HQ38

Active

Public limited companyfounded 198738 yrs activeKoningin Astridlaan 38, 3500 Hasselt, BelgiumKBO/BCE: BE 0432.741.843

Summary

HQ38 has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.3m and a net result of €248,372. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 50% of 758 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Risk analysisWatch Report Compare

HQ38ActiveChecked score 88/100

Risk analysis Report Compare

Activity

Advertising agencies

NACE 73110

2 sites

Size

€199,861turnover 2025

Equity: €1.3m
Profit: €248,372

Financial health

88 Excellent Checked score 2025

Bankruptcy chance 12 m: 0.2%

Structure

Parent: RCA 38 · 100%

Accounts 8 d early0 of 20 deeds read

Why 88- Liquidity: current ratio 1.93, cash €0, halved+ Founded in 1987+ Figures for FY 2025 (filed 23-07-2026)+ Legal form Public limited companyShow the evidence

Checked score

Score 2025

88 / 100

Excellent

Probability in this band: under 0.55%

Better than 48% of its sector peers (NACE 73, small)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Strong

Solvency 68-2

equity 42.7% of total assets

Liquidity 40-24

short-term debt 26.3% · cash 0.0%

Profitability 86+3

return on assets 8.1%

Bankruptcy probability, 12 months

0.2% Very low

0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (712 companies)

Last 15 months 08-2025: 0.5%highest value 09-2025: < 0.1%▼ -91.4% vs 08-2025 10-2025: < 0.1%● 0.0% vs 09-2025 11-2025: < 0.1%● 0.0% vs 10-2025 12-2025: < 0.1%● 0.0% vs 11-2025 01-2026: < 0.1%● 0.0% vs 12-2025 02-2026: < 0.1%▼ -2.1% vs 01-2026lowest value 03-2026: 0.1%▲ +21.7% vs 02-2026 04-2026: 0.1%▲ +12.5% vs 03-2026 05-2026: 0.1%▲ +1.6% vs 04-2026 06-2026: 0.1%▲ +15.6% vs 05-2026 07-2026: 0.1%▲ +16.2% vs 06-2026 08-2026: 0.2%▲ +152% vs 07-2026 09-2026: 0.2%● 0.0% vs 08-2026 10-2026: 0.2%● 0.0% vs 09-2026

Liquidity: current ratio 1.93, cash €0, halved raises the probability
Founded in 1987 lowers the probability for this profile
Figures for FY 2025 (filed 23-07-2026) lowers the probability
Legal form Public limited company lowers the probability

Credit up to €19,000 at 30 days acceptable

Liquidity ample (current ratio 1.93 against 1.19 in 2024; short-term debt: 26.3% and cash: 0% of total assets), but 57.3% of the assets are financed with debt.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 73, small). Better than this share of them on solvency 48%, liquidity 32%, profitability 87%, growth against the median 26%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 02-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

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Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Liquidity: current ratio 1.93, cash €0, halved

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Founded in 1987

In the bankruptcy model this factor lowers the probability for this profile.

KBO

Figures for FY 2025 (filed 23-07-2026)

In the bankruptcy model this factor lowers the probability.

NBB · annual accounts

Legal form Public limited company

In the bankruptcy model this factor lowers the probability.

KBO

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

8 d early

2024

27 d late

2023

44 d early

2022

52 d early

2021

54 d early

2020

54 d early

2019

51 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 34 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 18 June (4 of the last 5 filed years within 35 days of that day).

Companies Code · seven months

Position in the running window

02-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage