Equity
€698,510 ▼ 24.6%
CLIMATHERM paid out €250,000 in dividends. That is 1,102% of the 2025 profit.
CLIMATHERM
Lifetime
19 annual accounts with figures on one time axispeak €487,508 (2023)
€213,611▼ 50.7%
lowest -€3,710 (2009)
€22,684▼ 88.2%
peak €925,826 (2024)
€698,510▼ 24.6%
€523,462▲ 220%
peak 3.8 FTE (2014)
2.3 FTEunchanged
Board3 names since 2021
3 directorsDHAENS Hans Georges Maria and 2 others
Owners
100%Heat Holdco
Documentsfilings and deeds
21-08-202621 days late
2025abbreviated format
Gross margin from €433,346 to €213,611Result from €192,543 to €22,684Registered office moved within Bruges 09-052 directors appointed 24-01Dividend €250,000Equity from €925,826 to €698,510
Key points
from the 2025 annual accountsResult
€22,684 ▼ 88.2%
The result fell in 2025 from €192,543 to €22,684.
Debts
€523,462 ▲ 220%
Debts rose by €359,649 in 2025. A dividend stands under other debts on the balance sheet date until it is paid.
Investments
€112,018 7.7 × depreciation
Green is investment, beige is depreciation. Machinery stands 227.9% higher than in 2024.
Staff
2 employees on 31-12-2025
In 2025, 1 person joined and 1 left.
Filings
19 annual accounts since 2007
Eight of the last ten came late. The 2022 accounts came latest: 70 days after the end of the period.
Checked score
69
Healthy
Financially stronger than 38% of micro companies in specialised construction (NACE 43)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.6% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024lowest value
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.6%▲ +0.4 percentage points vs 05-2025
07-2025: 0.6%● unchanged vs 06-2025
08-2025: 0.3%▼ -0.3 percentage points vs 07-2025
09-2025: 0.3%● unchanged vs 08-2025
10-2025: 0.3%● unchanged vs 09-2025
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.2%▼ -0.1 percentage points vs 03-2026
05-2026: 0.3%▲ +0.1 percentage points vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.4%▲ +0.1 percentage points vs 06-2026
08-2026: 0.5%▲ +0.1 percentage points vs 07-2026
09-2026: 0.6%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.6%● unchanged vs 09-2026highest value
11-2026: 0.6%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
raises risk
1 change of registered office in 24 months
Last filed accounts filed 21 days late; 1 of the last 3 accounts late
Sector: Specialised construction activities (NACE 43)
lowers risk
Size: 2.3 FTE, total assets €1.2m
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 62% of them on solvency, 32% on liquidity, 40% on profitability and 16% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 17,041 companies had the same profile as CLIMATHERM has now. Each dot stands for 43 companies, two years later.
94.4%
were still trading
4.9%
stopped another way
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CLIMATHERM itself: 0.6% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for CLIMATHERM. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €45,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.42 (6.63 in 2024), above the usual 1.5. Short-term debt is 38% and cash 8.1% of total assets. 42.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 21 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
21 days late
2024
on the day
2023
58 days late
2022
70 days late
2021
31 days late
2020
30 days late
2019
33 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 35 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (4 of the last 5 accounts filed within 31 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Heat Holdco 100%equity €12,126 (2025) · 2025 annual accounts of Heat Holdco
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0883784915
Registered office moved within Bruges
New registered office: Monnikenwerve 187, 8000 Brugge · Previous registered office: Oostendse Steenweg 169, 8000 Brugge · Permanent representative: Sabine Van der Heyde · Board meeting of 15-04-2025 · Gazette deed
2 directors appointed
Maxim Dekeyser and BV Segaert Victor · Permanent representative: Segaert Victor · General meeting of 20-12-2024 · Gazette deed
Change of role: DHAENS Hans Georges Maria, from manager to director
Director discharge: DHAENS Hans Georges Maria · General meeting of 14-12-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| CLIMATHERM Bruges | €1.2m | €213,611 | 57.2% | 2.3 |
| J.P. Wingene | €0.9m | €173,833 | 64.4% | 1.7 |
| Dekoninck Hans+ Zedelgem | €1.4m | €354,110 | 58.5% | 3 |
| FRANSA Ingelmunster | €1.4m | €409,110 | 68.3% | 3 |
| OXIRA Ottignies-Louvain-la-Neuve | €1.4m | €361,974 | 41.3% | 3.2 |
| T&T COOLING Dendermonde | €0.8m | €329,964 | 70.9% | 1.7 |
| ECO COMFORT Zonhoven | €0.9m | €303,568 | 56.4% | 2 |
These companies have the same main activity as CLIMATHERM: insulation installation (NACE 43230). They are comparable in size and age: total assets between €843,000 and €1.4m, founded between 1998 and 2011.
Official details
Source: KBO- Status
- Active since 27-09-2006Normal situation
- Activity
- Insulation installationNACE 43230and 3 others
- Establishment unit
- 2.156.762.2378000 Bruges, since 13-10-2006
- Financial year end
- 31 December
- Peppol
- Reachable since 23-01-2026
Annual accounts 2025
- ≈ €690,000estimated
- €1.2m▲ 12.1%
- Employeeson 31-12-2025
- 2
- Filing
- Filed on 21-08-2026
Insights on CLIMATHERM
CLIMATHERM files the abbreviated format. That format states no turnover. The gross margin rose from -€796 in 2007 to €213,611 in 2025.
Heat Holdco holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about CLIMATHERM
- What is the company number of CLIMATHERM?
- The company number of CLIMATHERM is 0883.784.915. The VAT number is the same number with BE in front: BE 0883.784.915.
- Where is CLIMATHERM based?
- The registered office is at Monnikenwerve 187, 8000 Bruges.Company details
- What does CLIMATHERM do?
- According to the KBO register, the main activity is insulation installation (NACE 43230).
- What is the legal form of CLIMATHERM?
- CLIMATHERM is a private limited company (BV).
- When was CLIMATHERM founded?
- CLIMATHERM was founded on 27-09-2006.
- Is CLIMATHERM still active?
- Yes, CLIMATHERM is an active enterprise in the KBO register.
- How many employees does CLIMATHERM have?
- CLIMATHERM had an average of 2.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of CLIMATHERM?
- The turnover in financial year 2025 is ≈ €690,000. This figure is estimated from the gross margin of €213,611 and 41 comparable companies (NACE 432). It probably lies between €560,000 and €990,000.
- Is CLIMATHERM profitable?
- In financial year 2025, CLIMATHERM made a profit of €22,684.
- Where can I find the annual accounts of CLIMATHERM?
- CLIMATHERM filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of CLIMATHERM due?
- CLIMATHERM must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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