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Complete company report
Generated 26-07-2026
Active BE 0886.015.816Private limited company

HYGI PANEL

Rue Georges Cosse, ZI, Nov. 4 ·5380 Fernelmont, Belgium· 19 yrs active
Sector: NACE 22210 (22210)
Conclusion Checked

The computed 12-month bankruptcy probability of HYGI PANEL is 0.9% (low). The 2023 annual accounts show equity of €1.21M and a net result of €161k. Equity is growing by ~57.4% per year across the filed fiscal years. Its solvency ranks better than 66% of 76 sector peers (fiscal year 2023). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 6 annual accounts.
Key figures
Equity €1.21M
Net result €161k
Staff (FTE) 497556.8
Better than sector 66%
Snowflake analysis 5 axes · computed by Checked
Health84Profitability67Solvency68Growth78Stability100
79 / 100

Exceptional profile, strong across almost every axis.

Health 84
Profitability 67
Solvency 68
Growth 78
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.9% Low
0%0,5%1,5%4%10%≥25%
Higher-failure-rate sector +Long track record −Annual accounts: weaker financial profile +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 3 signals
Established
Founded in 2006, 19 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad.
Administratively compliant
No FOD Economie strikeouts (UBO, accounts, address, activity).
Administrative Flags 0 events
No administrative flags
Health barometer FY 2023 · computed
84 / 100 Excellent
050100

