Hortus Conclusus
ActiveSummary
Hortus Conclusus has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €62k and a net result of €0. Equity remains stable across the filed fiscal years (±0% per year). Its solvency ranks better than 10% of 837 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability38=
Solvency25=
Growth55=
Track record94
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
short-term debt: 0.2% and cash: 0.6% of total assets, and 100% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more 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
0%
Return on assets
0%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 837 sector peers (2025).
NBB · sector comparisonPosition among 837 sector peers
Solvency
better than 10%
← weakest
strongest →
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 08-07-2026, 23 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
23 d early
2024
14 d early
2023
30 d late
2022
32 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€0
2024 · €0
2022: €0highest in 4 years
2023: €0highest in 4 years
2024: €0highest in 4 years
2025: €0highest in 4 years
2022 → 2025
Working capital
€207.87M▲ 128%
2024 · €91.21M
2022: €62klowest in 4 years
2023: €21.12M▲ +34246% vs 2022
2024: €91.21M▲ +332% vs 2023
2025: €207.87M▲ +128% vs 2024highest in 4 years
2022 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€62k-€62k=€62k=€62k=
2022: €62khighest in 4 years
2023: €62k● 0.0% vs 2022highest in 4 years
2024: €62k● 0.0% vs 2023highest in 4 years
2025: €62k● 0.0% vs 2024highest in 4 years
Operating result€146-€2.60M▲ 1,783,574%€661k▼ 74.6%€169k▼ 74.5%
2022: €146lowest in 4 years
2023: €2.60M▲ +1783574% vs 2022highest in 4 years
2024: €661k▼ -74.6% vs 2023
2025: €169k▼ -74.5% vs 2024
Net result€0-€0€0€0
2022: €0highest in 4 years
2023: €0highest in 4 years
2024: €0highest in 4 years
2025: €0highest in 4 years
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 74% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €208.19M
Equity
€62k =
Debt
€208.13M ▲ 86.5%
Debt's share of the balance-sheet total stays at 100.0%.
Key figures and ratios
Quick ratio
3.95▲
2024 · 1.07
ROE
0.0%=
2024 · 0.0%
ROA
0.0%=
2024 · 0.0%
Debt ≤ 1 year
€317k▼
2024 · €20.45M
Debt > 1 year
€207.81M▲
2024 · €91.15M
Income taxes
€71▼
2024 · €262
A ratio outside any meaningful range has been withheld (balance sheet total €208.19M, equity €62k).
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 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€111.66M€208.19M▲
Current assets29/58€111.66M€208.19M▲
Stocks and contracts in progress3€89.88M€206.94M▲
Contracts in progress37€89.88M€206.94M▲
Amounts receivable within one year40/41€1.02M€44k▼
Other amounts receivable41€1.02M€44k▼
Cash at bank and in hand54/58€20.72M€1.21M▼
Deferred charges and accrued income490/1€27k-
Equity and liabilities
Total equity and liabilities10/49€111.66M€208.19M▲
Equity10/15€62k€62k=
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Amounts payable17/49€111.60M€208.13M▲
Amounts payable after more than one year17€91.15M€207.81M▲
Financial debts170/4€91.15M€207.81M▲
Credit institutions173€91.15M€207.81M▲
Amounts payable within one year42/48€20.45M€317k▼
Trade debts44€20.45M€317k▼
Suppliers440/4€20.45M€317k▼
Other amounts payable47/48-€372
Income statement
Code20242025
Operating income70/76A€68.01M€109.70M▲
Change in stocks of work in progress, finished goods and contracts in progress71€68.01M€109.70M▲
Operating charges60/66A€67.35M€109.53M▲
Goods for resale, raw materials and consumables60€66.29M€108.73M▲
Purchases600/8€66.29M€108.73M▲
Services and other goods61€947k€779k▼
Other operating charges640/8€112k€15k▼
Operating profit (loss)9901€661k€169k▼
Financial income75/76B€104k€103k▼
Recurring financial income75€104k€103k▼
Income from current assets751-€103k
Other financial income752/9€104k-
Financial charges65/66B€765k€272k▼
Recurring financial charges65€765k€272k▼
Debt charges650-€270k
Other financial charges652/9€765k€2k▼
Profit (loss) for the period before taxes9903€262€71▼
Income taxes67/77€262€71▼
Taxes670/3€262€71▼
Profit (loss) for the period9904€0€0=
Profit (loss) for the period to be appropriated9905€0€0=
Appropriation of the result
Profit (loss) to be appropriated9906€0€0=
The notes to these accounts (21 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | - | €68.01M | €109.70M | ▲ 61.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | €68.01M | €109.70M | ▲ 61.3% |
| Operating charges60/66A | - | - | €67.35M | €109.53M | ▲ 62.6% |
