HZN
ActiveSummary
HZN has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €174,523 and a net result of €147,506. Equity is growing by ~5.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100=
Solvency63▼-2
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 1.93 against 1.81 in 2023; short-term debt: 38.3% and cash: 21.9% of total assets), but 62.4% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
31 d early
2023
38 d early
2022
32 d early
2021
9 d early
2020
20 d late
2019
8 d early
← 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 18 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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 30 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€147,506▼ 26.4%
2023 · €200,378
Working capital
€166,189▲ 4.6%
2023 · €158,836
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€95,320▲ 18.6%€86,301▼ 9.5%€177,372▲ 106%€272,598▲ 53.7%€215,141▼ 21.1%
Net result€62,385within the sector's middle half▲ 21.9%€56,248within the sector's middle half▼ 9.8%€122,486above the sector's middle half▲ 118%€200,378above the sector's middle half▲ 63.6%€147,506above the sector's middle half▼ 26.4%
Equity€138,905within the sector's middle half▲ 81.5%€195,153within the sector's middle half▲ 40.5%€148,639within the sector's middle half▼ 23.8%€227,016within the sector's middle half▲ 52.7%€174,523within the sector's middle half▼ 23.1%
Total assets€434,534within the sector's middle half▼ 12.1%€493,438within the sector's middle half▲ 13.6%€497,752within the sector's middle half▲ 0.9%€568,518within the sector's middle half▲ 14.2%€464,129below the sector's middle half▼ 18.4%
Debt€295,629▼ 29.2%€298,285▲ 0.9%€349,113▲ 17.0%€341,502▼ 2.2%€289,606▼ 15.2%
Working capital-€56,279below the sector's middle half▲ 46.8%-€65,207below the sector's middle half▼ 15.9%€17,957within the sector's middle half€158,836within the sector's middle half▲ 785%€166,189within the sector's middle half▲ 4.6%
Solvency32.0%within the sector's middle half▲ 16.5pp39.5%within the sector's middle half▲ 7.6pp29.9%within the sector's middle half▼ 9.7pp39.9%within the sector's middle half▲ 10.1pp37.6%within the sector's middle half▼ 2.3pp
Current ratio0.78below the sector's middle half▲ 0.120.78below the sector's middle half=1.10within the sector's middle half▲ 0.321.81within the sector's middle half▲ 0.711.93within the sector's middle half▲ 0.13
Return on assets (ROA)14.4%above the sector's middle half▲ 4.0pp11.4%within the sector's middle half▼ 3.0pp24.6%above the sector's middle half▲ 13.2pp35.2%above the sector's middle half▲ 10.6pp31.8%above the sector's middle half▼ 3.5pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 21% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €464,129
Fixed assets
€120,182 ▼ 43.7%
Current assets
€343,946 ▼ 3.2%
Equity and liabilities €464,129
Equity
€174,523 ▼ 23.1%
Debt
€289,606 ▼ 15.2%
Debt's share of the balance-sheet total rises from 60.1% to 62.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€313,210▼
2023 · €370,332
Cash flow
€245,575▼
2023 · €298,111
Quick ratio
1.48▲
2023 · 1.42
Debt to equity
1.66▲
2023 · 1.50
ROE
84.5%▼
2023 · 88.3%
Interest coverage
8.56▼
2023 · 13.78
Debt ≤ 1 year
€177,758▼
2023 · €196,372
Debt > 1 year
€111,848▼
2023 · €143,830
Income taxes
€48,177▼
2023 · €65,095
Staff costs
€322,528▲
2023 · €308,827
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,811 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.3%
went bankrupt
3.2%
stopped otherwise
97%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 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% | 1.8% |
| 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 17,811 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €240,958 | €276,670 | €308,827 | €322,528 | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €60,647 | €65,775 | €95,776 | €97,733 | €98,069 | ▲ 0.3% |
| Other operating charges640/8 | - | €17,205 | €17,722 | €17,606 | €17,914 | ▲ 1.8% |
| Non-recurring operating charges66A | - | €516 | €224 | €301 | €546 | ▲ 81.5% |
| Gross operating margin9900 | €446,218 | €410,754 | €567,764 | €697,066 | €654,199 | ▼ 6.1% |
| Operating profit (loss)9901 | €95,320 | €86,301 | €177,372 | €272,598 | €215,141 | ▼ 21.1% |
| Financial income75/76B | - | €10,705 | €20,753 | €19,754 | €17,154 | ▼ 13.2% |
| Recurring financial income75 | €4,195 | €10,705 | €20,753 | €19,754 | €17,154 | ▼ 13.2% |
| Financial charges65/66B | - | €24,348 | €37,272 | €26,880 | €36,611 | ▲ 36.2% |
| Recurring financial charges65 | €18,930 | €24,348 | €37,272 | €26,880 | €36,611 | ▲ 36.2% |
| Profit (loss) for the period before taxes9903 | €80,585 | €72,658 | €160,853 | €265,473 | €195,684 | ▼ 26.3% |
| Income taxes67/77 | €18,200 | €16,410 | €38,367 | €65,095 | €48,177 | ▼ 26.0% |
| Profit (loss) for the period9904 | €62,385 | €56,248 | €122,486 | €200,378 | €147,506 | ▼ 26.4% |
| Profit (loss) for the period to be appropriated9905 | €62,385 | €56,248 | €122,486 | €200,378 | €147,506 | ▼ 26.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €434,534 | €493,438 | €497,752 | €568,518 | €464,129 | ▼ 18.4% |
