HQ1
ActiveHQ1 has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €7.84M and a net result of €-18.29M. Equity is growing by ~215.5% per year across the filed fiscal years. Its solvency ranks better than 14% of 1205 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
61
/ 100
Healthy▲ +8 vs 2022
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2022
Profitability33▼-23
Solvency35▲+30
Growth68▼-17
Stability100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €480k at 30 days acceptable
Liquidity ample (current ratio 3.2 against 0.49 in 2022), but 98.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine 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 70
Relative position
BE, all sectors
reference
Sector 70
lower
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
1.8%
Return on assets
-4.2%
Age of the figures
20 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 1205 sector peers (2024).
NBB · sector comparisonPosition among 1205 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-06-2025, 35 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
35 d early
2023
30 d early
2022
24 d early
2021
26 d late
2020
31 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
€110.71M▲ 137%
2022 · €46.63M
2020: €24.25M
2021: €35.31M
2022: €46.63M
2020 → 2024
EBIT margin
41.9%▲ 37.5pp
2022 · 4.4%
2020: 1.0%
2021: 3.5%
2022: 4.4%
2020 → 2024
Net result
€-18.29M
2022 · €750k
2020: €-172k
2021: €273k
2022: €750k
2020 → 2024
Working capital
€28.09M
2022 · €-6.91M
2020: €-2.11M
2021: €-3.19M
2022: €-6.91M
2020 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2020202120222024Trend
Turnover€24.25M-€35.31M▲ 45.6%€46.63M▲ 32.1%€110.71M▲ 137%
Equity€78k-€350k▲ 351%€1.10M▲ 214%€7.84M▲ 613%
Operating result€254k-€1.25M▲ 391%€2.06M▲ 64.9%€46.39M▲ 2,154%
Net result€-172k-€273k€750k▲ 175%€-18.29M
Result per fiscal year
Operating resultNet result
The operating result has risen three years in a row; 2024 is 2,154% above 2022 and is the highest year so far.
Balance-sheet composition
2024 in colour, 2022 as the grey bar beneath
Assets €430.73M
Fixed assets
€389.86M▲ 4,762%
Current assets
€40.86M▲ 527%
Equity and liabilities €430.73M
Equity
€7.84M▲ 613%
Provisions
€12k
Debt
€422.87M▲ 3,048%
The debt ratio rises from 92.4% to 98.2%: debt grows faster than equity.
Key figures and ratios
EBITDA
€48.26M▲
2022 · €3.18M
Cash flow
€-16.42M▼
2022 · €1.88M
Solvency
1.8%▼
2022 · 7.6%
Current ratio
3.20▲
2022 · 0.49
Quick ratio
3.20▲
2022 · 0.49
Debt / equity
53.91▲
2022 · 12.21
ROE
-233.2%▼
2022 · 68.1%
ROA
-4.2%▼
2022 · 5.2%
Interest coverage
5.23▼
2022 · 7.75
Debt
€422.87M▲
2022 · €13.43M
Debt ≤ 1 year
€12.77M▼
2022 · €13.42M
Debt > 1 year
€410.00M
Income taxes
€9.93M▲
2022 · €863k
Staff costs
€35.14M▲
2022 · €32.04M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2022
Balance sheet
Code20222024
Assets
Total assets20/58€14.53M€430.73M▲
Formation expenses20-€0
Fixed assets21/28€8.02M€389.86M▲
Intangible fixed assets21€1.60M€1.34M▼
Tangible fixed assets22/27€6.42M€5.78M▼
Plant, machinery and equipment23-€2k
Furniture and vehicles24€1.50M€1.14M▼
Other tangible fixed assets26€4.92M€4.35M▼
Assets under construction and advance payments27€3k€288k▲
Financial fixed assets28-€382.74M
Affiliated companies280/1-€382.74M
Participating interests280-€382.74M
Current assets29/58€6.51M€40.86M▲
Amounts receivable within one year40/41€5.86M€40.31M▲
Trade receivables40€4.78M€11.18M▲
Other amounts receivable41€1.08M€29.13M▲
Current investments50/53€8k€8k=
Other investments51/53€8k€8k=
Cash at bank and in hand54/58€9k€50k▲
Deferred charges and accrued income490/1€634k€493k▼
Equity and liabilities
Total equity and liabilities10/49€14.53M€430.73M▲
Equity10/15€1.10M€7.84M▲
Contributions10/11€250k€250k=
Capital10-€250k
Issued capital100-€250k
Outside capital11€250k-
Other1109/19€250k-
Reserves13€25k€25k=
Non-distributable reserves130/1€25k€25k=
Legal reserve130-€25k
Reserves not available under the articles1311€25k-
Profit (loss) carried forward14€825k€7.57M▲
Provisions and deferred taxes16-€12k
Provisions for liabilities and charges160/5-€12k
Other liabilities and charges164/5-€12k
Amounts payable17/49€13.43M€422.87M▲
Amounts payable after more than one year17-€410.00M
Other amounts payable178/9-€410.00M
