HL MANAGEMENT
ActiveSummary
HL MANAGEMENT has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €508,276 and a net result of €250,065. Equity is growing by ~6.7% per year across the filed fiscal years. Its solvency ranks better than 17% of 4626 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability78▲+7
Solvency37▲+6
Growth67▲+31
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity short (current ratio 0.29 against 0.19 in 2023; short-term debt: 39.3% and cash: 0.2% of total assets), and 88.4% of the assets are financed with debt.
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Signals
Five 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 17% of 4626 sector peers (2024).
NBB · sector comparisonPosition among 4626 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
68 d late
2022
84 d late
2021
78 d late
2020
90 d late
2019
118 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 83 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#4 company by total assets in Neupré, Professional and technical services sector#8 oldest company in Neupré, Professional and technical services sector
Turnover
€665,536▲ 5.5%
2023 · €630,952
EBIT margin
69.9%▲ 45.3pp
2023 · 24.6%
Net result
€250,065▲ 338%
2023 · €57,112
Working capital
-€1.2m▲ 43.0%
2023 · -€2.1m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€509,100▼ 8.0%€523,900▲ 2.9%€624,281▲ 19.2%€630,952▲ 1.1%€665,536▲ 5.5%
Operating result€66,338▼ 54.6%€69,143▲ 4.2%-€47,280€155,052€465,261▲ 200%
Net result€83,368above the sector's middle half▼ 6.4%-€12,614below the sector's middle half-€112,968below the sector's middle half▼ 796%€57,112within the sector's middle half€250,065within the sector's middle half▲ 338%
EBIT margin13.0%▼ 13.4pp13.2%▲ 0.2pp-7.6%▼ 20.8pp24.6%▲ 32.1pp69.9%▲ 45.3pp
Equity€338,150above the sector's middle half▲ 18.7%€325,536above the sector's middle half▼ 3.7%€212,568within the sector's middle half▼ 34.7%€258,211within the sector's middle half▲ 21.5%€508,276within the sector's middle half▲ 96.8%
Total assets€3.6mabove the sector's middle half▼ 2.5%€3.9mabove the sector's middle half▲ 9.0%€4.7mwithin the sector's middle half▲ 19.4%€4.7mwithin the sector's middle half▲ 0.6%€4.4mwithin the sector's middle half▼ 6.7%
Debt€3.2m▼ 4.2%€3.5m▲ 10.7%€4.4m▲ 24.8%€4.4m▼ 0.3%€3.8m▼ 12.7%
Working capital-€903,848below the sector's middle half▼ 11.0%-€1.4mbelow the sector's middle half▼ 54.4%-€1.8mbelow the sector's middle half▼ 27.4%-€2.1mbelow the sector's middle half▼ 20.8%-€1.2mbelow the sector's middle half▲ 43.0%
Solvency9.5%below the sector's middle half▲ 1.7pp8.4%below the sector's middle half▼ 1.1pp4.6%below the sector's middle half▼ 3.8pp5.5%below the sector's middle half▲ 0.9pp11.6%below the sector's middle half▲ 6.1pp
Current ratio0.16below the sector's middle half▲ 0.060.18below the sector's middle half▲ 0.020.23below the sector's middle half▲ 0.050.19below the sector's middle half▼ 0.030.29below the sector's middle half▲ 0.09
Return on assets (ROA)2.3%within the sector's middle half▼ 0.1pp-0.3%below the sector's middle half▼ 2.7pp-2.4%below the sector's middle half▼ 2.1pp1.2%within the sector's middle half▲ 3.6pp5.7%within the sector's middle half▲ 4.5pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2022 Net result -796% on 2021. The accounts now follow the full schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 200% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.4m
Fixed assets
€3.9m ▼ 6.9%
Current assets
€493,518 ▼ 4.9%
Equity and liabilities €4.4m
Equity
€508,276 ▲ 96.8%
Provisions
