HVG
ActiveSummary
HVG has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €282,358 and a net result of €109,321. Equity is growing by ~26.5% per year across the filed fiscal years. Its solvency ranks better than 48% of 17179 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability97▲+3
Solvency83▼-17
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €22,000 at 30 days acceptable
Liquidity ample (current ratio 1.69 against 7.92 in 2024; short-term debt: 42% and cash: 23.9% of total assets), and 42% of the assets are financed with debt.
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Signals
Four 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 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← 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 2025Solvency, return and age of the figures
Solvency
58%
Return on assets
22.5%
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 31-07-2026, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
on the day
2024
20 d late
2023
on the day
2022
7 d early
2021
17 d early
2020
2 d early
2019
92 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 12 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€282,358▼ 9.8%
2024 · €312,924
Total assets
€486,420▲ 37.2%
2024 · €354,484
Net result
€109,321▲ 53.2%
2024 · €71,368
Working capital
€140,730▼ 51.1%
2024 · €287,744
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€41,166▲ 88.9%€145,015▲ 252%€116,826▼ 19.4%€98,116▼ 16.0%€157,501▲ 60.5%
Net result€26,612▲ 119%€101,109▲ 280%€81,208▼ 19.7%€71,368▼ 12.1%€109,321▲ 53.2%
Equity€85,175▲ 45.4%€186,284▲ 119%€267,492▲ 43.6%€312,924▲ 17.0%€282,358▼ 9.8%
Total assets€136,222▲ 11.0%€228,560▲ 67.8%€295,192▲ 29.2%€354,484▲ 20.1%€486,420▲ 37.2%
Debt€51,046▼ 20.4%€42,276▼ 17.2%€27,699▼ 34.5%€41,560▲ 50.0%€204,062▲ 391%
Working capital€50,725▲ 38.7%€144,007▲ 184%€232,677▲ 61.6%€287,744▲ 23.7%€140,730▼ 51.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 61% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €486,420
Fixed assets
€141,628 ▲ 462%
Current assets
€344,792 ▲ 4.7%
Equity and liabilities €486,420
Equity
€282,358 ▼ 9.8%
Debt
€204,062 ▲ 391%
Debt's share of the balance-sheet total rises from 11.7% to 42.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€168,448▲
2024 · €109,086
Cash flow
€120,269▲
2024 · €82,338
Current ratio
1.69▼
2024 · 7.92
Debt to equity
0.72▲
2024 · 0.13
ROE
38.7%▲
2024 · 22.8%
ROA
22.5%▲
2024 · 20.1%
Interest coverage
1972.46▲
2024 · 1297.87
Debt ≤ 1 year
€204,062▲
2024 · €41,560
Income taxes
€48,099▲
2024 · €30,779
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,776 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
2.6%
stopped otherwise
97%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 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% | 1.6% |
| 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 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 6,776 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €34,908 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,225 | €9,984 | €11,160 | €10,970 | €10,947 | ▼ 0.2% |
| Other operating charges640/8 | €770 | €1,319 | €842 | €658 | €536 | ▼ 18.5% |
| Non-recurring operating charges66A | €0 | - | - | - | - | - |
| Gross operating margin9900 | €51,162 | €156,318 | €128,829 | €109,744 | €168,984 | ▲ 54.0% |
| Operating profit (loss)9901 | €41,166 | €145,015 | €116,826 | €98,116 | €157,501 | ▲ 60.5% |
| Financial income75/76B | €0 | - | €181 | €4,115 | €5 | ▼ 99.9% |
| Recurring financial income75 | €0 | - | €181 | €4,115 | €5 | ▼ 99.9% |
| Financial charges65/66B | €875 | €1,052 | €93 | €84 | €85 | ▲ 1.6% |
| Recurring financial charges65 | €875 | €1,052 | €93 | €84 | €85 | ▲ 1.6% |
| Profit (loss) for the period before taxes9903 | €40,291 | €143,963 | €116,914 | €102,148 | €157,420 | ▲ 54.1% |
| Income taxes67/77 | €13,679 | €42,854 | €35,706 | €30,779 | €48,099 | ▲ 56.3% |
| Profit (loss) for the period9904 | €26,612 | €101,109 | €81,208 | €71,368 | €109,321 | ▲ 53.2% |
| Profit (loss) for the period to be appropriated9905 | €26,612 | €101,109 | €81,208 | €71,368 | €109,321 | ▲ 53.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €136,222 | €228,560 | €295,192 | €354,484 | €486,420 | ▲ 37.2% |
| Fixed assets21/28 | €38,300 | €42,278 | €34,815 | €25,180 | €141,628 | ▲ 462% |
| Tangible fixed assets22/27 | €38,300 | €42,278 | €34,815 | €25,180 | €16,628 | ▼ 34.0% |
| Furniture and vehicles24 | €21,969 | €28,557 | €20,383 | €12,879 | €7,331 | ▼ 43.1% |
| Other tangible fixed assets26 | €16,331 | €13,720 | €14,432 | €12,301 | €9,297 | ▼ 24.4% |
