Hermes Infrastructure
ActiveHermes Infrastructure has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.50M and a net result of €448k. Equity is growing by ~47% per year across the filed fiscal years. Its solvency ranks better than 15% of 4533 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
56
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability39=
Solvency27=
Growth85▲+23
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €80k at 30 days acceptable
Liquidity ample (current ratio 11.42 against 18.99 in 2024; short-term debt: 8.8% and cash: 2.1% of total assets), but 98.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine 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 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
1.8%
Return on assets
0.6%
Age of the figures
9 mo
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 4533 sector peers (2025).
NBB · sector comparisonPosition among 4533 sector peers
Solvency
better than 15%
← weakest
strongest →
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 22-04-2026, 100 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
100 d early
2024
93 d early
2023
93 d early
2022
97 d early
2021
83 d early
2020
96 d early
2019
88 d early
← before the deadline
after the deadline →
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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€30.94M▲ 887%
2024 · €3.14M
2018: €3.24M
2019: €2.34M
2020: €2.68M
2021: €2.59M
2022: €2.90M
2023: €6.57M
2024: €3.14M
2018 → 2025
EBIT margin
0.9%▼ 30.8pp
2024 · 31.7%
2018: 4.3%
2019: 2.5%
2020: 8.6%
2021: 7.5%
2022: 8.8%
2023: 4.4%
2024: 31.7%
2018 → 2025
Net result
€448k▲ 11.4%
2024 · €402k
2018: €250k
2019: €185k
2020: €310k
2021: €273k
2022: €319k
2023: €344k
2024: €402k
2018 → 2025
Working capital
€74.10M▲ 13.3%
2024 · €65.39M
2018: €62.74M
2019: €61.26M
2020: €58.78M
2021: €57.06M
2022: €55.21M
2023: €53.85M
2024: €65.39M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€2.59M-€2.90M▲ 11.9%€6.57M▲ 127%€3.14M▼ 52.3%€30.94M▲ 887%
Equity€189k-€308k▲ 63.3%€652k▲ 112%€1.05M▲ 61.6%€1.50M▲ 42.5%
Operating result€193k-€255k▲ 32.0%€292k▲ 14.5%€995k▲ 240%€292k▼ 70.7%
Net result€273k-€319k▲ 16.9%€344k▲ 7.8%€402k▲ 16.8%€448k▲ 11.4%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 71% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €81.21M
Fixed assets
€1=
Current assets
€81.21M▲ 17.6%
Equity and liabilities €81.21M
Equity
€1.50M▲ 42.5%
Debt
€79.71M▲ 17.3%
The debt ratio falls from 98.5% to 98.2%. Equity and debt are higher.
Key figures and ratios
Solvency
1.8%▲
2024 · 1.5%
Current ratio
11.42▼
2024 · 18.99
Quick ratio
11.42▼
2024 · 17.19
Debt / equity
53.06▼
2024 · 64.46
ROE
29.8%▼
2024 · 38.1%
ROA
0.6%▼
2024 · 0.6%
Debt
€79.71M▲
2024 · €67.97M
Debt ≤ 1 year
€7.11M▲
2024 · €3.63M
Debt > 1 year
€70.26M▲
2024 · €62.15M
Income taxes
€149k▲
2024 · €134k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€69.03M€81.21M▲
Fixed assets21/28€1€1=
Financial fixed assets28€1€1=
Affiliated companies280/1€1€1=
Participating interests280€1€1=
Current assets29/58€69.03M€81.21M▲
Amounts receivable after more than one year29€48.11M€68.19M▲
Trade receivables290€48.11M€68.19M▲
Stocks and contracts in progress3€6.54M€14k▼
Contracts in progress37€6.54M€14k▼
Amounts receivable within one year40/41€4.15M€8.96M▲
Trade receivables40€4.15M€8.96M▲
Other amounts receivable41€3k-
Current investments50/53€1.80M€2.30M▲
Other investments51/53€1.80M€2.30M▲
Cash at bank and in hand54/58€8.35M€1.70M▼
Deferred charges and accrued income490/1€68k€50k▼
Equity and liabilities
Total equity and liabilities10/49€69.03M€81.21M▲
Equity10/15€1.05M€1.50M▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€987k€1.43M▲
Amounts payable17/49€67.97M€79.71M▲
Amounts payable after more than one year17€62.15M€70.26M▲
Financial debts170/4€62.15M€70.26M▲
Subordinated loans170€8.55M€8.69M▲
Credit institutions173€53.60M€61.57M▲
Amounts payable within one year42/48€3.63M€7.11M▲
Current portion of amounts payable after more than one year42€2.18M€3.07M▲
