Apply Heating
ActiveThe computed 12-month bankruptcy probability of Apply Heating is 2.0% (moderate). The 2025 annual accounts show equity of €1.11M and a net result of €298k. Equity is growing by ~35.2% per year across the filed fiscal years. Its solvency ranks better than 54% of 7760 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
60
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability85▼-2
Solvency72▲+3
Growth52=
Track record94
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €65k at 30 days acceptable
Liquidity ample (current ratio 2.07 against 2.31 in 2024; short-term debt: 44.8% and cash: 0.8% of total assets), but 52.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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
Sector 43
higher
← 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
47.1%
Return on assets
12.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-08-2026, 12 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 · 3 filingsDeviation from the deadline
2025
12 d late
2024
29 d late
2023
56 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, abbreviated schema
Equity
€1.11M▲ 36.8%
2024 · €809k
2023: €538k
2024: €809k
2023 → 2025
Total assets
€2.35M▲ 28.1%
2024 · €1.83M
2023: €1.88M
2024: €1.83M
2023 → 2025
Net result
€298k▲ 9.7%
2024 · €271k
2023: €349k
2024: €271k
2023 → 2025
Working capital
€1.12M▲ 16.3%
2024 · €966k
2023: €800k
2024: €966k
2023 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202320242025Trend
Equity€538k-€809k▲ 50.4%€1.11M▲ 36.8%
Operating result€481k-€424k▼ 11.8%€431k▲ 1.7%
Net result€349k-€271k▼ 22.2%€298k▲ 9.7%
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 2025; 2025 is 2% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.35M
Fixed assets
€172k▲ 29.6%
Current assets
€2.18M▲ 28.0%
Equity and liabilities €2.35M
Equity
€1.11M▲ 36.8%
Debt
€1.24M▲ 21.2%
The debt ratio falls from 55.9% to 52.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€480k▲
2024 · €464k
Cash flow
€346k▲
2024 · €311k
Solvency
47.1%▲
2024 · 44.1%
Current ratio
2.07▼
2024 · 2.31
Quick ratio
0.71▼
2024 · 1.36
Debt / equity
1.12▼
2024 · 1.27
ROE
26.9%▼
2024 · 33.5%
ROA
12.7%▼
2024 · 14.8%
Interest coverage
14.06▲
2024 · 8.19
Debt
€1.24M▲
2024 · €1.02M
Debt ≤ 1 year
€1.05M▲
2024 · €735k
Debt > 1 year
€188k▼
2024 · €289k
Income taxes
€100k=
2024 · €100k
Staff costs
€668k▲
2024 · €247k
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€1.83M€2.35M▲
Fixed assets21/28€133k€172k▲
Intangible fixed assets21-€18k
Tangible fixed assets22/27€128k€154k▲
Plant, machinery and equipment23€89k€122k▲
Furniture and vehicles24€38k€32k▼
Financial fixed assets28€5k-
Current assets29/58€1.70M€2.18M▲
Amounts receivable after more than one year29€235k€205k▼
Trade receivables290€235k€205k▼
Stocks and contracts in progress3€704k€1.43M▲
Stocks30/36€704k€1.15M▲
Contracts in progress37-€288k
Amounts receivable within one year40/41€705k€518k▼
Trade receivables40€546k€450k▼
Other amounts receivable41€159k€69k▼
Cash at bank and in hand54/58€57k€19k▼
Equity and liabilities
Total equity and liabilities10/49€1.83M€2.35M▲
Equity10/15€809k€1.11M▲
Reserves13€809k€1.11M▲
Distributable reserves133€809k€1.11M▲
Amounts payable17/49€1.02M€1.24M▲
Amounts payable after more than one year17€289k€188k▼
Financial debts170/4€289k€188k▼
Amounts payable within one year42/48€735k€1.05M▲
Current portion of amounts payable after more than one year42€96k€135k▲
Financial debts43-€466k
Credit institutions430/8-€466k
Trade debts44€280k€191k▼
Suppliers440/4€280k€191k▼
Taxes, remuneration and social security45€186k€33k▼
Taxes450/3€160k-
Remuneration and social security454/9€26k€33k▲
Other amounts payable47/48€173k€228k▲
Income statement
Code20242025
Remuneration, social security and pensions62€247k€668k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€40k€49k▲
Other operating charges640/8€14k€5k▼
Gross operating margin9900€725k€1.15M▲
Operating profit (loss)9901€424k€431k▲
Financial income75/76B€3k€291▼
Recurring financial income75€3k€291▼
Financial charges65/66B€57k€34k▼
Recurring financial charges65€57k€34k▼
Profit (loss) for the period before taxes9903€371k€398k▲
Income taxes67/77€100k€100k=
Profit (loss) for the period9904€271k€298k▲
Profit (loss) for the period to be appropriated9905€271k€298k▲
Appropriation of the result
Profit (loss) to be appropriated9906€271k€298k▲
Transfer to equity691/2€271k€298k▲
To other reserves6921€271k€298k▲
Social balance
Average headcount (FTE)90873.811.0▲
The notes to these accounts (11 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
12-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 12 days late
2025
31-12
Financial
Equity above €1MEq €1.11M ▲36.8%
3 profitable years in a row build equity to €1.11M.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Weakest financial yearnet €271k ▼22.2%
Net result drops to €271k, the lowest in the series; recovery starts the following year.
05-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Aalst · 1 establishment unit since 2023
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.
Moorselbaan 3169300 AalstGround area
3,060 m²
Building footprint
1,991 m²
Volume, LiDAR
1,579 m³
2 parcels, Flanders · tallest building 6.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Apply Heating
since 20232.340.314.446
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41303E0352/00E000 | Flanders | 1,869 m² | 1 · 1,672 m² | - |
| 11001B0108/00P004 | Flanders | 1,190 m² | 1 · 319 m² | 6.6 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
AIRTERM
BE 0861.771.457
La Louvière · Eq €1.11M
CTS BeNeLux
BE 0864.596.038
Aalst · Eq €1.11M
D'HONDT JIMMY
BE 0890.979.345
Gingelom · Eq €1.11M
GOOVAERTS EN ZOON
BE 0869.651.421
Bonheiden · Eq €1.11M
GOETHALS TIMO
BE 0778.786.967
Oostrozebeke · Eq €1.11M
Of 9,530 companies in sector 43222 we hold annual accounts for 5,661. 2,946 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded22-12-2022
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
43221Plumbing work
43230Insulation installation
43291Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 3 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.