Equity
€1.9m from €14.3m in 2015
Equity fell by 86% in 9 years.
HEDGREN CREATIONS
Lifetime
19 annual accounts with figures on one time axispeak €5.7m (2008)
€4.9m▲ 6.1%
lowest -€6.0m (2016)
-€1.7m▼ €344,070
peak €14.3m (2015)
€1.9m▼ 46.8%
€8.5m▲ 30.4%
peak 20.6 FTE (2016)
13.9 FTE▼ 7.3%
Board7 names since 2017
2 directorsPAN Ai Fang and 1 other
Owners3 names in the annual accounts
consolidatesLEAGUE CO LTD.
Documentsfilings and deeds
03-12-2025125 days late
2024financial year
Loss of €1.7mEquity from €3.6m to €1.9mDebts from €6.5m to €8.5m1 establishment registeredCash from €441,512 to €748,676
Key points
from the 2024 annual accountsLosses
-€45.8m in 19 years
Every financial year from 2006 to 2024 closed with a loss. 2016 was the heaviest.
Debts
€8.5m 82% of the balance sheet
Suppliers 91%Taxes and wages 2%Other 7%
Of this, €8.5m falls due within a year.
Staff
14 employees on 31-12-2024
In 2024, 14 people joined and 14 left. On top of that, 0.3 agency workers worked there on average.
Payment terms
600 days to suppliers
HEDGREN CREATIONS pays its suppliers 142 days later than in 2023. Customers pay 4 days earlier.
Filings
19 annual accounts 101 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
Checked score
48
Fair
Financially stronger than 21% of all companies
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
3.4% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 9 companies (NACE 15, small).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.8%
01-2025: 1.8%● unchanged vs 12-2024
02-2025: 1.8%● unchanged vs 01-2025
03-2025: 1.8%● unchanged vs 02-2025lowest value
04-2025: 1.8%● unchanged vs 03-2025lowest value
05-2025: 1.8%● unchanged vs 04-2025
06-2025: 1.9%▲ +0.1 percentage points vs 05-2025
07-2025: 2.1%▲ +0.2 percentage points vs 06-2025
08-2025: 2.6%▲ +0.5 percentage points vs 07-2025
09-2025: 2.6%● unchanged vs 08-2025
10-2025: 3.1%▲ +0.5 percentage points vs 09-2025
11-2025: 3.1%● unchanged vs 10-2025
12-2025: 3.9%▲ +0.8 percentage points vs 11-2025highest value
01-2026: 2.6%▼ -1.3 percentage points vs 12-2025
02-2026: 2.5%▼ -0.1 percentage points vs 01-2026
03-2026: 2.4%▼ -0.1 percentage points vs 02-2026
04-2026: 2.4%● unchanged vs 03-2026
05-2026: 2.5%▲ +0.1 percentage points vs 04-2026
06-2026: 2.5%● unchanged vs 05-2026
07-2026: 2.5%● unchanged vs 06-2026
08-2026: 3.0%▲ +0.5 percentage points vs 07-2026
09-2026: 3.0%● unchanged vs 08-2026
10-2026: 3.4%▲ +0.4 percentage points vs 09-2026
11-2026: 3.4%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Loss of €1.7m, the second in a row (financial year 2024)
1 financial year not filed after the legal deadline; last filed accounts filed 125 days late; 2 of the last 3 accounts late
Figures for financial year 2024 (filed on 04-12-2025)
lowers risk
Founded in 2006
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 (all companies). It does better than 29% of them on solvency, 11% on liquidity, 4% on profitability and 38% on growth.
The bankruptcy probability was computed on 09-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 307 companies had the same profile as HEDGREN CREATIONS has now. Each dot is one company, two years later.
