HEXCEL COMPOSITES

Active

Private limited companyfounded 196759 yrs activeRue Trois Bourdons 54, 4840 Welkenraedt, BelgiumKBO/BCE: BE 0402.459.235

Summary

HEXCEL COMPOSITES has been active since 1967 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27.60M and a net result of €933k. Equity is growing by ~3.7% per year across the filed fiscal years. Its solvency ranks better than 78% of 121 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

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Checked score

Score 2025

71 / 100

Healthy

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability37▼-29

Solvency99▼-1

Growth64▲+5

Track record100

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €1.95M at 30 days acceptable

Liquidity ample (current ratio 7.62 against 7.67 in 2024; short-term debt: 13.1% and cash: 0.2% of total assets), and 25.9% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

74.1%

Return on assets

2.5%

Age of the figures

9 mo

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 24

Relative position

BE, all sectors

reference

Sector 24

higher

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.

NBB · 9 filings

Deviation from the deadline

2025

29 d early

2024

77 d early

2023

84 d early

2022

89 d early

2021

62 d early

2020

64 d early

2019

15 d early

← before the deadline after the deadline →

Checked, nothing found (2)

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

24-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€36.34M▲ 33.6%

2024 · €27.19M

2018: €33.46M 2019: €36.47M 2020: €23.30M 2022: €22.70M 2023: €23.42M 2024: €27.19M

2018 → 2025

EBIT margin

1.9%▼ 2.9pp

2024 · 4.8%

2018: -28.3% 2019: 6.2% 2020: -15.0% 2022: 8.7% 2023: 5.2% 2024: 4.8%

2018 → 2025

Net result

€933k▼ 43.6%

2024 · €1.66M

2018: €-9.73M 2019: €1.68M 2020: €-3.64M 2022: €1.33M 2023: €1.26M 2024: €1.66M

2018 → 2025

Working capital

€32.22M▲ 22.1%

2024 · €26.39M

2018: €24.86M 2019: €25.21M 2020: €26.03M 2022: €23.39M 2023: €24.75M 2024: €26.39M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202022202320242025Trend

Turnover€23.30M-€22.70M▼ 2.6%€23.42M▲ 3.2%€27.19M▲ 16.1%€36.34M▲ 33.6%

Equity€21.35M-€23.75M▲ 11.3%€25.01M▲ 5.3%€26.67M▲ 6.6%€27.60M▲ 3.5%

Operating result€-3.51M-€1.99M€1.23M▼ 38.1%€1.30M▲ 5.9%€681k▼ 47.6%

Net result€-3.64M-€1.33M€1.26M▼ 5.3%€1.66M▲ 31.0%€933k▼ 43.6%

Result per fiscal year

Operating resultNet result

The operating result falls in 2025; 2025 is 48% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €37.24M

99.6%

Fixed assets €154k ▼ 91.3%

Current assets €37.09M ▲ 22.2%

Equity and liabilities €37.24M

74.1%

12.8%

13.1%

Equity €27.60M ▲ 3.5%

Provisions €4.77M ▲ 217%

Debt €4.87M ▲ 23.0%

Debt's share of the balance-sheet total rises from 12.3% to 13.1%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€963k▼

2024 · €1.88M

Cash flow

€1.21M▼

2024 · €2.24M

Current ratio

7.62▼

2024 · 7.67

Quick ratio

7.56▲

2024 · 6.38

Debt to equity

0.18▲

2024 · 0.15

ROE

3.4%▼

2024 · 6.2%

ROA

2.5%▼

2024 · 5.2%

Debt ≤ 1 year

€4.87M▲

2024 · €3.96M

Income taxes

€81k▼

2024 · €134k

Staff costs

€17.96M▲

2024 · €9.93M

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2025 against 2024 · 75 lines

Balance sheet Code20242025

Assets

Total assets20/58€32.13M€37.24M▲

Fixed assets21/28€1.78M€154k▼

Tangible fixed assets22/27€1.73M€111k▼

Land and buildings22€111k€111k=

Plant, machinery and equipment23€1.61M€0▼

Furniture and vehicles24€7k€0▼

Assets under construction and advance payments27€0-

Financial fixed assets28€48k€43k▼

Other financial fixed assets284/8€48k€43k▼

Amounts receivable and cash guarantees285/8€48k€43k▼

Current assets29/58€30.35M€37.09M▲

Stocks and contracts in progress3€5.11M€274k▼

Stocks30/36€5.11M€274k▼

Raw materials and consumables30/31€839k€0▼

Work in progress32€1.91M€0▼

Finished goods33€2.36M€274k▼

Amounts receivable within one year40/41€25.17M€36.75M▲

Trade receivables40€950k€14.69M▲

Other amounts receivable41€24.22M€22.06M▼

Cash at bank and in hand54/58€20k€65k▲

Deferred charges and accrued income490/1€55k€0▼

Equity and liabilities

Total equity and liabilities10/49€32.13M€37.24M▲

Equity10/15€26.67M€27.60M▲

Contributions10/11€25.98M€25.98M=

Revaluation surpluses12€1.33M€1.33M=

Reserves13€876k€876k=

Non-distributable reserves130/1€876k€876k=

Reserves not available under the articles1311€876k€876k=

Profit (loss) carried forward14€-1.52M€-588k▲

Provisions and deferred taxes16€1.50M€4.77M▲

Provisions for liabilities and charges160/5€1.50M€4.77M▲

Pensions and similar obligations160€1.47M€3.36M▲

Environmental obligations163-€1.30M

Other liabilities and charges164/5€32k€116k▲

Amounts payable17/49€3.96M€4.87M▲

Amounts payable within one year42/48€3.96M€4.87M▲

Trade debts44€1.58M€1.08M▼

Suppliers440/4€1.58M€1.08M▼

Taxes, remuneration and social security45€2.38M€3.79M▲

Taxes450/3€763k€1.20M▲

Remuneration and social security454/9€1.62M€2.59M▲

Income statement Code20242025

Operating income70/76A€25.25M€31.62M▲

Turnover70€27.19M€36.34M▲

Change in stocks of work in progress, finished goods and contracts in progress71€-2.31M€-4.79M▼

Own construction capitalised72€3k€0▼

Other operating income74€365k€67k▼

Non-recurring operating income76A€146€0▼

Operating charges60/66A€23.95M€30.94M▲

Goods for resale, raw materials and consumables60€9.37M€4.48M▼

Purchases600/8€8.86M€2.83M▼

Change in stocks: decrease (increase)609€508k€1.64M▲

Services and other goods61€3.46M€3.82M▲

Remuneration, social security and pensions62€9.93M€17.96M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€584k€282k▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€1.02M€-1.60M▼

Provisions for liabilities and charges: additions (uses and reversals)635/8€-24k€84k▲

Other operating charges640/8€186k€182k▼

Non-recurring operating charges66A€-574k€5.72M▲

Operating profit (loss)9901€1.30M€681k▼

Financial income75/76B€753k€608k▼

Recurring financial income75€753k€608k▼

Other financial income752/9€753k€608k▼

Financial charges65/66B€264k€275k▲

Recurring financial charges65€264k€275k▲

Debt charges650€5€0▼

Other financial charges652/9€264k€275k▲

Profit (loss) for the period before taxes9903€1.79M€1.01M▼

Income taxes67/77€134k€81k▼

Taxes670/3€134k€81k▼

Tax adjustments and reversals of tax provisions77€0-

Profit (loss) for the period9904€1.66M€933k▼

Profit (loss) for the period to be appropriated9905€1.66M€933k▼

Appropriation of the result

Profit (loss) to be appropriated9906€-1.52M€-588k▲

Profit (loss) brought forward from the previous period14P€-3.18M€-1.52M▲

Social balance

Average headcount (FTE)9087122.449.4▼

The notes to these accounts (63 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 36Financial 4Gazette 22Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

02-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

11-12

State Gazette act Resignation: Patrick WINTERLICH (director)

2 facts ▸

General meeting, 07-11-2025
Director resignation, Patrick WINTERLICH (director)

