COVERS TM
ActiveSummary
The annual accounts of COVERS TM for fiscal year 2025 show a net loss of 55% of the equity at the start of that year. The 2025 annual accounts show equity of €8,283 and a net result of -€10,275. Equity is shrinking by ~10.9% per year across the filed fiscal years. Its solvency ranks better than 11% of 409 sector peers (fiscal year 2025). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability28▲+28
Solvency28▼-4
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 2.51 against 3.75 in 2024; short-term debt: 32.5% and cash: 2.5% of total assets), but 97.4% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
2.6%
Return on assets
-3.3%
Age of the figures
9 mo
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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€10,275
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 409 sector peers (2025).
NBB · sector comparisonPosition among 409 sector peers
Solvency
better than 11%
← weakest
strongest →
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 19-07-2026, 12 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
12 d early
2024
22 d early
2023
33 d early
2022
30 d late
2021
3 d early
2020
13 d late
2019
27 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average on the deadline day; the sector median for financial year 2024 is 11 days before the deadline, and 32% of the sector filed late.
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. Usually files around 19 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€10,275▲ 83.3%
2024 · -€61,383
Working capital
€154,059▼ 10.5%
2024 · €172,098
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 28, Manufacture of machinery and equipment not elsewhere classified, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€20,218€16,675▼ 17.5%€4,069▼ 75.6%-€54,009-€1,335▲ 97.5%
Net result€14,390within the sector's middle half€10,110within the sector's middle half▼ 29.7%€4,911below the sector's middle half▼ 51.4%-€61,383below the sector's middle half-€10,275below the sector's middle half▲ 83.3%
Equity€14,926below the sector's middle half▲ 2,686%€25,036below the sector's middle half▲ 67.7%€79,941below the sector's middle half▲ 219%€18,558below the sector's middle half▼ 76.8%€8,283below the sector's middle half▼ 55.4%
Total assets€158,540within the sector's middle half▼ 2.2%€207,989within the sector's middle half▲ 31.2%€352,625below the sector's middle half▲ 69.5%€285,296below the sector's middle half▼ 19.1%€314,348below the sector's middle half▲ 10.2%
Debt€143,615▼ 11.1%€182,953▲ 27.4%€272,684▲ 49.0%€266,738▼ 2.2%€306,065▲ 14.7%
Working capital€37,010within the sector's middle half▼ 25.2%€40,121within the sector's middle half▲ 8.4%€232,925within the sector's middle half▲ 481%€172,098within the sector's middle half▼ 26.1%€154,059within the sector's middle half▼ 10.5%
Solvency9.4%below the sector's middle half▲ 9.1pp12.0%below the sector's middle half▲ 2.6pp22.7%within the sector's middle half▲ 10.6pp6.5%below the sector's middle half▼ 16.2pp2.6%below the sector's middle half▼ 3.9pp
Current ratio1.33within the sector's middle half▼ 0.161.25within the sector's middle half▼ 0.084.37above the sector's middle half▲ 3.133.75above the sector's middle half▼ 0.622.51within the sector's middle half▼ 1.24
Return on assets (ROA)9.1%within the sector's middle half▲ 31.9pp4.9%within the sector's middle half▼ 4.2pp1.4%within the sector's middle half▼ 3.5pp-21.5%below the sector's middle half▼ 22.9pp-3.3%below the sector's middle half▲ 18.2pp
above
within
below
the middle half (P25 to P75) of NACE 28, Manufacture of machinery and equipment not elsewhere classified, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1,335 in 2025 against €54,009 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €314,348
Fixed assets
€58,191 ▲ 14.8%
