ACTIVE

HPG BELGIUM

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Financial year 2025 · closed on 31/12/2025

Net result

-118,5 k €

-146.1% YoY

Gross margin

-136,2 k €

+9.9% YoY

Equity

16,5 M €

-0.7% YoY

Workforce

0,5 ETP

0.0% YoY

What does HPG BELGIUM do?

HPG BELGIUM is a Public limited company incorporated in 1993. Its main activity is: Development of building projects. Its registered office is in Maasmechelen. It employs on average 0,5 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0449.753.663

Incorporation

01/04/1993

Legal form

Public limited company

Registered office

Geloeslaan(M) 27
3630 Maasmechelen · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Average workforce

0,5 ETP

Activities (NACE)

41101Development of building projects· main 68121Buying and selling of own real estate

Joint committees (2)

200
2000

Signals

Solid equityLow riskGood liquidityHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	-136,2 k €	+9.9%	-151,2 k €	+22.7%	-195,6 k €	-8.3%	-180,7 k €	-688%	-22,9 k €	+11.8%	-26 k €	-101%	2,3 M €	+1023953%	-226 €	+92.5%	-3 k €	+81.4%	-16,2 k €	+80.6%	-83,8 k €	-640%	15,5 k €	-96.5%	440,6 k €	+4744%	-9,5 k €	+93.8%	-154 k €	-32.6%	-116,1 k €	+59.9%	-289,6 k €	+31.2%	-420,9 k €	-185%	497,3 k €
EBITDA	-564 k €	-192%	-193,2 k €	+15.6%	-228,9 k €	-2.0%	-224,4 k €	-318%	-53,6 k €	-26.8%	-42,3 k €	-102%	2,2 M €	+8030%	-28,2 k €	+98.8%	-2,3 M €	-12924%	-17,9 k €	+80.1%	-89,7 k €	-838%	12,2 k €	-97.2%	436,6 k €	+2758%	-16,4 k €	+90.1%	-165,5 k €	-33.3%	-124,2 k €	+63.1%	-336,2 k €	+26.1%	-455,3 k €	-193%	488,5 k €
Operating result	-644,1 k €	-172%	-236,8 k €	+13.7%	-274,5 k €	-2.6%	-267,6 k €	-113%	-125,4 k €	-47.0%	-85,3 k €	-104%	2,2 M €	+4078%	-55,7 k €	+97.6%	-2,4 M €	-6984%	-33,3 k €	+71.1%	-115 k €	-1176%	10,7 k €	-97.5%	432,4 k €	+845%	-58 k €	+73.4%	-218 k €	-27.1%	-171,5 k €	+58.4%	-412,3 k €	+17.9%	-502,2 k €	-211%	452 k €
Net result	-118,5 k €	-146%	257,2 k €	+299%	-129,4 k €	-293%	67,1 k €	+408%	13,2 k €	+159%	-22,3 k €	-101%	2,3 M €	+1155%	179,8 k €	+109%	-2,1 M €	-931%	250,8 k €	-46.3%	467,2 k €	-35.4%	723,3 k €	-36.6%	1,1 M €	+114%	533,3 k €	+42.5%	374,3 k €	-3.5%	387,8 k €	-95.1%	7,9 M €	+3624%	-224,2 k €	-103%	7,8 M €
Balance sheet
Equity	16,5 M €	-0.7%	16,6 M €	+0.3%	16,5 M €	-0.8%	16,7 M €	-1.0%	16,8 M €	+0.1%	16,8 M €	-0.1%	16,8 M €	+15.5%	14,6 M €	+1.2%	14,4 M €	-12.6%	16,5 M €	+1.5%	16,2 M €	-14.1%	18,9 M €	+4.0%	18,2 M €	+6.7%	17 M €	+3.2%	16,5 M €	+2.3%	16,1 M €	+2.5%	15,7 M €	+101%	7,8 M €	-2.8%	8,1 M €
Total assets	16,5 M €	-2.0%	16,8 M €	+1.7%	16,6 M €	-2.2%	16,9 M €	+0.4%	16,9 M €	-9.0%	18,5 M €	+8.6%	17,1 M €	+16.8%	14,6 M €	+1.3%	14,4 M €	-12.6%	16,5 M €	-1.6%	16,8 M €	-13.4%	19,4 M €	+3.9%	18,6 M €	+6.3%	17,5 M €	+6.1%	16,5 M €	+1.6%	16,2 M €	-5.6%	17,2 M €	+47.8%	11,6 M €	-6.4%	12,4 M €
Cash	308,7 k €	-81.6%	1,7 M €	-72.6%	6,1 M €	-45.3%	11,2 M €	+411%	2,2 M €	-1.4%	2,2 M €	-82.9%	13 M €	+570%	1,9 M €	+1332%	135,6 k €	-22.0%	173,8 k €	+299%	43,6 k €	-43.2%	76,8 k €	+20.2%	63,9 k €	+283%	16,7 k €	-83.1%	99 k €	-25.6%	133 k €	-98.8%	10,9 M €	+8666%	124,3 k €	-93.5%	1,9 M €
Debts	40,7 k €	-84.4%	261,1 k €	+622%	36,2 k €	-86.0%	258,2 k €	+2330%	10,6 k €	-99.4%	1,7 M €	+713%	208,9 k €	+1135%	16,9 k €	+47.6%	11,5 k €	+1717%	630,8 €	-99.9%	520 k €	+14.8%	453,1 k €	+0.3%	451,8 k €	-6.5%	483,2 k €	+9093%	5,3 k €	-95.4%	115,1 k €	-92.1%	1,5 M €	-61.6%	3,8 M €	-13.1%	4,4 M €
Other
Workforce	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP	0.0%	0,5 ETP		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 27 ended

