HQ38
0432.741.843 · rovalta.com · 24/09/2026
ACTIVE
HQ38
Financial year 2025 · closed on 31/12/2025
Net result
248,4 k €
+88.2% YoY
Revenue
199,9 k €
-6.3% YoY
Equity
1,3 M €
-9.2% YoY
Overview
What does HQ38 do?
HQ38 is a Public limited company incorporated in 1987. Its main activity is: Advertising agencies. Its registered office is in Hasselt.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0432.741.843
Incorporation
10/11/1987
Legal form
Public limited company
Registered office
Koningin Astridlaan 38
3500 Hasselt · FlandreSee on map
3500 Hasselt · FlandreSee on map
Contributed capital
77 492,31 €
Latest accounts
31/12/2025
Activities (NACE)
Joint committees (2)
- 100
- 218
Contacts
3 public details availableLog in to view
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts
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Financials
Trend over 19 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||
| Revenue | 199,9 k € | -6.3% | 213,3 k € | -98.7% | 16,5 M € | -6.2% | 17,6 M € | +17.9% | 14,9 M € | +42.7% | 10,5 M € | -28.3% | 14,6 M € | -10.1% | 16,2 M € | +27.2% | 12,8 M € | -0.3% | 12,8 M € | +8.5% | 11,8 M € | +1.3% | 11,6 M € | -1.0% | 11,8 M € | -23.8% | 15,4 M € | -2.9% | 15,9 M € | +38.0% | 11,5 M € | -16.2% | 13,7 M € | +12.8% | 12,2 M € | – | |
| EBITDA | 282,9 k € | +14.4% | 247,2 k € | -78.8% | 1,2 M € | -34.5% | 1,8 M € | +4.1% | 1,7 M € | +512% | 279,7 k € | -62.1% | 737,6 k € | -17.5% | 894,2 k € | +152% | 354,7 k € | -5.8% | 376,7 k € | -16.6% | 451,8 k € | -21.8% | 577,7 k € | +43.4% | 403 k € | -21.9% | 515,9 k € | -5.2% | 544,5 k € | +163% | 206,8 k € | -67.8% | 642,4 k € | -3.7% | 667,1 k € | +12.4% | 593,5 k € |
| Operating result | 205,9 k € | +21.0% | 170,3 k € | -81.3% | 908,4 k € | -43.4% | 1,6 M € | -5.2% | 1,7 M € | +1428% | 110,7 k € | -80.2% | 559,1 k € | -17.3% | 676,1 k € | +285% | 175,5 k € | -22.2% | 225,5 k € | -34.0% | 341,8 k € | -7.2% | 368,5 k € | +136% | 155,9 k € | -28.1% | 216,7 k € | -21.3% | 275,3 k € | +1336% | 19,2 k € | -94.9% | 376,9 k € | +1.4% | 371,9 k € | +2.2% | 363,9 k € |
| Net result | 248,4 k € | +88.2% | 132 k € | -80.7% | 683,4 k € | -38.1% | 1,1 M € | -5.3% | 1,2 M € | +13161% | 8,8 k € | -97.3% | 320,6 k € | -7.6% | 347 k € | +787% | 39,1 k € | -28.2% | 54,4 k € | -64.4% | 152,9 k € | +11.4% | 137,3 k € | +673% | 17,8 k € | -76.3% | 74,8 k € | +1.1% | 74 k € | +324% | -33 k € | -125% | 131,4 k € | +370% | -48,7 k € | -138% | 128 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||
| Equity | 1,3 M € | -9.2% | 1,4 M € | -52.5% | 3 M € | +29.2% | 2,3 M € | +27.3% | 1,8 M € | +44.3% | 1,3 M € | -21.1% | 1,6 M € | 0.0% | 1,6 M € | +27.3% | 1,3 M € | +3.2% | 1,2 M € | +4.6% | 1,2 M € | +14.9% | 1 M € | +15.5% | 885,9 k € | +2.0% | 868,1 k € | +14.2% | 760,4 k € | +10.8% | 686,4 k € | -4.6% | 719,4 k € | +22.3% | 588 k € | -7.7% | 636,7 k € |
