Hercull
ActiveSummary
Hercull has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.48M and a net result of €650k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 25% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability53▼-26
Solvency32▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75k at 30 days acceptable
Liquidity tight (current ratio 1.18 against 1.62 in 2024; short-term debt: 84.7% and cash: 7.8% of total assets), and 93.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← 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
6.5%
Return on assets
2.9%
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 9234 sector peers (2025).
NBB · sector comparisonPosition among 9234 sector peers
Solvency
better than 25%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.48M
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 28-04-2026, 94 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
94 d early
2024
44 d early
2023
26 d late
2022
41 d early
2021
38 d early
2020
89 d early
2019
92 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.48M▲ 78.2%
2024 · €831k
2018: €33k
2019: €31k▼ -5.5% vs 2018
2020: €28k▼ -10.7% vs 2019
2021: €23k▼ -16.0% vs 2020
2022: €17k▼ -28.5% vs 2021lowest in 8 years
2023: €40k▲ +138% vs 2022
2024: €831k▲ +1979% vs 2023
2025: €1.48M▲ +78.2% vs 2024highest in 8 years
2018 → 2025
Total assets
€22.76M▲ 131%
2024 · €9.84M
2018: €703k
2019: €120k▼ -83.0% vs 2018
2020: €33k▼ -72.2% vs 2019
2021: €23k▼ -29.4% vs 2020lowest in 8 years
2022: €3.07M▲ +12980% vs 2021
2023: €7.23M▲ +135% vs 2022
2024: €9.84M▲ +36.2% vs 2023
2025: €22.76M▲ +131% vs 2024highest in 8 years
2018 → 2025
Net result
€650k▼ 17.9%
2024 · €791k
2018: €33k
2019: €81k▲ +149% vs 2018
2020: €-3k▼ -104% vs 2019
2021: €-4k▼ -32.5% vs 2020
2022: €-7k▼ -50.3% vs 2021lowest in 8 years
2023: €23k▲ +446% vs 2022
2024: €791k▲ +3311% vs 2023highest in 8 years
2025: €650k▼ -17.9% vs 2024
2018 → 2025
Working capital
€3.47M▼ 8.3%
2024 · €3.78M
2018: €33k
2019: €31k▼ -5.5% vs 2018
2020: €28k▼ -10.7% vs 2019
2022: €17klowest value
2023: €4.01M▲ +23816% vs 2022highest value
2024: €3.78M▼ -5.8% vs 2023
2025: €3.47M▼ -8.3% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€23k-€17k▼ 28.5%€40k▲ 138%€831k▲ 1,979%€1.48M▲ 78.2%
2021: €23k
2022: €17k▼ -28.5% vs 2021lowest in 5 years
2023: €40k▲ +138% vs 2022
2024: €831k▲ +1979% vs 2023
2025: €1.48M▲ +78.2% vs 2024highest in 5 years
Operating result€-4k-€-6k▼ 45.6%€99k€1.18M▲ 1,096%€1.23M▲ 3.7%
2021: €-4k
2022: €-6k▼ -45.6% vs 2021lowest in 5 years
2023: €99k▲ +1684% vs 2022
2024: €1.18M▲ +1096% vs 2023
2025: €1.23M▲ +3.7% vs 2024highest in 5 years
Net result€-4k-€-7k▼ 50.3%€23k€791k▲ 3,311%€650k▼ 17.9%
2021: €-4k
2022: €-7k▼ -50.3% vs 2021lowest in 5 years
2023: €23k▲ +446% vs 2022
2024: €791k▲ +3311% vs 2023highest in 5 years
2025: €650k▼ -17.9% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 4% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €22.76M
Fixed assets
€13k ▲ 86.3%
Current assets
€22.75M ▲ 131%
Equity and liabilities €22.76M
Equity
€1.48M ▲ 78.2%
Debt
€21.28M ▲ 136%
Debt's share of the balance-sheet total rises from 91.6% to 93.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.23M▲
2024 · €1.18M
Cash flow
€652k▼
2024 · €793k
Current ratio
1.18▼
2024 · 1.62
Quick ratio
0.21▼
2024 · 0.55
Debt to equity
14.37▲
2024 · 10.84
ROE
43.9%▼
2024 · 95.2%
ROA
2.9%▼
2024 · 8.0%
Interest coverage
3.71▼
2024 · 9.69
Debt ≤ 1 year
€19.28M▲
2024 · €6.06M
Debt > 1 year
€2.00M▼
2024 · €2.95M
Income taxes
€249k▼
2024 · €271k
Staff costs
€497k▲
2024 · €468k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 51 lines
Balance sheet
Code20242025
Assets
Total assets20/58€9.84M€22.76M▲
Fixed assets21/28€7k€13k▲
Tangible fixed assets22/27€7k€13k▲
Plant, machinery and equipment23€0€4k▲
Furniture and vehicles24€7k€9k▲
Current assets29/58€9.84M€22.75M▲
Stocks and contracts in progress3€6.49M€18.79M▲
Stocks30/36€6.49M€18.79M▲
Amounts receivable within one year40/41€3.09M€2.15M▼
Trade receivables40€2.98M€2.15M▼