17-10

State Gazette act Resignation: Thierry MERLOT (director)

2 facts ▸

Sole-shareholder decision, 24-09-2025
Director resignation, Thierry MERLOT (director)

21-08

NBB filing Annual accounts filed

fiscal year 2024 · full schema

15-05

NBB filing Annual accounts filed

fiscal year 2024 · unclassified schema

2024

05-06

State Gazette act Reappointment: PricewaterhouseCooper Réviseurs d'Entreprises SRL (statutory auditor)

2 facts ▸

General meeting, 30-04-2024
Auditor reappointment, PricewaterhouseCooper Réviseurs d'Entreprises SRL (statutory auditor)

08-05

NBB filing Annual accounts filed

fiscal year 2023 · unclassified schema

23-01

State Gazette act Appointment: Paul MOREAU (director)

Mandate compensation · Power of attorney4 facts ▸

General meeting, 30-11-2023
Director appointment, Paul MOREAU (director)
Mandate compensation, Paul MOREAU
Power of attorney, Loyens & Loeff SRL/BV

2023

31-12

Financial Equity above €25MEq €25.01M ▲5.3%

2 profitable years in a row build equity to €25.01M.

27-06

State Gazette act Resignation: Vincent Beynier (director)

2 facts ▸

General meeting, 01-06-2023
Director resignation, Vincent Beynier (director)

03-05

NBB filing Annual accounts filed

fiscal year 2022 · unclassified schema

2022

31-12

Financial Back to profitnet €1.33M

Net result €1.33M after one loss-making year.

Show earlier events

30-05

NBB filing Annual accounts filed

fiscal year 2021 · unclassified schema

03-05

State Gazette act Statutes amendment · Legal-form change

Approval · Director discharge · Statutes amendment9 facts ▸

General meeting, 26-04-2022
Approval, comptes annuels, 31-12-2021
Director discharge, HEXCEL COMPOSITES
Statutes amendment
Reserve release, Transformation du compte de capitaux propres statutairement indisponible en un compte de capitaux propres disponible
Statutes amendment
Capital
Legal-form change, De société à responsabilité limitée (SRL) à société privée à responsabilité limitée (SPRL)
Profit allocation, report à l'exercice suivant, 1068038.83

2021

25-10

State Gazette act Appointment: Yannick PARENT (director)

Mandate compensation · Power of attorney5 facts ▸

General meeting, 12-10-2021
Director appointment, Yannick PARENT (director)
Mandate compensation, Yannick PARENT
Power of attorney, Johan Lagae
Power of attorney, Els Bruls

01-06

State Gazette act Reappointment: PricewaterhouseCooper Réviseurs d'Entreprises SRL (statutory auditor)

Power of attorney4 facts ▸

General meeting, 27-04-2021
Auditor reappointment, PricewaterhouseCooper Réviseurs d'Entreprises SRL (statutory auditor)
Power of attorney, Johan Lagae
Power of attorney, Els Bruls

28-05

NBB filing Annual accounts filed

fiscal year 2020 · unclassified schema

22-03

State Gazette act Appointment: Patrick Winterlich (director)

Mandate compensation3 facts ▸

General meeting, 06-03-2021
Director appointment, Patrick Winterlich (director)
Mandate compensation, Patrick Winterlich

2020

31-12

Financial Liquidity doublescurrent ratio 11.65

Current ratio from 5.79 to 11.65; short-term debt falls from €5.27M to €2.45M.

16-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

31-12

Financial Back to profitnet €1.68M

Net result €1.68M after one loss-making year.