Current assets
€256,157 ▲ 9.2%
Equity and liabilities €314,348
Equity
€8,283 ▼ 55.4%
Debt
€306,065 ▲ 14.7%
Debt's share of the balance-sheet total rises from 93.5% to 97.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€13,640▲
2024 · -€38,236
Cash flow
€4,699▲
2024 · -€45,610
Quick ratio
1.72▼
2024 · 2.52
Debt to equity
36.95▲
2024 · 14.37
ROE
-124.1%▲
2024 · -330.8%
Interest coverage
1.58▲
2024 · -4.94
Debt ≤ 1 year
€102,098▲
2024 · €62,495
Debt > 1 year
€203,150=
2024 · €203,150
Income taxes
€289▲
2024 · -€331
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,037 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
2.9%
went bankrupt
2.9%
stopped otherwise
94%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 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% | 1.9% |
| 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 1,037 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,150 | €3,000 | €8,913 | €15,773 | €14,975 | ▼ 5.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €7,475 | €2,840 | - | - |
| Other operating charges640/8 | €1,593 | €3,449 | €7,436 | €1,337 | €947 | ▼ 29.2% |
| Gross operating margin9900 | €24,961 | €23,124 | €27,893 | -€34,059 | €14,587 | ▲ 143% |
| Operating profit (loss)9901 | €20,218 | €16,675 | €4,069 | -€54,009 | -€1,335 | ▲ 97.5% |
| Financial income75/76B | €128 | €75 | €4,506 | €35 | €0 | ▼ 99.7% |
| Recurring financial income75 | €128 | €75 | €4,506 | €35 | €0 | ▼ 99.7% |
| Financial charges65/66B | €5,676 | €6,353 | €3,376 | €7,740 | €8,652 | ▲ 11.8% |
| Recurring financial charges65 | €5,676 | €6,353 | €3,376 | €7,740 | €8,652 | ▲ 11.8% |
| Profit (loss) for the period before taxes9903 | €14,670 | €10,398 | €5,199 | -€61,714 | -€9,986 | ▲ 83.8% |
| Income taxes67/77 | €280 | €287 | €289 | -€331 | €289 | ▲ 187% |
| Profit (loss) for the period9904 | €14,390 | €10,110 | €4,911 | -€61,383 | -€10,275 | ▲ 83.3% |
| Profit (loss) for the period to be appropriated9905 | €14,390 | €10,110 | €4,911 | -€61,383 | -€10,275 | ▲ 83.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €158,540 | €207,989 | €352,625 | €285,296 | €314,348 | ▲ 10.2% |
| Fixed assets21/28 | €7,915 | €4,915 | €50,657 | €50,703 | €58,191 | ▲ 14.8% |
| Intangible fixed assets21 | €7,915 | €4,915 | €45,259 | €47,504 | €52,729 | ▲ 11.0% |
| Tangible fixed assets22/27 | - | - | €5,398 | €3,199 | €5,462 | ▲ 70.8% |
| Furniture and vehicles24 | - | - | €5,398 | €3,199 | €5,462 | ▲ 70.8% |
| Current assets29/58 | €150,625 | €203,074 | €301,968 | €234,593 | €256,157 | ▲ 9.2% |
| Stocks and contracts in progress3 | €97,280 | €141,104 | €77,803 | €77,391 | €80,971 | ▲ 4.6% |
| Stocks30/36 | €97,280 | €141,104 | €77,803 | €77,391 | €80,971 | ▲ 4.6% |
| Amounts receivable within one year40/41 | €53,345 | €61,466 | €87,113 | €113,034 | €165,441 | ▲ 46.4% |
| Trade receivables40 | €53,345 | €57,636 | €64,056 | €59,979 | €68,536 | ▲ 14.3% |
| Other amounts receivable41 | - | €3,829 | €23,056 | €53,055 | €96,905 | ▲ 82.7% |
| Current investments50/53 | - | €1 | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | €136,550 | €42,886 | €7,849 | ▼ 81.7% |
| Deferred charges and accrued income490/1 | - | €503 | €503 | €1,282 | €1,896 | ▲ 47.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €158,540 | €207,989 | €352,625 | €285,296 | €314,348 | ▲ 10.2% |
| Equity10/15 | €14,926 | €25,036 | €79,941 | €18,558 | €8,283 | ▼ 55.4% |
| Contributions10/11 | €300,000 | €300,000 | €349,995 | €349,995 | €349,995 | = |
| Capital10 | €300,000 | €300,000 | €349,995 | €349,995 | €349,995 | = |
| Issued capital100 | €300,000 | €300,000 | €349,995 | €349,995 | €349,995 | = |
| Profit (loss) carried forward14 | -€285,074 | -€274,964 | -€270,054 | -€331,437 | -€341,712 | ▼ 3.1% |
| Amounts payable17/49 | €143,615 | €182,953 | €272,684 | €266,738 | €306,065 | ▲ 14.7% |
