Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 61 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Hitachi Energy Belgium from Zaventem, company number BE0725921769, closed financial year 2025 with a result of € -38.3 million after tax. For that financial year Hitachi Energy Belgium recorded revenue of € 97 million and equity of € 46.5 million. Compared with financial year 2024, the result moved from € -28.2 million to € -38.3 million. The company made a loss. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on September 19, 2025.
€ 46.5 million
▲ € 40.7 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -38.3 million
▼ 36 % more loss than in 2024
Profit after tax over the fiscal year.
€ 30 million
▲ € 22.8 million vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -9.6 million.
People and assets in 2025
249
▲ 34 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 29.4 million
▲ 32% vs 2024
€ 118,100 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.
€ 467,129
▲ € 387,334 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.
€ 60.7 million
▲ 87% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 216 days on average.
€ 8.2 million
▲ 42% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 108,795,711 | € 66,477,524 | € 87,116,941 | € 97,022,302 | ▲ 11% |
| Profit after taxes | € -11,033,298 | € -10,503,216 | € -28,218,684 | € -38,314,519 | ▼ € 10.1 million |
| Equity | € 16,522,433 | € 6,019,217 | € 5,800,533 | € 46,486,014 | ▲ € 40.7 million |
| Total debts | € 53,565,459 | € 67,091,092 | € 111,776,883 | € 134,788,829 | ▲ 21% |
| Cash | € 0 | - | € 7,149,381 | € 29,960,192 | ▲ € 22.8 million |
| Land & buildings | € 10,628,383 | € 10,757,398 | € 10,575,400 | € 10,027,892 | ▼ 5% |
| Retained profit | € -18,684,526 | € -29,187,742 | € -29,406,426 | € -9,556,427 | ▲ € 19.8 million |
| Bank debt | € 19,367,975 | € 39,829,702 | € 37,000,000 | € 0 | ▼ 100% |
| Balance sheet total | € 72,364,858 | € 73,866,404 | € 123,854,240 | € 184,816,535 | ▲ 49% |
| Employees (FTE) | 184.9 | 197.8 | 215 | 249 | ▲ 34 |
Key figures of Hitachi Energy Belgium, 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 October 2026.
What happened to Hitachi Energy Belgium?
What happened at Hitachi Energy Belgium in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Maxine Ghavi stepped down as director. NBB
- Melina Das stepped down as director. NBB
- Marijke Achten stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 38.3 million. Source: NBB ↗
- Maxine Ghavi became a director. NBB
- Melina Das became a director. NBB
- Marijke Achten became a director. NBB
- New establishment in Charleroi. KBO
In short
From € 11 million loss in 2022 to € 38.3 million loss in 2025.
Paid € 249,731 in corporate taxes since 2022.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Hitachi Energy Ltd (100%).
Directors
According to the 2025 annual accounts
Maxine Ghavi
Chairman of the board
since 2025 · until 2031
Marijke Achten
Director
since 2020 · until 2026
Melina Das
Director
since 2023 · until 2029
Shareholders
Hitachi Energy Ltd
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Belgicastraat 18 box 1
1930 Zaventem
Zoning de Jumet,avenue Centrale 10
6040 Charleroi
Active since 31 October 2019
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 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.
Details
- Company number
- 0725.921.769
- VAT number
- BE 0725.921.769
- Registered office
- Belgicastraat 18 bus 1, 1930 Zaventem
- Names & denominations
- Hitachi Energy Belgium
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 30 April 2019
- Peppol
- Active · Active since 15 Jan 2026
- Activities · NACE
Vervaardiging van elektronische onderdelen
Vervaardiging van meet-, controle- en navigatie-instrumenten en -apparatuur
Installatie van industriële machines, toestellen en werktuigen
Vervaardiging van elektromotoren en van elektrische generatoren en transformatoren
Ontwerpen van computerprogramma’s
Groothandel in andere machines en werktuigen, neg
Ontwerpen en programmeren van computerprogramma's
Groothandel in andere machines en werktuigen, n.e.g.