| Financial fixed assets28 | - | - | - | - | €125,000 | - |
| Current assets29/58 | €97,922 | €186,282 | €260,376 | €329,304 | €344,792 | ▲ 4.7% |
| Amounts receivable within one year40/41 | €12,500 | €40,000 | €40,744 | €27,785 | €76,403 | ▲ 175% |
| Trade receivables40 | €12,500 | €40,000 | €40,000 | €24,324 | €72,939 | ▲ 200% |
| Other amounts receivable41 | - | - | €744 | €3,461 | €3,464 | ▲ 0.1% |
| Current investments50/53 | - | - | €100,000 | €0 | €150,000 | - |
| Cash at bank and in hand54/58 | €82,709 | €143,604 | €114,733 | €298,762 | €116,082 | ▼ 61.1% |
| Deferred charges and accrued income490/1 | €2,713 | €2,678 | €4,900 | €2,758 | €2,307 | ▼ 16.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €136,222 | €228,560 | €295,192 | €354,484 | €486,420 | ▲ 37.2% |
| Equity10/15 | €85,175 | €186,284 | €267,492 | €312,924 | €282,358 | ▼ 9.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €66,575 | €167,684 | €248,892 | €294,324 | €263,758 | ▼ 10.4% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €64,715 | €165,824 | €248,892 | €294,324 | €263,758 | ▼ 10.4% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €51,046 | €42,276 | €27,699 | €41,560 | €204,062 | ▲ 391% |
| Amounts payable after more than one year17 | €3,850 | €0 | - | - | - | - |
| Financial debts170/4 | €3,850 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €47,196 | €42,276 | €27,699 | €41,560 | €204,062 | ▲ 391% |
| Current portion of amounts payable after more than one year42 | €6,600 | €3,850 | €0 | - | - | - |
| Financial debts43 | €0 | - | - | - | - | - |
| Credit institutions430/8 | €0 | - | - | - | - | - |
| Trade debts44 | €1,160 | €4,528 | €9,393 | €4,022 | €179 | ▼ 95.6% |
| Suppliers440/4 | €1,160 | €4,528 | €9,393 | €4,022 | €179 | ▼ 95.6% |
| Taxes, remuneration and social security45 | €16,906 | €21,551 | €12,823 | €10,380 | €38,285 | ▲ 269% |
| Taxes450/3 | €16,906 | €21,551 | €12,823 | €10,380 | €38,285 | ▲ 269% |
| Other amounts payable47/48 | €22,531 | €12,347 | €5,484 | €27,158 | €165,599 | ▲ 510% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,612 | €101,109 | €81,208 | €71,368 | €109,321 | ▲ 53.2% |
| + Depreciation and write-downs630 | €9,225 | €9,984 | €11,160 | €10,970 | €10,947 | ▼ 0.2% |
| Operating cash flow (approximation) | €35,837 | €111,093 | €92,369 | €82,338 | €120,269 | ▲ 46.1% |
| Investment in fixed assets (approximation) | - | -€13,962 | -€3,698 | -€1,334 | -€127,396 | ▼ 9,448% |
| Change in cash | - | €60,895 | -€28,871 | €184,029 | -€182,680 | ▼ 199% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2019net €109,321 ▲53.2%
Operating result €157,501, net result €109,321, both a record.
20-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 20 days late
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity doublescurrent ratio 9.40
Current ratio from 4.41 to 9.40; short-term debt falls from €42,276 to €27,699.
31-12
Financial
Equity above €200,000Eq €267,492 ▲43.6%
5 profitable years in a row build equity to €267,492.
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity doublescurrent ratio 4.41
Current ratio from 2.07 to 4.41; short-term debt falls from €47,196 to €42,276.
31-12
Financial
Equity above €150,000Eq €186,284 ▲119%
4 profitable years in a row build equity to €186,284.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €12,166 ▼56.2%
Net result drops to €12,166, the lowest in the series; recovery starts the following year.
31-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 92 days late
Financial milestoneNBB 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, Rotselaar · 1 establishment unit since 2019
Ground area
1,055 m²
Building footprint
221 m²
Volume, LiDAR
723 m³
Parcel 24094D0575/00D000, Flanders · tallest building 6.0 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
HVG
since 20192.283.824.121
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24094D0575/00D000 | Flanders | 1,055 m² | 1 · 220 m² | 6.0 m · 1 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 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
- Sourceown accounts 202525%
According to the 2025 annual accounts of HVG and those 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.
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Of 30,007 companies in sector 62200 we hold annual accounts for 18,396. 13,906 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
Founded09-01-2019
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0717860871
Also
9925:BE0717860871
Registered
25-02-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.