HF HOLDING

Active Risk: not assessed

Public limited companyfounded 1998active for 27 yearsRue du Commerce 19, 1400 Nivelles, BelgiumKBO/BCE: BE 0464.928.126

Summary

HF HOLDING is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €29.7m and a net result of €9.7m. Equity grew by about 1.2% per year on average since 2018. In 2025 it fell by 7.4%. Its solvency ranks better than 66% of 3,033 sector peers (NACE 64, financial year 2025). The company has been active since 1998 and the Belgian Official Gazette contains no insolvency or warning signals.

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HF HOLDINGActive

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Overview

Official details

Source: KBO

Status: Active since 21-12-1998 Normal situation
Activity: Activities of holding companies NACE 64210
Establishment units: 2.317.543.497 1400 Nivelles, since 21-12-1998
: 2.089.721.478 1400 Nivelles, since 23-12-1998
Financial year end: 31 December
Peppol: Reachable since 19-12-2025

Company details

Board and ownership

Board

9K Capital SRLManaging director · permanent representative Maarten Impens
CarmelaDirector · since 01-01-2024 · permanent representative Richard REIS
InvesTuringDirector · since 01-01-2024 · permanent representative Maarten MEIJSSEN

and 2 others

Auditor: PwC Reviseurs d'Entreprises

Shareholders

GANTREX GROUP HOLDING100%· score 722025 annual accounts of GANTREX GROUP HOLDING

Holdings: Shares in 10 companies including GANTRAIL RAILING Ltd and GANTREX

Board & ownership

Financial position

Financial institution: outside the modelBankruptcy probability: sector outside the model

Annual accounts 2025

Profit: €9.7m; ▲ 78.7%
Equity: €29.7m; ▼ 7.4%
Total assets: €38.1m; ▼ 5.1%
Employees on 31-12-2025: 18; =

Financials

SignalsneutralLatest accounts filed on timeShow the evidence

Checked score

Outside the general model

Model not applicable to financial institutions

The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.

Bankruptcy probability within 12 months

The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.

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

1 signal.

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 02-06-2026, 59 days ahead of the deadline.

NBB · 6 filings

Deviation from the deadline

2025

59 days early

2024

49 days early

2023

42 days early

2022

56 days early

2021

33 days early

2020

40 days early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 6 accounts on average 47 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 12 June (5 of the last 5 accounts filed within 30 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

05-11-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Financials

Financials · financial year 2025, full format, standalone accounts

Annual accounts 2025 filed on 02-06-2026 PDF all 44 filings

Equity

€29.7m▼ 7.4%

2024 · €32.1m

Net result

€9.7m▲ 78.7%

2024 · €5.4m

Total assets

€38.1m▼ 5.1%

2024 · €40.1m

Solvency

78.1%▼ 2.0pp

2024 · 80.1%

In the rankings #3 company by equity in Nivelles, Finance and insurance sector #4 company by total assets in Nivelles, Finance and insurance sector #10 employer in Walloon Brabant, Financial services sector

Multi-year overview

2018 to 2025, 8 financial years

Turnover

€6.6m

▲ 2.0% 2025

20182025

Operating result

€1.6m

▲ 153% 2025

20182025

Net result

€9.7m

▲ 78.7% 2025

highest quarter of the sector

20182025

Equity

€29.7m

▼ 7.4% 2025

highest quarter of the sector

20182025

Total assets

€38.1m

▼ 5.1% 2025

middle half of the sector

20182025

Debt

€8.2m

▲ 4.7% 2025

20182025

Working capital

-€1.5m

2025

lowest quarter of the sector

20182025

Solvency

78.1%

▼ 2.0pp 2025

middle half of the sector

20182025

Current ratio

0.72

▼ 0.79 2025

middle half of the sector

20182025

Return on assets (ROA)

25.4%

▲ 11.9pp 2025

highest quarter of the sector

20182025

Staff (FTE)

18.6

▼ 0.5% 2025

highest quarter of the sector

20182025

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line20182019202020212022202320242025

Turnover€3.0m-€3.4m▲ 13.1%€3.3m▼ 3.5%€4.1m▲ 24.5%€5.4m▲ 29.7%€6.3m▲ 17.8%€6.5m▲ 2.5%€6.6m▲ 2.0%

Operating result-€0.2m-€0.7m€0.5m▼ 23.8%€0.8m▲ 45.9%€0.3m▼ 60.5%€1.7m▲ 439%€0.6m▼ 62.5%€1.6m▲ 153%

Net result€0.7m-€0.1m▼ 86.0%€2.2m▲ 22×€1.0m▼ 53.6%€3.3m▲ 222%€4.2m▲ 27.6%€5.4m▲ 28.6%€9.7m▲ 78.7%

Equity€27.3m-€15.7m▼ 42.4%€17.9m▲ 14.0%€18.9m▲ 5.7%€22.2m▲ 17.4%€26.5m▲ 18.9%€32.1m▲ 21.4%€29.7m▼ 7.4%

Total assets€35.2m-€34.5m▼ 2.1%€36.6m▲ 6.2%€36.2m▼ 1.1%€36.7m▲ 1.2%€38.2m▲ 4.3%€40.1m▲ 4.8%€38.1m▼ 5.1%

Debt€7.9m-€18.8m▲ 137%€18.7m▼ 0.3%€17.3m▼ 7.6%€14.4m▼ 16.6%€11.8m▼ 18.3%€7.9m▼ 33.1%€8.2m▲ 4.7%

Working capital€2.4m--€0.3m-€1.6m▼ 474%-€5.0m▼ 217%€0.7m€0.7m▼ 4.8%€1.8m▲ 169%-€1.5m

Solvency77.5%-45.6%▼ 31.9pp48.9%▲ 3.4pp52.3%▲ 3.4pp60.7%▲ 8.4pp69.2%▲ 8.5pp80.1%▲ 10.9pp78.1%▼ 2.0pp