04-12

State Gazette act Permanent representative: Mélanie Adorante

2 facts ▸

Board meeting, 14-11-2019
Permanent representative, Mélanie Adorante

09-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

09-05

State Gazette act Resignations & appointments

Power of attorney1 fact ▸

Power of attorney, Paul MOREAU

2018

18-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

22-05

State Gazette act Reappointment: PricewaterhouseCooper Réviseurs d'Entreprise SCCRL (statutory auditor)

2 facts ▸

General meeting, 24-04-2018
Auditor reappointment, PricewaterhouseCooper Réviseurs d'Entreprise SCCRL (statutory auditor)

2017

05-12

State Gazette act Resignation: Wayne PENSKY (manager)

2 facts ▸

General meeting, 09-11-2017
Director resignation, Wayne PENSKY (manager)

29-03

State Gazette act Resignation: Ira J. KRAKOWER (manager)

Appointment: Gail E. LEHMAN (manager) · Mandate compensation4 facts ▸

General meeting, 24-02-2017
Director resignation, Ira J. KRAKOWER (manager)
Director appointment, Gail E. LEHMAN (manager)
Mandate compensation, Gail E. LEHMAN

2016

07-06

State Gazette act Appointment: Vincent Beynier (manager)

Mandate compensation3 facts ▸

General meeting, 19-05-2016
Director appointment, Vincent Beynier (manager)
Mandate compensation, Vincent Beynier

05-04

State Gazette act Resignation: Peter Young (manager)

2 facts ▸

General meeting, 22-03-2016
Director resignation, Peter Young (manager)

09-03

State Gazette act Reappointment: PricewaterhouseCoopers Réviseurs d'entreprises SCCRL (statutory auditor)

Permanent representative: Patrick Mortroux3 facts ▸

General meeting, 28-04-2015
Auditor reappointment, PricewaterhouseCoopers Réviseurs d'entreprises SCCRL (statutory auditor)
Permanent representative, Patrick Mortroux

2014

29-04

State Gazette act Resignation: Andrea Domenichini (manager)

2 facts ▸

General meeting, 19-04-2013
Director resignation, Andrea Domenichini (manager)

2013

16-08

State Gazette act Appointment: Thierry Philippe Merlot (manager)

Mandate compensation · Internal policy approval4 facts ▸

General meeting, 01-07-2013
Director appointment, Thierry Philippe Merlot (manager)
Mandate compensation, Thierry Philippe Merlot
Internal policy approval, Approbation de la politique interne de restriction des pouvoirs des gérants

2012

22-05

State Gazette act Reappointment: PricewaterhouseCoopers - Réviseurs d'Entreprises SCCRL (statutory auditor)

Permanent representative: P. Mortroux3 facts ▸

General meeting, 24-04-2012
Auditor reappointment, PricewaterhouseCoopers - Réviseurs d'Entreprises SCCRL (statutory auditor)
Permanent representative, P. Mortroux

2009

20-07

State Gazette act Reappointment: PricewaterhouseCoopers - Réviseurs d'Entreprise SCCRL (statutory auditor)

Permanent representative: P. Mortroux3 facts ▸

General meeting, 15-06-2009
Auditor reappointment, PricewaterhouseCoopers - Réviseurs d'Entreprise SCCRL
Permanent representative, P. Mortroux

2007

19-03

State Gazette act Reappointment: PricewaterhouseCoopers - Réviseurs d'Entreprises SCRL (statutory auditor)

Permanent representative: Jacques Tison3 facts ▸

General meeting, 31-05-2006
Auditor reappointment, PricewaterhouseCoopers - Réviseurs d'Entreprises SCRL
Permanent representative, Jacques Tison

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

4 directors, no change since 2025

Paul MOREAU

Director · since 30-11-2023

Current

Yannick PARENT

Director · since 12-10-2021

Current

Gail E. LEHMAN

Manager · since 24-02-2017

Not recently confirmed

Thierry Philippe Merlot

Manager · since 01-07-2013

Not recently confirmed

30-11-2025 Patrick WINTERLICH: Resigned as Director

06-10-2025 Thierry MERLOT: Resigned as Director

30-11-2023 Paul MOREAU: Appointed as Director

01-06-2023 Vincent Beynier: Resigned as Director

12-10-2021 Yannick PARENT: Appointed as Director

Full history in the Timeline (13 changes) →

Location & real-estate footprint

Registered office, Welkenraedt · 1 establishment unit since 1967

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Rue Trois Bourdons 544840 Welkenraedt

Ground area

5.9 ha

Building footprint

7,935 m²

Volume, LiDAR

62,231 m³

Parcel 63084A0353/00M000, Wallonia · tallest building 13.6 m, ±3 floors. Linked by address, not a title deed.

1 establishment unit

Rue Trois Bourdons 54, 4840 Welkenraedt

NACE 21250

since 19672.001.483.152

1 parcel

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
63084A0353/00M000	Wallonia	5.9 ha	1 · 7,934 m²	13.6 m · 3 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Statutory auditor

1 auditor

PricewaterhouseCoopers Reviseurs d'EntreprisesCurrent

Statutory auditor

27-04-2021 → present

Show 5 earlier auditors

PricewaterhouseCooper Réviseurs d'Entreprise SCCRL Statutory auditor succeeded by PricewaterhouseCoopers Reviseurs d'Entreprises in 2021	24-04-2018 → 27-04-2021
PriceWaterhouseCoopers - Reviseurs d'entreprises SCRL Auditor succeeded by PricewaterhouseCoopers - Réviseurs d'Entreprise SCCRL in 2009	31-05-2006 → 01-01-2009
PricewaterhouseCoopers - Réviseurs d'Entreprise SCCRL Auditor · represented by P. Mortroux succeeded by SCCRL Pricewaterhousecoopers - réviseurs d'entreprises in 2012	01-01-2009 → 24-04-2012
PriceWaterhouseCoopers Réviseurs d'Entreprises SCCRL Statutory auditor · represented by Patrick Mortroux succeeded by PricewaterhouseCooper Réviseurs d'Entreprise SCCRL in 2018	28-04-2015 → 24-04-2018
SCCRL Pricewaterhousecoopers - réviseurs d'entreprises Statutory auditor · represented by P. Mortroux succeeded by PriceWaterhouseCoopers Réviseurs d'Entreprises SCCRL in 2015	24-04-2012 → 28-04-2015

Articles of association

Purpose

Le développement, la fabrication et la vente, l'importation et l'exportation de matériaux à haute performance tels que : a) structures "nids d'abeilles" composées de feuilles…

Full purpose

Le développement, la fabrication et la vente, l'importation et l'exportation de matériaux à haute performance tels que : a) structures "nids d'abeilles" composées de feuilles d'aluminium, de fibres de verre, de polyamides aromatiques ou de tout autre produit ; b) résines y compris résines epoxy, phénoliques, polyester et autres pour utilisation dans la fabrication de films adhésifs et pour l'imprégnation des tissus ou fibres tels que coton, verre, carbone, kevlar et autres similaires et pour d'autres applications ; c) panneaux sandwichs ou laminats dans la composition desquels entrent notamment les produits repris sous a) ou b) ci-dessus ; ainsi que de toutes machines et pièces d'équipement ou de rechange utilisées dans la fabrication des produits décrits ci-dessus.

according to the deed of 03-05-2022

Structure & network

Ownership & control

1 parent company

Control over this companyparent company per the LEI register1

HEXCEL CORPORATION

Wilmington, United States · LEI lapsed

controls

HEXCEL COMPOSITESBE 0402.459.235

Capital and shareholders

Capital over the years

03-05-2022 Capital stated in the act · 2,650,740 shares

Recognitions · licences · registrations

Legal Entity Identifier

549300DXW4X1S1VIL667

live in the LEI register

Similar companies · same sector, comparable size

THY MARCINELLE

BE 0437.347.363

Charleroi · Eq €26.39M

DUFERCO WALLONIE

BE 0501.691.324

La Louvière · Eq €25.39M

Nivelles · Eq €23.80M

PROTEC

BE 0429.197.086

Pelt · Eq €35.72M

Of 191 companies in sector 24100 we hold annual accounts for 134. 37 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPrivate limited company

Founded19-06-1967

Fiscal year end31-12

Activities, NACEBEL 2025

24100Manufacture of basic metals

25110Manufacture of metal structures and parts of structures

Sources

Crossroads Bank for EnterprisesNational Bank · 53 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.