Heating Masters
ActiveSummary
Heating Masters has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61k and a net result of €-4k. Equity is growing by ~22.4% per year across the filed fiscal years. Its solvency ranks better than 91% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability17▼-53
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity ample (current ratio 5.73 against 4.0 in 2024; short-term debt: 13.2% and cash: 9.4% of total assets), and 13.2% of the assets are financed with debt.
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Signals
Four 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 · 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 · 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
86.8%
Return on assets
-6.4%
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 29-08-2026, 29 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 · 10 filingsDeviation from the deadline
2025
29 d late
2024
47 d late
2023
42 d early
2022
39 d early
2021
40 d early
2020
41 d early
2019
29 d early
← 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
History
Financials · fiscal year 2025, micro schema
Equity
€61k▼ 6.9%
2024 · €65k
Total assets
€70k▼ 9.7%
2024 · €77k
Net result
€-4k
2024 · €773
Working capital
€43k▲ 18.7%
2024 · €37k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€8k€46k▲ 508%€1k▼ 97.1%€3k▲ 132%€-4k
Net result€7k€33k▲ 393%€671▼ 98.0%€773▲ 15.2%€-4k
Equity€29k▲ 30.6%€62k▲ 116%€64k▲ 3.6%€65k▲ 1.2%€61k▼ 6.9%
Total assets€65k▲ 155%€85k▲ 31.1%€87k▲ 1.9%€77k▼ 11.2%€70k▼ 9.7%
Debt€36k▲ 937%€23k▼ 35.9%€23k▼ 2.6%€12k▼ 46.3%€9k▼ 24.6%
Working capital€3k▼ 85.5%€35k▲ 1,169%€24k▼ 30.7%€37k▲ 51.1%€43k▲ 18.7%
Staff (FTE)0.3
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €4k after €3k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €70k
Fixed assets
€17k ▼ 39.9%
Current assets
€53k ▲ 7.9%
Equity and liabilities €70k
Equity
€61k ▼ 6.9%
Debt
€9k ▼ 24.6%
Debt's share of the balance-sheet total falls from 15.8% to 13.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€655▼
2024 · €13k
Cash flow
€-54▼
2024 · €10k
Current ratio
5.73▲
2024 · 4.00
Debt to equity
0.15▼
2024 · 0.19
ROE
-7.4%▼
2024 · 1.2%
ROA
-6.4%▼
2024 · 1.0%
Interest coverage
0.75▼
2024 · 14.65
Debt ≤ 1 year
€9k▼
2024 · €12k
Income taxes
€480▼
2024 · €2k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €11k | €92 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €4k | €6k | €10k | €4k | ▼ 53.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €15k | - |
| Other operating charges640/8 | - | €803 | €796 | €5k | €8k | ▲ 47.6% |
| Non-recurring operating charges66A | - | €7k | €158 | - | - | - |
| Gross operating margin9900 | €9k | €69k | €8k | €18k | €23k | ▲ 28.9% |
| Operating profit (loss)9901 | €8k | €46k | €1k | €3k | €-4k | ▼ 222% |
| Financial income75/76B | - | €9 | - | €483 | €644 | ▲ 33.2% |
| Recurring financial income75 | €4 | €9 | - | €483 | €644 | ▲ 33.2% |
| Financial charges65/66B | - | €162 | €422 | €862 | €873 | ▲ 1.2% |
| Recurring financial charges65 | €48 | €162 | €422 | €862 | €873 | ▲ 1.2% |
| Profit (loss) for the period before taxes9903 | €7k | €46k | €916 | €3k | €-4k | ▼ 248% |
| Income taxes67/77 | €716 | €12k | €245 | €2k | €480 | ▼ 75.3% |
| Profit (loss) for the period9904 | €7k | €33k | €671 | €773 | €-4k | ▼ 682% |
| Profit (loss) for the period to be appropriated9905 | €7k | €33k | €671 | €773 | €-4k | ▼ 682% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €65k | €85k | €87k | €77k | €70k | ▼ 9.7% |
| Fixed assets21/28 | €26k | €27k | €40k | €28k | €17k | ▼ 39.9% |
| Intangible fixed assets21 | - | - | €1k | €2k | €1k | ▼ 31.9% |
| Tangible fixed assets22/27 | €26k | €20k | €32k | €20k | €16k | ▼ 19.7% |
| Plant, machinery and equipment23 | - | €4k | €22k | €18k | €15k | ▼ 15.6% |
| Furniture and vehicles24 | - | €15k | €9k | €2k | €1k | ▼ 42.5% |
| Leasing and similar rights25 | - | €1k | €1k | €531 | €144 | ▼ 73.0% |
