HRWD
ActiveSummary
HRWD has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €165,176 and a net result of €21,293. Equity is growing by ~25.8% per year across the filed fiscal years. Its solvency ranks better than 69% of 7859 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-6
Solvency96▲+20
Growth52=
Track record94
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 3.18 against 1.72 in 2024; short-term debt: 25% and cash: 18.9% of total assets), and 29% of the assets are financed with debt.
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Signals
Five 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer 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
71%
Return on assets
9.2%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
29 d late
2024
14 d late
2023
11 d late
2022
10 d late
2021
15 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 16 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% 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. Usually files around 14 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 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 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 What changed in the latest annual accounts?What changed
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€165,176▲ 14.8%
2024 · €143,883
Total assets
€232,606▼ 18.1%
2024 · €283,920
Net result
€21,293▼ 46.7%
2024 · €39,922
Working capital
€126,602▲ 29.7%
2024 · €97,642
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 82, Office administrative, office support and other business support 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
Line20212022202320242025
Operating result€97,822--€5,468€47,363€54,408▲ 14.9%€30,845▼ 43.3%
Net result€72,854above the sector's middle half--€5,764below the sector's middle half€32,549within the sector's middle half€39,922within the sector's middle half▲ 22.7%€21,293within the sector's middle half▼ 46.7%
Equity€74,854within the sector's middle half-€69,090within the sector's middle half▼ 7.7%€103,961within the sector's middle half▲ 50.5%€143,883within the sector's middle half▲ 38.4%€165,176within the sector's middle half▲ 14.8%
Total assets€177,190within the sector's middle half-€169,332within the sector's middle half▼ 4.4%€217,003within the sector's middle half▲ 28.2%€283,920within the sector's middle half▲ 30.8%€232,606within the sector's middle half▼ 18.1%
Debt€102,336-€100,242▼ 2.0%€113,042▲ 12.8%€140,037▲ 23.9%€67,430▼ 51.8%
Working capital€69,350within the sector's middle half-€59,846within the sector's middle half▼ 13.7%€81,976within the sector's middle half▲ 37.0%€97,642above the sector's middle half▲ 19.1%€126,602above the sector's middle half▲ 29.7%
Solvency42.2%within the sector's middle half-40.8%within the sector's middle half▼ 1.4pp47.9%within the sector's middle half▲ 7.1pp50.7%within the sector's middle half▲ 2.8pp71.0%within the sector's middle half▲ 20.3pp
Current ratio1.71within the sector's middle half-1.60within the sector's middle half▼ 0.111.76within the sector's middle half▲ 0.161.72within the sector's middle half▼ 0.053.18within the sector's middle half▲ 1.46
Return on assets (ROA)41.1%above the sector's middle half--3.4%below the sector's middle half▼ 44.5pp15.0%within the sector's middle half▲ 18.4pp14.1%within the sector's middle half▼ 0.9pp9.2%within the sector's middle half▼ 4.9pp
Staff (FTE)388▼ 78.9%3▼ 62.5%
above
within
below
the middle half (P25 to P75) of NACE 82, Office administrative, office support and other business support 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 falls in 2025; 2025 is 43% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €232,606
Fixed assets
€47,804 ▼ 4.0%
Current assets
€184,802 ▼ 21.1%
Equity and liabilities €232,606
Equity
€165,176 ▲ 14.8%
Debt
€67,430 ▼ 51.8%
Debt's share of the balance-sheet total falls from 49.3% to 29.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€40,362▼
2024 · €58,925
Cash flow
€30,810▼
2024 · €44,439
Debt to equity
0.41▼
2024 · 0.97
ROE
12.9%▼
2024 · 27.7%
Interest coverage
48.63▼
2024 · 83.70
Debt ≤ 1 year
€58,200▼
2024 · €136,457
Income taxes
€8,756▼
2024 · €13,861
Staff costs
€125,365▼
2024 · €127,691
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,975 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 26,975 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €75,301 | €104,116 | €101,122 | €127,691 | €125,365 | ▼ 1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,332 | €2,322 | €1,333 | €4,517 | €9,517 | ▲ 111% |
| Other operating charges640/8 | €2,496 | €1,423 | €1,604 | €27,547 | €1,612 | ▼ 94.1% |
| Non-recurring operating charges66A | €119 | €11,079 | €219 | €4,658 | €4,752 | ▲ 2.0% |
| Gross operating margin9900 | €182,070 | €113,472 | €151,641 | €218,821 | €172,091 | ▼ 21.4% |
| Operating profit (loss)9901 | €97,822 | -€5,468 | €47,363 | €54,408 | €30,845 | ▼ 43.3% |
| Financial income75/76B | €115 | - | €1 | €79 | €34 | ▼ 57.0% |
| Recurring financial income75 | €115 | - | €1 | €79 | €34 | ▼ 57.0% |
| Financial charges65/66B | €83 | €765 | €865 | €704 | €830 | ▲ 17.9% |
| Recurring financial charges65 | €83 | €765 | €865 | €704 | €830 | ▲ 17.9% |
| Profit (loss) for the period before taxes9903 | €97,854 | -€6,233 | €46,499 | €53,783 | €30,049 | ▼ 44.1% |