Current ratio1.81-0.93▼ 0.880.70▼ 0.230.34▼ 0.361.14▲ 0.801.13▼ 0.011.51▲ 0.380.72▼ 0.79

Return on assets (ROA)2.0%-0.3%▼ 1.7pp6.0%▲ 5.7pp2.8%▼ 3.2pp9.0%▲ 6.2pp11.0%▲ 2.0pp13.5%▲ 2.5pp25.4%▲ 11.9pp

Staff (FTE)12.2-13.5▲ 10.7%17.4▲ 28.9%19.7▲ 13.2%21.4▲ 8.6%19.6▼ 8.4%18.7▼ 4.6%18.6▼ 0.5%

above within below The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 operating result for 2025 is 153% higher than in 2024. It is a recovery after the fall in 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €38.1m

90.1%

10%

Fixed assets €34.3m ▼ 1.7%

Current assets €3.8m ▼ 27.8%

Equity and liabilities €38.1m

78.1%

21.7%

Equity €29.7m ▼ 7.4%

Provisions €77,300 ▼ 18.9%

Debt €8.2m ▲ 4.7%

Debt's share of the balance-sheet total rises from 19.6% to 21.7%. Equity is lower and debt is higher.

Key figures and ratios

2025 value · change against 2024

ROE

32.5%▲

2024 · 16.9%

Debt ≤ 1 year

€5.2m▲

2024 · €3.4m

Debt > 1 year

€3.0m▼

2024 · €4.4m

Income taxes

€196,153▼

2024 · €487,805

Staff costs

€2.5m▲

2024 · €2.5m

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet

Item	31-12-2021	31-12-2022	31-12-2023	31-12-2024	31-12-2025
Employees at the balance-sheet date	20	23	20	18	18
full-time	18	20	18	17	17
part-time	2	3	2	1	1
in full-time equivalents	19.2	22.1	19.6	17.8	17.9
Average over the year, in full-time equivalents	19.7	21.4	19.6	18.7	18.6
On a permanent contract	20	23	20	18	18
Joined	5	9	1	2	1
Left	5	6	4	4	1
Training hours	101	604	441	184	370

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others

Item	2021	2022	2023	2024	2025
Debts secured on the company's own assets	€15.4m	€12.2m	€9.2m	€5.8m	€4.4m
Pledge on the business	€36.0m	€70.3m	€70.3m	€74.2m	€74.2m
Mandates to pledge the business	€30.9m	€28.0m	€32.8m	€34.6m	€26.3m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Tangible fixed assets	€45,308	€94,451	€16,697	€19,768	€32,170
Intangible fixed assets	€814,211	€778,008	€856,485	€755,204	€809,169
Financial fixed assets	€103,146	€1	-	€4,246	€5.0m
Depreciation and write-downs of the year	€760,226	€822,894	€885,918	€956,460	€715,424

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	2021	2022	2023	2024	2025
Fee for the audit	€32,500	€35,750	€50,000	€51,750	€40,250
Other work by the auditor	-	€2,750	€2,750	€26,800	€25,990

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Group figures

consolidated accounts

HF HOLDING heads a group. The consolidated accounts add up the company and its subsidiaries.

Item	2020	2021	2022	2023
Turnover	€76.2m	€79.6m	€107.5m	€113.3m
Operating result	€5.3m	€5.1m	€7.0m	€12.8m
Result for the year	€29,888	€562,876	€1.8m	€6.9m
Equity	-€433,097	€1.3m	€2.9m	€9.5m
Total assets	€52.6m	€52.2m	€59.1m	€64.6m

Source: 2020 to 2023 consolidated accounts

Subsidies and aid

European research

1 project

Programmes

Horizon 2020

1 entry

Projects

INNOVATIVE GROUND INTERFACE CONCEPTS FOR STRUCTURE PROTECTION

Horizon 2020 · partner · 01-03-2019 to 31-08-2023 · INSPIRE

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 73 lines

Balance sheet Code20242025

Assets

Total assets20/58€40.1m€38.1m▼

Fixed assets21/28€34.9m€34.3m▼

Intangible fixed assets21€3.5m€3.6m▲

Tangible fixed assets22/27€0.2m€0.2m▼

Plant, machinery and equipment23€0.1m€0.09m▼

Furniture and vehicles24€0.05m€0.07m▲

Financial fixed assets28€31.2m€30.5m▼

Affiliated companies280/1€31.2m€30.5m▼

Participating interests280€23.9m€26.0m▲

Amounts receivable281€7.4m€4.6m▼

Current assets29/58€5.2m€3.8m▼

Amounts receivable within one year40/41€4.4m€2.8m▼

Trade receivables40€2.6m€2.7m▲

Other amounts receivable41€1.8m€0.06m▼

Cash at bank and in hand54/58€0.5m€0.8m▲

Deferred charges and accrued income490/1€0.3m€0.2m▼

Equity and liabilities

Total equity and liabilities10/49€40.1m€38.1m▼

Equity10/15€32.1m€29.7m▼

Contributions10/11€1.7m€1.7m=

Capital10€1.7m€1.7m=

Issued capital100€1.7m€1.7m=

Reserves13€0.2m€0.2m=

Non-distributable reserves130/1€0.2m€0.2m=

Legal reserve130€0.2m€0.2m=

Profit (loss) carried forward14€29.9m€27.6m▼

Investment grants15€0.2m€0.2m▼

Provisions and deferred taxes16€0.1m€0.08m▼

Provisions for liabilities and charges160/5€0.01m€0.01m=

Pensions and similar obligations160€0.01m€0.01m=

Deferred taxes168€0.08m€0.06m▼

Amounts payable17/49€7.9m€8.2m▲

Amounts payable after more than one year17€4.4m€3.0m▼

Financial debts170/4€4.4m€3.0m▼

Credit institutions173€4.4m€3.0m▼

Amounts payable within one year42/48€3.4m€5.2m▲

Current portion of amounts payable after more than one year42€1.4m€1.4m=

Trade debts44€0.9m€0.7m▼

Suppliers440/4€0.9m€0.7m▼

Taxes, remuneration and social security45€1.1m€1.4m▲

Taxes450/3-€0.2m

Remuneration and social security454/9€1.1m€1.2m▲

Other amounts payable47/48-€1.8m

Accrued charges and deferred income492/3€0.02m€0.02m▼

Income statement Code20242025

Operating income70/76A€8.8m€9.1m▲

Turnover70€6.5m€6.6m▲

Own construction capitalised72€0.4m€0.4m▼

Other operating income74€1.9m€2.1m▲

Operating charges60/66A€8.2m€7.6m▼

Services and other goods61€4.8m€4.3m▼

Remuneration, social security and pensions62€2.5m€2.5m▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.0m€0.7m▼

