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 4 of the last 4 fiscal years.
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Tight liquidity NBB
Cash and receivables cover 38 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 4.4 to 2.2.
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Not on Peppol Peppol
Not registered in the Peppol network, mandatory for VAT-liable companies since 1 January 2026.
Financials
Financial year 2025
HR SQUARE from Gent, company number BE0478831491, closed financial year 2025 with a result of € 48,495 after tax. For that financial year HR SQUARE recorded a gross margin of € 231,533 and equity of € -168,358. Compared with financial year 2024, the result moved from € 442 to € 48,495. Profitable, and profit is growing. 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 June 11, 2026.
€ -168,358
▲ € 48,495 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 48,495
▲ € 48,052 vs 2024
Profit after tax over the fiscal year.
€ 32
▼ 89% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -1 million.
People and assets in 2025
2.2
▼ 0.7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 175,549
▼ 17% vs 2024
€ 79,800 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.
€ 507
▼ 4% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 6,282
Loans from banks and other lenders, long and short.
€ 155,852
▼ 57% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 15,676
▼ 55% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 161,345 | € 242,368 | € 219,646 | € 231,533 | ▲ 5% |
| Profit after taxes | € -114,686 | € -105,660 | € 442 | € 48,495 | ▲ € 48,052 |
| Equity | € -111,634 | € -217,295 | € -216,853 | € -168,358 | ▲ € 48,495 |
| Total debts | € 418,258 | € 427,120 | € 459,694 | € 375,517 | ▼ 18% |
| Cash | € 8,875 | € 0 | € 281 | € 32 | ▼ 89% |
| Retained profit | € -993,274 | € -1,098,935 | € -1,098,493 | € -1,049,998 | ▲ € 48,495 |
| Bank debt | € 18,424 | € 2,561 | € 0 | € 6,282 | |
| Balance sheet total | € 306,623 | € 209,825 | € 242,842 | € 207,159 | ▼ 15% |
| Employees (FTE) | 3.6 | 4.4 | 2.9 | 2.2 | ▼ 0.7 |
Key figures of HR SQUARE, 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 HR SQUARE?
What happened at HR SQUARE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Samuel Baro stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 48,495 (▲ € 48,052 vs 2024). Source: NBB ↗
- Samuel Baro became a director. NBB
- New establishment in Gent. KBO
- Start of the company according to the CBE. KBO
In short
From € 114,686 loss in 2022 to € 48,495 profit in 2025.
Paid € 2,869 in corporate taxes since 2022.
Best year ever: 2025, with € 48,495 profit.
On average € 105,200 of value added per employee in 2025.
Management
The stake of KOWALA PRODUCTIONS comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
HR SQUAREThe shares are held by KOWALA PRODUCTIONS (93.8%). It owns 16.7% of HR Connections itself.
Directors
According to the 2025 annual accounts
Samuel Baro
Director
Also active at: KONINKLIJKE ATHLETIEK ASSOCIATIE GENT - Voetbalafdeling, Audio Video Studio Oostvlaamse Televisie, HR SQUARE Group, REFLEX HEALTHCARE PEOPLE, CENTURION, Planet Group Interim & Recruitment, Well Played, X-CARE +37 more
since 2021 · until 2027
Shareholders
93.8%
Participations
16.7%
Establishments
Establishment units
Physical locations of this company
Ottergemsesteenweg-Zuid 808 B box 47
9000 Gent
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Microsoft 365
Hosting
CLOUDFLARENET - Cloudflare, Inc., US
DNS
Cloudflare DNS
Website info
Features
Security
Network
Details
- Company number
- 0478.831.491
- VAT number
- BE 0478.831.491
- Registered office
- Ottergemsesteenweg-Zuid 808 B bus 47, 9000 Gent
- Names & denominations
- HR SQUARE
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 25 November 2002
- Peppol
- Not registered
- Contact
- hrsquare.be [email protected]
- Activities · NACE
Uitgeven van tijdschriften
Mediarepresentatie
Beheer van publiciteitsdragers
Uitgeverijen van tijdschriften
Activiteiten van bibliotheken
Uitgeven van boeken
Uitgeverijen van boeken
Bibliotheken en openbare archieven
+1