Solhyd
ActiveSummary
Solhyd has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.4m and a net result of -€515,486. Its solvency ranks better than 95% of 478 sector peers (NACE 28, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Overview
- Staff
- 7.5 FTE
- Equity
- €3.4m
- Loss
- -€515,486
- Largest shareholder
- PUIN 54 · 28.32%
- Board
- 7 members
- cndoManaging director · permanent representative Jan Rongé
Why 69raises riskLoss of €515,486, the second in a row (financial year 2025)lowers riskFigures for financial year 2025 (filed 22-08-2026)Liquidity: current ratio 4.11, cash €461,964Equity €3.4m (93.9% of total assets)Show the evidence
Checked score
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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, micro): better than 89% on solvency, 65% on liquidity, 10% on profitability and 88% on growth.
The bankruptcy probability was computed on 26-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 2 accounts on average 21 days after the deadline; the sector median (NACE 28) for financial year 2024 is 11 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Liquidity more than doubledcurrent ratio 4.11
- Capital & shares · MiscellaneousCapital conversion · Share issue…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (19 days) Filed on 19 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00414192.
2024 to 2025, 2 financial years
The operating result stays negative: a loss of €522,011 in 2025 against €762,400 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 28, Manufacture of machinery and equipment not elsewhere classified: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 3,225 companies that looked in July 2024 the way this one looks now, 3.3% went bankrupt within 24 months and 87.7% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 3,225 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.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €413,652 | €541,559 | ▲ 30.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €147,747 | €263,293 | ▲ 78.2% |
| Other operating charges640/8 | - | €400 | - |
| Gross operating margin9900 | -€201,001 | €283,242 | - |
| Operating profit (loss)9901 | -€762,400 | -€522,011 | ▲ 31.5% |
| Financial income75/76B | €15,590 | €8,974 | ▼ 42.4% |
| Recurring financial income75 | €15,590 | €8,974 | ▼ 42.4% |
| Financial charges65/66B | €978 | €2,449 | ▲ 150% |
| Recurring financial charges65 | €978 | €2,449 | ▲ 150% |
| Profit (loss) for the period before taxes9903 | -€747,789 | -€515,486 | ▲ 31.1% |
| Profit (loss) for the period9904 | -€747,789 | -€515,486 | ▲ 31.1% |
| Profit (loss) for the period to be appropriated9905 | -€747,789 | -€515,486 | ▲ 31.1% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €2.7m | €3.6m | ▲ 31.6% |
| Fixed assets21/28 | €2.2m | €2.7m | ▲ 25.5% |
| Intangible fixed assets21 | €1.9m | €2.3m | ▲ 23.5% |
| Tangible fixed assets22/27 | €0.3m | €0.4m | ▲ 30.2% |
| Plant, machinery and equipment23 | €0.2m | €0.2m | ▲ 4.2% |
| Furniture and vehicles24 | €0.004m | €0.003m | ▼ 23.1% |
| Other tangible fixed assets26 | €0.06m | €0.1m | ▲ 140% |
| Financial fixed assets28 | - | €0.02m | - |
| Current assets29/58 | €0.6m | €0.9m | ▲ 53.6% |
| Stocks and contracts in progress3 | - | €0.2m | - |
| Stocks30/36 | - | €0.2m | - |
| Amounts receivable within one year40/41 | €0.1m | €0.07m | ▼ 50.8% |
| Trade receivables40 | €0.06m | €0.001m | ▼ 98.3% |
| Other amounts receivable41 | €0.08m | €0.07m | ▼ 17.9% |
| Current investments50/53 | €0.2m | €0.2m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.5m | ▲ 89.9% |
| Deferred charges and accrued income490/1 | €0.01m | €0.03m | ▲ 137% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €2.7m | €3.6m | ▲ 31.6% |
| Equity10/15 | €2.4m | €3.4m | ▲ 40.9% |
| Contributions10/11 | €3.2m | €4.7m | ▲ 47.5% |
| Profit (loss) carried forward14 | -€0.7m | -€1.3m | ▼ 68.9% |
| Amounts payable17/49 | €0.3m | €0.2m | ▼ 34.5% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | ▼ 34.5% |
| Trade debts44 | €0.3m | €0.1m | ▼ 51.7% |
| Suppliers440/4 | €0.3m | €0.1m | ▼ 51.7% |
| Advances received on contracts in progress46 | - | €0.01m | - |
| Taxes, remuneration and social security45 | €0.05m | €0.07m | ▲ 50.7% |
| Taxes450/3 | - | €10 | - |
| Remuneration and social security454/9 | €0.05m | €0.07m | ▲ 50.7% |
| Accrued charges and deferred income492/3 | €88 | €89 | ▲ 1.9% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€747,789 | -€515,486 | ▲ 31.1% |
| + Depreciation and write-downs630 | €147,747 | €263,293 | ▲ 78.2% |
| Operating cash flow (approximation) | -€600,041 | -€252,193 | ▲ 58.0% |
| Investment in fixed assets (approximation) | - | -€813,095 | - |
| Change in cash | - | €218,718 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (2)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-08-2026 | 2026-00414192 |