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Computed by Checked from NBB filings and Belgian State Gazette signals. Indicative, not credit advice.
Financial overview10 NBB filings
Annual accounts filed on 17-07-2024 with the NBB · fiscal year 2023 · volledig
€0€50k€100k€150k€200kOperating result 2019: €31k€31kNet result 2019: €54k€54kOperating result 2020: €53k€53kNet result 2020: €83k€83kOperating result 2021: €20k€20kNet result 2021: €14k€14kOperating result 2022: €27k€27kNet result 2022: €8k€8kOperating result 2023: €190k€190kNet result 2023: €161k€161k20192020202120222023
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing Equity: growth of ~57.4%/year over 6 fiscal years, indicative, assuming unchanged policy.
€0€500k€1.00M€1.50M€2.00M2024: €706k (€609k - €803k)2025: €1.11M (€1.01M - €1.21M)2026: €1.75M (€1.65M - €1.85M)2018: €46k2019: €74k2020: €103k2021: €181k2022: €173k2023: €1.21M201820192020202120222023202420252026
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2023 · NACE 22 · compared across all schema types (micro, abbreviated and full combined)
Metric This company Sector median Position in the sector
Solvency 38.3% 24.6%
better than 66% of 76 sector peers
Net result €161k €21k
better than 82% of 76 sector peers
Equity €1.21M €54k
better than 82% of 76 sector peers
Gross operating margin €821k €87k
better than 88% of 66 sector peers
Staff costs €498k €223k
higher than 64% of 49 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€299k
+186.7% far above sector median
Net profit
€161k
+2023.5% far above sector median
Cash flow
€270k
+216.8% far above sector median
Total assets
€3.17M
+109.0% +27% vs sector
Equity
€1.21M
+602.3% +5% vs sector
Working capital
€576k
+128.5% far above sector median
Employees (FTE)
497557
-19.4% far above sector median
Staff costs
€498k
-19.4% -2% vs sector
Income taxes
€-9k
- far below sector median
Debt
€1.96M
+45.6% +62% vs sector
Debt ≤ 1y
€1.47M
+50.0% +162% vs sector
Debt > 1y
€487k
+33.3% -34% vs sector
Current ratio
1.39
+10.7% +19% vs sector
Quick ratio
0.95
+47.0% -19% vs sector
Solvency
38.3%
+236.1% -26% vs sector
Debt / equity
1.61
-79.3% +82% vs sector
ROE
13.3%
+202.4% far above sector median
ROA
5.1%
+916.2% far above sector median
Interest coverage
5.54
+96.9% +32% vs sector
Figures by fiscal year
Fiscal year2023
Revenue-
EBITDA€299k
Net profit€161k
Cash flow€270k
Staff costs€498k
Income taxes€-9k
Dividends-
Total assets€3.17M
Equity€1.21M
Debt€1.96M
of which ≤ 1y€1.47M
of which > 1y€487k
Working capital€576k
Employees (FTE)497556.8
Ratios (computed)
2023
Current ratio1.39
Quick ratio0.95
Working capital ratio18.2%
Solvency38.3%
Debt / equity1.61
Long-term debt ratio0.40
Interest coverage5.54
Gross margin-
Net margin-
ROA5.1%
ROE13.3%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2023
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2023
Balance sheet, Assets
TOTAL ASSETS 20/58€3.17M
Fixed assets 21/28€1.13M
Intangible fixed assets 21€201k
Tangible fixed assets 22/27€923k
Financial fixed assets 28€2k
Current assets 29/58€2.04M
Stocks & contracts in progress 3€649k
Amounts receivable within one year 40/41€950k
Investments 50/53€180k
Cash & bank 54/58€97k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€3.17M
Equity 10/15€1.21M
Contributions / capital 10/11€37k
Reserves 13€184k
Accumulated profits (losses) 14€168k
Amounts payable 17/49€1.96M
Amounts payable after one year 17€487k
Amounts payable within one year 42/48€1.47M
Trade debts payable within one year 44€429k
Income statement
Gross operating margin 9900€821k
Operating result 9901€190k
Financial income 75€16k
Financial charges 65€54k
Result before taxes 9903€152k
Income taxes 67/77€-9k
Net result for the period 9904€161k
Result to be appropriated 9905€161k
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Legal Structure
NACE primary 22210
Legal form Private limited company(610)
Incorporation21-12-2006
StatusActive
Postal code5380
Establishment units 1 location
HYGI PANEL
Rue Georges Cosse, ZI, Nov. 4, 5380 FernelmontVervaardiging van radiatoren, stoomketels en ketels voor centrale verwarming
since 20072.158.262.668
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Updates 13 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
12-02-2025
State Gazette act Director changes
2024
10-09-2024
State Gazette act Director changes
17-07-2024
NBB filing Annual accounts filed
fiscal year 2023 · volledig
2023
09-11-2023
State Gazette act Director changes
31-07-2023
NBB filing Annual accounts filed
fiscal year 2022 · volledig
2022
28-07-2022
NBB filing Annual accounts filed
fiscal year 2021 · volledig
2021
22-06-2021
NBB filing Annual accounts filed
fiscal year 2020 · micro
2020
24-09-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
2019
09-07-2019
NBB filing Annual accounts filed
fiscal year 2018 · micro
2018
30-08-2018
NBB filing Annual accounts filed
fiscal year 2017 · micro
2017
30-08-2017
NBB filing Annual accounts filed
fiscal year 2016 · volledig
2016
31-10-2016
NBB filing Annual accounts filed
fiscal year 2015 · volledig
2015
31-07-2015
NBB filing Annual accounts filed
fiscal year 2014 · volledig
Belgisch Staatsblad, acts 3 acts
All acts · 3 updated 1 year ago
2025
12-02-2025 2 directors appointed Director changes
  • NAMUR INVEST SA, Bestuurder
  • Maxim Van Buggenhout, Dagelijks bestuur
Technical details 
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  "notary": {
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  },
  "act_meta": {
    "language": "fr",
    "pub_date": "2025-02-12",
    "filing_date": "2024-12-24",
    "act_kind_objet": "Objet de l\u0027acte:"
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  "decisions": [
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      "body": "algemene_vergadering",
      "date": "2024-12-24",
      "unanimous": true
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0886.015.816",
    "name_full": "HYGI PANEL",
    "legal_form": "SARL"
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}
2024
10-09-2024 2 directors appointed Director changes
  • Maxim Van Buggenhout, Gedelegeerd bestuurder
  • Lorenzo BONGIOVANNI, Gedelegeerd bestuurder
Technical details 
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      "role": "d\u00E9l\u00E9gu\u00E9",
      "person": {
        "rrn": null,
        "name": "Lorenzo BONGIOVANNI",
        "address": "avenue Mar\u00E9chal Joffre 92, boite 1 \u00E0 1190 Forest",
        "birth_date": null,
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        "birth_place": null
      },
      "reason": null,
      "subkind": null,
      "via_org": {
        "kbo": "0675.482.165",
        "name": "CRIXUS MANAGEMENT",
        "address": "avenue Mar\u00E9chal Joffre 92. boite 1 \u00E0 1190 Forest",
        "country": "BE",
        "legal_form": "sarl"
      },
      "statutory": null,
      "compensated": null,
      "effective_date": "2024-08-01",
      "evidence_quote": "Apr\u00E8s en avoir d\u00E9lib\u00E9r\u00E9, le conseil d\u0027administration d\u00E9cide \u00E0 l\u0027unanimit\u00E9 de nommer en qualit\u00E9 de d\u00E9l\u00E9gu\u00E9 \u00E0 la gestion journali\u00E8re de la Soci\u00E9t\u00E9, conform\u00E9ment \u00E0 l\u0027article 14 des statuts coordonn\u00E9es de la Soci\u00E9t\u00E9, la soci\u00E9t\u00E9 \u00E0 responsabilit\u00E9 limit\u00E9e CRIXUS MANAGEMENT, dont le si\u00E8ge social est \u00E9tabli ",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "indefinite",
        "value": null
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
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  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Li\u00E8ge",
    "is_associated": false
  },
  "act_meta": {
    "language": "fr",
    "pub_date": "2024-09-10",
    "filing_date": null,
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  "decisions": [
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      "date": "2024-08-01",
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  "publication_proxy": {
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    "org_kbo": null,
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}
2023
09-11-2023 3 directors appointed Director changes
  • Raymond JONKERS, Bestuurder
  • Maxim Van Buggenhout, Bestuurder
  • Maxim Van Buggenhout, Mandataire spécial
Technical details 
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  "act_meta": {
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}
Credit advice verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
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Company registry (CBE) Crossroads Bank
Activities
Vervaardiging van platen, vellen, buizen en profielen van kunststof22210Vervaardiging van platen, vellen, buizen en profielen van kunststof22210Vervaardiging van platen, vellen, buizen en profielen van kunststof25210Installatie van isolatie43230Isolatiewerkzaamheden43291Schrijnwerk43320Schrijnwerk43320Overige gespecialiseerde bouwactiviteiten, neg43990Overige gespecialiseerde bouwwerkzaamheden43999
Primary activity highlighted.
Names & trade names
Legal nameFR HYGI PANEL
Registered office
Rue Georges Cosse, ZI, Nov. 4
5380 Fernelmont, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative