ACTIVE

HF HOLDING

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

9,7 M €

+78.7% YoY

Revenue

6,6 M €

+2.0% YoY

Equity

29,7 M €

-7.4% YoY

Workforce

18,6 ETP

-0.5% YoY

What does HF HOLDING do?

HF HOLDING is a Public limited company incorporated in 1998. Its main activity is: Activities of holding companies. Its registered office is in Nivelles. It employs on average 18,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0464.928.126

Incorporation

21/12/1998

Legal form

Public limited company

Registered office

Rue du Commerce 19
1400 Nivelles · WallonieSee on map

Contributed capital

1 739 634,59 €

Latest accounts

31/12/2025

Average workforce

18,6 ETP

Activities (NACE)

64200Activities of holding companies· main 64210Activities of holding companies 65231Reinsurance

Joint committees (1)

Contacts

4 public details availableLog in to view

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	6,6 M €	+2.0%	6,5 M €	+2.5%	6,3 M €	+17.8%	5,4 M €	+29.7%	4,1 M €	+24.5%	3,3 M €	-3.5%	3,4 M €	+13.1%	3 M €	+50.1%	2 M €	+7.3%	1,9 M €	+49.8%	1,3 M €	-10.6%	1,4 M €	-2.5%	1,4 M €	-25.1%	1,9 M €	-7.7%	2,1 M €	+63.8%	1,3 M €	+81.0%	704,6 k €	-17.1%	849,8 k €	-5.1%	895,1 k €	+24.6%	718,5 k €
EBITDA	2,3 M €	+45.1%	1,6 M €	-37.9%	2,5 M €	+122%	1,1 M €	-26.1%	1,6 M €	+40.1%	1,1 M €	-0.3%	1,1 M €	+384%	229,6 k €	+122%	103,6 k €	+145%	-228,5 k €	+18.7%	-281 k €	-334%	119,8 k €	+308%	29,4 k €	-90.6%	312,6 k €	+7.2%	291,7 k €	+158%	-503,9 k €	-1102%	-41,9 k €	+69.3%	-136,6 k €	-160%	226,8 k €	-37.5%	363,2 k €
Operating result	1,6 M €	+153%	621,9 k €	-62.5%	1,7 M €	+439%	307,9 k €	-60.5%	780,2 k €	+45.9%	534,7 k €	-23.8%	702,1 k €	+421%	-218,8 k €	+38.1%	-353,5 k €	+36.3%	-554,5 k €	-58.9%	-349 k €	-686%	59,6 k €	+667%	-10,5 k €	-104%	287,1 k €	+33.8%	214,6 k €	+139%	-546,2 k €	-1141%	-44 k €	+67.8%	-136,9 k €	-160%	226,5 k €	-35.6%	351,7 k €
Net result	9,7 M €	+78.7%	5,4 M €	+28.6%	4,2 M €	+27.6%	3,3 M €	+222%	1 M €	-53.6%	2,2 M €	+2128%	99 k €	-86.0%	705,3 k €	-78.9%	3,3 M €	+125%	1,5 M €	-93.5%	22,8 M €	+817%	-3,2 M €	-144%	7,3 M €	+138%	3,1 M €	-5.2%	3,2 M €	+210%	-2,9 M €	-140%	7,4 M €	-46.3%	13,8 M €	-42.9%	24,2 M €	+462%	-6,7 M €
Balance sheet
Equity	29,7 M €	-7.4%	32,1 M €	+21.4%	26,5 M €	+18.9%	22,2 M €	+17.4%	18,9 M €	+5.7%	17,9 M €	+14.0%	15,7 M €	-42.4%	27,3 M €	+2.7%	26,6 M €	+22.5%	21,7 M €	+7.3%	20,2 M €	-30.7%	29,2 M €	-9.8%	32,3 M €	+29.1%	25 M €	+13.9%	22 M €	+17.2%	18,7 M €	-13.5%	21,7 M €	+51.9%	14,3 M €	-45.8%	26,3 M €	+1129%	2,1 M €
Total assets	38,1 M €	-5.1%	40,1 M €	+4.8%	38,2 M €	+4.3%	36,7 M €	+1.2%	36,2 M €	-1.1%	36,6 M €	+6.2%	34,5 M €	-2.1%	35,2 M €	+1.3%	34,8 M €	+12.6%	30,9 M €	-9.1%	33,9 M €	-28.0%	47,2 M €	-11.5%	53,3 M €	+0.5%	53,1 M €	+2.4%	51,8 M €	+1.7%	50,9 M €	-6.5%	54,5 M €	+3.4%	52,7 M €	+22.6%	43 M €	+65.1%	26 M €
Cash	785,7 k €	+64.1%	478,8 k €	-39.6%	792,4 k €	+40.7%	563,1 k €	-20.2%	705,9 k €	+201%	234,5 k €	-20.9%	296,3 k €	+30.7%	226,8 k €	+43.4%	158,2 k €	+67.2%	94,6 k €	-43.1%	166,3 k €	+106%	80,7 k €	+1143%	6,5 k €	-94.6%	120,4 k €	+140%	50,2 k €	-54.7%	111 k €	+15359%	717,9 €	-99.4%	117,1 k €	+248%	33,6 k €	+2.2%	32,9 k €
Debts	8,2 M €	+4.9%	7,8 M €	-32.7%	11,7 M €	-19.0%	14,4 M €	-14.9%	16,9 M €	-7.8%	18,4 M €	-0.2%	18,4 M €	+133%	7,9 M €	-3.3%	8,2 M €	-10.9%	9,2 M €	-33.2%	13,7 M €	-23.6%	18 M €	-14.5%	21 M €	-25.1%	28 M €	-6.0%	29,8 M €	-7.4%	32,2 M €	-1.7%	32,7 M €	-14.8%	38,4 M €	+130%	16,7 M €	-30.2%	23,9 M €
Other
Workforce	18,6 ETP	-0.5%	18,7 ETP	-4.6%	19,6 ETP	-8.4%	21,4 ETP	+8.6%	19,7 ETP	+0.5%	19,6 ETP	+45.2%	13,5 ETP	+10.7%	12,2 ETP	-0.8%	12,3 ETP	+23.0%	10,0 ETP	+7.5%	9,3 ETP	-8.8%	10,2 ETP	-11.3%	11,5 ETP	+5.5%	10,9 ETP	-10.7%	12,2 ETP	+34.1%	9,1 ETP	+250%	2,6 ETP		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 44 ended

Active mandates

9K Capital

Managing director · since 01 janvier 2024 · until 31 mai 2030 · 1003.236.356

Represented by Maarten Impens

Active

Carmela

Director · since 01 janvier 2024 · until 31 mai 2030 · 1003.187.460

Represented by Richard Reis

Active

InvesTuring

Director · since 01 janvier 2024 · until 31 mai 2030 · 0747.729.052

Represented by Maarten Meijssen

Active

ITERAR

Director · since 01 janvier 2024 · until 31 mai 2030 · 0788.815.480

Represented by Louwagie Arne

Active

XAVIER Deedene

Director · since 13 septembre 2019 · until 02 juin 2026

Active

Ended mandates

ARNE LOUWAGIE

Director · since 03 mai 2022 · until 02 mai 2028

Ended

MAARTEN MEIJSSEN

Director · since 31 mai 2021 · until 31 mai 2027

Ended

MI MANAGAMENT FZE

Managing director · since 31 mai 2021 · until 31 décembre 2023

Represented by MAARTEN IMPENS

Ended

MI MANAGAMENT FZE

Managing director · since 31 mai 2021 · until 31 mai 2027

Represented by MAARTEN IMPENS

Ended

At this address

Other companies at this address

Company	CBE no.
GANTREX● Active	0817.646.553
GANTREX GROUP HOLDING● Active	1009.622.718
LOUISE RAIL MIV● Active	0639.795.667

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	m120-f-p
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	02/06/2026	12/06/2025	19/06/2024	05/06/2023	28/06/2022	22/06/2021
General meeting	01/06/2026	02/06/2025	31/05/2024	31/05/2023	31/05/2022	31/05/2021
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 days

Filings

Annual accounts filings

34 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	01/06/2026	02/06/2026	French	PDF
Full model	31/12/2024	02/06/2025	12/06/2025	French	PDF
Full model	31/12/2023	31/05/2024	19/06/2024	French	PDF
m120-f-p	31/12/2023	31/05/2024	25/06/2024	French	PDF
Full model	31/12/2022	31/05/2023	05/06/2023	French	PDF
m120-f-p	31/12/2022	31/05/2023	05/06/2023	French	PDF
Full model	31/12/2021	31/05/2022	28/06/2022	French	PDF
m120-f-p	31/12/2021	31/05/2022	28/06/2022	French	PDF
Full model	31/12/2020	31/05/2021	21/06/2021	French	PDF
m120-f-p	31/12/2020	31/05/2021	22/06/2021	French	PDF
Full model	31/12/2019	02/06/2020	06/08/2020	French	PDF
m120-f-p	31/12/2019	02/06/2020	06/08/2020	French	PDF
Full modelCorrection	31/12/2018	31/05/2019	07/08/2019	French	PDF
Full model	31/12/2018	31/05/2019	01/07/2019	French	PDF
m120-f-p	31/12/2018	31/05/2019	01/07/2019	French	PDF
Full model	31/12/2017	31/05/2018	29/06/2018	French	PDF
m120-f-p	31/12/2017	31/05/2018	28/06/2018	French	PDF
Full model	31/12/2016	31/05/2017	30/06/2017	French	PDF
m120-f-p	31/12/2016	31/05/2017	07/11/2017	French	PDF
Full model	31/12/2015	14/06/2016	04/07/2016	French	PDF
m120-f-p	31/12/2015	14/06/2016	21/10/2016	French	PDF
Full model	31/12/2014	01/06/2015	29/06/2015	French	PDF
Full model	31/12/2013	02/06/2014	01/08/2014	French	PDF
Full model	31/12/2012	31/05/2013	24/06/2013	French	PDF

View all 34 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 5 active · 44 ended

Active mandates

9K Capital

Managing director · since 01 janvier 2024 · until 31 mai 2030 · 1003.236.356

Represented by Maarten Impens

Active

Carmela

Director · since 01 janvier 2024 · until 31 mai 2030 · 1003.187.460

Represented by Richard Reis

Active

InvesTuring

Director · since 01 janvier 2024 · until 31 mai 2030 · 0747.729.052

Represented by Maarten Meijssen

Active

ITERAR

Director · since 01 janvier 2024 · until 31 mai 2030 · 0788.815.480

Represented by Louwagie Arne

Active

XAVIER Deedene

Director · since 13 septembre 2019 · until 02 juin 2026

Active

Ended mandates

ARNE LOUWAGIE

Director · since 03 mai 2022 · until 02 mai 2028

Ended

MAARTEN MEIJSSEN

Director · since 31 mai 2021 · until 31 mai 2027

Ended

MI MANAGAMENT FZE

Managing director · since 31 mai 2021 · until 31 décembre 2023

Represented by MAARTEN IMPENS

Ended

MI MANAGAMENT FZE

Managing director · since 31 mai 2021 · until 31 mai 2027

Represented by MAARTEN IMPENS

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates26/06/2026
DEMISSIONS, NOMINATIONS
PDF
Other09/07/2024
DIVERS
PDF
Other30/05/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates05/03/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates05/03/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates12/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates09/08/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates23/09/2021
DEMISSIONS, NOMINATIONS
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

01/06/2026
reconductionXavier Deedene — administrateur
01/06/2026
nominationGaëtan Roy — commissaire
2025
Annual accounts 20259,7 M €↑
2024
Annual accounts 20245,4 M €↑
01/01/2024
nomination9K Capital SRL — administrateur
01/01/2024
nominationInvesTuring SRL — administrateur
01/01/2024
nominationCarmela SRL — administrateur
01/01/2024
nominationIterar SRL — administrateur
2023
Annual accounts 20234,2 M €↑
22/12/2023
nominationMaarten Impens — administrateur-délégué
31/05/2023
reconductionPwC Réviseur d'entreprise srl — Commissaire
2022
Annual accounts 20223,3 M €↑
03/05/2022
nominationArne Louwagie — administrateur
03/05/2022
nominationMaarten Meijssen — président du conseil d'administration
2021
Annual accounts 20211 M €↓
2020
Annual accounts 20202,2 M €↑
2019
Annual accounts 201999 k €↓
2018
Annual accounts 2018705,3 k €↓
2017
Annual accounts 20173,3 M €↑
2016
Annual accounts 20161,5 M €↓
2015
Annual accounts 201522,8 M €↑
2014
Annual accounts 2014-3,2 M €↓
2013
Annual accounts 20137,3 M €↑
2012
Annual accounts 20123,1 M €↓
2011
Annual accounts 20113,2 M €↑
2010
Annual accounts 2010-2,9 M €↓
2009
Annual accounts 20097,4 M €↓
2008
Annual accounts 200813,8 M €↓
2007
Annual accounts 200724,2 M €↑
2006
Annual accounts 2006-6,7 M €
21/12/1998
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

HF HOLDING

Overview

What does HF HOLDING do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

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