| 31-12-2024 | abbreviated format | 22-08-2025 | 2025-00399668 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2024 to 2025 · 10 entries · €782,510 awarded · €496,558 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 7 | €235,284 | €468,731 |
| 2024 | 3 | €547,226 | €27,827 |
European Union, budget
2024 · 1 entry · €216,870 in totalEuropean research
2 projects · 1 as coordinator · €2.7m EU contributionPublic contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 7
Day-to-day management 2
Permanent representatives 6
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| cndo |
|
| Sustaim |
|
| Keiretsu Ventures Impact One |
|
| KORDAN |
|
| Kurt De Smet |
|
| PUIN 54 |
|
| VANSAN INVESTMENTS |
|
| Jan Johan RONGÉ |
|
| Johan MARTENS |
|
| Tom Bosserez |
|
Owners and capital
Owners
2 ownersOwners 2
-
28.32%
-
6.82%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 26-09-2025 Converted to unavailable equity · €2,000,000
Group and network
Connections & network
4 connected companiesHistory
Acts, filings and financial milestones
26-09
Gazette deed
Capital & shares · MiscellaneousCapital conversion · Share issue · Bank account9 facts ▸
- General meeting, “buitengewone algemene vergadering, alle aandeelhouders aanwezig of geldig vertegenwoordigd” (deed in Dutch)
- Capital conversion, “onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Share issue, “Soort C Aandelen”, 2000000 (deed in Dutch)
- Bank account, “BNP Paribas Fortis Bank”, 1000000 (deed in Dutch)
- Financial instrument, “Soort C Anti-dilutie”, 25 (deed in Dutch)
- Financial instrument, “GSOP”, 500000 (deed in Dutch)
- Amendment of the articles (2 times)
- Financial instrument, “Soort C Bijkomende Investering, wijziging voorwaarden” (deed in Dutch)
- Power of attorney, Fidiaz
17-04
Gazette deed
Appointments: cndo (managing director) and Sustaim (managing director)Permanent representatives: Jan Rongé and Tom Bosserez5 facts ▸
- Board meeting, 12-02-2024
- Director appointment, cndo (managing director)
- Director appointment, Sustaim (managing director)
- Permanent representative, Jan Rongé
- Permanent representative, Tom Bosserez
08-12
Gazette deed
Resignations: Tom BOSSEREZ, Johan MARTENS and Jan Johan RONGÉAppointments: cndo, Sustaim and 6 others · Permanent representatives: Jan Johan RONGÉ, Tom BOSSEREZ and 4 others · Kind of shares39 facts ▸
- General meeting, “buitengewone algemene vergadering, alle aandeelhouders aanwezig of geldig vertegenwoordigd” (deed in Dutch) (2 times)
- Other provision, “aandelensplitsing, zonder nominale waarde” (deed in Dutch)
- Kind of shares, “creatie, rechten,verplichtingen en voorrechten verbonden aan Soort A,Soort B en Soort C” (deed in Dutch)
- Kind of shares, “zonder nominale waarde”, 1843962 (deed in Dutch)
- Share issue, “Soort B”, 1626038 (deed in Dutch)
- Share issue, “Soort C”, 2000000 (deed in Dutch)
- Bank account, “BNP Paribas Fortis Bank, bijzondere rekening op naam van de vennootschap voor inbreng in geld” (deed in Dutch)
- Other provision, “bijzonder verslag bestuursorgaan” (deed in Dutch)
- Auditor report, “bedrijfsrevisor, conclusie in kader opdracht als bedrijfsrevisor inzake inbreng in natura en soortwijziging” (deed in Dutch)
- Auditor report, “aspecten zoals opgenomen in bijzonder verslag Bestuursorgaan overeenkomstig artikel 5:133 WVV, Norm inzake opdracht bedrijfsrevisor in kader van inbreng in natu…” (deed in Dutch)
- Auditor report, “geen bevindingen van materieel belang behalve voorbehouden”, EUR (deed in Dutch)
- Auditor report, “toegepaste waarderingsmethodes leiden tot waarde van inbreng en komen ten minste overeen met bijkomende inbreng in (ontwerp)akte vermeld, nieuwe Soort B Aandele…” (deed in Dutch)
- +27 further facts in this act
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 3 have been read. The other one has not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24065A0419/00L000 ProtectedTownscape or village viewDorpsplein van Lovenjoel met Groot Park en watermolen Heystmolen met omgevende beemdenSource ↗ |
Flanders | 3.6 ha | 1 · 1,567 m² | 13.1 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “1- onderzoek en ontwikkeling van hernieuwbare energie op basis van waterstof; 2- productie en verkoop van waterstoftechnologie of waterstof…” (deed in Dutch)
4 activities (deed in Dutch)
- 1- onderzoek en ontwikkeling van hernieuwbare energie op basis van waterstof
- 2- productie en verkoop van waterstoftechnologie of waterstof
- 3- het aangaan van partnerships voor diverse markten voor de productie en commercialisatie van waterstoftechnologie, en voor het vergroten van energietoegang
- 4- het verrichten van al hetgeen met het bovenstaande in de ruimste zin verband houdt of daartoe bevorderlijk kan zijn
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “De Vennootschap wordt geldig vertegenwoordigd tegenover derden, voor rechtbanken en in transacties, met inbegrip van zulke transacties…”
- Board ruleHow the board is made up, meets and takes decisions.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of May at 19:00