ACTIVE

HCO

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Financial year 2025 · closed on 31/12/2025

Net result

549,1 k €

+69.7% YoY

Revenue

5,4 M €

+6.6% YoY

Equity

870,4 k €

+170.9% YoY

Workforce

34,4 ETP

+1.8% YoY

What does HCO do?

HCO is a Public limited company incorporated in 2017. Its main activity is: Treatment and disposal of non-hazardous waste. Its registered office is in Antwerpen. It employs on average 34,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0677.943.490

Incorporation

05/07/2017

Legal form

Public limited company

Registered office

Scheldelaan 417
2030 Antwerpen · FlandreSee on map

Contributed capital

200 000,00 €

Latest accounts

31/12/2025

Average workforce

34,4 ETP

Activities (NACE)

38210Treatment and disposal of non-hazardous waste· main 38323Recovery of sorted materials

Joint committees (2)

14204
200

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 7 financial years

	2025		2024		2023		2022		2021		2020		2018
Income statement
Revenue	5,4 M €	+6.6%	5,1 M €	+1.0%	5 M €	+4.9%	4,8 M €	+8.2%	4,4 M €	-1.8%	4,5 M €	-2.8%	4,7 M €
EBITDA	951,8 k €	+39.0%	684,8 k €	-21.3%	870,5 k €	-3.3%	900,5 k €	+3.8%	867,6 k €	-3.9%	902,8 k €	+42.6%	633,3 k €
Operating result	765,8 k €	+63.7%	467,9 k €	-27.7%	647,1 k €	-3.9%	673,7 k €	+3.7%	649,5 k €	-6.1%	691,4 k €	+55.0%	446 k €
Net result	549,1 k €	+69.7%	323,5 k €	-33.7%	487,6 k €	+4.2%	468 k €	+4.8%	446,7 k €	-7.5%	482,8 k €	+77.9%	271,3 k €
Balance sheet
Equity	870,4 k €	+171%	321,3 k €	+1.1%	317,9 k €	-83.9%	2 M €	+30.9%	1,5 M €	+41.9%	1,1 M €	+126%	471,3 k €
Total assets	2,1 M €	+4.4%	2,1 M €	-15.0%	2,4 M €	-45.0%	4,4 M €	+36.9%	3,2 M €	-12.1%	3,7 M €	+15.6%	3,2 M €
Cash	1,3 M €	+67.3%	764,3 k €	+180%	273,3 k €	-88.9%	2,5 M €	+151%	982,3 k €	-38.7%	1,6 M €	+845%	169,6 k €
Debts	1,3 M €	-26.5%	1,7 M €	-17.4%	2,1 M €	-13.2%	2,4 M €	+42.2%	1,7 M €	-34.3%	2,6 M €	-3.9%	2,7 M €
Other
Workforce	34,4 ETP	+1.8%	33,8 ETP	-0.6%	34,0 ETP	0.0%	34,0 ETP	+2.1%	33,3 ETP	+6.1%	31,4 ETP	+27.1%	24,7 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 · 4 active · 12 ended

Active mandates

Philippe Tychon

Director · since 02 octobre 2025 · until 27 juin 2030

Active

Jérôme Waterkeyn

Director · since 14 juin 2024 · until 27 juin 2030

Active

Mieke Hoorens

Managing director · since 14 juin 2024 · until 27 juin 2030

Active

Stijn Vermoet

Managing director · since 14 juin 2024 · until 30 septembre 2025

Active

Ended mandates

Nicolas Germond

Chairman of the board of directors · since 14 juin 2024 · until 27 juin 2025

Ended

Stijn Vermoet

Managing director · since 14 juin 2024 · until 27 juin 2030

Ended

Gert VAN DEN EEDE

Director · since 11 juin 2021 · until 14 juin 2024

Ended

Jan COCKX

Managing director · since 11 juin 2021 · until 14 juin 2024

Ended

At this address

Other companies at this address

Company	CBE no.
COMMA● Active	0881.161.757
HYDRO CLEANING INTERNATIONAL● Active	0430.983.371

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	27/07/2026	15/07/2025	27/06/2024	11/06/2024	15/06/2022	22/07/2021
General meeting	29/06/2026	27/06/2025	14/06/2024	09/06/2023	10/06/2022	11/06/2021
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

9 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	29/06/2026	27/07/2026	Dutch	PDF
Full model	31/12/2024	27/06/2025	15/07/2025	Dutch	PDF
Full model	31/12/2023	14/06/2024	27/06/2024	Dutch	PDF
Full modelCorrection	31/12/2022	09/06/2023	11/06/2024	Dutch	PDF
Full model	31/12/2022	09/06/2023	29/09/2023	Dutch	PDF
Full model	31/12/2021	10/06/2022	15/06/2022	Dutch	PDF
Full model	31/12/2020	11/06/2021	22/07/2021	Dutch	PDF
Full model	31/12/2019	12/06/2020	17/06/2020	Dutch	PDF
Full model	31/12/2018	14/06/2019	27/09/2019	Dutch	PDF

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 · 4 active · 12 ended

Active mandates

Philippe Tychon

Director · since 02 octobre 2025 · until 27 juin 2030

Active

Jérôme Waterkeyn

Director · since 14 juin 2024 · until 27 juin 2030

Active

Mieke Hoorens

Managing director · since 14 juin 2024 · until 27 juin 2030

Active

Stijn Vermoet

Managing director · since 14 juin 2024 · until 30 septembre 2025

Active

Ended mandates

Nicolas Germond

Chairman of the board of directors · since 14 juin 2024 · until 27 juin 2025

Ended

Stijn Vermoet

Managing director · since 14 juin 2024 · until 27 juin 2030

Ended

Gert VAN DEN EEDE

Director · since 11 juin 2021 · until 14 juin 2024

Ended

Jan COCKX

Managing director · since 11 juin 2021 · until 14 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/07/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/12/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares05/03/2025
KAPITAAL - AANDELEN
PDF
Other09/12/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates23/09/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/07/2020
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 2025549,1 k €↑
2024
Annual accounts 2024323,5 k €↓
2023
Annual accounts 2023487,6 k €↑
2022
Annual accounts 2022468 k €↑
2021
Annual accounts 2021446,7 k €↓
2020
Annual accounts 2020482,8 k €↑
2018
Annual accounts 2018271,3 k €
05/07/2017
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

HCO

Overview

What does HCO do?

Trend over 7 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