| Total assets | 3,1 M € | -5.2% | 3,2 M € | -66.0% | 9,5 M € | +9.1% | 8,7 M € | +5.5% | 8,2 M € | +18.2% | 7 M € | -12.5% | 8 M € | -2.7% | 8,2 M € | +18.8% | 6,9 M € | -11.0% | 7,7 M € | +12.2% | 6,9 M € | +14.1% | 6,1 M € | -4.1% | 6,3 M € | -7.9% | 6,9 M € | +5.6% | 6,5 M € | +7.7% | 6 M € | -27.5% | 8,3 M € | +22.4% | 6,8 M € | +25.4% | 5,4 M € |
| Cash | 0 € | -100% | 508,5 k € | +98.2% | 256,6 k € | -76.3% | 1,1 M € | +1102% | 90,2 k € | -86.8% | 682,6 k € | +63.6% | 417,3 k € | +178% | 150,3 k € | +19.3% | 126 k € | -57.3% | 295,2 k € | -3.3% | 305,2 k € | +38.0% | 221,2 k € | -51.7% | 457,5 k € | -17.0% | 551,1 k € | +100% | 275,2 k € | +12.9% | 243,7 k € | +33.0% | 183,3 k € | +113% | 86 k € | -10.4% | 96 k € |
| Debts | 1,8 M € | -1.8% | 1,8 M € | -70.4% | 6 M € | +1.5% | 5,9 M € | -4.0% | 6,2 M € | +15.2% | 5,4 M € | -12.9% | 6,2 M € | -2.9% | 6,4 M € | +15.8% | 5,5 M € | -12.5% | 6,3 M € | +13.5% | 5,5 M € | +12.9% | 4,9 M € | -3.3% | 5,1 M € | -10.6% | 5,7 M € | +0.1% | 5,7 M € | +5.9% | 5,3 M € | -29.3% | 7,6 M € | +22.5% | 6,2 M € | +30.0% | 4,7 M € |
| Other | |||||||||||||||||||||||||||||||||||||
| Workforce | – | – | 49,5 ETP | +6.5% | 46,5 ETP | +19.2% | 39,0 ETP | -14.7% | 45,7 ETP | -20.1% | 57,2 ETP | -0.9% | 57,7 ETP | +11.6% | 51,7 ETP | +7.3% | 48,2 ETP | +3.4% | 46,6 ETP | -3.3% | 48,2 ETP | -0.4% | 48,4 ETP | -9.9% | 53,7 ETP | +3.5% | 51,9 ETP | +43.8% | 36,1 ETP | -2.7% | 37,1 ETP | +34.4% | 27,6 ETP | +23.8% | 22,3 ETP | ||
Estimate
Indicative valuation
As an indication, this company is worth
between 500 k€ and 1 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 3 active · 27 ended
Active mandates
Ended mandates
At this address
Other companies at this address
| Company | CBE no. |
|---|---|
RCA● Active | 0874.381.853 |
RCA 38● Active | 0738.754.968 |
RCA X NIGHTINGALE● Active | 0783.987.751 |
Financials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Full model | Full model | Full model | Full model | Full model | Full model |
| Start of the financial year | 01/01/2025 | 01/01/2024 | 01/01/2023 | 01/01/2022 | 01/01/2021 | 01/01/2020 |
| Closing of the financial year | 31/12/2025 | 31/12/2024 | 31/12/2023 | 31/12/2022 | 31/12/2021 | 31/12/2020 |
| Length of the financial year | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months |
| Filing date | 23/07/2026 | 27/08/2025 | 17/06/2024 | 09/06/2023 | 07/06/2022 | 07/06/2021 |
| General meeting | 30/06/2026 | 18/08/2025 | 15/05/2024 | 30/05/2023 | 23/05/2022 | 17/05/2021 |
| Currency of the financial year | EUR | EUR | EUR | EUR | EUR | EUR |
| NBB quality label | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls |
Ratios
Financial ratios
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
21 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Full model | 31/12/2025 | 30/06/2026 | 23/07/2026 | Dutch | |