Other operating charges640/8€0.01m€0.01m▲

Operating profit (loss)9901€0.6m€1.6m▲

Financial income75/76B€5.8m€8.7m▲

Recurring financial income75€5.8m€8.7m▲

Income from financial fixed assets750€5.6m€8.7m▲

Income from current assets751€0.06m-

Other financial income752/9€0.1m€0.08m▼

Financial charges65/66B€0.5m€0.5m▼

Recurring financial charges65€0.5m€0.5m▼

Debt charges650€0.4m€0.2m▼

Other financial charges652/9€0.1m€0.3m▲

Profit (loss) for the period before taxes9903€5.9m€9.9m▲

Transfer from deferred taxes780€0.009m€0.02m▲

Income taxes67/77€0.5m€0.2m▼

Taxes670/3€0.5m€0.2m▼

Profit (loss) for the period9904€5.4m€9.7m▲

Profit (loss) for the period to be appropriated9905€5.4m€9.7m▲

Appropriation of the result

Profit (loss) to be appropriated9906€29.9m€39.6m▲

Profit (loss) brought forward from the previous period14P€24.5m€29.9m▲

Profit to be distributed694/7-€12.0m

Return on contributions (dividend)694-€12.0m

Social balance sheet

Average headcount (FTE)908718.718.6▼

The notes to these accounts have 65 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 02-06-2026.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Operating income70/76A	-	-	-	€5.8m	€7.5m	€8.6m	€8.8m	€9.1m	▲ 3.4%
Turnover70	€3.0m	€3.4m	€3.3m	€4.1m	€5.4m	€6.3m	€6.5m	€6.6m	▲ 2.0%
Own construction capitalised72	-	-	-	€0.4m	€0.5m	€0.4m	€0.4m	€0.4m	▼ 5.9%
Other operating income74	-	-	-	€1.2m	€1.7m	€1.9m	€1.9m	€2.1m	▲ 10.2%
Non-recurring operating income76A	-	-	-	-	€0.02m	-	-	-	-
Operating charges60/66A	-	-	-	€5.0m	€7.2m	€7.0m	€8.2m	€7.6m	▼ 8.0%
Services and other goods61	-	-	-	€2.3m	€3.9m	€3.7m	€4.8m	€4.3m	▼ 10.1%
Remuneration, social security and pensions62	-	-	-	€1.9m	€2.5m	€2.4m	€2.5m	€2.5m	▲ 2.8%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€0.4m	€0.4m	€0.5m	€0.8m	€0.8m	€0.9m	€1.0m	€0.7m	▼ 25.2%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4	-	-	-	€0.01m	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)635/8	-	-	-	-	€0.02m	-€0.002m	-	-	-
Other operating charges640/8	-	-	-	€0.01m	€0.009m	€0.01m	€0.01m	€0.01m	▲ 2.8%
Non-recurring operating charges66A	-	-	-	€0.01m	-	-	-	-	-
Operating profit (loss)9901	-€0.2m	€0.7m	€0.5m	€0.8m	€0.3m	€1.7m	€0.6m	€1.6m	▲ 153%
Financial income75/76B	-	-	-	€1.5m	€4.7m	€4.4m	€5.8m	€8.7m	▲ 51.6%
Recurring financial income75	€1.2m	€0.8m	€2.6m	€1.5m	€4.6m	€4.4m	€5.8m	€8.7m	▲ 51.6%
Income from financial fixed assets750	-	-	-	€1.5m	€4.0m	€3.2m	€5.6m	€8.7m	▲ 55.9%
Income from current assets751	-	-	-	-	-	-	€0.06m	-	-
Other financial income752/9	-	-	-	€0.06m	€0.6m	€1.3m	€0.1m	€0.08m	▼ 45.8%
Non-recurring financial income76B	-	-	-	-	€0.09m	-	-	-	-
Financial charges65/66B	-	-	-	€1.2m	€1.6m	€1.8m	€0.5m	€0.5m	▼ 5.8%
Recurring financial charges65	€0.3m	€0.9m	€1.3m	€1.2m	€1.6m	€1.8m	€0.5m	€0.5m	▼ 5.8%
Debt charges650	€0.2m	€0.8m	€1.2m	€1.2m	€0.6m	€0.5m	€0.4m	€0.2m	▼ 47.1%
Other financial charges652/9	-	-	-	€0.08m	€0.9m	€1.3m	€0.1m	€0.3m	▲ 161%
Profit (loss) for the period before taxes9903	€0.7m	€0.1m	€2.3m	€1.1m	€3.4m	€4.3m	€5.9m	€9.9m	▲ 67.2%
Transfer from deferred taxes780	-	-	-	-	-	-	€0.009m	€0.02m	▲ 100.0%
Income taxes67/77	€0.04m	€0.02m	€0.07m	€0.04m	€0.1m	€0.1m	€0.5m	€0.2m	▼ 59.8%
Taxes670/3	-	-	-	€0.05m	€0.1m	€0.1m	€0.5m	€0.2m	▼ 59.8%
Tax adjustments and reversals of tax provisions77	-	-	-	€0.003m	-	-	-	-	-
Profit (loss) for the period9904	€0.7m	€0.1m	€2.2m	€1.0m	€3.3m	€4.2m	€5.4m	€9.7m	▲ 78.7%
Profit (loss) for the period to be appropriated9905	€0.7m	€0.1m	€2.2m	€1.0m	€3.3m	€4.2m	€5.4m	€9.7m	▲ 78.7%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€35.2m	€34.5m	€36.6m	€36.2m	€36.7m	€38.2m	€40.1m	€38.1m	▼ 5.1%
Fixed assets21/28	€29.9m	€30.9m	€33.0m	€33.6m	€31.0m	€32.5m	€34.9m	€34.3m	▼ 1.7%
Intangible fixed assets21	€0.3m	€1.9m	€3.5m	€3.6m	€3.6m	€3.6m	€3.5m	€3.6m	▲ 4.1%
Tangible fixed assets22/27	€0.08m	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	▼ 10.0%
Plant, machinery and equipment23	-	-	-	€0.09m	€0.2m	€0.1m	€0.1m	€0.09m	▼ 26.1%
Furniture and vehicles24	-	-	-	€0.06m	€0.06m	€0.05m	€0.05m	€0.07m	▲ 24.8%
Assets under construction and advance payments27	-	-	-	€0.02m	€0.002m	-	-	-	-
Financial fixed assets28	€29.5m	€28.8m	€29.3m	€29.8m	€27.2m	€28.6m	€31.2m	€30.5m	▼ 2.3%
Affiliated companies280/1	-	-	-	€29.8m	€27.2m	€28.6m	€31.2m	€30.5m	▼ 2.3%
Participating interests280	-	-	-	€23.8m	€23.9m	€23.9m	€23.9m	€26.0m	▲ 8.7%
Amounts receivable281	-	-	-	€6.1m	€3.3m	€4.7m	€7.4m	€4.6m	▼ 37.9%
Other financial fixed assets284/8	-	-	-	€0.001m	€0.001m	€0.001m	-	-	-
Amounts receivable and cash guarantees285/8	-	-	-	€0.001m	€0.001m	€0.001m	-	-	-
Current assets29/58	€5.3m	€3.5m	€3.7m	€2.6m	€5.6m	€5.8m	€5.2m	€3.8m	▼ 27.8%
Amounts receivable within one year40/41	€5.0m	€3.1m	€3.4m	€1.8m	€5.0m	€4.9m	€4.4m	€2.8m	▼ 38.1%
Trade receivables40	-	-	-	€1.8m	€2.8m	€3.2m	€2.6m	€2.7m	▲ 1.8%
Other amounts receivable41	-	-	-	€0.04m	€2.2m	€1.7m	€1.8m	€0.06m	▼ 96.6%
Cash at bank and in hand54/58	€0.2m	€0.3m	€0.2m	€0.7m	€0.6m	€0.8m	€0.5m	€0.8m	▲ 64.1%
Deferred charges and accrued income490/1	-	-	-	€0.08m	€0.1m	€0.1m	€0.3m	€0.2m	▼ 20.5%
Equity and liabilities
Total equity and liabilities10/49	€35.2m	€34.5m	€36.6m	€36.2m	€36.7m	€38.2m	€40.1m	€38.1m	▼ 5.1%
Equity10/15	€27.3m	€15.7m	€17.9m	€18.9m	€22.2m	€26.5m	€32.1m	€29.7m	▼ 7.4%
Contributions10/11	€1.7m	€1.7m	€1.7m	€1.7m	€1.7m	€1.7m	€1.7m	€1.7m	=
Capital10	-	-	-	€1.7m	€1.7m	€1.7m	€1.7m	€1.7m	=
Issued capital100	-	-	-	€1.7m	€1.7m	€1.7m	€1.7m	€1.7m	=
Reserves13	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	=
Non-distributable reserves130/1	-	-	-	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	=
Legal reserve130	-	-	-	€0.2m	€0.2m	€0.2m	€0.2m	€0.2m	=
Profit (loss) carried forward14	€25.4m	€13.8m	€16.0m	€17.0m	€20.3m	€24.5m	€29.9m	€27.6m	▼ 7.8%
Investment grants15	-	-	-	-	-	-	€0.2m	€0.2m	▼ 22.2%
Provisions and deferred taxes16	-	-	-	-	€0.02m	€0.01m	€0.1m	€0.08m	▼ 18.9%
Provisions for liabilities and charges160/5	-	-	-	-	€0.02m	€0.01m	€0.01m	€0.01m	=
Pensions and similar obligations160	-	-	-	-	€0.02m	€0.01m	€0.01m	€0.01m	=
Deferred taxes168	-	-	-	-	-	-	€0.08m	€0.06m	▼ 22.2%
Amounts payable17/49	€7.9m	€18.8m	€18.7m	€17.3m	€14.4m	€11.8m	€7.9m	€8.2m	▲ 4.7%
Amounts payable after more than one year17	€5.0m	€14.6m	€13.1m	€9.3m	€9.5m	€6.5m	€4.4m	€3.0m	▼ 31.4%
Financial debts170/4	-	-	-	€9.1m	€9.2m	€6.3m	€4.4m	€3.0m	▼ 31.4%
Credit institutions173	-	-	-	-	€9.2m	€6.3m	€4.4m	€3.0m	▼ 31.4%
Other loans174	-	-	-	€9.1m	-	-	-	-	-
Other amounts payable178/9	-	-	-	€0.2m	€0.2m	€0.2m	-	-	-
Amounts payable within one year42/48	€2.9m	€3.8m	€5.2m	€7.6m	€5.0m	€5.1m	€3.4m	€5.2m	▲ 51.2%
Current portion of amounts payable after more than one year42	-	-	-	€4.5m	€3.0m	€3.0m	€1.4m	€1.4m	=
Financial debts43	-	-	-	€2.0m	€0.003m	-	-	-	-
Credit institutions430/8	-	-	-	€1.3m	-	-	-	-	-
Other loans439	-	-	-	€0.6m	€0.003m	-	-	-	-
Trade debts44	€1.1m	€1.6m	€0.4m	€0.6m	€1.0m	€0.9m	€0.9m	€0.7m	▼ 24.2%
Suppliers440/4	-	-	-	€0.6m	€1.0m	€0.9m	€0.9m	€0.7m	▼ 24.2%
Taxes, remuneration and social security45	-	-	-	€0.5m	€1.0m	€1.3m	€1.1m	€1.4m	▲ 20.9%
Taxes450/3	-	-	-	€0.05m	€0.09m	€0.07m	-	€0.2m	-
Remuneration and social security454/9	-	-	-	€0.5m	€0.9m	€1.2m	€1.1m	€1.2m	▲ 6.0%
Other amounts payable47/48	-	-	-	€0.002m	-	-	-	€1.8m	-
Accrued charges and deferred income492/3	-	-	-	€0.4m	€0	€0.1m	€0.02m	€0.02m	▼ 31.0%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€0.7m	€0.1m	€2.2m	€1.0m	€3.3m	€4.2m	€5.4m	€9.7m	▲ 78.7%
+ Depreciation and write-downs630	€0.4m	€0.4m	€0.5m	€0.8m	€0.8m	€0.9m	€1.0m	€0.7m	▼ 25.2%
Operating cash flow (approximation)	€1.2m	€0.5m	€2.8m	€1.8m	€4.1m	€5.1m	€6.4m	€10.4m	▲ 63.1%
Investment in fixed assets (approximation)	-	-€1.5m	-€2.6m	-€1.4m	€1.8m	-€2.3m	-€3.4m	-€0.1m	▲ 96.1%
Change in cash	-	€0.07m	-€0.06m	€0.5m	-€0.1m	€0.2m	-€0.3m	€0.3m	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Latest 10 of 44 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	02-06-2026	2026-00132772	PDF
31-12-2024	full format	12-06-2025	2025-00142578	PDF
31-12-2023	consolidated	25-06-2024	2024-00173113	PDF
31-12-2023	full format	19-06-2024	2024-00149521	PDF
31-12-2022	consolidated	05-06-2023	2023-00112640	PDF
31-12-2022	full format	05-06-2023	2023-00112427	PDF
31-12-2021	full format	28-06-2022	2022-20147425	PDF
31-12-2021	consolidated	28-06-2022	2022-20113202	PDF
31-12-2020	consolidated	22-06-2021	2021-22700060	PDF
31-12-2020	full format	21-06-2021	2021-22400421	PDF

