Losses
-€220.9m in ten years
Every financial year from 2015 to 2024 closed with a loss. 2024 was the heaviest.
HYDROGENICS EUROPE
Lifetime
19 annual accounts with figures on one time axis, 23 filings since 2001peak €257.5m (2024)
€257.5m▲ 33.4%
lowest -€105.8m (2024)
-€105.8m▼ €45.2m
peak €124.5m (2024)
€124.5m▲ 46.0%
€114.2m▲ 17.8%
peak 245.5 FTE (2024)
245.5 FTE▲ 12.0%
Board13 names since 2019all names
5 directorsChristian Zech and 4 others
Owners3 names in the annual accounts
consolidatesCummins Inc
Documentsfilings and deeds
14-10-2026440 days late
2024financial year
Turnover from €5.1m to €28.1mLoss of €105.8mStaff from 219.1 FTE to 245.5 FTEResignation: Piet Berens (director) 14-10Capital increase of €84,000,000 04-01Equity from €85.3m to €124.5m
Key points
from the 2024 annual accountsTurnover
€28.1m ▲ 447%
Turnover rose in 2024 from €5.1m to €28.1m.
Payment terms
139 days to suppliers
HYDROGENICS EUROPE pays its suppliers 42 days later than in 2023. Customers pay 163 days later.
Filings
23 annual accounts 24 filings, 101 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
Board
2 joined · 2 left
Board changed. Latest change 02-02-2026 · 3 in office.
Public support
€18.6m awarded from 2022 to 2025
Flemish support, mostly IPCEI FID-project.
Standalone figures, without subsidiaries
Checked score
56
Fair
Financially stronger than 60% of medium-sized companies in machinery and equipment (NACE 28)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.5% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 101 companies (NACE 28, medium-sized).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025lowest value
03-2025: 0.4%● unchanged vs 02-2025lowest value
04-2025: 0.5%▲ +0.1 percentage points vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.5%● unchanged vs 06-2025
08-2025: 0.7%▲ +0.2 percentage points vs 07-2025
09-2025: 0.8%▲ +0.1 percentage points vs 08-2025
10-2025: 1.0%▲ +0.2 percentage points vs 09-2025
11-2025: 1.0%● unchanged vs 10-2025
12-2025: 1.3%▲ +0.3 percentage points vs 11-2025
01-2026: 2.1%▲ +0.8 percentage points vs 12-2025
02-2026: 2.1%● unchanged vs 01-2026
03-2026: 2.1%● unchanged vs 02-2026
04-2026: 1.9%▼ -0.2 percentage points vs 03-2026
05-2026: 1.9%● unchanged vs 04-2026
06-2026: 1.9%● unchanged vs 05-2026
07-2026: 1.9%● unchanged vs 06-2026
08-2026: 3.2%▲ +1.3 percentage points vs 07-2026highest value
09-2026: 3.2%● unchanged vs 08-2026highest value
10-2026: 1.5%▼ -1.7 percentage points vs 09-2026
11-2026: 1.5%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
1 financial year not filed after the legal deadline; last filed accounts filed 440 days late; 1 of the last 3 accounts late
Figures for financial year 2024 (filed on 21-10-2026)
Loss of €105.8m, the second in a row (financial year 2024)
lowers risk
Founded in 2000
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 95% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 147 companies had the same profile as HYDROGENICS EUROPE has now. Each dot is one company, two years later.
91.8%
were still trading
5.4%
stopped another way
2.0%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HYDROGENICS EUROPE itself: 1.5% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 147 companies, not a prediction for HYDROGENICS EUROPE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €2,800,000 on 30-day terms, only on tighter conditions: an expected filing is missing beyond Checked's processing allowance
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 1.52 (0.91 in 2023), above the usual 1.5. Short-term debt is 42.3% and cash 15.6% of total assets. However, 51.7% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises risk
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €124.5m
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 101 days later.
NBB · 9 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline09-11-2026 today
raises risk · 2024 accounts filed 440 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 14-10-2026, 440 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers.
NBB · 9 filingsDeviation from the deadline
2025
not filed
2024
440 days late
2023
36 days early
2022
31 days early
2021
47 days early
2020
46 days early
2019
24 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
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)
Board and ownership
- HYDROGENICS CORPORATION 100%deed of 02-03-2023
- CUMMINS INC. consolidatedLEI register
Shares in 2 companies, CUMMINS HYDROGEN TECHNOLOGY (SHANGHAI) CO., LTD. and Cummins New Power, S.L
Board & ownershipRecent changes
Resignation: Cory Treadaway (director)
Appointment: Jose Luis de Alba Rovira (director) · General meeting of 22-01-2026 · Gazette deed
Resignation: Petrus Johannes Meijerink (director)
Appointment: Timothy James William Proctor (director) · General meeting of 20-11-2025 · Gazette deed
Capital increase of €81,000,000 to €395,227,000
Capital from €314,227,000 to €395,227,000 · General meeting of 12-12-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0473539251
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HYDROGENICS EUROPE Westerlo | €28.1m | - | 48.3% | 245.5 |
| BEP EUROPE Bruges | €60.4m | 18.4% | 53.2% | 148.1 |
| XEIKON MANUFACTURING Lier | €102.0m | -3.9% | 41.8% | 191.1 |
| AZO Antwerp | €46.4m | 14.0% | 32.1% | 129.8 |
| VALVAN Menen | €44.5m | 6.7% | 19.1% | 113.8 |
| ASEPTIC TECHNOLOGIES Gembloux | €30.4m | 21.6% | 77.4% | 61.4 |
| TOMRA Food (Belgium) Leuven | €159.5m | 0.7% | 6.2% | 181.1 |
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.
Official details
Source: KBO- Status
- Active since 15-12-2000Normal situation
- Activity
- Manufacture of machinery and equipment not elsewhere classifiedNACE 28990
- Joint committees
- 111Metal, mechanical and electrical engineering
- 209White-collar workers in metal manufacturing · annual accounts 2024
- Establishment units
- 2.100.184.4142260 Westerlo, since 19-03-2001
- 2.340.750.8472260 Westerlo, since 26-09-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 18-12-2025
Annual accounts 2024
- €257.5m▲ 33.4%
- Employeeson 31-12-2024
- 243▼ 0.4%
- Filing
- Filed on 14-10-2026
Insights on HYDROGENICS EUROPE
HYDROGENICS EUROPE has existed since 2000. In 2022 the balance sheet total rose from €33.9m to €84.7m and staff from 102.7 to 149.7 full-time equivalents. On 26 September 2022 a site was added.
The balance sheet total has grown every year since.
HYDROGENICS CORPORATION holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
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?
- HYDROGENICS EUROPE is a 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 (Metal, mechanical and electrical engineering) and 209 (White-collar workers in metal manufacturing).
- 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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