| Amounts payable after more than one year17 | €30,000 | €20,000 | €203,150 | €203,150 | €203,150 | = |
| Financial debts170/4 | €30,000 | €20,000 | €185,000 | €185,000 | €185,000 | = |
| Trade debts175 | - | - | €18,150 | €18,150 | €18,150 | = |
| Amounts payable within one year42/48 | €113,615 | €162,953 | €69,043 | €62,495 | €102,098 | ▲ 63.4% |
| Current portion of amounts payable after more than one year42 | €30,000 | €10,000 | - | - | - | - |
| Financial debts43 | €4,357 | €5,053 | - | - | - | - |
| Credit institutions430/8 | €4,357 | €5,053 | - | - | - | - |
| Trade debts44 | €36,943 | €83,408 | €59,604 | €61,322 | €67,900 | ▲ 10.7% |
| Suppliers440/4 | €36,943 | €78,408 | €59,604 | €61,322 | €67,900 | ▲ 10.7% |
| Bills of exchange payable441 | - | €5,000 | - | - | - | - |
| Taxes, remuneration and social security45 | €15,941 | €1,146 | €9,439 | €1,173 | €34,198 | ▲ 2,815% |
| Taxes450/3 | €15,941 | €1,146 | €9,439 | €1,173 | €34,198 | ▲ 2,815% |
| Other amounts payable47/48 | €26,373 | €63,347 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €491 | €1,092 | €817 | ▼ 25.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,390 | €10,110 | €4,911 | -€61,383 | -€10,275 | ▲ 83.3% |
| + Depreciation and write-downs630 | €3,150 | €3,000 | €8,913 | €15,773 | €14,975 | ▼ 5.1% |
| Operating cash flow (approximation) | €17,540 | €13,110 | €13,823 | -€45,610 | €4,699 | ▲ 110% |
| Investment in fixed assets (approximation) | - | €0 | -€54,655 | -€15,819 | -€22,463 | ▼ 42.0% |
| Change in cash | - | - | - | -€93,664 | -€35,037 | ▲ 62.6% |
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
19-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
01-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€61,383
Net result drops to -€61,383, the lowest in the series; recovery starts the following year.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity quadruplescurrent ratio 4.37
Current ratio from 1.25 to 4.37; short-term debt falls from €162,953 to €69,043.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €14,390
Net result €14,390 after one loss-making year.
13-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 13 days late
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 27 days late
2019
31-12
Financial
Back to profitnet €4,460
Net result €4,460 after one loss-making year.
12-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 12 days late
2018
02-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Beauraing · 1 establishment unit since 2014
Ground area
5,649 m²
Building footprint
462 m²
Volume, LiDAR
5,934 m³
2 parcels, Wallonia · tallest building 16.8 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
COVERS TM
since 20142.238.532.544
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91011A0063/00H000 | Wallonia | 2,974 m² | 1 · 350 m² | 16.8 m · 4 fl. |
| 62806C0397/00B003 | Wallonia | 2,676 m² | 1 · 112 m² | 13.9 m · 4 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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
28.57%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Recognised contractor
1 categoryCOVERS TM SA42797
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Of 42 companies in sector 28130 we hold annual accounts for 33. 5 are within a factor 10 of this equity. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded27-10-2014
Fiscal year end31-12
Activities, NACEBEL 2025
28130Manufacture of machinery and equipment not elsewhere classified
46647Wholesale trade
47529Retail trade
71121Engineering and related technical consultancy, excluding land surveyors
71209Other technical testing and analysis
Contact
E-mail
contact@coversheating.comLiège
Phone
0493571027Liège
E-invoicing
Reachable via Peppol
Peppol ID
0208:0565945609
Registered
10-06-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.