AIR MASTERS
ActiveSummary
The computed 12-month bankruptcy probability of AIR MASTERS is 1.7% (moderate). The 2024 annual accounts show equity of €453,061 and a net result of €46,621. Equity is growing by ~18.8% per year across the filed fiscal years. Its solvency ranks better than 23% of 7462 sector peers (fiscal year 2024). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability44▼-1
Solvency47=
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €20,000 at 30 days acceptable
Liquidity tight (current ratio 1.46 against 1.22 in 2023; short-term debt: 40.9% and cash: 0.2% of total assets), and 77.7% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 7462 sector peers (2024).
NBB · sector comparisonPosition among 7462 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-08-2025, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
29 d late
2023
30 d late
2022
31 d early
2021
26 d late
2020
36 d early
2019
24 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 7 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€453,061▲ 11.5%
2023 · €406,440
Total assets
€2.0m▲ 10.6%
2023 · €1.8m
Net result
€46,621▲ 115%
2023 · €21,709
Working capital
€380,435▲ 107%
2023 · €183,486
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€94,341▼ 36.1%€125,665▲ 33.2%€141,376▲ 12.5%€96,747▼ 31.6%€159,917▲ 65.3%
Net result€55,879within the sector's middle half▼ 28.4%€67,583within the sector's middle half▲ 20.9%€76,896within the sector's middle half▲ 13.8%€21,709within the sector's middle half▼ 71.8%€46,621within the sector's middle half▲ 115%
Equity€240,252within the sector's middle half▲ 30.3%€307,835within the sector's middle half▲ 28.1%€384,731within the sector's middle half▲ 25.0%€406,440within the sector's middle half▲ 5.6%€453,061within the sector's middle half▲ 11.5%
Total assets€1.1mwithin the sector's middle half▲ 10.6%€1.8mabove the sector's middle half▲ 69.9%€2.1mabove the sector's middle half▲ 15.3%€1.8mabove the sector's middle half▼ 11.8%€2.0mabove the sector's middle half▲ 10.6%
Debt€823,258▲ 5.9%€1.5m▲ 82.0%€1.7m▲ 13.3%€1.4m▼ 15.7%€1.6m▲ 10.4%
Working capital€160,135within the sector's middle half▲ 1,925%€166,404within the sector's middle half▲ 3.9%€122,461within the sector's middle half▼ 26.4%€183,486within the sector's middle half▲ 49.8%€380,435within the sector's middle half▲ 107%
Solvency22.6%within the sector's middle half▲ 3.4pp17.0%below the sector's middle half▼ 5.6pp18.5%below the sector's middle half▲ 1.4pp22.1%below the sector's middle half▲ 3.7pp22.3%below the sector's middle half▲ 0.2pp
Current ratio1.19within the sector's middle half▲ 0.181.19within the sector's middle half▼ 0.011.11below the sector's middle half▼ 0.071.22within the sector's middle half▲ 0.111.46within the sector's middle half▲ 0.23
Return on assets (ROA)5.3%within the sector's middle half▼ 2.9pp3.7%within the sector's middle half▼ 1.5pp3.7%within the sector's middle half=1.2%within the sector's middle half▼ 2.5pp2.3%within the sector's middle half▲ 1.1pp
Staff (FTE)11above the sector's middle half▲ 12.2%14above the sector's middle half▲ 27.3%14.1above the sector's middle half▲ 0.7%17above the sector's middle half▲ 20.6%17above the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 65% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.0m
Fixed assets
€820,654 ▼ 1.5%
Current assets
€1.2m ▲ 20.7%
Equity and liabilities €2.0m
Equity
€453,061 ▲ 11.5%
Debt
€1.6m ▲ 10.4%
Debt's share of the balance-sheet total falls from 77.9% to 77.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€235,957▲
2023 · €176,200
Cash flow
€122,661▲
2023 · €101,162
Quick ratio
1.01▼
2023 · 1.21
Debt to equity
3.49▼
2023 · 3.52
ROE
10.3%▲
2023 · 5.3%
Interest coverage
2.64▼
2023 · 2.95
Debt ≤ 1 year
€831,503▲
2023 · €820,939
Debt > 1 year
€747,423▲
2023 · €608,566
Income taxes
