Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 1 of the last 4 fiscal years.
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Tight liquidity NBB
Cash and receivables cover 43 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Hulstaert & Cie from Sint-Niklaas, company number BE0412810917, closed financial year 2025 with a result of € -1.7 million after tax. For that financial year Hulstaert & Cie recorded a gross margin of € -240,197 and equity of € -1 million. Compared with financial year 2024, the result moved from € 133,531 to € -1.7 million. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on August 20, 2026.
€ -1 million
▼ € 1.7 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.7 million
▼ still € 133,531 profit in 2024
Profit after tax over the fiscal year.
€ 242,082
▼ 78% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -1.9 million.
People and assets in 2025
12.7
▲ 1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.1 million
▲ 78% vs 2024
€ 89,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 116,304
▼ 36% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 2.1 million
▲ € 1.7 million vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 116,583
▼ 6% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 316,677 | € 1,651,281 | € 1,078,723 | € -240,197 | ▼ € 1.3 million |
| Profit after taxes | € -844,340 | € 339,892 | € 133,531 | € -1,713,994 | ▼ € 1.8 million |
| Equity | € 219,356 | € 559,248 | € 692,779 | € -1,021,234 | ▼ € 1.7 million |
| Total debts | € 3,190,673 | € 2,583,940 | € 2,407,696 | € 5,122,656 | ▲ 113% |
| Cash | € 40,772 | € 631,625 | € 1,096,159 | € 242,082 | ▼ 78% |
| Land & buildings | € 288,182 | € 265,242 | € 242,303 | € 322,275 | ▲ 33% |
| Retained profit | € -671,269 | € -331,378 | € -197,846 | € -1,911,860 | ▼ € 1.7 million |
| Bank debt | € 2,039,893 | € 1,802,697 | € 1,894,142 | € 0 | ▼ 100% |
| Balance sheet total | € 3,410,030 | € 3,143,189 | € 3,100,476 | € 4,101,422 | ▲ 32% |
| Employees (FTE) | 21.9 | 19.8 | 11.7 | 12.7 | ▲ 1 |
Key figures of Hulstaert & Cie, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Hulstaert & Cie?
What happened at Hulstaert & Cie in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Federico LIONELLO stepped down as director. NBB
- Pierpaolo BERNO stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 1.7 million (▼ € 1.8 million vs 2024). filed late Source: NBB ↗
- Federico LIONELLO became a director. NBB
- Pierpaolo BERNO became a director. NBB
- New establishment in Sint-Niklaas. KBO
- Start of the company according to the CBE. KBO
In short
From € 844,340 loss in 2022 to € 1.7 million loss in 2025.
Paid € 5,712 in corporate taxes since 2022.
Best year ever: 2023, with € 339,892 profit.
On average € 92,200 of value added per employee in 2024.
Management
Directors
According to the 2025 annual accounts
Federico LIONELLO
Director
since 2025 · until 2031
Pierpaolo BERNO
Director
since 2025 · until 2031
Establishments
Establishment units
Physical locations of this company
Europark-Oost 30
9100 Sint-Niklaas
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0412.810.917
- VAT number
- BE 0412.810.917
- Registered office
- Europark-Oost 30, 9100 Sint-Niklaas
- Names & denominations
- Hulstaert & Cie
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 28 December 1972
- Peppol
- Active · Active since 13 Nov 2025
- Activities · NACE
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