| Fixed assets21/28 | €237,245 | €260,360 | €306,158 | €213,310 | €120,182 | ▼ 43.7% |
| Intangible fixed assets21 | €207,000 | €161,000 | €115,000 | €69,000 | €23,000 | ▼ 66.7% |
| Tangible fixed assets22/27 | €30,245 | €99,360 | €191,158 | €144,310 | €97,182 | ▼ 32.7% |
| Furniture and vehicles24 | - | €88,819 | €151,750 | €115,462 | €78,099 | ▼ 32.4% |
| Other tangible fixed assets26 | - | €10,540 | €39,408 | €28,848 | €19,083 | ▼ 33.8% |
| Current assets29/58 | €197,289 | €233,078 | €191,594 | €355,209 | €343,946 | ▼ 3.2% |
| Stocks and contracts in progress3 | €59,516 | €70,750 | €76,362 | €76,767 | €80,385 | ▲ 4.7% |
| Stocks30/36 | - | €70,750 | €76,362 | €76,767 | €80,385 | ▲ 4.7% |
| Amounts receivable within one year40/41 | €44,319 | €31,405 | €29,978 | €129,240 | €158,316 | ▲ 22.5% |
| Trade receivables40 | - | €11,296 | €28,447 | €108,054 | €138,509 | ▲ 28.2% |
| Other amounts receivable41 | - | €20,109 | €1,531 | €21,186 | €19,807 | ▼ 6.5% |
| Cash at bank and in hand54/58 | €89,427 | €127,140 | €81,470 | €139,292 | €101,462 | ▼ 27.2% |
| Deferred charges and accrued income490/1 | - | €3,783 | €3,783 | €9,910 | €3,783 | ▼ 61.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €434,534 | €493,438 | €497,752 | €568,518 | €464,129 | ▼ 18.4% |
| Equity10/15 | €138,905 | €195,153 | €148,639 | €227,016 | €174,523 | ▼ 23.1% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €114,860 | €170,860 | €123,860 | €201,860 | €155,860 | ▼ 22.8% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €169,000 | €122,000 | €200,000 | €154,000 | ▼ 23.0% |
| Profit (loss) carried forward14 | €5,445 | €5,693 | €6,179 | €6,556 | €63 | ▼ 99.0% |
| Amounts payable17/49 | €295,629 | €298,285 | €349,113 | €341,502 | €289,606 | ▼ 15.2% |
| Amounts payable after more than one year17 | €42,061 | - | €175,477 | €143,830 | €111,848 | ▼ 22.2% |
| Financial debts170/4 | - | - | €175,477 | €143,830 | €111,848 | ▼ 22.2% |
| Amounts payable within one year42/48 | €253,568 | €298,285 | €173,637 | €196,372 | €177,758 | ▼ 9.5% |
| Current portion of amounts payable after more than one year42 | - | €42,061 | €31,315 | €31,647 | €31,982 | ▲ 1.1% |
| Financial debts43 | - | €11,726 | €11,719 | €17,112 | €16,916 | ▼ 1.1% |
| Credit institutions430/8 | - | €11,726 | €11,719 | €17,112 | €16,916 | ▼ 1.1% |
| Trade debts44 | €146,745 | €201,727 | €73,355 | €90,641 | €68,464 | ▼ 24.5% |
| Suppliers440/4 | - | €201,727 | €73,355 | €90,641 | €68,464 | ▼ 24.5% |
| Taxes, remuneration and social security45 | - | €23,357 | €35,993 | €35,982 | €38,101 | ▲ 5.9% |
| Taxes450/3 | - | €609 | €5,326 | - | €2,371 | - |
| Remuneration and social security454/9 | - | €22,748 | €30,668 | €35,982 | €35,730 | ▼ 0.7% |
| Other amounts payable47/48 | - | €19,414 | €21,254 | €20,990 | €22,294 | ▲ 6.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,300 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €62,385 | €56,248 | €122,486 | €200,378 | €147,506 | ▼ 26.4% |
| + Depreciation and write-downs630 | €60,647 | €65,775 | €95,776 | €97,733 | €98,069 | ▲ 0.3% |
| Operating cash flow (approximation) | €123,032 | €122,023 | €218,262 | €298,111 | €245,575 | ▼ 17.6% |
| Investment in fixed assets (approximation) | - | -€88,889 | -€141,574 | -€4,885 | -€4,941 | ▼ 1.2% |
| Change in cash | - | €37,713 | -€45,670 | €57,822 | -€37,830 | ▼ 165% |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
23-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €200,378 ▲63.6%
Operating result €272,598, net result €200,378, both a record.
31-12
Financial
Equity above €200,000Eq €227,016 ▲52.7%
6 profitable years in a row build equity to €227,016.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €150,000Eq €195,153 ▲40.5%
4 profitable years in a row build equity to €195,153.
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 20 days late
2020
31-12
Financial
Equity above €100,000Eq €138,905 ▲81.5%
3 profitable years in a row build equity to €138,905.
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet €51,176 ▼45.6%
Net result drops to €51,176, the lowest in the series; recovery starts the following year.
Show earlier events
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 28 days late
2017
25-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 25 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, Elsene · 1 establishment unit since 2015
Ground area
3,384 m²
Building footprint
2,779 m²
Volume, LiDAR
47,299 m³
Parcel 21807G0172/00G000, Brussels · tallest building 31.7 m, ±8 floors. Linked by address, not a title deed.
1 establishment unit
HZN
since 20152.245.093.110
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0172/00G000 | Brussels | 3,384 m² | 1 · 2,779 m² | 31.7 m · 8 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteBRUXELLES 52.245.093.110
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Of 10,509 companies in sector 47110 we hold annual accounts for 5,853. 4,345 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
Founded22-06-2015
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
E-invoicing
Reachable via Peppol
Peppol ID
0208:0632631921
Also
9925:BE0632631921
Registered
01-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.