HLW
ActiveSummary
HLW has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13,355 and a net result of €4,964. Equity is shrinking by ~5% per year across the filed fiscal years. Its solvency ranks better than 74% of 31958 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency100▲+43
Growth32=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity ample (current ratio 3.89 against 1.05 in 2024; short-term debt: 21.9% and cash: 50% of total assets), and 21.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers 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
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
78.1%
Return on assets
29%
Age of the figures
9 mo
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 10-06-2026, 51 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
51 d early
2024
37 d early
2023
34 d early
2022
5 d early
2021
51 d early
2020
31 d late
2019
18 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 24 days before 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 (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. Usually files around 24 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€13,355▲ 59.2%
2024 · €8,391
Total assets
€17,109▼ 35.1%
2024 · €26,342
Net result
€4,964
2024 · -€21,396
Working capital
€10,863▲ 1,013%
2024 · €976
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
Line20212022202320242025
Operating result€7,101▼ 17.6%€12,402▲ 74.7%-€12,227-€20,954▼ 71.4%€5,432
Net result€1,475below the sector's middle half€4,376within the sector's middle half▲ 197%-€8,961below the sector's middle half-€21,396below the sector's middle half▼ 139%€4,964within the sector's middle half
Equity€34,372within the sector's middle half▲ 4.5%€38,748within the sector's middle half▲ 12.7%€29,787within the sector's middle half▼ 23.1%€8,391below the sector's middle half▼ 71.8%€13,355below the sector's middle half▲ 59.2%
Total assets€216,479within the sector's middle half▲ 3.5%€267,816within the sector's middle half▲ 23.7%€46,673below the sector's middle half▼ 82.6%€26,342below the sector's middle half▼ 43.6%€17,109below the sector's middle half▼ 35.1%
Debt€182,107▲ 3.3%€229,068▲ 25.8%€16,886▼ 92.6%€17,950▲ 6.3%€3,754▼ 79.1%
Working capital€10,217within the sector's middle half▲ 60.7%€14,658within the sector's middle half▲ 43.5%€18,384within the sector's middle half▲ 25.4%€976below the sector's middle half▼ 94.7%€10,863within the sector's middle half▲ 1,013%
Solvency15.9%below the sector's middle half▲ 0.2pp14.5%below the sector's middle half▼ 1.4pp63.8%within the sector's middle half▲ 49.4pp31.9%within the sector's middle half▼ 32.0pp78.1%within the sector's middle half▲ 46.2pp
Current ratio1.20within the sector's middle half▲ 0.061.15within the sector's middle half▼ 0.052.09within the sector's middle half▲ 0.941.05within the sector's middle half▼ 1.033.89within the sector's middle half▲ 2.84
Return on assets (ROA)0.7%below the sector's middle half▲ 1.2pp1.6%within the sector's middle half▲ 1.0pp-19.2%below the sector's middle half▼ 20.8pp-81.2%below the sector's middle half▼ 62.0pp29.0%within the sector's middle half▲ 110.2pp
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.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €5,432 after a loss of €20,954 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16,325
Fixed assets
€1,709 ▼ 73.1%
Current assets
€14,617 ▼ 22.8%
Equity and liabilities €17,109
Equity
€13,355 ▲ 59.2%
Debt
€3,754 ▼ 79.1%
Debt's share of the balance-sheet total falls from 68.1% to 21.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€10,354▲
2024 · -€16,393
Cash flow
€9,887▲
2024 · -€16,835
Debt to equity
0.28▼
2024 · 2.14
ROE
37.2%▲
2024 · -255.0%
Interest coverage
216.03▲
2024 · -329.58
Debt ≤ 1 year
€3,754▼
2024 · €17,950
Income taxes
€420▲
2024 · €392
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
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 34,696 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €280 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,084 | €2,396 | €4,127 | €4,561 | €4,923 | ▲ 7.9% |
| Other operating charges640/8 | €1,109 | €888 | €607 | €440 | €547 | ▲ 24.2% |
| Non-recurring operating charges66A | - | - | €399 | - | - | - |
| Gross operating margin9900 | €10,294 | €15,685 | -€6,814 | -€15,953 | €10,901 | ▲ 168% |
| Operating profit (loss)9901 | €7,101 | €12,402 | -€12,227 | -€20,954 | €5,432 | ▲ 126% |
| Financial income75/76B | - | - | €3,600 | - | - | - |
| Recurring financial income75 | - | - | €3,600 | - | - | - |
| Financial charges65/66B | €2,537 | €2,364 | €308 | €50 | €48 | ▼ 3.6% |
| Recurring financial charges65 | €2,537 | €2,364 | €308 | €50 | €48 | ▼ 3.6% |
| Profit (loss) for the period before taxes9903 | €4,564 | €10,038 | -€8,935 | -€21,004 | €5,384 | ▲ 126% |
| Income taxes67/77 | €3,089 | €5,662 | €26 | €392 | €420 | ▲ 7.2% |
| Profit (loss) for the period9904 | €1,475 | €4,376 | -€8,961 | -€21,396 | €4,964 | ▲ 123% |
| Profit (loss) for the period to be appropriated9905 | €1,475 | €4,376 | -€8,961 | -€21,396 | €4,964 | ▲ 123% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €216,479 | €267,816 | €46,673 | €26,342 | €17,109 | ▼ 35.1% |