88.9%
were still trading
5.2%
stopped another way
4.9%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HEDGREN CREATIONS itself: 3.4% 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 307 companies, not a prediction for HEDGREN CREATIONS. 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 €90,000 on 30-day terms, only on tighter conditions: an expected filing is missing beyond Checked's processing allowance
Liquidity is insufficient, with a current ratio of 0.8 (0.95 in 2023), below 1. Short-term debt is 81.5% and cash 7.2% of total assets. 81.5% 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
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€1.7m
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 · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline09-11-2026 today
raises risk · 2024 accounts filed 125 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 03-12-2025, 125 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 · 10 filingsDeviation from the deadline
2025
not filed
2024
125 days late
2023
34 days late
2022
32 days early
2021
4 days early
2020
94 days late
2019
52 days late
← before the deadline
after the deadline →
tick = median of all Belgian filings
The company filed its last 6 accounts on average 45 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (1)
Board and ownership
PA
PAN Ai Fang
Director, since 28-06-2023
- LEAGUE CO LTD. consolidatesannual accounts 2024
Shares in 2 companies, HEDGREN CHINA and Hedgren USA Inc.
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0880202348
Reappointment: BDOBedrijfsrevisoren (statutory auditor)
General meeting of 31-08-2024 · Gazette deed
Appointment: Hugues DESPRES (managing director)
Board meeting of 30-06-2025 · Gazette deed
1 director appointed, 2 reappointments
Reappointments: Xiao Jun CHEN and Ai Fang PANG · Appointment: Xiao Jun CHEN (managing director) · General meeting of 04-06-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HEDGREN CREATIONS Antwerp | €4.9m | -30.2% | 18.5% | 13.9 |
| MAROQUINERIE DELVAUX BELGIUM Etterbeek | €2.3m | 8.4% | -96.2% | 37.5 |
| Delvaux Design Coordination et Finance Etterbeek | - | - | 86.4% | 63.7 |
| L.S.P. Dentergem | - | - | 67.3% | 2.6 |
These companies have the same main activity as HEDGREN CREATIONS: manufacture of leather and related products (NACE 15120). They are comparable in size and age: total assets between €1.7m and €47m, founded between 1970 and 1992.
Official details
Source: KBO- Status
- Active since 23-03-2006Normal situation
- Activity
- Manufacture of leather and related productsNACE 15120and 1 other
- Joint committees
- 201Independent retail
- 200Auxiliary committee for white-collar workers
- 128Hides, leather and substitutes · annual accounts 2024
- Establishment units
- 2.152.562.0382000 Antwerp, since 29-03-2006
- 2.381.689.0052950 Kapellen, since 15-03-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Insights on HEDGREN CREATIONS
Turnover has grown every year since 2020. Solvency fell in 2024 from 35.7% to 18.5% because of the loss and higher debts to suppliers.
In August 2025, the Official Gazette published the appointment of Hugues DESPRES as managing director.
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 HEDGREN CREATIONS
- What is the company number of HEDGREN CREATIONS?
- The company number of HEDGREN CREATIONS is 0880.202.348. The VAT number is the same number with BE in front: BE 0880.202.348.
- Where is HEDGREN CREATIONS based?
- The registered office is at Ankerrui 2, 2000 Antwerp.Company details
- What does HEDGREN CREATIONS do?
- According to the KBO register, the main activity is manufacture of leather and related products (NACE 15120).
- What is the legal form of HEDGREN CREATIONS?
- HEDGREN CREATIONS is a public limited company (NV).
- When was HEDGREN CREATIONS founded?
- HEDGREN CREATIONS was founded on 23-03-2006.
- Is HEDGREN CREATIONS still active?
- Yes, HEDGREN CREATIONS is an active enterprise in the KBO register.
- How many employees does HEDGREN CREATIONS have?
- HEDGREN CREATIONS had an average of 13.9 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
- Which joint committee does HEDGREN CREATIONS fall under?
- In its 2024 annual accounts, HEDGREN CREATIONS states joint committees 201 (Independent retail), 200 (Auxiliary committee for white-collar workers) and 128 (Hides, leather and substitutes).
- What is the turnover of HEDGREN CREATIONS?
- The turnover of HEDGREN CREATIONS was €4.9m in financial year 2024, according to the filed annual accounts.
- Is HEDGREN CREATIONS profitable?
- In financial year 2024, HEDGREN CREATIONS made a loss of €1.7m.
- Where can I find the annual accounts of HEDGREN CREATIONS?
- HEDGREN CREATIONS filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
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