€24,014▲
2023 · €15,350
Staff costs
€1.3m▲
2023 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.0%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,105 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €10,275 | €89,350 | €81,875 | €59,865 | ▼ 26.9% |
| Remuneration, social security and pensions62 | - | €810,603 | €872,997 | €1.2m | €1.3m | ▲ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,914 | €48,238 | €125,134 | €79,453 | €76,040 | ▼ 4.3% |
| Other operating charges640/8 | - | €15,167 | €22,185 | €35,638 | €27,228 | ▼ 23.6% |
| Non-recurring operating charges66A | - | €11,130 | €9,137 | - | - | - |
| Gross operating margin9900 | €630,438 | €1.0m | €1.2m | €1.4m | €1.5m | ▲ 6.4% |
| Operating profit (loss)9901 | €94,341 | €125,665 | €141,376 | €96,747 | €159,917 | ▲ 65.3% |
| Financial income75/76B | - | €965 | €738 | €127 | €1 | ▼ 99.3% |
| Recurring financial income75 | €171 | €965 | €738 | €127 | €1 | ▼ 99.3% |
| Financial charges65/66B | - | €25,143 | €38,088 | €59,815 | €89,282 | ▲ 49.3% |
| Recurring financial charges65 | €14,575 | €25,143 | €38,088 | €59,815 | €89,282 | ▲ 49.3% |
| Profit (loss) for the period before taxes9903 | €79,937 | €101,488 | €104,026 | €37,059 | €70,636 | ▲ 90.6% |
| Income taxes67/77 | €24,058 | €33,905 | €27,130 | €15,350 | €24,014 | ▲ 56.4% |
| Profit (loss) for the period9904 | €55,879 | €67,583 | €76,896 | €21,709 | €46,621 | ▲ 115% |
| Profit (loss) for the period to be appropriated9905 | €55,879 | €67,583 | €76,896 | €21,709 | €46,621 | ▲ 115% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €1.8m | €2.1m | €1.8m | €2.0m | ▲ 10.6% |
| Fixed assets21/28 | €80,118 | €752,427 | €887,750 | €832,952 | €820,654 | ▼ 1.5% |
| Tangible fixed assets22/27 | €71,053 | €741,112 | €871,485 | €818,937 | €806,639 | ▼ 1.5% |
| Land and buildings22 | - | €663,974 | €792,350 | €742,795 | €705,477 | ▼ 5.0% |
| Plant, machinery and equipment23 | - | €20,741 | €33,528 | €33,062 | €34,735 | ▲ 5.1% |
| Furniture and vehicles24 | - | €55,313 | €31,642 | €16,835 | €27,148 | ▲ 61.3% |
| Other tangible fixed assets26 | - | €1,085 | €13,965 | €26,245 | €39,277 | ▲ 49.7% |
| Financial fixed assets28 | €9,065 | €11,315 | €16,265 | €14,015 | €14,015 | = |
| Current assets29/58 | €983,393 | €1.1m | €1.2m | €1.0m | €1.2m | ▲ 20.7% |
| Stocks and contracts in progress3 | €145,000 | €45,000 | €55,000 | €7,500 | €368,387 | ▲ 4,812% |
| Stocks30/36 | - | - | €10,000 | €7,500 | €339,387 | ▲ 4,425% |
| Contracts in progress37 | - | €45,000 | €45,000 | €0 | €29,000 | - |
| Amounts receivable within one year40/41 | €745,700 | €893,747 | €980,022 | €883,689 | €801,860 | ▼ 9.3% |
| Trade receivables40 | - | €818,461 | €914,984 | €792,051 | €681,439 | ▼ 14.0% |
| Other amounts receivable41 | - | €75,285 | €65,039 | €91,638 | €120,421 | ▲ 31.4% |
| Cash at bank and in hand54/58 | €57,684 | €81,294 | €127,082 | €81,399 | €3,683 | ▼ 95.5% |
| Deferred charges and accrued income490/1 | - | €34,032 | €33,230 | €31,836 | €38,008 | ▲ 19.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €1.8m | €2.1m | €1.8m | €2.0m | ▲ 10.6% |
| Equity10/15 | €240,252 | €307,835 | €384,731 | €406,440 | €453,061 | ▲ 11.5% |
| Contributions10/11 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €221,702 | €289,285 | €366,181 | €387,890 | €434,511 | ▲ 12.0% |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €0 | - | - |
| Reserves not available under the articles1311 | - | €1,855 | €1,855 | €0 | - | - |
| Distributable reserves133 | - | €287,430 | €364,326 | €387,890 | €434,511 | ▲ 12.0% |
| Amounts payable17/49 | €823,258 | €1.5m | €1.7m | €1.4m | €1.6m | ▲ 10.4% |
| Amounts payable after more than one year17 | - | €610,974 | €625,071 | €608,566 | €747,423 | ▲ 22.8% |
| Financial debts170/4 | - | €610,974 | €625,071 | €608,566 | €747,423 | ▲ 22.8% |