| Formation expenses20 | - | - | €1,326 | €1,055 | €784 | ▼ 25.7% |
| Fixed assets21/28 | €154,489 | €152,093 | €10,076 | €6,360 | €1,709 | ▼ 73.1% |
| Tangible fixed assets22/27 | €4,489 | €2,093 | €10,076 | €6,360 | €1,709 | ▼ 73.1% |
| Plant, machinery and equipment23 | €611 | - | - | - | - | - |
| Furniture and vehicles24 | €3,878 | €2,093 | €10,076 | €6,360 | €1,709 | ▼ 73.1% |
| Financial fixed assets28 | €150,000 | €150,000 | - | - | - | - |
| Current assets29/58 | €61,990 | €115,723 | €35,270 | €18,927 | €14,617 | ▼ 22.8% |
| Amounts receivable within one year40/41 | €47,302 | €77,050 | €20,819 | €9,341 | €5,194 | ▼ 44.4% |
| Trade receivables40 | €29,600 | €77,050 | €9,000 | €553 | €303 | ▼ 45.2% |
| Other amounts receivable41 | €17,702 | - | €11,819 | €8,789 | €4,891 | ▼ 44.3% |
| Cash at bank and in hand54/58 | €5,894 | €36,350 | €14,451 | €7,434 | €8,551 | ▲ 15.0% |
| Deferred charges and accrued income490/1 | €8,793 | €2,323 | €0 | €2,152 | €872 | ▼ 59.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €216,479 | €267,816 | €46,673 | €26,342 | €17,109 | ▼ 35.1% |
| Equity10/15 | €34,372 | €38,748 | €29,787 | €8,391 | €13,355 | ▲ 59.2% |
| Contributions10/11 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Reserves13 | €1,875 | €1,875 | €1,875 | €1,875 | €1,875 | = |
| Non-distributable reserves130/1 | €1,875 | €1,875 | - | - | - | - |
| Reserves not available under the articles1311 | €1,875 | €1,875 | - | - | - | - |
| Distributable reserves133 | - | - | €1,875 | €1,875 | €1,875 | = |
| Profit (loss) carried forward14 | €26,247 | €30,623 | €21,662 | €266 | €5,230 | ▲ 1,865% |
| Amounts payable17/49 | €182,107 | €229,068 | €16,886 | €17,950 | €3,754 | ▼ 79.1% |
| Amounts payable after more than one year17 | €130,335 | €128,003 | - | - | - | - |
| Financial debts170/4 | €130,335 | €128,003 | - | - | - | - |
| Amounts payable within one year42/48 | €51,772 | €101,065 | €16,886 | €17,950 | €3,754 | ▼ 79.1% |
| Trade debts44 | €12,934 | €21,540 | €14,256 | €16,040 | €1,088 | ▼ 93.2% |
| Suppliers440/4 | €12,934 | €21,540 | €14,256 | €16,040 | €1,088 | ▼ 93.2% |
| Taxes, remuneration and social security45 | €17,039 | €6,147 | €2,629 | €1,910 | €2,666 | ▲ 39.6% |
| Taxes450/3 | €17,039 | €4,347 | €2,629 | €1,910 | €2,666 | ▲ 39.6% |
| Remuneration and social security454/9 | - | €1,800 | €0 | - | - | - |
| Other amounts payable47/48 | €21,800 | €73,378 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,475 | €4,376 | -€8,961 | -€21,396 | €4,964 | ▲ 123% |
| + Depreciation and write-downs630 | €2,084 | €2,396 | €4,127 | €4,561 | €4,923 | ▲ 7.9% |
| Operating cash flow (approximation) | €3,559 | €6,772 | -€4,834 | -€16,835 | €9,887 | ▲ 159% |
| Investment in fixed assets (approximation) | - | €0 | €137,890 | -€845 | -€271 | ▲ 67.9% |
| Change in cash | - | €30,455 | -€21,899 | -€7,017 | €1,117 | ▲ 116% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €4,964
Net result €4,964 after 2 loss-making years.
31-12
Financial
Liquidity quadruplescurrent ratio 3.89
Current ratio from 1.05 to 3.89; short-term debt falls from €17,950 to €3,754.
24-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€21,396
Net result drops to -€21,396, the lowest in the series; recovery starts the following year.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
02-06
State Gazette act
General meeting · Director reappointment
Director appointment · Permanent representative
2021
31-12
Financial
Back to profitnet €1,475
Net result €1,475 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Liquidity quadruplescurrent ratio 1.14
Current ratio from 0.27 to 1.14; short-term debt falls from €167,048 to €46,288.
Show earlier events
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Hoeilaart · 1 establishment unit since 2007
Ground area
1,988 m²
Building footprint
280 m²
Volume, LiDAR
1,455 m³
2 parcels, Flanders · tallest building 10.9 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
HLW
since 20072.159.972.640
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23033C0075/00X015 | Flanders | 1,118 m² | 1 · 143 m² | 10.9 m · 2 fl. |
| 23033C0073/00Y010 | Flanders | 869 m² | 1 · 136 m² | 6.3 m · 2 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2022 list no shareholders, and no other source names one.
Holdings 1
-
14.98%
According to the 2022 annual accounts of HLW 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
1 connected companyThe connected companies are in the list below.
This company
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Director
Shareholding
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Linked via shared directors
COMPAGNIE DU BOIS SAUVAGE
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Of 82,641 companies in sector 70200 we hold annual accounts for 52,636. 26,210 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
Founded15-01-2007
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0886388572
Registered
26-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.