HORPI Development
ActiveSummary
HORPI Development has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €697k and a net result of €66k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 76% of 213 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
82
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability78▲+71
Solvency100▲+1
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity ample (current ratio 3.06 against 1.57 in 2024; short-term debt: 7.8% and cash: 3.3% of total assets), and 19.3% 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 72
Relative position
BE, all sectors
reference
Sector 72
lower
← 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
80.7%
Return on assets
7.7%
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 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
26 d late
2024
30 d late
2023
21 d late
2022
28 d late
2021
22 d late
2020
26 d late
2019
31 d late
← 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€0
EBIT margin
Not included in this filing
Net result
€66k
2024 · €-89k
2018: €2k
2019: €30k
2020: €46k
2021: €9k
2022: €5k
2023: €43k
2024: €-89k
2018 → 2025
Working capital
€139k▲ 117%
2024 · €64k
2018: €-40k
2019: €13k
2020: €13k
2021: €36k
2022: €45k
2023: €135k
2024: €64k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€0
Equity€731k-€722k▼ 1.3%€750k▲ 3.9%€646k▼ 13.9%€697k▲ 7.9%
Operating result€2k-€-4k€38k€-89k€64k
Net result€9k-€5k▼ 39.7%€43k▲ 724%€-89k€66k
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €64k after a loss of €89k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €864k
Fixed assets
€657k ▼ 5.9%
Current assets
€207k ▲ 17.2%
Equity and liabilities €864k
Equity
€697k ▲ 7.9%
Debt
€167k ▼ 27.1%
Debt's share of the balance-sheet total falls from 26.2% to 19.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€155k▲
2024 · €2k
Cash flow
€158k▲
2024 · €2k
Current ratio
3.06▲
2024 · 1.57
Quick ratio
1.44▲
2024 · 0.58
Debt to equity
0.24▼
2024 · 0.35
ROE
9.5%▲
2024 · -13.8%
ROA
7.7%▲
2024 · -10.2%
Interest coverage
12.39▲
2024 · 0.14
Debt ≤ 1 year
€68k▼
2024 · €112k
Debt > 1 year
€99k▼
2024 · €116k
Income taxes
€1
Staff costs
€211k▲
2024 · €177k
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 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€875k€864k▼
Formation expenses20€0-
Fixed assets21/28€698k€657k▼
Intangible fixed assets21€536k€520k▼
Tangible fixed assets22/27€162k€137k▼
Land and buildings22€0€0=
Plant, machinery and equipment23€161k€137k▼
Furniture and vehicles24€404€224▼
Current assets29/58€176k€207k▲
Stocks and contracts in progress3€112k€109k▼
Stocks30/36€112k€109k▼
Amounts receivable within one year40/41€52k€66k▲
Trade receivables40€7k€25k▲
Other amounts receivable41€44k€41k▼
Cash at bank and in hand54/58€13k€29k▲
Deferred charges and accrued income490/1€0€3k▲
Equity and liabilities
Total equity and liabilities10/49€875k€864k▼
Equity10/15€646k€697k▲
Contributions10/11€525k€525k=
Capital10€525k€525k=
Issued capital100€525k€525k=
Profit (loss) carried forward14€-149k€-83k▲
Investment grants15€270k€255k▼
Amounts payable17/49€229k€167k▼
Amounts payable after more than one year17€116k€99k▼
Financial debts170/4€116k€99k▼
Other amounts payable178/9€0-
Amounts payable within one year42/48€112k€68k▼
Current portion of amounts payable after more than one year42€28k€17k▼
Financial debts43€32k-
Credit institutions430/8€32k-
Trade debts44€14k€32k▲
Suppliers440/4€14k€32k▲
Taxes, remuneration and social security45€38k€18k▼
Taxes450/3€5k-
Remuneration and social security454/9€33k€18k▼
Other amounts payable47/48€0-
Accrued charges and deferred income492/3-€1
Income statement
Code20242025
Turnover70€0-
Goods, raw materials, services and sundry goods60/61€0-
Remuneration, social security and pensions62€177k€211k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€91k€92k▲
Other operating charges640/8€118€615▲
Gross operating margin9900€180k€367k▲
Operating profit (loss)9901€-89k€64k▲
Financial income75/76B€16k€15k▼
Recurring financial income75€16k€15k▼
Financial charges65/66B€16k€13k▼
Recurring financial charges65€16k€13k▼
Profit (loss) for the period before taxes9903€-89k€66k▲
Income taxes67/77-€1
Profit (loss) for the period9904€-89k€66k▲
Profit (loss) for the period to be appropriated9905€-89k€66k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-149k€-83k▲
Profit (loss) brought forward from the previous period14P€-60k€-149k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 26 days late
2025
31-12
Financial
Back to profitnet €66k
Net result €66k after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
31-12
Financial
Weakest financial yearnet €-89k ▼306%
Net result drops to €-89k, the lowest in the series; recovery starts the following year.
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 21 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 22 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 26 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
11 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, Visé · 1 establishment unit since 2010
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de Maestricht(VIS) 1004600 ViséGround area
1.5 ha
Building footprint
6,989 m²
Volume, LiDAR
56,422 m³
Parcel 62108B0256/00P000, Wallonia · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
HORPI Development
since 20102.184.090.996
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62108B0256/00P000 | Wallonia | 1.5 ha | 1 · 6,989 m² | 12.0 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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MODYVA
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STETHOMEDIC
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Of 1,177 companies in sector 72109 we hold annual accounts for 715. 473 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded06-01-2010
Fiscal year end31-12
Activities, NACEBEL 2025
72109Other research and development on natural sciences
46852Wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.