Show all 44 filings

Board & ownership

Directors

5 directors, 1 in day-to-day management, last change in 2024

Board 5

9K Capital SRL

Director · since 01-01-2024 · Legal entity · permanent representative: Maarten Impens · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 02-06-2026

Current

Carmela

Director · since 01-01-2024 · Private limited company · permanent representative: Richard REIS · listed in the 2025 annual accounts, filed on 02-06-2026

Current

InvesTuring

Director · since 01-01-2024 · Private limited company · permanent representative: Maarten MEIJSSEN · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 02-06-2026

Current

ITERAR

Director · since 01-01-2024 · Private limited company · permanent representative: Arne LOUWAGIE · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 02-06-2026

Current

Xavier Deedene

Director · in office according to the deed of 26-06-2026

Current

Day-to-day management 1

9K Capital SRL

Managing director · appointed by deed of 05-03-2024 · Legal entity · permanent representative: Maarten Impens

Current

Permanent representatives 4

Arne LOUWAGIE

Permanent representative · appointed by deed of 05-03-2024 · for ITERAR

Current

Maarten Impens

Permanent representative · appointed by deed of 05-03-2024 · for 9K Capital SRL

Current

Maarten MEIJSSEN

Permanent representative · appointed by deed of 05-03-2024 · for InvesTuring

Current

Richard REIS

Permanent representative · appointed by deed of 05-03-2024 · for Carmela

Current

Statutory auditor 1

PwC Reviseurs d'Entreprises

Statutory auditor · appointed by deed of 12-07-2023 · permanent representative: Gaëtan Roy SRL

Current

Office holders in the KBO →

Signing authority

“L’organe d'administration ainsi que les délégués à la gestion journalière, dans le cadre de cette gestion, peuvent également conférer des…”

deed of 30-05-2024

Owners and capital

Shareholders

1 owner

Chain of control

GANTREX GROUP HOLDING 100%
HF HOLDING

GANTREX GROUP HOLDINGparent
Sourceaccounts GANTREX GROUP HOLDING 2025
Equity €65.6m Profit of €10.6m in 2025 (loss of €1.5m in 2024) Checked score 72

100%

Owners through the years 2008 to 2025

Owners through the years
Name	2008	2009	2010	2011	2012	2013	2014	2024	2025
GANTREX GROUP HOLDING 2024: 100% 2025: consolidates								100%	consolidates
DPM HOLDING 2008 to 2014: 71%	71%

Source: parent in its own accounts, lists of holdings in the owners' accounts

Capital transactions

Capital over time

30-05-2024 Capital stated in the deed · €1,739,634.59 · 49,077,054 shares

Mandate history

11 people, 6 in office

All 11 In office 6 Ended 5

Board
Day-to-day management
Statutory auditor
mandate already running before its first mention
end not dated

