H2WIN
0542.960.864 · rovalta.com · 23/09/2026
ACTIVE
H2WIN
Financial year 2025 · closed on 31/12/2025
Net result
-594,9 k €
+24.3% YoY
Gross margin
680,4 k €
+71.0% YoY
Equity
6,2 M €
+20.7% YoY
Workforce
4,6 ETP
+130.0% YoY
Overview
What does H2WIN do?
H2WIN is a Public limited company incorporated in 2013. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Nivelles. It employs on average 4,6 ETP workers (FTE).
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0542.960.864
Incorporation
11/12/2013
Legal form
Public limited company
Registered office
Rue du Gendarme 4
1400 Nivelles · WallonieSee on map
1400 Nivelles · WallonieSee on map
Contributed capital
7 549 394,99 €
Latest accounts
31/12/2025
Average workforce
4,6 ETP
Activities (NACE)
72101Research and experimental development on natural sciences and engineering· main72110Research and experimental development on biotechnology72109Research and experimental development on natural sciences and engineering72190Other research and experimental development on natural sciences and engineering
Joint committees (3)
- 0
- 100
- 200
Signals
Solid equityLow riskGood liquidityPositive cashflowHealthy social debts
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Financials
Trend over 10 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||
| Gross margin | 680,4 k € | +71.0% | 397,9 k € | +26.5% | 314,6 k € | +516% | 51,1 k € | -53.5% | 109,7 k € | -18.1% | 134 k € | -63.0% | 362,1 k € | +38.8% | 260,9 k € | +508% | -64 k € | +49.2% | -125,9 k € |
| EBITDA | -167,4 k € | +67.4% | -513,2 k € | -475% | -89,2 k € | +65.7% | -260,3 k € | -35.7% | -191,8 k € | +43.4% | -339,1 k € | -536% | 77,8 k € | -50.9% | 158,4 k € | +343% | -65,2 k € | +49.9% | -130 k € |
| Operating result | -1,1 M € | +10.1% | -1,2 M € | -77.9% | -672,7 k € | +12.4% | -768,1 k € | -9.5% | -701,6 k € | +16.3% | -838,6 k € | -135% | -357,6 k € | -65.2% | -216,5 k € | +50.7% | -438,8 k € | +4.5% | -459,4 k € |
| Net result | -594,9 k € | +24.3% | -786,4 k € | -117% | -362,8 k € | +29.6% | -515,6 k € | +10.3% | -575 k € | +3.8% | -597,9 k € | -118% | -274,2 k € | -122% | -123,5 k € | +71.8% | -438,6 k € | +4.2% | -458 k € |
| Balance sheet | |||||||||||||||||||
| Equity | 6,2 M € | +20.7% | 5,1 M € | -12.1% | 5,8 M € | -1.1% | 5,9 M € | +97.9% | 3 M € | +55.5% | 1,9 M € | -10.6% | 2,1 M € | -14.3% | 2,5 M € | +2.8% | 2,4 M € | -15.3% | 2,9 M € |
| Total assets | 7,4 M € | +14.8% | 6,4 M € | -0.1% | 6,4 M € | +2.2% | 6,3 M € | +95.3% | 3,2 M € | -9.3% | 3,5 M € | -12.0% | 4 M € | +1.7% | 4 M € | +25.3% | 3,2 M € | +1.3% | 3,1 M € |
| Cash | 539,3 k € | -8.0% | 585,9 k € | -13.2% | 675,1 k € | +1.5% | 665,4 k € | +72.2% | 386,5 k € | -10.8% | 433,5 k € | -51.5% | 893,2 k € | +56.2% | 571,8 k € | +1.2% | 565 k € | +85.8% | 304 k € |
| Debts | 1,2 M € | -9.1% | 1,3 M € | +122% | 577,3 k € | +55.1% | 372,3 k € | +62.0% | 229,7 k € | -85.9% | 1,6 M € | -13.6% | 1,9 M € | +29.3% | 1,5 M € | +101% | 725,1 k € | +195% | 245,9 k € |
| Other | |||||||||||||||||||
| Workforce | 4,6 ETP | +130% | 2,0 ETP | +42.9% | 1,4 ETP | +40.0% | 1,0 ETP | 0.0% | 1,0 ETP | – | 1,0 ETP | 0.0% | 1,0 ETP | – | – | ||||
Estimate
Indicative valuation
As an indication, this company is worth
between 5 M€ and 10 M€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 7 active · 13 ended
Active mandates
Harald Swenden
ActiveActive
Bertrand Velge
ActiveActive
Marco Solvi
ActiveActive
Edouard de Burlet
ActiveAt this address
Other companies at this address
| Company | CBE no. |
|---|---|
BIO SOLUTION● Active | 0874.759.955 |
H2life● Active | 0837.517.695 |
Financials
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 | 19/05/2026 | 03/06/2025 | 07/06/2024 | 31/05/2023 | 08/06/2022 | 04/06/2021 |
| General meeting | 15/05/2026 | 22/05/2025 | 31/05/2024 | 23/05/2023 | 27/05/2022 | 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 daysFilings
Annual accounts filings
12 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Abridged model | 31/12/2025 | 15/05/2026 | 19/05/2026 | French | |
| Abridged model | 31/12/2024 | 22/05/2025 | 03/06/2025 | French | |
| Abridged model | 31/12/2023 | 31/05/2024 | 07/06/2024 | French | |
| Abridged model | 31/12/2022 | 23/05/2023 | 31/05/2023 | French | |
| Abridged model | 31/12/2021 | 27/05/2022 | 08/06/2022 | French | |
| Abridged model | 31/12/2020 | 31/05/2021 | 04/06/2021 | French | |
| Abridged model | 31/12/2019 | 08/09/2020 | 08/10/2020 | French | |
| Micro model | 31/12/2018 | 31/05/2019 | 21/06/2019 | French | |
| Abridged model | 31/12/2017 | 25/05/2018 | 20/06/2018 | French | |
| Abridged model | 31/12/2016 | 26/05/2017 | 28/06/2017 | French | |
| Abridged model | 31/12/2015 | 19/05/2016 | 02/06/2016 | French | |
| Abridged model | 31/12/2014 | 29/05/2015 | 25/08/2015 | French |
Valuation
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.
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 · 7 active · 13 ended
Active mandates
Harald Swenden
ActiveActive
Bertrand Velge
ActiveActive
Marco Solvi
ActiveActive
Edouard de Burlet
ActiveShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Mandates07/09/2026Renouvellement du mandat des administrateurs
- Capital / shares12/09/2025CAPITAL, ACTIONS
- Mandates25/09/2024DEMISSIONS, NOMINATIONS
- Mandates21/10/2022CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
- Capital / shares21/10/2022CAPITAL, ACTIONS - DIVERS
- Mandates15/03/2022DEMISSIONS, NOMINATIONS
- Mandates21/01/2022CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
- Mandates06/07/2021DEMISSIONS, NOMINATIONS
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 2025-594,9 k €↑
- 2024Annual accounts 2024-786,4 k €↓
- 2023Annual accounts 2023-362,8 k €↑
- 2022Annual accounts 2022-515,6 k €↑
- 2021Annual accounts 2021-575 k €↑
- 2018Annual accounts 2018-597,9 k €↓
- 2017Annual accounts 2017-274,2 k €↓
- 2016Annual accounts 2016-123,5 k €↑
- 2015Annual accounts 2015-438,6 k €↑
- 2014Annual accounts 2014-458 k €
- 11/12/2013IncorporationPublic limited company