| Full model | 31/12/2024 | 18/08/2025 | 27/08/2025 | Dutch | |
| Full model | 31/12/2023 | 15/05/2024 | 17/06/2024 | Dutch | |
| Full model | 31/12/2022 | 30/05/2023 | 09/06/2023 | Dutch | |
| Full model | 31/12/2021 | 23/05/2022 | 07/06/2022 | Dutch | |
| Full model | 31/12/2020 | 17/05/2021 | 07/06/2021 | Dutch | |
| Full model | 31/12/2019 | 11/05/2020 | 10/06/2020 | Dutch | |
| Full model | 31/12/2018 | 13/05/2019 | 16/05/2019 | Dutch | |
| Full model | 31/12/2017 | 15/05/2018 | 17/05/2018 | Dutch | |
| Full model | 31/12/2016 | 15/05/2017 | 15/06/2017 | Dutch | |
| Full model | 31/12/2015 | 09/05/2016 | 23/06/2016 | Dutch | |
| Full model | 31/12/2014 | 15/05/2015 | 05/06/2015 | Dutch | |
| Full model | 31/12/2013 | 15/05/2014 | 03/06/2014 | Dutch | |
| Full model | 31/12/2012 | 13/05/2013 | 21/05/2013 | Dutch | |
| Full model | 31/12/2011 | 15/05/2012 | 08/06/2012 | Dutch | |
| Full model | 31/12/2010 | 13/05/2011 | 30/08/2011 | Dutch | |
| Full model | 31/12/2009 | 31/05/2010 | 20/07/2010 | Dutch | |
| Full modelCorrection | 31/12/2008 | 30/06/2009 | 18/12/2009 | Dutch | |
| Full model | 31/12/2008 | 30/06/2009 | 27/08/2009 | Dutch | |
| Full model | 31/12/2007 | 26/09/2008 | 02/12/2008 | Dutch | |
| Abridged model | 31/12/2006 | 15/03/2007 | 28/09/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 500 k€ and 1 M€
The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 3 active · 27 ended
Active mandates
Ended mandates
Shareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates22/09/2025ONTSLAGEN - BENOEMINGEN
- Mandates26/06/2025ONTSLAGEN - BENOEMINGEN
- Capital / shares24/10/2024KAPITAAL - AANDELEN
- Capital / shares14/10/2024KAPITAAL - AANDELEN
- Restructuring01/02/2024BENAMING - KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Restructuring01/02/2024KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Restructuring22/11/2023RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
- Mandates06/04/2023ONTSLAGEN - BENOEMINGEN
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 2025248,4 k €↑
- 2024Annual accounts 2024132 k €↓
- 2023Annual accounts 2023683,4 k €↓
- 2023Name changeHq38
- 2022Annual accounts 20221,1 M €↓
- 2021Annual accounts 20211,2 M €↑
- 2021Name changeRca Group
- 2020Annual accounts 20208,8 k €↓
- 2019Annual accounts 2019320,6 k €↓
- 2018Annual accounts 2018347 k €↑
- 2017Annual accounts 201739,1 k €↓
- 2016Annual accounts 201654,4 k €↓
- 2015Annual accounts 2015152,9 k €↑
- 2014Annual accounts 2014137,3 k €↑
- 2013Annual accounts 201317,8 k €↓
- 2012Annual accounts 201274,8 k €↑
- 2010Annual accounts 201074 k €↑
- 2009Annual accounts 2009-33 k €↓
- 2008Annual accounts 2008131,4 k €↑
- 2007Annual accounts 2007-48,7 k €↓
- 2006Annual accounts 2006128 k €
- 10/11/1987IncorporationPublic limited company