Active mandates

Johannes Hugenholtz

Director · since 27 novembre 2025

Active

Cécile Hugenholtz

Managing director · since 22 décembre 2022

Active

Ended mandates

HPG Villas

Managing director · since 14 décembre 2023 · until 17 mai 2029 · 0873.508.358

Represented by Hugenholtz JOHANNES

Ended

HPG Villas

Managing director · since 14 décembre 2023 · until 17 mai 2029 · 0873.508.358

Represented by Hugenholtz JOHANNES

Ended

Cécile Hugenholtz

Managing director · since 22 décembre 2022 · until 17 mai 2028

Ended

Cécile Hugenholtz

Managing director · since 22 décembre 2022 · until 22 décembre 2028

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	29/04/2026	04/06/2025	27/08/2024	09/05/2023	26/07/2022	27/08/2021
General meeting	31/03/2026	03/06/2025	17/05/2024	11/04/2023	30/06/2022	30/06/2021
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

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	31/03/2026	29/04/2026	Dutch	PDF
Abridged model	31/12/2024	03/06/2025	04/06/2025	Dutch	PDF
Abridged model	31/12/2023	17/05/2024	27/08/2024	Dutch	PDF
Abridged model	31/12/2022	11/04/2023	09/05/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	26/07/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	27/08/2021	Dutch	PDF
Abridged model	31/12/2019	04/09/2020	06/10/2020	Dutch	PDF
Abridged model	31/12/2018	17/05/2019	20/05/2019	Dutch	PDF
Abridged model	31/12/2017	17/05/2018	11/06/2018	Dutch	PDF
Abridged model	31/12/2016	19/06/2017	28/06/2017	Dutch	PDF
Abridged model	31/12/2015	25/08/2016	31/08/2016	Dutch	PDF
Abridged model	31/12/2014	18/05/2015	17/06/2015	Dutch	PDF
Abridged model	31/12/2013	17/05/2014	23/05/2014	Dutch	PDF
Abridged model	31/12/2012	17/05/2013	07/06/2013	Dutch	PDF
Abridged model	31/12/2011	29/05/2012	26/06/2012	Dutch	PDF
Abridged model	31/12/2010	17/05/2011	18/05/2011	Dutch	PDF
Abridged model	31/12/2009	17/05/2010	02/06/2010	Dutch	PDF
Abridged model	31/12/2008	18/05/2009	25/05/2009	Dutch	PDF
Abridged model	31/12/2007	17/05/2008	10/06/2008	Dutch	PDF
Abridged model	31/12/2006	18/05/2007	14/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 27 ended

Active mandates

Johannes Hugenholtz

Director · since 27 novembre 2025

Active

Cécile Hugenholtz

Managing director · since 22 décembre 2022

Active

Ended mandates

HPG Villas

Managing director · since 14 décembre 2023 · until 17 mai 2029 · 0873.508.358

Represented by Hugenholtz JOHANNES

Ended

HPG Villas

Managing director · since 14 décembre 2023 · until 17 mai 2029 · 0873.508.358

Represented by Hugenholtz JOHANNES

Ended

Cécile Hugenholtz

Managing director · since 22 décembre 2022 · until 17 mai 2028

Ended

Cécile Hugenholtz

Managing director · since 22 décembre 2022 · until 22 décembre 2028

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates09/02/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/02/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/01/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office10/10/2022
MAATSCHAPPELIJKE ZETEL
PDF
Mandates03/06/2019
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring05/09/2014
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring26/05/2014
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates18/06/2013
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-118,5 k €↓
2024
Annual accounts 2024257,2 k €↑
2023
Annual accounts 2023-129,4 k €↓
2022
Annual accounts 202267,1 k €↑
2021
Annual accounts 202113,2 k €↑
2020
Annual accounts 2020-22,3 k €↓
2019
Annual accounts 20192,3 M €↑
2018
Annual accounts 2018179,8 k €↑
2017
Annual accounts 2017-2,1 M €↓
2016
Annual accounts 2016250,8 k €↓
2015
Annual accounts 2015467,2 k €↓
2013
Annual accounts 2013723,3 k €↓
2012
Annual accounts 20121,1 M €↑
2011
Annual accounts 2011533,3 k €↑
2010
Annual accounts 2010374,3 k €↓
2009
Annual accounts 2009387,8 k €↓
2008
Annual accounts 20087,9 M €↑
2007
Annual accounts 2007-224,2 k €↓
2006
Annual accounts 20067,8 M €
01/04/1993
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

HPG BELGIUM

Overview

What does HPG BELGIUM do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline