Calsyn Verwarming
ActiveSummary
Calsyn Verwarming has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €213k and a net result of €39k. Equity is growing by ~17.7% per year across the filed fiscal years. Its solvency ranks better than 43% of 406 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▲+16
Solvency66▲+2
Growth52=
Track record94
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14k at 30 days acceptable
Liquidity ample (current ratio 1.95 against 1.83 in 2024; short-term debt: 17.7% and cash: 4.2% of total assets), but 59% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three 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
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
41%
Return on assets
7.4%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-03-2026, 122 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
122 d early
2024
7 d early
2023
on the day
2022
23 d late
2021
8 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€213k=
2024 · €213k
2021: €61klowest in 5 years
2022: €150k▲ +145% vs 2021
2023: €195k▲ +29.9% vs 2022
2024: €213k▲ +9.0% vs 2023highest in 5 years
2025: €213k● 0.0% vs 2024highest in 5 years
2021 → 2025
Total assets
€520k▼ 4.9%
2024 · €547k
2021: €408klowest in 5 years
2022: €412k▲ +1.0% vs 2021
2023: €571k▲ +38.6% vs 2022highest in 5 years
2024: €547k▼ -4.2% vs 2023
2025: €520k▼ -4.9% vs 2024
2021 → 2025
Net result
€39k▲ 120%
2024 · €18k
2021: €51k
2022: €89k▲ +73.1% vs 2021highest in 5 years
2023: €45k▼ -49.5% vs 2022
2024: €18k▼ -60.9% vs 2023lowest in 5 years
2025: €39k▲ +120% vs 2024
2021 → 2025
Working capital
€87k▲ 10.3%
2024 · €79k
2021: €-16klowest in 5 years
2022: €71k▲ +546% vs 2021
2023: €68k▼ -3.4% vs 2022
2024: €79k▲ +16.1% vs 2023
2025: €87k▲ +10.3% vs 2024highest in 5 years
2021 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€61k-€150k▲ 145%€195k▲ 29.9%€213k▲ 9.0%€213k=
2021: €61klowest in 5 years
2022: €150k▲ +145% vs 2021
2023: €195k▲ +29.9% vs 2022
2024: €213k▲ +9.0% vs 2023highest in 5 years
2025: €213k● 0.0% vs 2024highest in 5 years
Operating result€86k-€136k▲ 58.5%€77k▼ 43.1%€43k▼ 44.4%€67k▲ 56.6%
2021: €86k
2022: €136k▲ +58.5% vs 2021highest in 5 years
2023: €77k▼ -43.1% vs 2022
2024: €43k▼ -44.4% vs 2023lowest in 5 years
2025: €67k▲ +56.6% vs 2024
Net result€51k-€89k▲ 73.1%€45k▼ 49.5%€18k▼ 60.9%€39k▲ 120%
2021: €51k
2022: €89k▲ +73.1% vs 2021highest in 5 years
2023: €45k▼ -49.5% vs 2022
2024: €18k▼ -60.9% vs 2023lowest in 5 years
2025: €39k▲ +120% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 57% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €520k
Fixed assets
€340k ▼ 8.7%
Current assets
€179k ▲ 3.2%
Equity and liabilities €520k
Equity
€213k =
Debt
€307k ▼ 8.1%
Debt's share of the balance-sheet total falls from 61.0% to 59.0%. Debt is lower.
Key figures and ratios
EBITDA
€103k▲
2024 · €77k
Cash flow
€74k▲
2024 · €51k
Current ratio
1.95▲
2024 · 1.83
Quick ratio
1.69▲
2024 · 1.58
Debt to equity
1.44▼
2024 · 1.57
ROE
18.2%▲
2024 · 8.3%
ROA
7.4%▲
2024 · 3.2%
Interest coverage
6.39▲
2024 · 4.69
Debt ≤ 1 year
€92k▼
2024 · €95k
Debt > 1 year
€214k▼
2024 · €239k
Income taxes
€13k▲
2024 · €10k
Staff costs
€157k▼
2024 · €157k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€547k€520k▼
Fixed assets21/28€373k€340k▼
Tangible fixed assets22/27€373k€340k▼
Land and buildings22€334k€320k▼
Plant, machinery and equipment23€3k€5k▲
Furniture and vehicles24€36k€15k▼
Current assets29/58€174k€179k▲
Stocks and contracts in progress3€24k€24k▲
Stocks30/36€24k€24k▲
Amounts receivable within one year40/41€87k€123k▲
Trade receivables40€63k€87k▲
Other amounts receivable41€23k€36k▲
Current investments50/53€1k€0▼
Cash at bank and in hand54/58€57k€22k▼
Deferred charges and accrued income490/1€5k€11k▲
Equity and liabilities
Total equity and liabilities10/49€547k€520k▼
Equity10/15€213k€213k=
Contributions10/11€10k€10k=
Reserves13€203k€203k=
Distributable reserves133€203k€203k=
Profit (loss) carried forward14-€0
Amounts payable17/49€334k€307k▼
Amounts payable after more than one year17€239k€214k▼
Financial debts170/4€239k€214k▼
Amounts payable within one year42/48€95k€92k▼
Current portion of amounts payable after more than one year42€34k€26k▼
Financial debts43€0€274▲
Credit institutions430/8€0€274▲
Trade debts44€47k€13k▼
Suppliers440/4€47k€13k▼
Taxes, remuneration and social security45€14k€14k▼
Taxes450/3€2k€895▼
Remuneration and social security454/9€13k€13k▲
Other amounts payable47/48-€39k
Income statement
Code20242025
Remuneration, social security and pensions62€157k€157k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€34k€36k▲
Other operating charges640/8€4k€4k▼
Non-recurring operating charges66A€0-
Gross operating margin9900€238k€264k▲
Operating profit (loss)9901€43k€67k▲
Financial income75/76B€489€313▼
Recurring financial income75€489€313▼
Financial charges65/66B€16k€16k▼
Recurring financial charges65€16k€16k▼
Profit (loss) for the period before taxes9903€27k€52k▲
Income taxes67/77€10k€13k▲
Profit (loss) for the period9904€18k€39k▲
Profit (loss) for the period to be appropriated9905€18k€39k▲
Appropriation of the result
Profit (loss) to be appropriated9906€18k€39k▲
Transfer to equity691/2€18k€0▼
To other reserves6921€18k€0▼
Profit to be distributed694/7-€39k
Return on contributions (dividend)694-€39k
Social balance
Average headcount (FTE)90872.6-
The notes to these accounts (22 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €23k | €143k | €133k | €157k | €157k | ▼ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9k | €24k | €49k | €34k | €36k | ▲ 5.9% |
| Other operating charges640/8 | €8k | €6k | €5k | €4k | €4k | ▼ 11.0% |
| Non-recurring operating charges66A | - | - | €2k | €0 | - | - |
| Gross operating margin9900 | €125k | €309k | €265k | €238k | €264k | ▲ 10.8% |
| Operating profit (loss)9901 | €86k | €136k | €77k | €43k | €67k | ▲ 56.6% |
| Financial income75/76B | €469 | €450 | €539 | €489 | €313 | ▼ 35.9% |
| Recurring financial income75 | €469 | €450 | €539 | €489 | €313 | ▼ 35.9% |
| Financial charges65/66B | €14k | €8k | €13k | €16k | €16k | ▼ 1.4% |
| Recurring financial charges65 | €14k | €8k | €13k | €16k | €16k | ▼ 1.4% |
| Profit (loss) for the period before taxes9903 | €72k | €128k | €64k | €27k | €52k | ▲ 89.9% |
| Income taxes67/77 | €21k | €39k | €20k | €10k | €13k | ▲ 34.8% |
| Profit (loss) for the period9904 | €51k | €89k | €45k | €18k | €39k | ▲ 120% |
| Profit (loss) for the period to be appropriated9905 | €51k | €89k | €45k | €18k | €39k | ▲ 120% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €408k | €412k | €571k | €547k | €520k | ▼ 4.9% |
| Fixed assets21/28 | €271k | €252k | €398k | €373k | €340k | ▼ 8.7% |
| Tangible fixed assets22/27 | €271k | €252k | €398k | €373k | €340k | ▼ 8.7% |
| Land and buildings22 | €213k | €205k | €347k | €334k | €320k | ▼ 4.0% |
| Plant, machinery and equipment23 | €3k | €6k | €4k | €3k | €5k | ▲ 45.1% |
| Furniture and vehicles24 | €55k | €41k | €47k | €36k | €15k | ▼ 57.2% |
| Current assets29/58 | €136k | €160k | €173k | €174k | €179k | ▲ 3.2% |
| Stocks and contracts in progress3 | - | - | - | €24k | €24k | ▲ 0.7% |
| Stocks30/36 | - | - | - | €24k | €24k | ▲ 0.7% |
| Amounts receivable within one year40/41 | €136k | €125k | €126k | €87k | €123k | ▲ 41.9% |
| Trade receivables40 | €87k | €113k | €118k | €63k | €87k | ▲ 38.1% |
| Other amounts receivable41 | €49k | €11k | €8k | €23k | €36k | ▲ 52.0% |
| Current investments50/53 | - | - | - | €1k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €751 | €35k | €42k | €57k | €22k | ▼ 61.4% |
| Deferred charges and accrued income490/1 | - | - | €4k | €5k | €11k | ▲ 95.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €408k | €412k | €571k | €547k | €520k | ▼ 4.9% |
| Equity10/15 | €61k | €150k | €195k | €213k | €213k | = |
| Contributions10/11 | €10k | €10k | €10k | €10k | €10k | = |
| Reserves13 | €51k | €140k | €185k | €203k | €203k | = |
| Distributable reserves133 | €51k | €140k | €185k | €203k | €203k | = |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €346k | €261k | €375k | €334k | €307k | ▼ 8.1% |
| Amounts payable after more than one year17 | €194k | €172k | €271k | €239k | €214k | ▼ 10.2% |
| Financial debts170/4 | €194k | €172k | €271k | €239k | €214k | ▼ 10.2% |
| Amounts payable within one year42/48 | €152k | €89k | €105k | €95k | €92k | ▼ 2.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34k | €26k | ▼ 21.7% |
| Financial debts43 | €21k | €24k | €33k | €0 | €274 | - |
| Credit institutions430/8 | €21k | €24k | €33k | €0 | €274 | - |
| Trade debts44 | €53k | €23k | €41k | €47k | €13k | ▼ 72.8% |
| Suppliers440/4 | €53k | €23k | €41k | €47k | €13k | ▼ 72.8% |
| Taxes, remuneration and social security45 | €18k | €42k | €31k | €14k | €14k | ▼ 0.5% |
| Taxes450/3 | €11k | €34k | €25k | €2k | €895 | ▼ 42.9% |
| Remuneration and social security454/9 | €7k | €8k | €6k | €13k | €13k | ▲ 4.7% |
| Other amounts payable47/48 | €60k | - | - | - | €39k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51k | €89k | €45k | €18k | €39k | ▲ 120% |
| + Depreciation and write-downs630 | €9k | €24k | €49k | €34k | €36k | ▲ 5.9% |
| Operating cash flow (approximation) | €60k | €113k | €94k | €51k | €74k | ▲ 44.9% |
| Investment in fixed assets (approximation) | - | €-5k | €-194k | €-9k | €-3k | ▲ 62.6% |
| Change in cash | - | €34k | €7k | €14k | €-35k | ▼ 343% |
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
Next filing, fiscal year 2026, expected by
2026
31-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
24-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €18k ▼60.9%
Net result drops to €18k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €200kEq €213k ▲9%
4 profitable years in a row build equity to €213k.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 23 days late
2022
31-12
Financial
Highest result since 2021net €89k ▲73.1%
Operating result €136k, net result €89k, both a record.
31-12
Financial
Equity above €150kEq €150k ▲145%
2 profitable years in a row build equity to €150k.
08-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 8 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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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, Maldegem · 1 establishment unit since 2020
Ground area
1.4 ha
Building footprint
3,703 m²
Volume, LiDAR
2,635 m³
Parcel 43010C1354/00E000, Flanders · tallest building 9.2 m. Linked by address, not a title deed.
16
companies at this address
See who is registered here
1 establishment unit
Calsyn Verwarming
since 20202.312.987.764
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43010C1354/00E000 | Flanders | 1.4 ha | 1 · 3,703 m² | 9.2 m |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 783 EUR awarded · 783 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 783 EUR | 783 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 123 companies in sector 28210 we hold annual accounts for 102. 71 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-12-2020
Fiscal year end31-12
Activities, NACEBEL 2025
28210Manufacture of machinery and equipment not elsewhere classified
43222Installation of electric heating, air conditioning, cooling and ventilation
43211General electrical installation work
Scores and ratios are computed by Checked and are not a credit decision.