HUMAN WAVES
ActiveSummary
HUMAN WAVES has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €133k and a net result of €-36k. Equity is shrinking by ~15.4% per year across the filed fiscal years. Its solvency ranks better than 65% of 524 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
77
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability50▼-50
Solvency100=
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10k at 30 days acceptable
Liquidity ample (current ratio 1.66 against 3.61 in 2024; short-term debt: 22.5% and cash: 20.7% of total assets), and 22.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Sector 72
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
35 d late
2023
28 d late
2022
13 d early
2021
13 d early
2020
59 d late
2019
66 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€133k▼ 29.3%
2024 · €188k
2018: €387k
2019: €260k
2020: €335k
2021: €280k
2022: €179k
2023: €152k
2024: €188k
2018 → 2025
Total assets
€172k▼ 16.2%
2024 · €205k
2018: €535k
2019: €386k
2020: €541k
2021: €409k
2022: €279k
2023: €257k
2024: €205k
2018 → 2025
Net result
€-36k
2024 · €67k
2018: €32k
2019: €-19k
2020: €431
2021: €-9k
2022: €-23k
2023: €-7k
2024: €67k
2018 → 2025
Working capital
€25k▼ 41.9%
2024 · €44k
2018: €88k
2019: €54k
2020: €26k
2021: €40k
2022: €-6k
2023: €-23k
2024: €44k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€280k-€179k▼ 35.8%€152k▼ 15.3%€188k▲ 23.8%€133k▼ 29.3%
Operating result€-93k-€-75k▲ 19.6%€-40k▲ 46.8%€34k€-57k
Net result€-9k-€-23k▼ 159%€-7k▲ 70.6%€67k€-36k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €57k after €34k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €172k
Fixed assets
€108k ▼ 25.4%
Current assets
€64k ▲ 5.7%
Equity and liabilities €172k
Equity
€133k ▼ 29.3%
Debt
€39k ▲ 130%
Debt's share of the balance-sheet total rises from 8.2% to 22.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€11k▼
2024 · €99k
Cash flow
€32k▼
2024 · €132k
Current ratio
1.66▼
2024 · 3.61
Debt to equity
0.29▲
2024 · 0.09
ROE
-27.1%▼
2024 · 35.5%
ROA
-21.0%▼
2024 · 32.6%
Interest coverage
7.87▼
2024 · 112.37
Debt ≤ 1 year
€39k▲
2024 · €17k
Income taxes
€-3k▼
2024 · €-3k
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 · 40 lines
Balance sheet
Code20242025
Assets
Total assets20/58€205k€172k▼
Fixed assets21/28€144k€108k▼
Intangible fixed assets21€141k€107k▼
Tangible fixed assets22/27€3k€0▼
Plant, machinery and equipment23€3k€0▼
Financial fixed assets28€50€50=
Current assets29/58€61k€64k▲
Amounts receivable within one year40/41€25k€29k▲
Trade receivables40€4k€4k▼
Other amounts receivable41€21k€24k▲
Cash at bank and in hand54/58€35k€36k▲
Equity and liabilities
Total equity and liabilities10/49€205k€172k▼
Equity10/15€188k€133k▼
Contributions10/11€125k€125k=
Reserves13€5k€5k=
Distributable reserves133€5k€5k=
Profit (loss) carried forward14€39k€3k▼
Investment grants15€19k€0▼
Amounts payable17/49€17k€39k▲
Amounts payable within one year42/48€17k€39k▲
Trade debts44€5k€21k▲
Suppliers440/4€5k€21k▲
Taxes, remuneration and social security45€6k€8k▲
Taxes450/3€6k€8k▲
Other amounts payable47/48€6k€9k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€65k€68k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€470€400▼
Gross operating margin9900€99k€11k▼
Operating profit (loss)9901€34k€-57k▼
Financial income75/76B€31k€19k▼
Recurring financial income75€31k€19k▼
Financial charges65/66B€879€1k▲
Recurring financial charges65€879€1k▲
Profit (loss) for the period before taxes9903€64k€-39k▼
Income taxes67/77€-3k€-3k▼
Profit (loss) for the period9904€67k€-36k▼
Profit (loss) for the period to be appropriated9905€67k€-36k▼
Appropriation of the result
Profit (loss) to be appropriated9906€39k€3k▼
Profit (loss) brought forward from the previous period14P€-28k€39k▲
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-36k ▼154%
Net result drops to €-36k, the lowest in the series.
04-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 35 days late
2024
31-12
Financial
Back to profitnet €67k
Net result €67k after 3 loss-making years.
31-12
Financial
Liquidity times 5current ratio 3.61
Current ratio from 0.78 to 3.61; short-term debt falls from €106k to €17k.
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 28 days late
2023
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
18-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
28-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 59 days late
2020
31-12
Financial
Back to profitnet €431
Net result €431 after one loss-making year.
05-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 66 days late
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Charleroi · 1 establishment unit since 2012
Ground area
5,399 m²
Parcel 52028B0318/00G002, Wallonia. Linked by address, not a title deed.
1 establishment unit
HUMAN WAVES
since 20122.210.219.036
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52028B0318/00G002 | Wallonia | 5,399 m² | - | - |
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.
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STXC
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FOXY
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Of 761 companies in sector 72101 we hold annual accounts for 481. 300 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
Founded20-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
72101Research and development on biotechnology
72200Scientific research and development
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.