Mandates per person, with start and end dates
Name	Functions and periods
9K Capital SRL	Director, from 01-01-2024 to date Managing director, appointed by deed of 05-03-2024, still in office
Carmela	Director, from 01-01-2024 to date
InvesTuring	Director, from 01-01-2024 to date
ITERAR	Director, from 01-01-2024 to date
Xavier Deedene	Director, since before 26-06-2026
PwC Reviseurs d'Entreprises	Statutory auditor, appointed by deed of 12-07-2023, still in office
Arne LOUWAGIE	Director, appointed by deed of 09-08-2022, until 05-03-2024
Maarten MEIJSSEN	Director, from before 31-05-2021 to 05-03-2024 Chair of the board, appointed by deed of 09-08-2022, ended, last mentioned on 09-08-2022
MI Management FZE	Director, until 05-03-2024
Richard REIS	Director, from before 31-05-2021 to 05-03-2024
Gilles Mougenot	Director, from before 31-05-2021 to 09-08-2022

See the board, name and registered office on a given date →

Articles of association

Board rule: At least 3 directors

Articles of association, deed of 30-05-2024 (in French)

Network & group

Part of the group GANTREX GROUP HOLDING 3 companies Group, risk and exposure

Holdings and subsidiaries

10 holdings · 14 subsidiaries, including indirect ones

Source for every holding own accounts 2025

GANTRAIL RAILING LtdGBsubsidiary
Equity GBP 1.6mResult GBP 543,964

100%
GANTREXsubsidiary
AlsoLEI register
Equity €15.4m Profit of €5.0m in 2025 (profit of €3.3m in 2024) Checked score 87

100%
GANTREX BEIJING MMCCCNsubsidiary
Equity CNY 19.9mResult CNY 5.5m

100%
GANTREX CRANE RAIL INSTALLATION LLCAEsubsidiary
Equity AED 15.2mResult AED 10.9m

100%
GANTREX INDIA CRANE RAIL PVT LTDINsubsidiary
Equity INR 88.7mResult INR 24.0m

100%
GANTREX MALAYSIA SDN. BHD.MYsubsidiary
Equity MYR 4.7mResult MYR 2.5m

100%
GANTREX PTE LTDSGsubsidiary
Equity -SGD 167,530Result SGD 454,332

100%
GANTREX SPAINESsubsidiary
Equity €2.3mResult €1.7m

99.99%
GANTREX GMBHDE
Equity €2.4mResult €1.5m

10%+ 90% via subsidiaries
GANTREX MOROCCOMA
Equity -MAD 560,617Result -MAD 100,381

1%+ 99% via subsidiaries

All subsidiaries, including indirect ones 14

HF HOLDING or one of its subsidiaries holds more than half of the shares of these companies. A company it consolidates per the LEI register is listed too.

GANTRAIL RAILING LtdGB 100%
GANTREX 100%6 subsidiaries
- GANTREX CANADA INCCA 100%
- GANTREX FRANCE SASFR 100%
- GANTREX INCUS 100%
- GANTREX NETHERLANDS BVNL 100%
- GANTREX GMBHDE 90%
- GANTREX MOROCCOMA 90%
GANTREX BEIJING MMCCCN 100%
GANTREX CRANE RAIL INSTALLATION LLCAE 100%
GANTREX INDIA CRANE RAIL PVT LTDIN 100%
GANTREX MALAYSIA SDN. BHD.MY 100%
GANTREX PTE LTDSG 100%
GANTREX SPAINES 99.99%

Holdings through the years 2006 to 2025

Holdings through the years
Name	2006	2007	2008	2009	2010	2011	2014	2015	2016	2017	2019	2020	2025
GANTRAIL RAILING LtdGB 2025: 100%													100%
GANTREX 2009 to 2025: 100%				100%
GANTREX BEIJING MMCCCN 2008: 20% 2009 to 2025: 100%			20%	100%
GANTREX CRANE RAIL INSTALLATION LLCAE 2009 to 2013: 49% 2014 to 2015: 100% 2016 to 2024: 49% 2025: 100%				49%			100%		49%				100%
GANTREX INDIA CRANE RAIL PVT LTDIN 2009 to 2025: 100%				100%
GANTREX MALAYSIA SDN. BHD.MY 2019 to 2025: 100%											100%
GANTREX PTE LTDSG 2007: 80% 2008 to 2025: 100%		80%	100%
GANTREX SPAINES 2014 to 2025: 99.99%							99.99%
GANTREX GMBHDE 2011 to 2014: 99% 2015 to 2025: 10%						99%		10%
GANTREX MOROCCOMA 2019: 10% 2020 to 2025: 1%											10%	1%
GANTRAIL INTERNATIONAL LTD.GB 2017 to 2024: 100%										100%
GANTREX INTERNATIONAL 2008 to 2019: 99.7%			99.7%
Gantrex ItaliaIT 2010 to 2015: 100%					100%
Gantry CZCZ 2008 to 2015: 100%			100%
Cranequip LtdGB 2009 to 2014: 100%				100%
Gantrex Canada IncCA 2008 to 2014: 100%			100%
Gantrex Crane Rail Installations Inc 2009 to 2014: 100%				100%
Gantrex IncUS 2008 to 2014: 100%			100%
Gantry Middle East Ltd 2009 to 2014: 100%				100%
SGM MAGNETICS 2006 to 2014: 100%	100%
SGM Magnetics CorpUS 2007 to 2014: 100%		100%
SGM Magnetics GmbHDE 2011 to 2014: 100%						100%
SGM Magnetics Pvt LtdIN 2009 to 2014: 100%				100%
SGM Magnetics UK LtdGB 2011 to 2014: 100%						100%
SGM Gantry SPAIT 2011 to 2014: 98.75%						98.75%
Gantry EspanolaES 2008 to 2013: 99.99%			99.99%
Gantrex Asia LtdHK 2008 to 2010: 20% 2011: 100%			20%			100%
Gantry Krantechnik GmbHDE 2007 to 2010: 100%		100%
Gantry Netherlands BVNL 2006: 98% 2007 to 2010: 100%	98%	100%
Gantry SGM GmbHDE 2008 to 2010: 99%			99%
Cranequip LimitedGB 2007 to 2008: 100%		100%
Gantrex Crane Rail Installation India LtdIN 2007 to 2008: 100%		100%
Gantry Middle East limited 2006 to 2008: 100%	100%
Gantrex Crane Rail Installation LtdAE 2008: 49%			49%

Source: list of holdings in its own accounts

Parent company per the LEI register

Parent company: none declared

HF HOLDING declares that it is controlled by companies that do not have to prepare consolidated accounts.

Own declaration in the LEI register: 549300ZIK5GF1U5R2912

Companies at the same address

5 other companies

Connections & network

1 connected company

Depth

The connected companies are in the list below.

This company Company Director Shareholding +N: links not shown yet

Linked via shared directors

LOUISE RAIL MIV

via ITERAR, 9K Capital and Arne LOUWAGIE (no longer at LOUISE RAIL MIV) · deeds of 29-11-2024 and 10-11-2022

Founded in 2015

→

Timeline

Deeds, filings and financial milestones

All 22Financial 4Gazette 8Filings 10 of 44

Deadline for the 2026 accounts: 31-07-2027

2026

26-06

Gazette deed 1 statutory auditor appointed, 1 director reappointed

Reappointment: Xavier Deedene (director) · Appointment: PwC Reviseurs d'Entreprises (statutory auditor) · Permanent representative: Gaëtan Roy4 points ▸

General meeting, 01-06-2026
Director reappointment, Xavier Deedene
Auditor appointment, PwC Reviseurs d'Entreprises (statutory auditor)
Permanent representative, Gaëtan Roy

Open the deed in the Belgian Official Gazette

02-06

NBB filing Annual accounts 2025 filedPDF

full format · 59 days before the deadline

2025

31-12

Financial Highest result from 2018 to 2025net €9.7m ▲78.7%

The net result of €9.7m is the highest of those years.

12-06

NBB filing Annual accounts 2024 filedPDF

full format · 49 days before the deadline

2024

09-07

Gazette deed Publication in the Belgian Official Gazette

1 point ▸

Registered office clause, Rue du Commerce 19, 1400 Nivelles
The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

25-06

NBB filing Consolidated accounts 2023 filedPDF

19-06

NBB filing Annual accounts 2023 filedPDF

full format · 42 days before the deadline

30-05

Gazette deed Amendment of the articles

General meeting of 23-05-20242 points ▸

General meeting, 23-05-2024
Capital, €1,739,634.59, 49,077,054 shares
The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

05-03

Gazette deed 4 directors appointed, 4 directors resigning

Resignations: MI MANAGEMENT FZE, Maarten MEIJSSEN and 2 others · Appointments: 9K Capital SRL, InvesTuring SRL and 2 others · Permanent representatives: Maarten IMPENS, Maarten MEIJSSEN and 2 others12 points ▸

General meeting, 22-12-2023
Director resignation, MI MANAGEMENT FZE
Director resignation, Maarten MEIJSSEN
Director resignation, Richard REIS
Director resignation, Arne LOUWAGIE
Director appointment, 9K Capital SRL
Director appointment, InvesTuring SRL
Director appointment, Carmela SRL
Director appointment, Iterar SRL
Permanent representative, Maarten IMPENS
Permanent representative, Maarten MEIJSSEN
Permanent representative, Richard REIS
The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

05-03

Gazette deed Appointment: 9K Capital SRL (managing director)

Permanent representative: Maarten Impens3 points ▸

Board meeting, 22-12-2023
Director appointment, 9K Capital SRL (managing director)
Permanent representative, Maarten Impens

Open the deed in the Belgian Official Gazette

2023

31-12

Financial Equity above €25mequity €26.5m ▲18.9%

With a profit in every financial year since 2018, equity grows to €26.5m.

12-07

Gazette deed Reappointment: PwC Réviseur d'entreprise srl (statutory auditor)

2 points ▸

General meeting, 31-05-2023
Auditor reappointment, PwC Réviseur d'entreprise srl (statutory auditor)

Open the deed in the Belgian Official Gazette

Show earlier events

05-06

NBB filing Consolidated accounts 2022 filedPDF

56 days before the deadline

05-06

NBB filing Annual accounts 2022 filedPDF

full format

2022

31-12

Financial Liquidity more than triplescurrent ratio 1.14

The current ratio rises from 0.34 to 1.14. Short-term debt falls from €7.6m to €5.0m.

09-08

Gazette deed 2 directors appointed, 1 director resigning

Resignation: Gilles Mougenot (director) · Appointments: Arne Louwagie (director) and Maarten Meijssen (chair of the board)4 points ▸

General meeting, 03-05-2022
Director resignation, Gilles Mougenot
Director appointment, Arne Louwagie
Director appointment, Maarten Meijssen (chair of the board)

Open the deed in the Belgian Official Gazette

28-06

NBB filing Annual accounts 2021 filedPDF

full format · 33 days before the deadline

28-06

NBB filing Consolidated accounts 2021 filedPDF

2021

23-09

Gazette deed 4 directors reappointed

Reappointments: MI Management FZE, Maarten Meijssen and 2 others · Permanent representative: Maarten Impens6 points ▸

General meeting, 31-05-2021
Director reappointment, MI Management FZE
Director reappointment, Maarten Meijssen
Director reappointment, Gilles Mougenot
Director reappointment, Richard Reis
Permanent representative, Maarten Impens

Open the deed in the Belgian Official Gazette

22-06

NBB filing Consolidated accounts 2020 filedPDF

21-06

NBB filing Annual accounts 2020 filedPDF

full format · 40 days before the deadline

2019

31-12

Financial Weakest financial yearnet €98,951 ▼86%

The net result drops to €98,951, the lowest from 2018 to 2025. It recovers the following year.

