Checked.be
Active
BE 0457.054.496Private limited company
HOUBAGRI
Rue de Dinant 102 ·5570 Beauraing, Belgium· 30 yrs active
Sector: Installation of electric heating, air conditioning, cooling and ventilation
(43222)
Conclusion
HOUBAGRI has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €532k and a net result of €111k. Equity is growing by ~19.6% per year across the filed fiscal years. Its solvency ranks better than 55% of 7505 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Based on the State Gazette, CBE and 6 annual accounts.
Key figures
| Equity | €532k |
| Net result | €111k |
| Staff (FTE) | 1 |
| Better than sector | 55% |
Financial profile
86
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
91
Profitability
67
Solvency
91
Growth
81
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1996, 30 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
91
/ 100
Excellent
Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€50k
estimate, not credit advice
Score history
62
2020
76
2021
83
2022
71
2023
97
2024
91
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.87 (≥ 1.5)
+10
Leverage
Debt/equity 1.07 (< 2.0)
+3
Profitability
ROE 21% (≥ 10%)
+10
EBITDA margin
EBITDA-marge 10%
+2
Interest coverage
Interest coverage 91.4× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 31-08-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~19.6%/year over 6 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 48.4% | 44.0% | |
| Net result | €111k | €29k | |
| Equity | €532k | €274k | |
| Gross operating margin | €256k | €272k | |
| Staff costs | €37k | €243k |
€2.01M
+25.9%
20-25
€196k
+15.6%
20-25
€111k
+14.2%
20-25
€141k
+17.6%
20-25
€1.10M
+9.2%
20-25
€532k
+26.4%
20-25
€476k
+30.2%
20-25
1
+25.0%
20-25
€37k
-3.7%
20-25
€53k
+8.6%
20-25
€567k
-3.2%
20-25
€545k
-3.1%
20-25
€22k
-7.3%
20-25
1.87
+13.5%
20-25
0.98
+4.2%
20-25
48.4%
+15.8%
20-25
1.07
-23.5%
20-25
20.9%
-9.7%
20-25
10.1%
+4.6%
20-25
5.5%
-9.3%
20-25
9.7%
-8.2%
20-25
91.37
+3.1%
20-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | full schema | full schema | full schema | full schema |
| Revenue | €2.01M | €1.60M | €1.30M | €1.30M | €933k |
| EBITDA | €196k | €169k | €59k | €54k | €28k |
| Net profit | €111k | €97k | €29k | €56k | €17k |
| Cash flow | €141k | €120k | €50k | €67k | €28k |
| Staff costs | €37k | €39k | €40k | €40k | €34k |
| Income taxes | €53k | €49k | €7k | €0 | - |
| Dividends | - | - | - | - | - |
| Total assets | €1.10M | €1.01M | €959k | €1.13M | €749k |
| Equity | €532k | €421k | €323k | €294k | €238k |
| Debt | €567k | €586k | €635k | €841k | €512k |
| of which ≤ 1y | €545k | €562k | €602k | €839k | €505k |
| of which > 1y | €22k | €24k | €34k | €2k | €7k |
| Working capital | €476k | €366k | €264k | €284k | €228k |
| Employees (FTE) | 1.0 | 0.8 | 0.9 | 0.9 | 0.9 |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, full schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.87 | 1.65 | 1.44 | 1.34 | 1.45 |
| Quick ratio | 0.98 | 0.94 | 0.73 | 0.95 | 0.92 |
| Working capital ratio | 43.3% | 36.3% | 27.5% | 25.1% | 30.4% |
| Solvency | 48.4% | 41.8% | 33.7% | 25.9% | 31.7% |
| Debt / equity | 1.07 | 1.39 | 1.97 | 2.86 | 2.15 |
| Long-term debt ratio | 0.04 | 0.06 | 0.10 | 0.01 | 0.03 |
| Interest coverage | 91.37 | 88.66 | 29.75 | 53.51 | 15.54 |
| Gross margin | 11.5% | 12.1% | 6.7% | 6.7% | 6.3% |
| Net margin | 5.5% | 6.1% | 2.3% | 4.3% | 1.8% |
| ROA | 10.1% | 9.7% | 3.1% | 5.0% | 2.3% |
| ROE | 20.9% | 23.1% | 9.1% | 19.1% | 7.1% |
| EBITDA margin | 9.7% | 10.6% | 4.5% | 4.2% | 3.0% |
| Days sales outstanding | 47d | 69d | 73d | 169d | 97d |
| Days payable outstanding | 42d | 97d | 87d | 114d | 115d |
| Inventory turnover | 3.67 | 3.53 | 2.83 | 3.76 | 3.28 |
| Days inventory (DSI) | 100d | 103d | 129d | 97d | 111d |
Balance-sheet composition 2025
