HDTHERM
ActiveSummary
HDTHERM has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €438,865 and a net result of €33,185. Equity is growing by ~13.3% per year across the filed fiscal years. Its solvency ranks better than 86% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▲+3
Solvency100▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 3.85 against 3.38 in 2024; short-term debt: 13% and cash: 44.5% of total assets), and 18.7% 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 · 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
81.3%
Return on assets
6.1%
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
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 13-05-2026, 79 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
79 d early
2024
92 d early
2023
78 d early
2022
48 d early
2021
29 d early
2020
23 d early
2019
27 d early
← 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 54 days before 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 (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 15 May (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€438,865▲ 8.2%
2024 · €405,680
Total assets
€539,976▼ 1.4%
2024 · €547,821
Net result
€33,185▲ 62.4%
2024 · €20,440
Working capital
€199,597▲ 16.3%
2024 · €171,612
Trend over the years
Click a name to add, emphasise or remove a line.Band: 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.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€27,562▼ 33.9%€65,870▲ 139%€67,732▲ 2.8%€60,945▼ 10.0%€86,081▲ 41.2%
Net result€23,667within the sector's middle half▲ 33.9%€71,027above the sector's middle half▲ 200%€61,657above the sector's middle half▼ 13.2%€20,440within the sector's middle half▼ 66.8%€33,185above the sector's middle half▲ 62.4%
Equity€252,556above the sector's middle half▲ 10.3%€323,583above the sector's middle half▲ 28.1%€385,240above the sector's middle half▲ 19.1%€405,680above the sector's middle half▲ 5.3%€438,865above the sector's middle half▲ 8.2%
Total assets€392,190above the sector's middle half▲ 9.9%€443,594above the sector's middle half▲ 13.1%€508,382above the sector's middle half▲ 14.6%€547,821above the sector's middle half▲ 7.8%€539,976above the sector's middle half▼ 1.4%
Debt€139,634▲ 9.0%€120,011▼ 14.1%€123,142▲ 2.6%€142,141▲ 15.4%€101,111▼ 28.9%
Working capital€118,394above the sector's middle half▲ 6.8%€145,277above the sector's middle half▲ 22.7%€172,643above the sector's middle half▲ 18.8%€171,612above the sector's middle half▼ 0.6%€199,597above the sector's middle half▲ 16.3%
Solvency64.4%within the sector's middle half▲ 0.3pp72.9%above the sector's middle half▲ 8.5pp75.8%above the sector's middle half▲ 2.8pp74.1%above the sector's middle half▼ 1.7pp81.3%above the sector's middle half▲ 7.2pp
Current ratio3.86above the sector's middle half▼ 0.944.01above the sector's middle half▲ 0.154.12above the sector's middle half▲ 0.113.38above the sector's middle half▼ 0.743.85above the sector's middle half▲ 0.47
Return on assets (ROA)6.0%within the sector's middle half▲ 1.1pp16.0%within the sector's middle half▲ 10.0pp12.1%within the sector's middle half▼ 3.9pp3.7%within the sector's middle half▼ 8.4pp6.1%within the sector's middle half▲ 2.4pp
Staff (FTE)2.1=2.1=2.2▲ 4.8%2.2=2.2=
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 41% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €539,976
Fixed assets
€270,353 ▼ 11.1%
Current assets
€269,623 ▲ 10.7%
Equity and liabilities €539,976
Equity
€438,865 ▲ 8.2%
Debt
€101,111 ▼ 28.9%
Debt's share of the balance-sheet total falls from 25.9% to 18.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€121,311▲
2024 · €96,147
Cash flow
€68,415▲
2024 · €55,642
Debt to equity
0.23▼
2024 · 0.35
ROE
7.6%▲
2024 · 5.0%
Interest coverage
9.05▼
2024 · 21.39
Debt ≤ 1 year
€70,026▼
2024 · €72,056
Debt > 1 year
€31,085▼
2024 · €70,085
Income taxes
€41,357▲
2024 · €37,030
Staff costs
€101,092▲
2024 · €91,507
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 34,679 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €16,938 | - | - | - |
| Remuneration, social security and pensions62 | €70,611 | €75,606 | €85,142 | €91,507 | €101,092 | ▲ 10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,439 | €17,590 | €23,937 | €35,202 | €35,230 | ▲ 0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €6,271 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €49 | €11 | €318 | - | €108 | - |
| Other operating charges640/8 | €1,206 | €1,168 | €1,353 | €4,637 | €1,612 | ▼ 65.2% |
| Non-recurring operating charges66A | - | €1,762 | - | - | - | - |
| Gross operating margin9900 | €110,867 | €162,007 | €184,753 | €192,291 | €224,123 | ▲ 16.6% |
| Operating profit (loss)9901 | €27,562 | €65,870 | €67,732 | €60,945 | €86,081 | ▲ 41.2% |
| Financial income75/76B | €90 | €750 | - | €1,021 | €1,866 | ▲ 82.8% |
| Recurring financial income75 | €90 | €750 | - | €1,021 | €1,866 | ▲ 82.8% |
| Financial charges65/66B | €3,847 | €2,455 | €2,267 | €4,496 | €13,405 | ▲ 198% |
| Recurring financial charges65 | €3,847 | €2,455 | €2,267 | €4,496 | €13,405 | ▲ 198% |
| Profit (loss) for the period before taxes9903 | €23,805 | €64,165 | €65,465 | €57,470 | €74,542 | ▲ 29.7% |
| Income taxes67/77 | €138 | -€6,862 | €3,808 | €37,030 | €41,357 | ▲ 11.7% |
