HP RAILPROJECTS
ActiveSummary
The computed 12-month bankruptcy probability of HP RAILPROJECTS is 2.5% (moderate). The 2025 annual accounts show equity of €134,752 and a net result of -€5,322. Equity is growing by ~17.1% per year across the filed fiscal years. Its solvency ranks better than 38% of 28184 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+4
Solvency61▼-2
Growth52=
Track record94
Bankruptcy probability, 12 months
2.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity tight (current ratio 1.44 against 1.79 in 2024; short-term debt: 30.2% and cash: 22% of total assets), and 63.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
+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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 30-06-2026, 31 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
31 d early
2024
on the day
2023
30 d late
2022
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average on the deadline day; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€134,752▼ 3.8%
2024 · €140,074
Total assets
€373,545▲ 1.7%
2024 · €367,254
Net result
-€5,322
2024 · €13,042
Working capital
€50,110▼ 32.6%
2024 · €74,389
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Line2022202320242025
Operating result€42,812-€123,941▲ 189%€26,139▼ 78.9%€1,300▼ 95.0%
Net result€29,763above the sector's middle half-€87,269above the sector's middle half▲ 193%€13,042within the sector's middle half▼ 85.1%-€5,322below the sector's middle half
Equity€39,763within the sector's middle half-€127,032within the sector's middle half▲ 219%€140,074above the sector's middle half▲ 10.3%€134,752within the sector's middle half▼ 3.8%
Total assets€138,966within the sector's middle half-€366,739above the sector's middle half▲ 164%€367,254above the sector's middle half▲ 0.1%€373,545above the sector's middle half▲ 1.7%
Debt€99,203-€239,707▲ 142%€227,180▼ 5.2%€238,793▲ 5.1%
Working capital€36,529-€127,896▲ 250%€74,389▼ 41.8%€50,110▼ 32.6%
Solvency28.6%within the sector's middle half-34.6%within the sector's middle half▲ 6.0pp38.1%within the sector's middle half▲ 3.5pp36.1%within the sector's middle half▼ 2.1pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction 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 has fallen two years in a row; 2025 is 95% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €373,545
Fixed assets
€210,612 ▲ 6.0%
Current assets
€162,933 ▼ 3.4%
Equity and liabilities €373,545
Equity
€134,752 ▼ 3.8%
Debt
€238,793 ▲ 5.1%
Debt's share of the balance-sheet total rises from 61.9% to 63.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€39,806▲
2024 · €35,661
Cash flow
€33,184▲
2024 · €22,563
Current ratio
1.44▼
2024 · 1.79
Debt to equity
1.77▲
2024 · 1.62
ROE
-3.9%▼
2024 · 9.3%
ROA
-1.4%▼
2024 · 3.6%
Interest coverage
6.01▲
2024 · 4.75
Debt ≤ 1 year
€112,823▲
2024 · €94,247
Debt > 1 year
€125,970▼
2024 · €132,933
Income taxes
€0▼
2024 · €5,589
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,440 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
2.1%
went bankrupt
7.4%
stopped otherwise
90%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.5% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 3,440 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,597 | €3,267 | €9,522 | €38,506 | ▲ 304% |
| Other operating charges640/8 | €695 | €714 | €722 | €750 | ▲ 3.9% |
| Non-recurring operating charges66A | - | - | €134 | €0 | ▼ 100% |
| Gross operating margin9900 | €48,104 | €127,921 | €36,517 | €40,556 | ▲ 11.1% |
| Operating profit (loss)9901 | €42,812 | €123,941 | €26,139 | €1,300 | ▼ 95.0% |
| Financial income75/76B | €0 | - | - | - | - |
| Recurring financial income75 | €0 | - | - | - | - |
| Financial charges65/66B | €698 | €1,229 | €7,508 | €6,622 | ▼ 11.8% |
| Recurring financial charges65 | €698 | €1,229 | €7,508 | €6,622 | ▼ 11.8% |
| Profit (loss) for the period before taxes9903 | €42,115 | €122,712 | €18,631 | -€5,322 | ▼ 129% |
| Income taxes67/77 | €12,352 | €35,443 | €5,589 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €29,763 | €87,269 | €13,042 | -€5,322 | ▼ 141% |