Full annual accounts (28 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €1.10M | €1.01M | €959k | €1.13M | €749k |
| Fixed assets | 21/28 | €78k | €79k | €93k | €11k | €16k |
| Intangible fixed assets | 21 | €0 | - | €0 | €0 | €0 |
| Tangible fixed assets | 22/27 | €77k | €78k | €92k | €10k | €15k |
| Financial fixed assets | 28 | €1k | €1k | €1k | €1k | €1k |
| Current assets | 29/58 | €1.02M | €928k | €866k | €1.12M | €733k |
| Stocks & contracts in progress | 3 | €485k | €397k | €429k | €323k | €266k |
| Amounts receivable within one year | 40/41 | €273k | €324k | €300k | €642k | €295k |
| Investments | 50/53 | €27k | €27k | €4k | €32k | €789 |
| Cash & bank | 54/58 | €228k | €170k | €122k | €119k | €164k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.10M | €1.01M | €959k | €1.13M | €749k |
| Equity | 10/15 | €532k | €421k | €323k | €294k | €238k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €512k | €401k | €304k | €277k | €277k |
| Accumulated profits (losses) | 14 | €1k | €1k | €758 | €-2k | €-58k |
| Amounts payable | 17/49 | €567k | €586k | €635k | €841k | €512k |
| Amounts payable after one year | 17 | €22k | €24k | €34k | €2k | €7k |
| Amounts payable within one year | 42/48 | €545k | €562k | €602k | €839k | €505k |
| Trade debts payable within one year | 44 | €204k | €372k | €290k | €380k | €277k |
| Income statement | ||||||
| Turnover | 70 | €2.01M | €1.60M | €1.30M | €1.30M | €933k |
| Gross operating margin | 9900 | €256k | €215k | €107k | €104k | €76k |
| Operating result | 9901 | €165k | €146k | €38k | €44k | €17k |
| Financial income | 75 | €738 | €2k | €247 | €639 | €386 |
| Financial charges | 65 | €2k | €2k | €2k | €1k | €2k |
| Result before taxes | 9903 | €164k | €146k | €37k | €56k | €17k |
| Income taxes | 67/77 | €53k | €49k | €7k | €0 | - |
| Net result for the period | 9904 | €111k | €97k | €29k | €56k | €17k |
| Result to be appropriated | 9905 | €111k | €97k | €29k | €56k | €17k |
Legal Structure
| NACE primary | Installation of electric heating, air conditioning, cooling and ventilation(43222) |
| Legal form | Private limited company(610) |
| Incorporation | 12-01-1996 |
| Status | Active |
| Postal code | 5570 |
Establishment units
Rue de Dinant 104, 5570 Beauraing
since 19962.075.617.084
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91013A0878/00K003 | Wallonia | 1,343 m² | 2 · 168 m² | 8.6 m · 3 fl. |
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.
Updates
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Highest result since 2020net €111k ▲14.2%
Operating result €165k, net result €111k, both a record.
31-12
Financial
Equity above €500kEq €532k ▲26.4%
5 profitable years in a row build equity to €532k.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
10-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 41 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 30 days late
2022
25-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 86 days late
2021
31-12
Financial
Back to profitnet €17k
Net result €17k after one loss-making year.
13-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 74 days late
2020
18-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 49 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 59 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Installation of electric heating, air conditioning, cooling and ventilation43222Retail sale of hardware, building materials, paint and glass (general range)47521Retail sale of flowers, plants, seeds and fertilisers47761Other retail sale of new goods4778952461Repair and maintenance of fabricated metal products33110Repair and maintenance of machinery33120Agents in the wholesale of industrial machinery, ships and aircraft46140Retail trade47525
Names & trade names
| Legal nameFR | HOUBAGRI |
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