| Amounts payable within one year42/48 | €823,258 | €887,670 | €1.1m | €820,939 | €831,503 | ▲ 1.3% |
| Current portion of amounts payable after more than one year42 | - | €59,998 | €101,078 | €126,733 | €133,410 | ▲ 5.3% |
| Financial debts43 | - | €125,000 | €125,000 | €75,000 | €226,500 | ▲ 202% |
| Credit institutions430/8 | - | €125,000 | €125,000 | €75,000 | €226,500 | ▲ 202% |
| Trade debts44 | €728,859 | €601,996 | €615,198 | €550,559 | €383,803 | ▼ 30.3% |
| Suppliers440/4 | - | €601,996 | €615,198 | €550,559 | €383,803 | ▼ 30.3% |
| Taxes, remuneration and social security45 | - | €68,838 | €47,960 | €28,135 | €54,922 | ▲ 95.2% |
| Taxes450/3 | - | €8,023 | €4,242 | €16,038 | €38,450 | ▲ 140% |
| Remuneration and social security454/9 | - | €60,814 | €43,718 | €12,098 | €16,472 | ▲ 36.2% |
| Other amounts payable47/48 | - | €31,839 | €183,636 | €40,512 | €32,867 | ▼ 18.9% |
| Accrued charges and deferred income492/3 | - | €21 | €410 | €1,432 | €605 | ▼ 57.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €55,879 | €67,583 | €76,896 | €21,709 | €46,621 | ▲ 115% |
| + Depreciation and write-downs630 | €23,914 | €48,238 | €125,134 | €79,453 | €76,040 | ▼ 4.3% |
| Operating cash flow (approximation) | €79,793 | €115,821 | €202,030 | €101,162 | €122,661 | ▲ 21.3% |
| Investment in fixed assets (approximation) | - | -€720,547 | -€260,457 | -€24,656 | -€63,741 | ▼ 159% |
| Change in cash | - | €23,610 | €45,788 | -€45,683 | -€77,716 | ▼ 70.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
06-05
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 24-03-2026
- Registered-office move, Industrielaan 61,1070 Anderlecht
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet €21,709 ▼71.8%
Net result drops to €21,709, the lowest in the series; recovery starts the following year.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 26 days late
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200,000Eq €240,252 ▲30.3%
3 profitable years in a row build equity to €240,252.
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 24 days late
2019
31-12
Financial
Highest result since 2018net €78,011 ▲88.2%
Net result €78,011, the highest in the series.
31-12
Financial
Equity above €150,000Eq €184,373 ▲73.3%
2 profitable years in a row build equity to €184,373.
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 7 days late
Show earlier events
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 57 days late
2016
24-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 24 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 1 of 7 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 2012
Ground area
7.1 ha
Building footprint
4.1 ha
Volume, LiDAR
280,992 m³
2 parcels, Brussels, Flanders · tallest building 14.3 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Air Masters Industrial
since 20122.207.806.607
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44001B0083/00T004 | Flanders | 6.3 ha | 1 · 3.8 ha | 14.3 m · 2 fl. |
| 21306D0294/00Z002 | Brussels | 7,956 m² | 1 · 2,242 m² | 8.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · 2,060 EUR awarded · 2,060 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 1,280 EUR | 1,280 EUR |
| 2023 | 1 | 780 EUR | 780 EUR |
Recognitions · licences · registrations
Recognised contractor
1 categoryAIR MASTERS BV39623
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Of 9,531 companies in this sector we hold annual accounts for 5,666. 4,133 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded28-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43320Joinery installation
43350Other building finishing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844095087
Also
9925:BE0844095087
Registered
31-08-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.