Amounts payable within one year42/48€13.42M€12.77M▼
Trade debts44€4.51M€5.09M▲
Suppliers440/4€4.51M€5.09M▲
Taxes, remuneration and social security45€4.02M€4.53M▲
Taxes450/3€210k€85k▼
Remuneration and social security454/9€3.81M€4.44M▲
Other amounts payable47/48€4.90M€3.15M▼
Accrued charges and deferred income492/3€12k€102k▲
Income statement
Code20222024
Operating income70/76A€50.34M€114.01M▲
Turnover70€46.63M€110.71M▲
Other operating income74€3.70M€3.30M▼
Non-recurring operating income76A€20-
Operating charges60/66A€48.28M€67.62M▲
Services and other goods61€14.60M€30.24M▲
Remuneration, social security and pensions62€32.04M€35.14M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1.13M€1.87M▲
Provisions for liabilities and charges: additions (uses and reversals)635/8-€12k
Other operating charges640/8€522k€367k▼
Operating profit (loss)9901€2.06M€46.39M▲
Financial income75/76B€4k€300k▲
Recurring financial income75€4k€300k▲
Other financial income752/9€4k€300k▲
Financial charges65/66B€449k€55.05M▲
Recurring financial charges65€449k€9.27M▲
Debt charges650€411k€9.22M▲
Other financial charges652/9€38k€47k▲
Non-recurring financial charges66B-€45.78M
Profit (loss) for the period before taxes9903€1.61M€-8.36M▼
Income taxes67/77€863k€9.93M▲
Taxes670/3€863k€9.93M▲
Profit (loss) for the period9904€750k€-18.29M▼
Profit (loss) for the period to be appropriated9905€750k€-18.29M▼
Appropriation of the result
Profit (loss) to be appropriated9906€845k€7.57M▲
Profit (loss) brought forward from the previous period14P€95k€25.86M▲
Transfer to equity691/2€20k-
To the legal reserve6920€20k-
Social balance
Average headcount (FTE)9087381.3377.9▼
The notes to these accounts (77 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
23-06
State Gazette act
Merger · Accounting effect
Capital increase · Simplified procedure
21-05
State Gazette act
Merger · Accounting effect
Shareholding · Capital increase
2024
31-12
Financial
Weakest financial yearnet €-18.29M ▼2540%
Net result drops to €-18.29M, the lowest in the series.
31-12
Financial
Liquidity times 7current ratio 3.20
Current ratio from 0.49 to 3.20; short-term debt falls from €13.42M to €12.77M.
31-12
Financial
Equity above €5MEq €7.84M ▲613%
Equity rises from €1.10M to €7.84M.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2020net €750k ▲175%
Net result €750k, the highest in the series.
31-12
Financial
Equity above €1MEq €1.10M ▲214%
2 profitable years in a row build equity to €1.10M.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · unclassified schema · 26 days late
2021
31-12
Financial
Back to profitnet €273k
Net result €273k after one loss-making year.
31-12
Financial
Equity above €200kEq €350k ▲351%
Equity rises from €78k to €350k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · unclassified schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
21 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, Liège · 2 establishment units since 2019
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 des Guillemins 1294000 LiègeGround area
1.2 ha
Building footprint
1,870 m²
Volume, LiDAR
22,878 m³
2 parcels, Wallonia · tallest building 23.3 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
Grand casino hq
since 20192.296.884.972
HQ1
since 20192.296.885.071
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92302D0206/00P000 | Wallonia | 7,470 m² | 1 · 1,870 m² | 23.2 m · 4 fl. |
| 62814C0393/00V002 | Wallonia | 4,768 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
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
Group per the LEI register
1 parent companyParent company:CIRCUS SERVICES
Recognitions · licences · registrations
Legal Entity Identifier
894500HCYYA0AJAVTA12
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Of 5,672 companies in sector 70100 we hold annual accounts for 3,480. 943 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded09-12-2019
Fiscal year end31-12
Activities, NACEBEL
70100Activities of head offices
82100Office administrative and support services
82110Office administrative, office support and other business support activities
64200Holdings
64210Activities of holding companies
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:legal@gaming1.com
Phone:0032 4 228 32 00