€26,080 ▼ 18.5%
Debt
€3.8m ▼ 12.7%
Debt's share of the balance-sheet total falls from 93.8% to 87.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€883,309▲
2023 · €495,378
Cash flow
€668,113▲
2023 · €397,437
Debt to equity
7.54▼
2023 · 17.00
ROE
49.2%▲
2023 · 22.1%
Interest coverage
4.93▲
2023 · 4.39
Debt ≤ 1 year
€1.7m▼
2023 · €2.7m
Debt > 1 year
€2.1m▲
2023 · €1.7m
Income taxes
€48,157▲
2023 · €2,570
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,613 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
2.0%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 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% | 1.0% |
| 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% 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 2,613 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €509,100 | €523,900 | €624,281 | €630,952 | €665,536 | ▲ 5.5% |
| Non-recurring operating income76A | - | €1 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €353,838 | €416,541 | €277,011 | €281,784 | ▲ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €288,031 | €284,710 | €396,015 | €340,325 | €418,048 | ▲ 22.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €14,349 | - | - |
| Other operating charges640/8 | - | €38,967 | €33,007 | €91,270 | €58,130 | ▼ 36.3% |
| Non-recurring operating charges66A | - | €778 | €350 | €2,049 | €979 | ▼ 52.2% |
| Gross operating margin9900 | €396,759 | €393,598 | €382,092 | €603,045 | €942,418 | ▲ 56.3% |
| Operating profit (loss)9901 | €66,338 | €69,143 | -€47,280 | €155,052 | €465,261 | ▲ 200% |
| Financial income75/76B | - | €0 | - | €75 | €6,315 | ▲ 8,288% |
| Recurring financial income75 | €60,200 | €0 | - | €75 | €6,315 | ▲ 8,288% |
| Non-recurring financial income76B | - | - | - | - | €0 | - |
| Financial charges65/66B | - | €70,369 | €72,327 | €112,820 | €179,259 | ▲ 58.9% |
| Recurring financial charges65 | €52,326 | €70,369 | €72,327 | €112,820 | €179,259 | ▲ 58.9% |
| Profit (loss) for the period before taxes9903 | €74,212 | -€1,227 | -€119,608 | €42,307 | €292,316 | ▲ 591% |
| Transfer from deferred taxes780 | - | €5,906 | €5,906 | €17,375 | €5,906 | ▼ 66.0% |
| Income taxes67/77 | -€3,251 | €17,294 | -€734 | €2,570 | €48,157 | ▲ 1,774% |
| Profit (loss) for the period9904 | €83,368 | -€12,614 | -€112,968 | €57,112 | €250,065 | ▲ 338% |
| Transfer from tax-exempt reserves789 | - | €11,469 | €11,469 | - | €11,469 | - |
| Profit (loss) for the period to be appropriated9905 | €94,837 | -€1,145 | -€101,499 | €57,112 | €261,534 | ▲ 358% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.6m | €3.9m | €4.7m | €4.7m | €4.4m | ▼ 6.7% |
| Fixed assets21/28 | €3.4m | €3.6m | €4.1m | €4.2m | €3.9m | ▼ 6.9% |
| Tangible fixed assets22/27 | €2.8m | €3.0m | €3.5m | €3.5m | €3.2m | ▼ 8.2% |
| Land and buildings22 | - | €166,920 | €127,670 | €88,420 | €49,170 | ▼ 44.4% |
| Plant, machinery and equipment23 | - | €285,194 | €331,452 | €474,769 | €482,819 | ▲ 1.7% |
| Furniture and vehicles24 | - | €17,569 | €15,951 | €26,586 | €57,239 | ▲ 115% |
| Other tangible fixed assets26 | - | €2.5m | €3.0m | €2.9m | €2.7m | ▼ 9.8% |
| Financial fixed assets28 | €641,532 | €641,532 | €641,532 | €630,624 | €632,122 | ▲ 0.2% |
| Current assets29/58 | €170,360 | €301,541 | €528,793 | €518,704 | €493,518 | ▼ 4.9% |
| Amounts receivable after more than one year29 | - | - | - | - | €0 | - |
| Other amounts receivable291 | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €148,888 | €264,556 | €496,145 | €484,259 | €466,110 | ▼ 3.7% |
| Trade receivables40 | - | €5,979 | €22,155 | €13,505 | €26,457 | ▲ 95.9% |
| Other amounts receivable41 | - | €258,577 | €473,990 | €470,754 | €439,653 | ▼ 6.6% |
| Cash at bank and in hand54/58 | €2,435 | €9,425 | €11,065 | €19,965 | €10,561 | ▼ 47.1% |
| Deferred charges and accrued income490/1 | - | €27,560 | €21,583 | €14,480 | €16,846 | ▲ 16.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.6m | €3.9m | €4.7m | €4.7m | €4.4m | ▼ 6.7% |
| Equity10/15 | €338,150 | €325,536 | €212,568 | €258,211 | €508,276 | ▲ 96.8% |
| Contributions10/11 | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Capital10 | - | €19,000 | - | - | - | - |
| Issued capital100 | - | €19,000 | - | - | - | - |
| Reserves13 | €95,820 | €84,351 | €72,882 | €61,413 | €173,760 | ▲ 183% |
| Non-distributable reserves130/1 | - | €1,900 | €1,900 | €1,900 | €1,900 | = |
| Legal reserve130 | - | €1,900 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,900 | €1,900 | €1,900 | = |
| Tax-exempt reserves132 | - | €82,451 | €70,982 | €59,513 | €171,860 | ▲ 189% |
| Profit (loss) carried forward14 | €223,330 | €222,185 | €120,686 | €177,798 | €315,516 | ▲ 77.5% |
| Provisions and deferred taxes16 | €49,703 | €43,797 | €37,891 | €31,986 | €26,080 | ▼ 18.5% |
| Deferred taxes168 | - | €43,797 | €37,891 | €31,986 | €26,080 | ▼ 18.5% |
| Amounts payable17/49 | €3.2m | €3.5m | €4.4m | €4.4m | €3.8m | ▼ 12.7% |
| Amounts payable after more than one year17 | €2.1m | €1.8m | €2.1m | €1.7m | €2.1m | ▲ 21.1% |
| Financial debts170/4 | - | €1.8m | €2.1m | €1.7m | €2.1m | ▲ 21.2% |
| Other amounts payable178/9 | - | €5,960 | €5,960 | €5,960 | €6,398 | ▲ 7.3% |
| Amounts payable within one year42/48 | €1.1m | €1.7m | €2.3m | €2.7m | €1.7m | ▼ 35.6% |
| Current portion of amounts payable after more than one year42 | - | €282,314 | €328,367 | €369,411 | €407,773 | ▲ 10.4% |
| Financial debts43 | - | €680,575 | €1.1m | €1.2m | €472,197 | ▼ 62.0% |
| Credit institutions430/8 | - | €680,575 | €1.1m | €1.2m | €472,197 | ▼ 62.0% |
| Trade debts44 | €141,937 | €190,597 | €154,015 | €245,445 | €222,934 | ▼ 9.2% |
| Suppliers440/4 | - | €190,597 | €154,015 | €245,445 | €222,934 | ▼ 9.2% |
| Advances received on contracts in progress46 | - | €285,450 | €285,450 | €285,450 | €285,450 | = |
| Taxes, remuneration and social security45 | - | €77,929 | €65,036 | €93,231 | €116,280 | ▲ 24.7% |
| Taxes450/3 | - | €77,929 | €65,036 | €93,231 | €116,280 | ▲ 24.7% |
| Remuneration and social security454/9 | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | €180,518 | €423,257 | €431,190 | €213,285 | ▼ 50.5% |
| Accrued charges and deferred income492/3 | - | €10,134 | €12,336 | €2,355 | €31,735 | ▲ 1,248% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €83,368 | -€12,614 | -€112,968 | €57,112 | €250,065 | ▲ 338% |
| + Depreciation and write-downs630 | €288,031 | €284,710 | €396,015 | €340,325 | €418,048 | ▲ 22.8% |
| Operating cash flow (approximation) | €371,399 | €272,096 | €283,047 | €397,437 | €668,113 | ▲ 68.1% |
| Investment in fixed assets (approximation) | - | -€476,690 | -€923,249 | -€377,900 | -€131,751 | ▲ 65.1% |
| Change in cash | - | €6,990 | €1,640 | €8,900 | -€9,404 | ▼ 206% |
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
2026
04-08
State Gazette act
RestructuringDemerger · Share issue · Declaration9 facts ▸
State Gazette act
Restructuring
Demerger · Share issue · Declaration9 facts ▸
- Demerger, scission sans dissolution, constitution par apport ne consistant pas en numéraire
- Other statement, Organe d'Administration, dépôt du projet de scission
- Other statement, apports à la constitution de LD INVEST
- Share issue, actions sans désignation de valeur nominale, 750
- Share issue, actions nouvelles, entièrement libérées, 250
- Share issue, actions, 5
- Share issue, actions nouvelles, entièrement libérées, 680
- Declaration, special rights and other securities, Aucun actionnaire de la société à scinder n'a de droits spéciaux
- Declaration, special advantages, Aucun avantage particulier n'a été et ne sera attribué aux membres des Organes d'Administration
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 61 days late
2024
31-12
Financial
Highest result since 2019net €250,065 ▲338%
Operating result €465,261, net result €250,065, both a record.
31-12
Financial
Equity above €500,000Eq €508,276 ▲96.8%
2 profitable years in a row build equity to €508,276.
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 68 days late
2023
31-12
Financial
Back to profitnet €57,112
Net result €57,112 after 2 loss-making years.
23-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 84 days late
2022
31-12
Financial
Weakest financial yearnet -€112,968
Net result drops to -€112,968, the lowest in the series; recovery starts the following year.
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 78 days late
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 90 days late
2020
26-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 118 days late
2019
19-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 50 days late
Show earlier events
2018
08-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 69 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 60 days late
2016
30-09
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 61 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Neupré · 1 establishment unit since 1997
Ground area
5,650 m²
Building footprint
536 m²
Volume, LiDAR
4,465 m³
2 parcels, Wallonia · tallest building 25.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Avenue des Pâquerettes 5, 4000 Liège
since 19972.080.162.822
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61044B0059/00C000 | Wallonia | 5,346 m² | 1 · 463 m² | 25.3 m · 2 fl. |
| 62087A0461/00R000 | Wallonia | 304 m² | 1 · 72 m² | 8.7 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Purpose
Prestataire de services intellectuels; Locations immobilières commerciales; Locations immobilières résidentielles; Location de bureaux
Full purpose (4 activities)
- Prestataire de services intellectuels
- Locations immobilières commerciales
- Locations immobilières résidentielles
- Location de bureaux
Legal form clause
Société à Responsabilité Limitée
Name clause
HL MANAGEMENT
Registered office clause
Avenue du Bois Impérial de ROGNAC, 77 à 4121 NEUVILLE-EN-CONDROZ
Other statement
3 provisions in the deed
Structure & network
Owners and holdings
1 owner · 1 holdingChain of control
- HL INVEST
- HL MANAGEMENT
Highest known parent: HL INVEST. The sources do not say who stands above it.
Owners 1
- HL INVESTparentSourceaccounts HL INVEST 202199%
Holdings 1
-
100%
According to the 2024 annual accounts of HL MANAGEMENT and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Acquisitions and mergers
1 transactionSplit off to:LD INVEST
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Of 82,641 companies in sector 70200 we hold annual accounts for 52,636. 34,533 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 (pre-2019)
Founded15-04-1995
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0455761329
Also
9925:BE0455761329
Registered
11-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.