| Income taxes67/77 | €25,000 | -€469 | €13,950 | €13,861 | €8,756 | ▼ 36.8% |
| Profit (loss) for the period9904 | €72,854 | -€5,764 | €32,549 | €39,922 | €21,293 | ▼ 46.7% |
| Profit (loss) for the period to be appropriated9905 | €72,854 | -€5,764 | €32,549 | €39,922 | €21,293 | ▼ 46.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €177,190 | €169,332 | €217,003 | €283,920 | €232,606 | ▼ 18.1% |
| Fixed assets21/28 | €10,467 | €9,589 | €27,598 | €49,821 | €47,804 | ▼ 4.0% |
| Tangible fixed assets22/27 | €10,167 | €9,289 | €27,298 | €49,521 | €40,004 | ▼ 19.2% |
| Plant, machinery and equipment23 | - | - | €13,020 | €10,416 | €7,812 | ▼ 25.0% |
| Furniture and vehicles24 | €10,167 | €9,289 | €14,278 | €39,105 | €32,192 | ▼ 17.7% |
| Financial fixed assets28 | €300 | €300 | €300 | €300 | €7,800 | ▲ 2,500% |
| Current assets29/58 | €166,723 | €159,743 | €189,405 | €234,099 | €184,802 | ▼ 21.1% |
| Stocks and contracts in progress3 | €4,600 | €4,600 | €4,600 | - | - | - |
| Stocks30/36 | €4,600 | €4,600 | €4,600 | - | - | - |
| Amounts receivable within one year40/41 | €3,993 | €83,640 | €68,949 | €30,734 | €135,392 | ▲ 341% |
| Trade receivables40 | €3,993 | €80,640 | €68,949 | €30,734 | €117,692 | ▲ 283% |
| Other amounts receivable41 | - | €3,000 | - | - | €17,700 | - |
| Cash at bank and in hand54/58 | €155,418 | €66,609 | €113,479 | €196,041 | €44,041 | ▼ 77.5% |
| Deferred charges and accrued income490/1 | €2,712 | €4,894 | €2,377 | €7,324 | €5,369 | ▼ 26.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €177,190 | €169,332 | €217,003 | €283,920 | €232,606 | ▼ 18.1% |
| Equity10/15 | €74,854 | €69,090 | €103,961 | €143,883 | €165,176 | ▲ 14.8% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | €2,322 | €2,322 | €2,322 | = |
| Non-distributable reserves130/1 | - | - | €2,322 | €2,322 | €2,322 | = |
| Other1319 | - | - | €2,322 | €2,322 | €2,322 | = |
| Profit (loss) carried forward14 | €72,854 | €67,090 | €99,639 | €139,561 | €160,854 | ▲ 15.3% |
| Amounts payable17/49 | €102,336 | €100,242 | €113,042 | €140,037 | €67,430 | ▼ 51.8% |
| Amounts payable within one year42/48 | €97,373 | €99,897 | €107,429 | €136,457 | €58,200 | ▼ 57.3% |
| Trade debts44 | €48,281 | €51,715 | €36,462 | €79,674 | €4,092 | ▼ 94.9% |
| Suppliers440/4 | €48,281 | €51,715 | €36,462 | €79,674 | €4,092 | ▼ 94.9% |
| Taxes, remuneration and social security45 | €49,092 | €48,182 | €70,967 | €56,783 | €54,108 | ▼ 4.7% |
| Taxes450/3 | €44,464 | €40,994 | €62,570 | €46,204 | €43,529 | ▼ 5.8% |
| Remuneration and social security454/9 | €4,628 | €7,188 | €8,397 | €10,579 | €10,579 | = |
| Accrued charges and deferred income492/3 | €4,963 | €345 | €5,613 | €3,580 | €9,230 | ▲ 158% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,854 | -€5,764 | €32,549 | €39,922 | €21,293 | ▼ 46.7% |
| + Depreciation and write-downs630 | €6,332 | €2,322 | €1,333 | €4,517 | €9,517 | ▲ 111% |
| Operating cash flow (approximation) | €79,186 | -€3,442 | €33,882 | €44,439 | €30,810 | ▼ 30.7% |
| Investment in fixed assets (approximation) | - | -€1,444 | -€19,342 | -€26,740 | -€7,500 | ▲ 72.0% |
| Change in cash | - | -€88,809 | €46,870 | €82,562 | -€152,000 | ▼ 284% |
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
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
2025
31-12
Financial
Equity above €150,000Eq €165,176 ▲14.8%
3 profitable years in a row build equity to €165,176.
14-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 14 days late
2024
11-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 11 days late
2023
31-12
Financial
Back to profitnet €32,549
Net result €32,549 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €103,961 ▲50.5%
Equity rises from €69,090 to €103,961.
10-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 10 days late
2022
31-12
Financial
Weakest financial yearnet -€5,764
Net result drops to -€5,764, the lowest in the series; recovery starts the following year.
15-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 15 days late
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.
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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, Herve · 1 establishment unit since 2020
Ground area
3,963 m²
Building footprint
620 m²
Volume, LiDAR
4,245 m³
Parcel 63006D0352/00F000, Wallonia · tallest building 7.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
HRWD
since 20202.309.446.373
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63006D0352/00F000 | Wallonia | 3,963 m² | 1 · 620 m² | 7.7 m · 2 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.
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Of 24,516 companies in sector 82990 we hold annual accounts for 9,420. 7,088 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
Founded16-11-2020
Fiscal year end31-12
Activities, NACEBEL 2025
82990Other business support services
01430Raising of horses and other equines
74140Other specialised design activities
85510Sports and recreation education
93127Equestrian clubs
E-invoicing
Reachable via Peppol
Peppol ID
0208:0758432706
Also
9925:BE0758432706
Registered
11-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.