Other amounts receivable41€105k€3k▼
Cash at bank and in hand54/58€249k€1.77M▲
Deferred charges and accrued income490/1€7k€31k▲
Equity and liabilities
Total equity and liabilities10/49€9.84M€22.76M▲
Equity10/15€831k€1.48M▲
Contributions10/11€27k€27k=
Reserves13€4k€4k=
Distributable reserves133€4k€4k=
Profit (loss) carried forward14€800k€1.45M▲
Amounts payable17/49€9.01M€21.28M▲
Amounts payable after more than one year17€2.95M€2.00M▼
Financial debts170/4€2.95M€2.00M▼
Amounts payable within one year42/48€6.06M€19.28M▲
Current portion of amounts payable after more than one year42€212k€34k▼
Financial debts43€1.99M€6.84M▲
Credit institutions430/8€1.99M€6.84M▲
Trade debts44€1.90M€621k▼
Suppliers440/4€1.90M€621k▼
Advances received on contracts in progress46€25k€5.60M▲
Taxes, remuneration and social security45€181k€595k▲
Taxes450/3€135k€545k▲
Remuneration and social security454/9€45k€50k▲
Other amounts payable47/48€1.75M€5.59M▲
Accrued charges and deferred income492/3€7k€0▼
Income statement
Code20242025
Non-recurring operating income76A€15€0▼
Remuneration, social security and pensions62€468k€497k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€2k▲
Other operating charges640/8€2k€7k▲
Gross operating margin9900€1.65M€1.73M▲
Operating profit (loss)9901€1.18M€1.23M▲
Financial income75/76B€2k€3k▲
Recurring financial income75€2k€3k▲
Financial charges65/66B€122k€331k▲
Recurring financial charges65€122k€331k▲
Profit (loss) for the period before taxes9903€1.06M€899k▼
Income taxes67/77€271k€249k▼
Profit (loss) for the period9904€791k€650k▼
Profit (loss) for the period to be appropriated9905€791k€650k▼
Appropriation of the result
Profit (loss) to be appropriated9906€800k€1.45M▲
Profit (loss) brought forward from the previous period14P€9k€800k▲
Social balance
Average headcount (FTE)90874.04.0=
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €15 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | €364k | €468k | €497k | ▲ 6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €831 | €2k | €2k | ▲ 50.2% |
| Other operating charges640/8 | €532 | €112 | €3k | €2k | €7k | ▲ 202% |
| Gross operating margin9900 | €-4k | €-6k | €467k | €1.65M | €1.73M | ▲ 4.8% |
| Operating profit (loss)9901 | €-4k | €-6k | €99k | €1.18M | €1.23M | ▲ 3.7% |
| Financial income75/76B | - | - | €0 | €2k | €3k | ▲ 48.4% |
| Recurring financial income75 | - | - | €0 | €2k | €3k | ▲ 48.4% |
| Financial charges65/66B | €167 | €453 | €67k | €122k | €331k | ▲ 171% |
| Recurring financial charges65 | €167 | €453 | €67k | €122k | €331k | ▲ 171% |
| Profit (loss) for the period before taxes9903 | €-4k | €-7k | €32k | €1.06M | €899k | ▼ 15.4% |
| Income taxes67/77 | - | - | €9k | €271k | €249k | ▼ 8.2% |
| Profit (loss) for the period9904 | €-4k | €-7k | €23k | €791k | €650k | ▼ 17.9% |
| Profit (loss) for the period to be appropriated9905 | €-4k | €-7k | €23k | €791k | €650k | ▼ 17.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €23k | €3.07M | €7.23M | €9.84M | €22.76M | ▲ 131% |
| Fixed assets21/28 | - | - | €8k | €7k | €13k | ▲ 86.3% |
| Tangible fixed assets22/27 | - | - | €8k | €7k | €13k | ▲ 86.3% |
| Plant, machinery and equipment23 | - | - | €2k | €0 | €4k | - |
| Furniture and vehicles24 | - | - | €7k | €7k | €9k | ▲ 23.3% |
| Current assets29/58 | €23k | €3.07M | €7.22M | €9.84M | €22.75M | ▲ 131% |
| Stocks and contracts in progress3 | - | €2.98M | €6.00M | €6.49M | €18.79M | ▲ 190% |
| Stocks30/36 | - | €2.98M | €6.00M | €6.49M | €18.79M | ▲ 190% |
| Amounts receivable within one year40/41 | €383 | €52k | €769k | €3.09M | €2.15M | ▼ 30.3% |
| Trade receivables40 | - | €25k | €727k | €2.98M | €2.15M | ▼ 27.9% |
| Other amounts receivable41 | €383 | €27k | €41k | €105k | €3k | ▼ 97.3% |
| Cash at bank and in hand54/58 | €23k | €39k | €449k | €249k | €1.77M | ▲ 610% |
| Deferred charges and accrued income490/1 | - | - | €2k | €7k | €31k | ▲ 319% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €23k | €3.07M | €7.23M | €9.84M | €22.76M | ▲ 131% |