| Goods, raw materials, services and sundry goods60/61 | €3.34M | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | €66.29M | €108.73M | ▲ 64.0% |
| Purchases600/8 | - | - | €66.29M | €108.73M | ▲ 64.0% |
| Services and other goods61 | - | - | €947k | €779k | ▼ 17.8% |
| Other operating charges640/8 | - | €526 | €112k | €15k | ▼ 87.1% |
| Gross operating margin9900 | €146 | €2.60M | - | - | - |
| Operating profit (loss)9901 | €146 | €2.60M | €661k | €169k | ▼ 74.5% |
| Financial income75/76B | - | - | €104k | €103k | ▼ 0.9% |
| Recurring financial income75 | - | - | €104k | €103k | ▼ 0.9% |
| Income from current assets751 | - | - | - | €103k | - |
| Other financial income752/9 | - | - | €104k | - | - |
| Financial charges65/66B | €146 | €2.60M | €765k | €272k | ▼ 64.5% |
| Recurring financial charges65 | €146 | €2.60M | €765k | €272k | ▼ 64.5% |
| Debt charges650 | - | - | - | €270k | - |
| Other financial charges652/9 | - | - | €765k | €2k | ▼ 99.8% |
| Profit (loss) for the period before taxes9903 | €0 | €0 | €262 | €71 | ▼ 72.7% |
| Income taxes67/77 | - | - | €262 | €71 | ▼ 72.7% |
| Taxes670/3 | - | - | €262 | €71 | ▼ 72.7% |
| Profit (loss) for the period9904 | €0 | €0 | €0 | €0 | - |
| Profit (loss) for the period to be appropriated9905 | €0 | €0 | €0 | €0 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €5.00M | €24.56M | €111.66M | €208.19M | ▲ 86.5% |
| Current assets29/58 | €5.00M | €24.56M | €111.66M | €208.19M | ▲ 86.5% |
| Stocks and contracts in progress3 | €3.34M | €19.81M | €89.88M | €206.94M | ▲ 130% |
| Contracts in progress37 | €3.34M | €19.81M | €89.88M | €206.94M | ▲ 130% |
| Amounts receivable within one year40/41 | €698k | €958k | €1.02M | €44k | ▼ 95.7% |
| Other amounts receivable41 | €698k | €958k | €1.02M | €44k | ▼ 95.7% |
| Cash at bank and in hand54/58 | €971k | €3.79M | €20.72M | €1.21M | ▼ 94.2% |
| Deferred charges and accrued income490/1 | - | - | €27k | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €5.00M | €24.56M | €111.66M | €208.19M | ▲ 86.5% |
| Equity10/15 | €62k | €62k | €62k | €62k | = |
| Contributions10/11 | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | = |
| Amounts payable17/49 | €4.94M | €24.50M | €111.60M | €208.13M | ▲ 86.5% |
| Amounts payable after more than one year17 | - | €21.06M | €91.15M | €207.81M | ▲ 128% |
| Financial debts170/4 | - | €21.06M | €91.15M | €207.81M | ▲ 128% |
| Credit institutions173 | - | - | €91.15M | €207.81M | ▲ 128% |
| Amounts payable within one year42/48 | €4.94M | €3.44M | €20.45M | €317k | ▼ 98.4% |
| Trade debts44 | €1.39M | €3.18M | €20.45M | €317k | ▼ 98.5% |
| Suppliers440/4 | €1.39M | €3.18M | €20.45M | €317k | ▼ 98.5% |
| Other amounts payable47/48 | €3.55M | €254k | - | €372 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0 | €0 | €0 | €0 | - |
| Operating cash flow (approximation) | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2.82M | €16.94M | €-19.52M | ▼ 215% |
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
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity times 120current ratio 656.38
Current ratio from 5.46 to 656.38; short-term debt falls from €20.45M to €317k.
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
21-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Liquidity times 7current ratio 7.15
Current ratio from 1.01 to 7.15; short-term debt falls from €4.94M to €3.44M.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · 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, Aalst · 1 establishment unit since 2021
Ground area
2.3 ha
Building footprint
1,846 m²
Volume, LiDAR
15,146 m³
Parcel 41029B0523/00S000, Flanders · tallest building 14.0 m, ±3 floors. Linked by address, not a title deed.
104
companies at this address
See who is registered here
1 establishment unit
Hortus Conclusus
since 20212.342.639.872
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41029B0523/00S000 | Flanders | 2.3 ha | 1 · 1,845 m² | 14.0 m · 3 fl. |
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.
Recognitions · licences · registrations
Legal Entity Identifier
54930003YNBJKMLY7B04
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Of 2,451 companies in sector 41003 we hold annual accounts for 1,055. 721 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-09-2021
Fiscal year end31-12
Activities, NACEBEL 2025
41003General construction of other non-residential buildings
Contact
E-mail
info@jandenul.com
Scores and ratios are computed by Checked and are not a credit decision.