HVCO
ActiveSummary
HVCO has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €406,379 and a net result of €39,629. Equity is growing by ~17.5% per year across the filed fiscal years. Its solvency ranks better than 56% of 3337 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75=
Solvency77▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 2.01 against 1.54 in 2024; short-term debt: 26.3% and cash: 13% of total assets), and 48.2% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
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 2025Solvency, return and age of the figures
Solvency
51.8%
Return on assets
5.1%
Age of the figures
9 mo
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
36 d early
2023
37 d early
2022
4 d early
2021
2 d early
2020
3 d early
2019
31 d late
← 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 7 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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 27 July (5 of the last 5 filed years within 32 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€406,379▲ 10.8%
2024 · €366,750
Total assets
€784,028▼ 12.5%
2024 · €896,005
Net result
€39,629▼ 16.0%
2024 · €47,153
Working capital
€209,071▲ 18.0%
2024 · €177,201
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting 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€73,124▲ 148%€88,318▲ 20.8%€125,388▲ 42.0%€81,467▼ 35.0%€61,085▼ 25.0%
Net result€31,536within the sector's middle half▲ 202%€49,189within the sector's middle half▲ 56.0%€65,506within the sector's middle half▲ 33.2%€47,153within the sector's middle half▼ 28.0%€39,629within the sector's middle half▼ 16.0%
Equity€205,704within the sector's middle half▲ 18.1%€254,892within the sector's middle half▲ 23.9%€320,398within the sector's middle half▲ 25.7%€366,750within the sector's middle half▲ 14.5%€406,379within the sector's middle half▲ 10.8%
Total assets€786,481within the sector's middle half▲ 1.3%€790,554within the sector's middle half▲ 0.5%€838,605within the sector's middle half▲ 6.1%€896,005within the sector's middle half▲ 6.8%€784,028within the sector's middle half▼ 12.5%
Debt€574,035▼ 4.6%€525,548▼ 8.4%€504,722▼ 4.0%€512,868▲ 1.6%€361,262▼ 29.6%
Working capital€73,767within the sector's middle half▲ 6.8%€94,314within the sector's middle half▲ 27.9%€166,297within the sector's middle half▲ 76.3%€177,201within the sector's middle half▲ 6.6%€209,071within the sector's middle half▲ 18.0%
Solvency26.2%within the sector's middle half▲ 3.7pp32.2%within the sector's middle half▲ 6.1pp38.2%within the sector's middle half▲ 6.0pp40.9%within the sector's middle half▲ 2.7pp51.8%within the sector's middle half▲ 10.9pp
Current ratio1.26within the sector's middle half=1.35within the sector's middle half▲ 0.091.59within the sector's middle half▲ 0.251.54within the sector's middle half▼ 0.062.01within the sector's middle half▲ 0.48
Return on assets (ROA)4.0%within the sector's middle half▲ 2.7pp6.2%within the sector's middle half▲ 2.2pp7.8%within the sector's middle half▲ 1.6pp5.3%within the sector's middle half▼ 2.5pp5.1%within the sector's middle half▼ 0.2pp
Staff (FTE)7.6within the sector's middle half▼ 10.6%8within the sector's middle half▲ 5.3%8.6above the sector's middle half▲ 7.5%8.8above the sector's middle half▲ 2.3%8.4above the sector's middle half▼ 4.5%
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 25% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €784,028
Fixed assets
€368,404 ▼ 5.0%
Current assets
€415,624 ▼ 18.2%
Equity and liabilities €784,028
Equity
€406,379 ▲ 10.8%
Provisions
€16,387 =
Debt
€361,262 ▼ 29.6%
Debt's share of the balance-sheet total falls from 57.2% to 46.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€112,952▼
2024 · €127,216
Cash flow
€91,496▼
2024 · €92,902
Debt to equity
0.89▼
2024 · 1.40
ROE
9.8%▼
2024 · 12.9%
Interest coverage
8.70▼
2024 · 9.54
Debt ≤ 1 year
€206,553▼
2024 · €331,070
Debt > 1 year
€142,818▼
2024 · €177,748
Income taxes
€9,253▼
2024 · €25,910
Staff costs
€522,215▲
2024 · €507,206
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