Trade debts44€1.45M€4.01M▲
Suppliers440/4€1.45M€4.01M▲
Taxes, remuneration and social security45€8k€30k▲
Taxes450/3€8k€30k▲
Accrued charges and deferred income492/3€2.19M€2.34M▲
Income statement
Code20242025
Operating income70/76A€9.47M€24.00M▲
Turnover70€3.14M€30.94M▲
Change in stocks of work in progress, finished goods and contracts in progress71€6.32M€-6.97M▼
Other operating income74€10k€28k▲
Operating charges60/66A€8.47M€23.71M▲
Goods for resale, raw materials and consumables60€6.08M€21.04M▲
Purchases600/8€6.08M€21.04M▲
Services and other goods61€2.40M€2.66M▲
Other operating charges640/8€968€8k▲
Operating profit (loss)9901€995k€292k▼
Financial income75/76B€1.99M€2.58M▲
Recurring financial income75€1.99M€2.58M▲
Income from current assets751€1.99M€2.58M▲
Other financial income752/9€140€34▼
Financial charges65/66B€2.45M€2.28M▼
Recurring financial charges65€2.45M€2.28M▼
Debt charges650€1.63M€2.19M▲
Other financial charges652/9€815k€82k▼
Profit (loss) for the period before taxes9903€536k€597k▲
Income taxes67/77€134k€149k▲
Taxes670/3€134k€149k▲
Profit (loss) for the period9904€402k€448k▲
Profit (loss) for the period to be appropriated9905€402k€448k▲
Appropriation of the result
Profit (loss) to be appropriated9906€987k€1.43M▲
Profit (loss) brought forward from the previous period14P€585k€987k▲
The notes to these accounts (36 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
22-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €448k ▲11.4%
Net result €448k, the highest in the series.
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €1MEq €1.05M ▲61.6%
7 profitable years in a row build equity to €1.05M.
29-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €500kEq €652k ▲112%
6 profitable years in a row build equity to €652k.
25-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €200kEq €308k ▲63.3%
5 profitable years in a row build equity to €308k.
09-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €150kEq €189k ▲63.3%
4 profitable years in a row build equity to €189k.
26-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
04-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet €185k ▼26.3%
Net result drops to €185k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €1MEq €1.01M ▲22.5%
2 profitable years in a row build equity to €1.01M.
25-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-04
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
18-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2019
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
20-08-2019
Willem Stitselaar: Resigned as Director
31-07-2017
Philip DEMOT: Resigned as Director
31-07-2017
Van Wassenhove Johan: Resigned as Director
31-03-2015
Colin Hunt: Resigned as Director
31-03-2015
Mark Dooley: Resigned as Director
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2015
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.
Kunstlaan 581000 BrusselGround area
3,149 m²
Building footprint
3,026 m²
Volume, LiDAR
70,303 m³
Parcel 21805E0482/00C000, Brussels · tallest building 31.9 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
Hermes Infrastructure
since 20152.238.220.758
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21805E0482/00C000 | Brussels | 3,149 m² | 1 · 3,026 m² | 31.9 m · 9 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.
Structure & network
Connections & network
10 connected companiesNetwork connections
Shared address
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Show 6 more network connections
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Of 1,292 companies in sector 68122 we hold annual accounts for 901. 506 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded14-01-2015
Fiscal year end31-12
Activities, NACEBEL
68122Development of non-residential building projects
42110Construction of roads and motorways
42212Civil engineering
Sources
Crossroads Bank for EnterprisesNational Bank · 11 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.