| Financial fixed assets28 | - | €7k | €7k | €7k | - | - |
| Current assets29/58 | €39k | €58k | €47k | €49k | €53k | ▲ 7.9% |
| Amounts receivable within one year40/41 | €26k | €45k | €41k | €45k | €45k | = |
| Trade receivables40 | - | €39k | €40k | €27k | €36k | ▲ 32.1% |
| Other amounts receivable41 | - | €6k | €1k | €18k | €9k | ▼ 48.1% |
| Cash at bank and in hand54/58 | €13k | €10k | €3k | €3k | €7k | ▲ 92.1% |
| Deferred charges and accrued income490/1 | - | €3k | €3k | - | €729 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €65k | €85k | €87k | €77k | €70k | ▼ 9.7% |
| Equity10/15 | €29k | €62k | €64k | €65k | €61k | ▼ 6.9% |
| Contributions10/11 | €17k | €17k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €45k | €46k | €47k | €42k | ▼ 9.7% |
| Non-distributable reserves130/1 | - | €2k | €2k | - | - | - |
| Reserves not available under the articles1311 | - | €2k | €2k | - | - | - |
| Distributable reserves133 | - | €43k | €44k | €47k | €42k | ▼ 9.7% |
| Profit (loss) carried forward14 | €10k | - | - | - | - | - |
| Amounts payable17/49 | €36k | €23k | €23k | €12k | €9k | ▼ 24.6% |
| Amounts payable within one year42/48 | €36k | €23k | €23k | €12k | €9k | ▼ 24.6% |
| Trade debts44 | €25k | €6k | €4k | €8k | €7k | ▼ 19.8% |
| Suppliers440/4 | - | €6k | €4k | €8k | €7k | ▼ 19.8% |
| Taxes, remuneration and social security45 | - | €17k | €14k | €4k | €2k | ▼ 35.3% |
| Taxes450/3 | - | €12k | €14k | €2k | €2k | ▲ 26.2% |
| Remuneration and social security454/9 | - | €5k | - | €2k | - | - |
| Other amounts payable47/48 | - | - | €4k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7k | €33k | €671 | €773 | €-4k | ▼ 682% |
| + Depreciation and write-downs630 | €2k | €4k | €6k | €10k | €4k | ▼ 53.4% |
| Operating cash flow (approximation) | €8k | €38k | €7k | €10k | €-54 | ▼ 101% |
| Investment in fixed assets (approximation) | - | €-5k | €-19k | €2k | €7k | ▲ 235% |
| Change in cash | - | €-3k | €-7k | €348 | €3k | ▲ 802% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
2025
31-12
Financial
Weakest financial yearnet €-4k
Net result drops to €-4k, the lowest in the series.
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 47 days late
2023
20-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
23-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Highest result since 2019net €33k ▲393%
Operating result €46k, net result €33k, both a record.
30-06
Financial
Liquidity doublescurrent ratio 2.50
Current ratio from 1.08 to 2.50; short-term debt falls from €36k to €23k.
2021
22-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
30-06
Financial
Back to profitnet €7k
Net result €7k after one loss-making year.
2020
21-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
02-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
02-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
15-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
28-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Aartselaar · 1 establishment unit since 2006
Ground area
382 m²
Building footprint
100 m²
Volume, LiDAR
820 m³
Parcel 11001B0300/00M002, Flanders · tallest building 9.3 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
heating masters
since 20062.157.264.756
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11001B0300/00M002 | Flanders | 382 m² | 1 · 100 m² | 9.3 m · 3 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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T ON IT
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HEESTER
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,414. 6,175 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
Founded03-10-2006
Fiscal year end31-12
Activities, NACEBEL 2025
43223Specialised construction activities
43990Other specialised construction activities
43310Plastering work
43350Other building finishing work
Contact
Phone
03/288 41 78Aartselaar
Scores and ratios are computed by Checked and are not a credit decision.