Hulpiau Hides
ActiveSummary
Hulpiau Hides has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €113,438 and a net result of €42,316. Equity is growing by ~33.4% per year across the filed fiscal years. Its solvency ranks better than 21% of 8160 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▲+7
Solvency40▲+7
Growth78▲+26
Track record94
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity short (current ratio 0.86 against 0.95 in 2024; short-term debt: 75.3% and cash: 25.4% of total assets), and 85.2% 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
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more 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
14.8%
Return on assets
5.5%
Age of the figures
10 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 8160 sector peers (2025).
NBB · sector comparisonPosition among 8160 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-11-2025 was due by 30-06-2026 and was filed on 31-03-2026, 91 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
91 d early
2024
24 d early
2023
32 d early
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 37 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-11-2026 and is due by 30-06-2027. Nothing is late today. Usually files around 3 June (3 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-11-2026 close30-06-2027 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 What other support did companies like this one receive, and it did not?Public money 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, abbreviated schema
Equity
€113,438▲ 59.5%
2024 · €71,122
Total assets
€766,472▼ 13.9%
2024 · €890,329
Net result
€42,316▲ 3,118%
2024 · €1,315
Working capital
-€81,277▼ 135%
2024 · -€34,603
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, 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€73,606-€48,385▼ 34.3%€11,016▼ 77.2%€68,027▲ 518%
Net result€35,870above the sector's middle half-€31,938within the sector's middle half▼ 11.0%€1,315within the sector's middle half▼ 95.9%€42,316within the sector's middle half▲ 3,118%
Equity€37,870within the sector's middle half-€69,807below the sector's middle half▲ 84.3%€71,122below the sector's middle half▲ 1.9%€113,438within the sector's middle half▲ 59.5%
Total assets€1.1mabove the sector's middle half-€819,770within the sector's middle half▼ 22.1%€890,329within the sector's middle half▲ 8.6%€766,472within the sector's middle half▼ 13.9%
Debt€1.0m-€749,963▼ 26.1%€819,207▲ 9.2%€653,033▼ 20.3%
Working capital-€54,417below the sector's middle half--€58,139below the sector's middle half▼ 6.8%-€34,603below the sector's middle half▲ 40.5%-€81,277below the sector's middle half▼ 135%
Solvency3.6%below the sector's middle half-8.5%below the sector's middle half▲ 4.9pp8.0%below the sector's middle half▼ 0.5pp14.8%below the sector's middle half▲ 6.8pp
Current ratio0.93within the sector's middle half-0.90below the sector's middle half▼ 0.030.95below the sector's middle half▲ 0.050.86below the sector's middle half▼ 0.09
Return on assets (ROA)3.4%within the sector's middle half-3.9%within the sector's middle half▲ 0.5pp0.1%below the sector's middle half▼ 3.7pp5.5%within the sector's middle half▲ 5.4pp
Staff (FTE)7.3-6.8within the sector's middle half▼ 6.8%6.1within the sector's middle half▼ 10.3%7.3above the sector's middle half▲ 19.7%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 518% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €766,472
Fixed assets
€270,401 ▲ 24.4%
Current assets
€496,070 ▼ 26.3%
Equity and liabilities €766,472
Equity
€113,438 ▲ 59.5%
Debt
€653,033 ▼ 20.3%
Debt's share of the balance-sheet total falls from 92.0% to 85.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€147,505▲
2024 · €86,114
Cash flow
€121,794▲
2024 · €76,412
Quick ratio
0.62▼
2024 · 0.73
Debt to equity
5.76▼
2024 · 11.52
ROE
37.3%▲
2024 · 1.8%
Interest coverage
8.19▼
2024 · 9.11
Debt ≤ 1 year
€577,347▼
2024 · €707,581
Debt > 1 year
€75,686▼
2024 · €111,626
Income taxes
€12,643▲
2024 · €4,489
Staff costs
€249,867▲
2024 · €210,723
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,976 companies that looked in July 2024 the way this one looks now, 3.1% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
3.1%
went bankrupt
1.6%
stopped otherwise
94%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% 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 497,662 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% | 1.7% |
| 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 75% 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 7,976 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 |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €218 | - | €36,937 | - |
| Remuneration, social security and pensions62 | €220,496 | €206,682 | €210,723 | €249,867 | ▲ 18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,798 | €66,808 | €75,097 | €79,478 | ▲ 5.8% |
| Other operating charges640/8 | €18,337 | €4,502 | €9,799 | €9,659 | ▼ 1.4% |
| Gross operating margin9900 | €339,237 | €326,378 | €306,635 | €407,031 | ▲ 32.7% |
| Operating profit (loss)9901 | €73,606 | €48,385 | €11,016 | €68,027 | ▲ 518% |
| Financial income75/76B | €174 | €17,163 | €4,242 | €4,947 | ▲ 16.6% |
| Recurring financial income75 | €174 | €17,163 | €3,780 | €4,947 | ▲ 30.9% |
| Non-recurring financial income76B | - | - | €462 | - | - |
| Financial charges65/66B | €24,612 | €23,964 | €9,455 | €18,015 | ▲ 90.5% |
| Recurring financial charges65 | €24,612 | €23,964 | €9,455 | €18,015 | ▲ 90.5% |
