HYDROGENICS EUROPE
ActiveSummary
The annual accounts of HYDROGENICS EUROPE for financial year 2024 show a net loss of 124% of the equity at the start of that year. The 2024 annual accounts show equity of €124.5m and a net result of -€105.8m. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 62% of 317 sector peers (NACE 28, financial year 2024). The company has been active since 2000 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.5% (low).
Overview
Official details
Source: KBO- Status
- Active since 15-12-2000 Normal situation
- Activity
- Manufacture of machinery and equipment not elsewhere classified NACE 28990
- Joint committees
- 111 Paritair Comité voor de metaal-, machine- en elektrische bouw
- 209 Paritair Comité voor de bedienden der metaalfabrikatennijverheid · annual accounts 2024
- Establishment units
- 2.100.184.414 2260 Westerlo, since 19-03-2001
- 2.340.750.847 2260 Westerlo, since 26-09-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 18-12-2025
Board and ownership
- Christian ZechDirector · since 30-09-2023
- Timothy James William ProctorDirector · since 20-11-2025
- Jose Luis de Alba RoviraDirector · since 02-02-2026
- Auditor
- BV PwC Bedrijfsrevisoren
- HYDROGENICS CORPORATION100%act of 02-03-2023
- CUMMINS INC.consolidatedLEI register
- Holdings
- Shares in 2 companies CUMMINS HYDROGEN TECHNOLOGY (SHANGHAI) CO., LTD. and Cummins New Power, S.L
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.5%
- Turnover
- €28.1m
- ▲ 447%
- Loss
- €105.8m
- ▲ 74.7%
- Equity
- €124.5m
- ▲ 46.0%
- Total assets
- €257.5m
- ▲ 33.4%
- Employees on 31-12-2024
- 243
- ▼ 0.4%
- 2025 accounts not filed, 96 days past the deadline
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year1 financial year not filed after the legal deadline; last filed accounts filed 440 days late; 1 of the last 3 accounts lateFigures for financial year 2024 (filed on 21-10-2026)Loss of €105.8m, the second in a row (financial year 2024)lowers riskFounded in 2000Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 28, medium-sized). It does better than 67% of them on solvency, 73% on liquidity, 4% on profitability and 96% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 51 days after the deadline. In the sector (NACE 28), the median for financial year 2024 was 11 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (1)
Key points
- Risk: 7 loss-making years in a rowloss in financial year 2024 -€105.8m View
- Positive: Turnover rose in 2024from €5.1m to €28.1m ▲ 447% View
- Caution: Lower net result than 95% of companies in machinery and equipmentsector median €179,971 · 318 companies -€105.8m View
- Board changedlatest change 02-02-2026 · 3 in office 2 joined · 2 left View
- Flemish supportawarded from 2022 to 2025 €18.6m View
Recent changes
- · Gazette deed Resignation: Cory Treadaway (director)Appointment: Jose Luis de Alba Rovira (director)
- · Gazette deed Resignation: Petrus Johannes Meijerink (director)Appointment: Timothy James William Proctor (director)
- · Gazette deed Capital increase of €81,000,000 to €395,227,000Capital from €314,227,000 to €395,227,000
Comparable companies
These companies have the same main activity as HYDROGENICS EUROPE: manufacture of machinery and equipment not elsewhere classified (NACE 28990). They are comparable in size and age: total assets between €39m and €143m, founded between 1994 and 2002.
| Company | Total assets | Turnover |
|---|---|---|
| HYDROGENICS EUROPE Westerlo | €257.5m | €28.1m |
| BEP EUROPE Brugge | €79.8m | €60.4m |
| XEIKON MANUFACTURING Lier | €80.3m | €102.0m |
| AZO Antwerpen | €38.5m | €46.4m |
| VALVAN Menen | €39.0m | €44.5m |
| ASEPTIC TECHNOLOGIES Gembloux | €54.7m | €30.4m |
| TOMRA Food (Belgium) Leuven | €143.0m | €159.5m |
Key facts about HYDROGENICS EUROPE
- What is the company number of HYDROGENICS EUROPE?
- The company number of HYDROGENICS EUROPE is 0473.539.251. The VAT number is the same number with BE in front: BE 0473.539.251.
- Where is HYDROGENICS EUROPE based?
- The registered office is at Nijverheidsstraat 48, 2260 Westerlo.Company details
- What does HYDROGENICS EUROPE do?
- According to the KBO register, the main activity is manufacture of machinery and equipment not elsewhere classified (NACE 28990).
- What is the legal form of HYDROGENICS EUROPE?
- The legal form of HYDROGENICS EUROPE is Public limited company (NV).
- When was HYDROGENICS EUROPE founded?
- HYDROGENICS EUROPE was founded on 15-12-2000.
- Is HYDROGENICS EUROPE still active?
- Yes, HYDROGENICS EUROPE is an active enterprise in the KBO register.
- How many employees does HYDROGENICS EUROPE have?
- HYDROGENICS EUROPE had an average of 245.5 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does HYDROGENICS EUROPE fall under?
- In its 2024 annual accounts, HYDROGENICS EUROPE states joint committees 111 (Paritair Comité voor de metaal-, machine- en elektrische bouw) and 209 (Paritair Comité voor de bedienden der metaalfabrikatennijverheid).
- What is the turnover of HYDROGENICS EUROPE?
- The turnover of HYDROGENICS EUROPE was €28.1m in financial year 2024, according to the filed annual accounts.
- Is HYDROGENICS EUROPE profitable?
- In financial year 2024, HYDROGENICS EUROPE made a loss of €105.8m.
- Where can I find the annual accounts of HYDROGENICS EUROPE?
- HYDROGENICS EUROPE filed 24 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
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