| Profit (loss) for the period9904 | €23,667 | €71,027 | €61,657 | €20,440 | €33,185 | ▲ 62.4% |
| Profit (loss) for the period to be appropriated9905 | €23,667 | €71,027 | €61,657 | €20,440 | €33,185 | ▲ 62.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €392,190 | €443,594 | €508,382 | €547,821 | €539,976 | ▼ 1.4% |
| Fixed assets21/28 | €232,373 | €250,021 | €280,374 | €304,153 | €270,353 | ▼ 11.1% |
| Tangible fixed assets22/27 | €229,523 | €247,171 | €277,524 | €301,303 | €267,503 | ▼ 11.2% |
| Land and buildings22 | €197,880 | €196,390 | €194,900 | €193,410 | €191,920 | ▼ 0.8% |
| Plant, machinery and equipment23 | €380 | €3,536 | €3,937 | €6,026 | €4,726 | ▼ 21.6% |
| Furniture and vehicles24 | €29,427 | €46,169 | €77,948 | €101,681 | €69,852 | ▼ 31.3% |
| Leasing and similar rights25 | €1,706 | €1,076 | €739 | €186 | €1,005 | ▲ 440% |
| Other tangible fixed assets26 | €130 | - | - | - | - | - |
| Financial fixed assets28 | €2,850 | €2,850 | €2,850 | €2,850 | €2,850 | = |
| Current assets29/58 | €159,817 | €193,573 | €228,008 | €243,668 | €269,623 | ▲ 10.7% |
| Amounts receivable within one year40/41 | €32,218 | €55,113 | €65,462 | €38,946 | €29,095 | ▼ 25.3% |
| Trade receivables40 | €951 | €15,521 | €16,395 | €17,132 | €21,301 | ▲ 24.3% |
| Other amounts receivable41 | €31,267 | €39,592 | €49,067 | €21,814 | €7,794 | ▼ 64.3% |
| Cash at bank and in hand54/58 | €127,599 | €138,460 | €162,546 | €204,722 | €240,528 | ▲ 17.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €392,190 | €443,594 | €508,382 | €547,821 | €539,976 | ▼ 1.4% |
| Equity10/15 | €252,556 | €323,583 | €385,240 | €405,680 | €438,865 | ▲ 8.2% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | €18,600 | €18,600 | - | - | - | - |
| Uncalled capital101 | €12,400 | €12,400 | - | - | - | - |
| Outside capital11 | - | - | €6,200 | €6,200 | €6,200 | = |
| Share premium1100/10 | - | - | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €244,496 | €315,523 | €377,180 | €397,620 | €430,805 | ▲ 8.3% |
| Amounts payable17/49 | €139,634 | €120,011 | €123,142 | €142,141 | €101,111 | ▼ 28.9% |
| Amounts payable after more than one year17 | €98,211 | €71,715 | €67,777 | €70,085 | €31,085 | ▼ 55.6% |
| Financial debts170/4 | €98,211 | €71,715 | €67,777 | €49,319 | €24,114 | ▼ 51.1% |
| Trade debts175 | - | - | - | €20,766 | €6,971 | ▼ 66.4% |
| Amounts payable within one year42/48 | €41,423 | €48,296 | €55,365 | €72,056 | €70,026 | ▼ 2.8% |
| Current portion of amounts payable after more than one year42 | €21,915 | €18,280 | €48,465 | €42,618 | €39,000 | ▼ 8.5% |
| Trade debts44 | €19,508 | €27,480 | €5,562 | €16,896 | €7,794 | ▼ 53.9% |
| Suppliers440/4 | €19,508 | €27,480 | €5,562 | €16,896 | €7,794 | ▼ 53.9% |
| Taxes, remuneration and social security45 | - | €2,536 | €1,338 | €12,542 | €23,232 | ▲ 85.2% |
| Taxes450/3 | - | - | - | - | €11,549 | - |
| Remuneration and social security454/9 | - | €2,536 | €1,338 | €12,542 | €11,683 | ▼ 6.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,667 | €71,027 | €61,657 | €20,440 | €33,185 | ▲ 62.4% |
| + Depreciation and write-downs630 | €11,439 | €17,590 | €23,937 | €35,202 | €35,230 | ▲ 0.1% |
| Operating cash flow (approximation) | €35,106 | €88,617 | €85,594 | €55,642 | €68,415 | ▲ 23.0% |
| Investment in fixed assets (approximation) | - | -€35,238 | -€54,290 | -€58,981 | -€1,430 | ▲ 97.6% |
| Change in cash | - | €10,861 | €24,086 | €42,176 | €35,806 | ▼ 15.1% |
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
Next filing, fiscal year 2026, expected by
2026
13-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
14-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
13-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €71,027 ▲200%
Net result €71,027, the highest in the series.
02-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
04-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €18,507
Net result €18,507 after one loss-making year.
31-12
Financial
Equity above €200,000Eq €211,218 ▲9.6%
Equity rises from €192,711 to €211,218.
06-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
05-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
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, Wavre · 1 establishment unit since 2008
Ground area
1,247 m²
Building footprint
721 m²
Volume, LiDAR
4,364 m³
Parcel 25006C0215/00E002, Wallonia · tallest building 13.1 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
HDTHERM
since 20082.172.104.766
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25006C0215/00E002 | Wallonia | 1,247 m² | 1 · 721 m² | 13.1 m · 2 fl. |
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.
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Of 9,537 companies in sector 43222 we hold annual accounts for 5,668. 4,165 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
Founded01-07-2008
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
27110Manufacture of electrical equipment
43221Plumbing work
43990Other specialised construction activities
81220Other building cleaning and industrial cleaning
E-invoicing
Reachable via Peppol
Peppol ID
0208:0899127444
Also
9925:BE0899127444
Registered
16-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.