| Profit (loss) for the period before taxes9903 | €49,168 | €41,584 | €5,804 | €54,959 | ▲ 847% |
| Income taxes67/77 | €13,298 | €9,647 | €4,489 | €12,643 | ▲ 182% |
| Profit (loss) for the period9904 | €35,870 | €31,938 | €1,315 | €42,316 | ▲ 3,118% |
| Profit (loss) for the period to be appropriated9905 | €35,870 | €31,938 | €1,315 | €42,316 | ▲ 3,118% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.1m | €819,770 | €890,329 | €766,472 | ▼ 13.9% |
| Fixed assets21/28 | €275,045 | €275,263 | €217,352 | €270,401 | ▲ 24.4% |
| Intangible fixed assets21 | €83,141 | €65,141 | €47,141 | €29,141 | ▼ 38.2% |
| Tangible fixed assets22/27 | €191,904 | €210,122 | €170,211 | €241,260 | ▲ 41.7% |
| Land and buildings22 | €13,489 | €11,894 | €10,299 | €61,030 | ▲ 493% |
| Plant, machinery and equipment23 | €155,288 | €181,972 | €151,275 | €177,169 | ▲ 17.1% |
| Furniture and vehicles24 | €23,127 | €16,256 | €8,636 | €3,062 | ▼ 64.5% |
| Current assets29/58 | €777,142 | €544,507 | €672,978 | €496,070 | ▼ 26.3% |
| Stocks and contracts in progress3 | €317,216 | €136,987 | €158,350 | €138,500 | ▼ 12.5% |
| Stocks30/36 | €317,216 | €136,987 | €158,350 | €138,500 | ▼ 12.5% |
| Amounts receivable within one year40/41 | €286,029 | €187,846 | €342,287 | €147,232 | ▼ 57.0% |
| Trade receivables40 | €216,970 | €143,306 | €299,533 | €115,911 | ▼ 61.3% |
| Other amounts receivable41 | €69,059 | €44,540 | €42,754 | €31,321 | ▼ 26.7% |
| Cash at bank and in hand54/58 | €173,151 | €218,717 | €152,592 | €194,776 | ▲ 27.6% |
| Deferred charges and accrued income490/1 | €746 | €958 | €19,749 | €15,563 | ▼ 21.2% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.1m | €819,770 | €890,329 | €766,472 | ▼ 13.9% |
| Equity10/15 | €37,870 | €69,807 | €71,122 | €113,438 | ▲ 59.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €35,870 | €67,807 | €69,122 | €111,438 | ▲ 61.2% |
| Distributable reserves133 | €35,870 | €67,807 | €69,122 | €111,438 | ▲ 61.2% |
| Amounts payable17/49 | €1.0m | €749,963 | €819,207 | €653,033 | ▼ 20.3% |
| Amounts payable after more than one year17 | €182,758 | €147,316 | €111,626 | €75,686 | ▼ 32.2% |
| Financial debts170/4 | €182,758 | €147,316 | €111,626 | €75,686 | ▼ 32.2% |
| Amounts payable within one year42/48 | €831,559 | €602,647 | €707,581 | €577,347 | ▼ 18.4% |
| Current portion of amounts payable after more than one year42 | €35,195 | €35,442 | €35,690 | €35,940 | ▲ 0.7% |
| Trade debts44 | €230,981 | €274,137 | €229,214 | €51,667 | ▼ 77.5% |
| Suppliers440/4 | €230,981 | €274,137 | €229,214 | €51,667 | ▼ 77.5% |
| Advances received on contracts in progress46 | €35,686 | - | - | - | - |
| Taxes, remuneration and social security45 | €65,629 | €54,026 | €46,319 | €35,934 | ▼ 22.4% |
| Taxes450/3 | €18,555 | €16,925 | €6,322 | €3,796 | ▼ 40.0% |
| Remuneration and social security454/9 | €47,074 | €37,101 | €39,997 | €32,138 | ▼ 19.6% |
| Other amounts payable47/48 | €464,069 | €239,042 | €396,358 | €453,807 | ▲ 14.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,870 | €31,938 | €1,315 | €42,316 | ▲ 3,118% |
| + Depreciation and write-downs630 | €26,798 | €66,808 | €75,097 | €79,478 | ▲ 5.8% |
| Operating cash flow (approximation) | €62,668 | €98,746 | €76,412 | €121,794 | ▲ 59.4% |
| Investment in fixed assets (approximation) | - | -€67,026 | -€17,186 | -€132,527 | ▼ 671% |
| Change in cash | - | €45,565 | -€66,125 | €42,184 | ▲ 164% |
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
31-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-11
Financial
Highest result since 2022net €42,316 ▲3,118%
Net result €42,316, the highest in the series.
30-11
Financial
Equity above €100,000Eq €113,438 ▲59.5%
4 profitable years in a row build equity to €113,438.
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-11
Financial
Weakest financial yearnet €1,315 ▼95.9%
Net result drops to €1,315, the lowest in the series; recovery starts the following year.
29-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
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 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has 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
3 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, Dendermonde · 1 establishment unit since 2021
Ground area
2,008 m²
Building footprint
370 m²
Volume, LiDAR
249 m³
Parcel 42002C0553/00G000, Flanders · tallest building 2.7 m. Linked by address, not a title deed.
1 establishment unit
Hulpiau Hides
since 20212.324.533.338
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42002C0553/00G000 | Flanders | 2,008 m² | 1 · 370 m² | 2.7 m |
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.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 218 EUR awarded · 218 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 218 EUR | 218 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteDendermonde2.324.533.338
Similar companies · same sector, comparable size
DE CHOKIER
BE 0473.493.424
Gingelom · Eq €130,290
2DEK
BE 0790.815.462
Tournai · Eq €76,446
OTBI
BE 0727.376.076
Brussel · Eq €74,943
DASSI cuirs en gros
BE 0429.498.776
Awans · Eq €227,690
W & M SOLUTIONS
BE 0478.209.802
Wingene · Eq €52,032
Of 31 companies in sector 46240 we hold annual accounts for 23. 14 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
Founded30-11-2021
Fiscal year end30-11
Activities, NACEBEL 2025
46240Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0777875662
Registered
03-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.