| Profit (loss) for the period to be appropriated9905 | €29,763 | €87,269 | €13,042 | -€5,322 | ▼ 141% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €138,966 | €366,739 | €367,254 | €373,545 | ▲ 1.7% |
| Fixed assets21/28 | €15,134 | €19,233 | €198,618 | €210,612 | ▲ 6.0% |
| Tangible fixed assets22/27 | €15,134 | €19,233 | €198,618 | €210,612 | ▲ 6.0% |
| Plant, machinery and equipment23 | - | €19,233 | €27,211 | €64,916 | ▲ 139% |
| Leasing and similar rights25 | €15,134 | €0 | €171,407 | €145,696 | ▼ 15.0% |
| Current assets29/58 | €123,832 | €347,506 | €168,636 | €162,933 | ▼ 3.4% |
| Amounts receivable within one year40/41 | €37,621 | €264,677 | €108,090 | €80,811 | ▼ 25.2% |
| Trade receivables40 | €37,217 | €262,304 | €73,664 | €38,044 | ▼ 48.4% |
| Other amounts receivable41 | €404 | €2,373 | €34,426 | €42,767 | ▲ 24.2% |
| Cash at bank and in hand54/58 | €86,211 | €82,829 | €60,545 | €82,122 | ▲ 35.6% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €138,966 | €366,739 | €367,254 | €373,545 | ▲ 1.7% |
| Equity10/15 | €39,763 | €127,032 | €140,074 | €134,752 | ▼ 3.8% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €29,763 | €117,032 | €130,074 | €130,074 | = |
| Distributable reserves133 | €29,763 | €117,032 | €130,074 | €130,074 | = |
| Profit (loss) carried forward14 | - | - | - | -€5,322 | - |
| Amounts payable17/49 | €99,203 | €239,707 | €227,180 | €238,793 | ▲ 5.1% |
| Amounts payable after more than one year17 | €11,900 | €20,097 | €132,933 | €125,970 | ▼ 5.2% |
| Financial debts170/4 | €11,900 | €20,097 | €132,933 | €125,970 | ▼ 5.2% |
| Amounts payable within one year42/48 | €87,303 | €219,610 | €94,247 | €112,823 | ▲ 19.7% |
| Current portion of amounts payable after more than one year42 | €3,453 | €10,815 | €29,374 | €49,262 | ▲ 67.7% |
| Trade debts44 | €71,256 | €160,395 | €56,585 | €55,273 | ▼ 2.3% |
| Suppliers440/4 | €71,256 | €160,395 | €56,585 | €55,273 | ▼ 2.3% |
| Taxes, remuneration and social security45 | €12,352 | €47,795 | €5,589 | €5,589 | = |
| Taxes450/3 | €12,352 | €47,795 | €5,589 | €5,589 | = |
| Other amounts payable47/48 | €241 | €606 | €2,698 | €2,698 | = |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,763 | €87,269 | €13,042 | -€5,322 | ▼ 141% |
| + Depreciation and write-downs630 | €4,597 | €3,267 | €9,522 | €38,506 | ▲ 304% |
| Operating cash flow (approximation) | €34,360 | €90,536 | €22,563 | €33,184 | ▲ 47.1% |
| Investment in fixed assets (approximation) | - | -€7,366 | -€188,907 | -€50,500 | ▲ 73.3% |
| Change in cash | - | -€3,382 | -€22,283 | €21,577 | ▲ 197% |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€5,322
Net result drops to -€5,322, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Highest result since 2022net €87,269 ▲193%
Operating result €123,941, net result €87,269, both a record.
31-12
Financial
Equity above €100,000Eq €127,032 ▲219%
2 profitable years in a row build equity to €127,032.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is 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
1,885 m²
Building footprint
237 m²
Volume, LiDAR
1,020 m³
Parcel 41019B0270/00L000, Flanders · tallest building 10.2 m, ±1 floor. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
HR RAILPROJECTS
since 20212.320.966.807
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41019B0270/00L000 | Flanders | 1,884 m² | 1 · 237 m² | 10.2 m · 1 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.
Similar companies · same sector, comparable size
VH
BE 0669.750.554
Laakdal · Eq €134,972
SOTTER
BE 0879.627.177
Braives · Eq €134,474
Lathouwers Michael
BE 0632.505.029
Tongeren-Borgloon · Eq €134,466
VMI MAINTENANCE
BE 0649.928.011
Charleroi · Eq €134,364
Os-sA
BE 0778.955.530
Lokeren · Eq €135,188
Of 8,464 companies in sector 43120 we hold annual accounts for 3,233. 2,654 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
Founded02-09-2021
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0773468003
Also
9925:BE0773468003
Registered
25-03-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.