 294% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €151,108 | €155,441 | €156,219 | €161,429 | €165,404 | €167,381 | ▲ 1.2% |
| Equity10/15 | €135,359 | €138,391 | €150,665 | €151,505 | €158,290 | €160,204 | ▲ 1.2% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €114,908 | €117,940 | €130,213 | €131,054 | €137,838 | €139,753 | ▲ 1.4% |
| Amounts payable17/49 | €15,749 | €17,050 | €5,555 | €9,924 | €7,114 | €7,177 | ▲ 0.9% |
| Amounts payable within one year42/48 | €15,749 | €17,050 | €5,555 | €9,924 | €7,114 | €7,177 | ▲ 0.9% |
| Trade debts44 | €2,770 | €9,381 | €991 | €3,288 | €3,669 | €2,653 | ▼ 27.7% |
| Suppliers440/4 | - | - | - | €3,288 | €3,669 | €2,653 | ▼ 27.7% |
| Taxes, remuneration and social security45 | - | - | - | €6,636 | €3,445 | €4,524 | ▲ 31.3% |
| Taxes450/3 | - | - | - | €5,977 | €3,412 | €4,524 | ▲ 32.6% |
| Remuneration and social security454/9 | - | - | - | €659 | €33 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,240 | €3,032 | €12,274 | €840 | €6,785 | €1,915 | ▼ 71.8% |
| + Depreciation and write-downs630 | €4,410 | €4,410 | €4,410 | €1,049 | €1,737 | €2,353 | ▲ 35.5% |
| Operating cash flow (approximation) | €23,650 | €7,442 | €16,684 | €1,889 | €8,522 | €4,268 | ▼ 49.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,620 | -€4,600 | -€2,258 | ▲ 50.9% |
| Change in cash | - | -€769 | -€279 | €6,301 | -€6,151 | €88 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | micro format | 28-01-2025 | 2025-00023006 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00434349 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20078464 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42000030 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-48600481 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56000228 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-25000235 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-36400433 | |
| 31-12-2015 | abbreviated format | 30-05-2016 | 2016-13900543 | |
| 31-12-2014 | abbreviated format | 17-06-2015 | 2015-18300026 |
Board & ownership
Directors
Directors
2 directors
Zienebergh Tom
Current
De Leeuw Hélène
Current
Director · listed in the 2023 annual accounts, filed on 28-01-2025
Owners and capital
Owners
Mandate history
2 people, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Zienebergh Tom |
|
| De Leeuw Hélène |
|
Network & group
HERCOL shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of HERCOL. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
2026
06-05
Gazette deed
Registered office moved within De HaanDirector in office3 points ▸
Gazette deed
Registered office moved within De Haan
Director in office3 points ▸
- General meeting, 01-03-2026
- Registered-office move, Duinenweg 13-8420 De Haan
- Director in office, De Leeuw Helene (director)
2025
28-01
micro format · 181 days late
2023
31-08
micro format · 31 days late
2022
20-06
micro format · 41 days before the deadline
2021
31-12
Financial
Weakest financial yearnet €840 ▼93.2%
The net result drops to €840, the lowest from 2018 to 2023. It recovers the following year.
28-07
micro format · 3 days before the deadline
2020
31-12
Financial
Liquidity more than triplescurrent ratio 27.21
The current ratio rises from 8.56 to 27.21. Short-term debt falls from €17,050 to €5,555.
31-12
Financial
Equity above €150,000equity €150,665 ▲8.9%
With a profit in every financial year since 2018, equity grows to €150,665.
31-08
micro format · 31 days late
2019
29-08
micro format · 29 days late
2018
28-06
micro format · 33 days before the deadline
2017
26-07
micro format · 5 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
HERCOL in Dutch
Enterprise number
0438.245.307
Legal form
Private limited company (pre-2019)
Status
Active, normale toestand
Founded
01-07-1989
Entity type
Legal entity
Registered office and establishments
Registered office
Duinenweg 13, 8421 De Haan, Belgium
Establishment unit
BVBA HERCOL, Puttestraat 131, 3130 Begijnendijk since 12-10-1989 · unit number 2.045.177.1972041202 Manufacture of chemicals and chemical products
Activities
NACEBEL 202516281
Manufacture of other wood products main activity
Codes under NACEBEL 2008
16291
Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials main activity
Codes under NACEBEL 2003
20510
main activity
Joint committee
100 Aanvullend Paritair Comité voor de werklieden annual accounts 2023
Invoicing and payment
VAT number
BE 0438.245.307
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the addresses
Ground area
2,728 m²
Building footprint
531 m²
Building volume
2,087 m³
Tallest building: 7.9 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24007B0504/00T005 | Flanders | 2,227 m² | 1 · 427 m² | 7.9 m · 1 |
| 35021A0208/00B002 | Flanders | 501 m² | 1 · 104 m² | 7.3 m · 1 |