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 0.1% 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 497,338 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% | 1.9% |
| 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 31,370 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 | €400,214 | €416,265 | €479,899 | €507,206 | €522,215 | ▲ 3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,306 | €41,450 | €43,051 | €45,749 | €51,867 | ▲ 13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€154 | -€19,418 | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €6,742 | €3,371 | €3,371 | €2,902 | - | - |
| Other operating charges640/8 | €10,106 | €7,542 | €7,881 | €7,300 | €6,816 | ▼ 6.6% |
| Gross operating margin9900 | €530,493 | €556,945 | €659,436 | €625,206 | €641,983 | ▲ 2.7% |
| Operating profit (loss)9901 | €73,124 | €88,318 | €125,388 | €81,467 | €61,085 | ▼ 25.0% |
| Financial income75/76B | €481 | €81 | €553 | €4,925 | €775 | ▼ 84.3% |
| Recurring financial income75 | €481 | €81 | €553 | €4,925 | €775 | ▼ 84.3% |
| Financial charges65/66B | €11,890 | €12,239 | €11,308 | €13,330 | €12,979 | ▼ 2.6% |
| Recurring financial charges65 | €11,890 | €12,239 | €11,308 | €13,330 | €12,979 | ▼ 2.6% |
| Profit (loss) for the period before taxes9903 | €61,715 | €76,160 | €114,632 | €73,063 | €48,881 | ▼ 33.1% |
| Income taxes67/77 | €30,179 | €26,971 | €49,127 | €25,910 | €9,253 | ▼ 64.3% |
| Profit (loss) for the period9904 | €31,536 | €49,189 | €65,506 | €47,153 | €39,629 | ▼ 16.0% |
| Transfer from tax-exempt reserves789 | €43,500 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €75,036 | €49,189 | €65,506 | €47,153 | €39,629 | ▼ 16.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €786,481 | €790,554 | €838,605 | €896,005 | €784,028 | ▼ 12.5% |
| Fixed assets21/28 | €426,570 | €424,915 | €392,664 | €387,734 | €368,404 | ▼ 5.0% |
| Tangible fixed assets22/27 | €416,570 | €414,915 | €382,664 | €387,734 | €368,154 | ▼ 5.0% |
| Land and buildings22 | €393,292 | €394,103 | €360,322 | €340,935 | €318,390 | ▼ 6.6% |
| Plant, machinery and equipment23 | €11,402 | €11,547 | €6,401 | €4,907 | €18,238 | ▲ 272% |
| Furniture and vehicles24 | €11,875 | €9,265 | €15,941 | €41,891 | €31,525 | ▼ 24.7% |
| Financial fixed assets28 | €10,000 | €10,000 | €10,000 | - | €250 | - |
| Current assets29/58 | €359,911 | €365,639 | €445,940 | €508,271 | €415,624 | ▼ 18.2% |
| Amounts receivable within one year40/41 | €221,415 | €197,640 | €269,301 | €333,432 | €244,145 | ▼ 26.8% |
| Trade receivables40 | €213,065 | €189,290 | €245,583 | €213,899 | €192,008 | ▼ 10.2% |
| Other amounts receivable41 | €8,351 | €8,351 | €23,718 | €119,533 | €52,137 | ▼ 56.4% |
| Current investments50/53 | - | - | €50,000 | €65,000 | €65,000 | = |
| Cash at bank and in hand54/58 | €131,055 | €126,386 | €97,573 | €77,473 | €102,067 | ▲ 31.7% |
| Deferred charges and accrued income490/1 | €7,441 | €41,613 | €29,066 | €32,366 | €4,412 | ▼ 86.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €786,481 | €790,554 | €838,605 | €896,005 | €784,028 | ▼ 12.5% |
| Equity10/15 | €205,704 | €254,892 | €320,398 | €366,750 | €406,379 | ▲ 10.8% |
| Contributions10/11 | €17,815 | €17,815 | €17,815 | €17,815 | €17,815 | = |
| Reserves13 | €187,888 | €237,077 | €302,583 | €348,935 | €388,564 | ▲ 11.4% |
| Non-distributable reserves130/1 | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | €185,888 | €235,077 | €302,583 | €348,935 | €388,564 | ▲ 11.4% |
| Provisions and deferred taxes16 | €6,742 | €10,114 | €13,485 | €16,387 | €16,387 | = |
| Provisions for liabilities and charges160/5 | €6,742 | €10,114 | €13,485 | €16,387 | €16,387 | = |
| Other liabilities and charges164/5 | €6,742 | €10,114 | €13,485 | €16,387 | €16,387 | = |
| Amounts payable17/49 | €574,035 | €525,548 | €504,722 | €512,868 | €361,262 | ▼ 29.6% |
| Amounts payable after more than one year17 | €283,023 | €250,748 | €214,748 | €177,748 | €142,818 | ▼ 19.7% |
| Financial debts170/4 | €283,023 | €250,748 | €214,748 | €177,748 | €142,818 | ▼ 19.7% |
| Amounts payable within one year42/48 | €286,144 | €271,325 | €279,643 | €331,070 | €206,553 | ▼ 37.6% |
| Current portion of amounts payable after more than one year42 | €35,000 | €33,835 | €36,000 | €64,636 | €71,161 | ▲ 10.1% |
| Financial debts43 | - | - | €8,290 | €5,000 | €10,100 | ▲ 102% |
| Credit institutions430/8 | - | - | €8,290 | €5,000 | €10,100 | ▲ 102% |
| Trade debts44 | €86,207 | €74,459 | €46,289 | €37,225 | €28,326 | ▼ 23.9% |
| Suppliers440/4 | €86,207 | €74,459 | €46,289 | €37,225 | €28,326 | ▼ 23.9% |
| Advances received on contracts in progress46 | €12,132 | €8,964 | €9,250 | €16,653 | €18,245 | ▲ 9.6% |
| Taxes, remuneration and social security45 | €88,159 | €97,019 | €131,463 | €180,171 | €70,654 | ▼ 60.8% |
| Taxes450/3 | €41,030 | €47,766 | €77,330 | €122,535 | €11,220 | ▼ 90.8% |
| Remuneration and social security454/9 | €47,130 | €49,253 | €54,133 | €57,635 | €59,434 | ▲ 3.1% |
| Other amounts payable47/48 | €64,645 | €57,049 | €48,351 | €27,387 | €8,067 | ▼ 70.5% |
| Accrued charges and deferred income492/3 | €4,868 | €3,475 | €10,330 | €4,049 | €11,891 | ▲ 194% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,536 | €49,189 | €65,506 | €47,153 | €39,629 | ▼ 16.0% |
| + Depreciation and write-downs630 | €40,306 | €41,450 | €43,051 | €45,749 | €51,867 | ▲ 13.4% |
| Operating cash flow (approximation) | €71,842 | €90,638 | €108,557 | €92,902 | €91,496 | ▼ 1.5% |
| Investment in fixed assets (approximation) | - | -€39,795 | -€10,800 | -€40,819 | -€32,537 | ▲ 20.3% |
| Change in cash | - | -€4,669 | -€28,812 | -€20,100 | €24,594 | ▲ 222% |
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
09-09
State Gazette act
Incorporation · Founder
Director in office · Permanent representative
19-08
State Gazette act
General meeting · Net-asset statement
Auditor appointment · Other statement
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
16-07
State Gazette act
General meeting · Other statement
Auditor appointment · Auditor report
09-06
State Gazette act
General meeting · Fiscal year
First fiscal year · Annual general meeting
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €65,506 ▲33.2%
Operating result €125,388, net result €65,506, both a record.
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €200,000Eq €205,704 ▲18.1%
4 profitable years in a row build equity to €205,704.
28-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Show earlier events
2020
31-12
Financial
Weakest financial yearnet €10,426 ▼72.4%
Net result drops to €10,426, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
31-12
Financial
Equity above €150,000Eq €164,541 ▲29.9%
2 profitable years in a row build equity to €164,541.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Antwerpen · 1 establishment unit since 2001
Ground area
2,418 m²
Building footprint
445 m²
Volume, LiDAR
12,515 m³
Parcel 11345B0198/02W000, Flanders · tallest building 31.6 m, ±10 floors. Linked by address, not a title deed.
22
companies at this address
See who is registered here
1 establishment unit
HVCO
since 20012.116.146.753
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11345B0198/02W000 | Flanders | 2,418 m² | 1 · 445 m² | 31.6 m · 10 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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
33%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 20,699 EUR awarded · 20,699 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 2,334 EUR | 2,334 EUR |
| 2024 | 1 | 5,103 EUR | 5,103 EUR |
| 2023 | 2 | 6,630 EUR | 6,630 EUR |
| 2022 | 2 | 6,632 EUR | 6,632 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
699400RJ0KR6V1H62L07
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Of 12,174 companies in sector 69201 we hold annual accounts for 7,641. 5,742 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
Founded24-10-2000
Fiscal year end31-12
Activities, NACEBEL 2025
69201Certified accountants and tax accountants
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473111164
Also
9925:BE0473111164
Registered
31-10-2023
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.