| Equity10/15 | €23k | €17k | €40k | €831k | €1.48M | ▲ 78.2% |
| Contributions10/11 | €27k | €27k | €27k | €27k | €27k | = |
| Reserves13 | €4k | €4k | €4k | €4k | €4k | = |
| Non-distributable reserves130/1 | €4k | - | - | - | - | - |
| Reserves not available under the articles1311 | €4k | - | - | - | - | - |
| Distributable reserves133 | - | €4k | €4k | €4k | €4k | = |
| Profit (loss) carried forward14 | €-8k | €-14k | €9k | €800k | €1.45M | ▲ 81.2% |
| Amounts payable17/49 | - | €3.05M | €7.19M | €9.01M | €21.28M | ▲ 136% |
| Amounts payable after more than one year17 | - | - | €3.66M | €2.95M | €2.00M | ▼ 32.2% |
| Financial debts170/4 | - | - | €3.66M | €2.95M | €2.00M | ▼ 32.2% |
| Amounts payable within one year42/48 | - | €3.05M | €3.20M | €6.06M | €19.28M | ▲ 218% |
| Current portion of amounts payable after more than one year42 | - | - | €29k | €212k | €34k | ▼ 84.2% |
| Financial debts43 | - | €1.97M | €0 | €1.99M | €6.84M | ▲ 244% |
| Credit institutions430/8 | - | €1.97M | €0 | €1.99M | €6.84M | ▲ 244% |
| Trade debts44 | - | €29k | €629k | €1.90M | €621k | ▼ 67.2% |
| Suppliers440/4 | - | €29k | €629k | €1.90M | €621k | ▼ 67.2% |
| Advances received on contracts in progress46 | - | - | €306k | €25k | €5.60M | ▲ 22,295% |
| Taxes, remuneration and social security45 | - | - | €75k | €181k | €595k | ▲ 229% |
| Taxes450/3 | - | - | €36k | €135k | €545k | ▲ 303% |
| Remuneration and social security454/9 | - | - | €39k | €45k | €50k | ▲ 9.5% |
| Other amounts payable47/48 | - | €1.05M | €2.17M | €1.75M | €5.59M | ▲ 219% |
| Accrued charges and deferred income492/3 | - | - | €324k | €7k | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-4k | €-7k | €23k | €791k | €650k | ▼ 17.9% |
| + Depreciation and write-downs630 | - | - | €831 | €2k | €2k | ▲ 50.2% |
| Operating cash flow (approximation) | €-4k | €-7k | €24k | €793k | €652k | ▼ 17.7% |
| Investment in fixed assets (approximation) | - | - | - | €-402 | €-8k | ▼ 1,995% |
| Change in cash | - | €16k | €410k | €-199k | €1.52M | ▲ 864% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €1MEq €1.48M ▲78.2%
3 profitable years in a row build equity to €1.48M.
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €791k ▲3,311%
Net result €791k, the highest in the series.
31-12
Financial
Equity above €500kEq €831k ▲1,979%
2 profitable years in a row build equity to €831k.
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 26 days late
2023
31-12
Financial
Back to profitnet €23k
Net result €23k after 3 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 2.25
Current ratio from 1.01 to 2.25.
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet €-7k
Net result drops to €-7k, the lowest in the series; recovery starts the following year.
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
03-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
31-12
Financial
Liquidity times 5current ratio 6.26
Current ratio from 1.35 to 6.26; short-term debt falls from €88k to €5k.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
13-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kortrijk · 1 establishment unit since 2013
Ground area
317 m²
Building footprint
3,343 m²
Parcel 34026A0737/00G008, Flanders. Linked by address, not a title deed.
1 establishment unit
Hercull BV
since 20132.226.173.160
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34026A0737/00G008 | Flanders | 317 m² | 1 · 3,343 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 3,719 EUR awarded · 3,719 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 734 EUR | 734 EUR |
| 2024 | 1 | 2,451 EUR | 2,451 EUR |
| 2023 | 1 | 534 EUR | 534 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 9,693 companies in sector 68121 we hold annual accounts for 7,385. 3,400 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded19-11-2013
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.
Business parks
3 parksOffers a parcel on business park:Gits
Offers a parcel on business park:Molsten
Offers a parcel on business park:Nieuwendorpe