Show all 44 filings

Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official Gazette Filings with the National Bank

History

On 21 December 1998, HF HOLDING was incorporated.¹ Total assets went from €35.2m in 2018 to €38.1m in 2025 and headcount from 12.2 to 18.6 full-time equivalents.²

Company details

Register details

Identity

KBO record

Name HF HOLDING in French

Enterprise number 0464.928.126

LEI code 549300ZIK5GF1U5R2912 live in the LEI register

Legal form Public limited company

Status Active, normal situation

Founded 21-12-1998

Entity type Legal entity

Duration

Unlimited

deed of 30-05-2024 (in French)

Registered office and establishments

Registered office Rue du Commerce 19, 1400 Nivelles, Belgium

Establishment units HF HOLDING, Rue du Commerce 19, 1400 Nivelles since 21-12-1998 · unit number 2.317.543.497

RDH HOLDING, Rue du Panier-Vert 70, 1400 Nivelles since 23-12-1998 · unit number 2.089.721.478

Website www.gantrex.com

E-mail info@gantrex.com

Phone 067/888030

Fax 067/216321

E-mail info.nivelles@gantrex.com establishment in Nivelles

Phone +3267888030 establishment in Nivelles

Fax +32216321 establishment in Nivelles

Activities

NACEBEL 2025

VAT activities

64210 Activities of holding companies main activity

Social security (RSZ) activities

64210 Activities of holding companies main activity

Codes under NACEBEL 2008

VAT activities

64200 Holdings main activity

Social security (RSZ) activities

64200 Holdings main activity

Codes under NACEBEL 2003

65231 main activity

Purpose

“La participation directe ou indirecte dans d’autres sociétés et/ou entreprises belges et/ou étrangères pour lesquelles elle pourra apporter…”

12 activities

La participation directe ou indirecte dans d’autres sociétés et/ou entreprises belges et/ou étrangères pour lesquelles elle pourra apporter des services support (management stratégique,marketing,services informatiques,management financier,support technique)
La construction,le développement et la gestion du patrimoine incorporel tel que know-how,concessions,patentes,licences,marques et autres droits similaires
Entamer tous programmes de recherches relatifs à de nouveaux produits ou procédés ainsi qu’acquérir,exploiter et accorder tous brevets,licences ou marques
La construction,le développement et la gestion du patrimoine immobilier
Toutes les opérations,oui ou non sous le système de la TVA,relatives aux biens immobiliers et aux droits immobiliers,tels que l’achat et la vente,la construction,la rénovation,l’aménagement et la décoration d’intérieur,la location ou la prise en location,l’échange,le lotissement et,en général,toutes les opérations qui sont liées directement ou indirectement à la gestion ou à l’exploitation de biens immobiliers ou de droits réels immobiliers
La construction,le développement et la gestion d’un patrimoine mobilier
Toutes les opérations relatives à des biens et des droits mobiliers,de quelque nature que ce soit,tels que la vente et l’achat,la location et la prise en location,l’échange,en particulier la gestion et la valorisation de tous biens négociables,actions,obligations,fonds d’État
Faire des emprunts et consentir des prêts,crédits,financements et la négociation de contrats de leasing,dans le cadre des buts décrits ci-dessus
Donner caution tant pour ses propres engagements que pour les engagements de tiers,entre autres en donnant ses biens en hypothèque ou en gage,y compris son propre fonds de commerce
Se porter garant ou fournir des sûretés réelles pour des sociétés ou des personnes privées,au sens le plus large
Exercer les fonctions d’administrateur ou liquidateur dans d’autres sociétés
Réaliser son objet en tous lieux,de toutes les manières et suivant les modalités qui paraîtront les mieux appropriées

deed of 30-05-2024 (in French)

Invoicing and payment

VAT number BE 0464.928.126

E-invoicing via Peppol

Reachable via Peppol

Peppol ID 0208:0464928126

Other Peppol ID 9925:BE0464928126

Registered 19-12-2025

Follow this company and you will hear the next morning if it leaves the Peppol register.

Financial year and general meeting

Accounts at the NBB

Financial year end 31-12

Annual meeting

31 May at 10:00

deed of 30-05-2024 (in French)

Sites & property

Location

registered office establishment All 2 establishment units on the map

6 companies at this address See who is registered here

Buildings and parcels at the addresses

Ground area

2.0 ha

Building footprint

2,312 m²

Building volume

17,648 m³

Tallest building: 17.6 m.

Cadastral parcel	Region	Area	Buildings	Height / floors
25782C0634/00F002	Wallonia	1.5 ha	1 · 1,815 m²	11.8 m · 2
25783E0223/00W003	Wallonia	5,046 m²	1 · 498 m²	17.6 m · 5

Overview

Overview

Official details

Board and ownership

Financial position

Checked score

Signals

Financials

Financials · financial year 2025, full format, standalone accounts

Staff

Securities and guarantees

Investments

Auditor

Group figures

Subsidies and aid

European research

Board & ownership

Directors

Board 5

Day-to-day management 1

Statutory auditor 1

Owners and capital

Shareholders

Owners 1

Capital transactions

Mandate history

Articles of association

Network & group

Holdings and subsidiaries

Holdings 10

Parent company per the LEI register

Companies at the same address

Connections & network

Timeline

Deeds, filings and financial milestones

History

Company details

Register details

Identity

Registered office and establishments

Activities

Invoicing and payment

Financial year and general meeting

Sites & property

Buildings and parcels at the addresses