Heating Masters
ActiveHeating 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 27711 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
64
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
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.
Credit advice for your own amount and term
Signals
Six 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
Sector 43
higher
← 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 →
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
22-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€61k▼ 6.9%
2024 · €65k
2019: €23k
2020: €22k
2021: €29k
2022: €62k
2023: €64k
2024: €65k
2019 → 2025
Total assets
€70k▼ 9.7%
2024 · €77k
2019: €28k
2020: €26k
2021: €65k
2022: €85k
2023: €87k
2024: €77k
2019 → 2025
Net result
€-4k
2024 · €773
2019: €3k
2020: €-752
2021: €7k
2022: €33k
2023: €671
2024: €773
2019 → 2025
Working capital
€43k▲ 18.7%
2024 · €37k
2019: €19k
2020: €19k
2021: €3k
2022: €35k
2023: €24k
2024: €37k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€29k-€62k▲ 116%€64k▲ 3.6%€65k▲ 1.2%€61k▼ 6.9%
Operating result€8k-€46k▲ 508%€1k▼ 97.1%€3k▲ 132%€-4k
Net result€7k-€33k▲ 393%€671▼ 98.0%€773▲ 15.2%€-4k
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%
The debt ratio 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
Solvency
86.8%▲
2024 · 84.2%
Current ratio
5.73▲
2024 · 4.00
Quick ratio
5.73▲
2024 · 4.00
Debt / 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
€9k▼
2024 · €12k
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 / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€77k€70k▼
Fixed assets21/28€28k€17k▼
Intangible fixed assets21€2k€1k▼
Tangible fixed assets22/27€20k€16k▼
Plant, machinery and equipment23€18k€15k▼
Furniture and vehicles24€2k€1k▼
Leasing and similar rights25€531€144▼
Financial fixed assets28€7k-
Current assets29/58€49k€53k▲
Amounts receivable within one year40/41€45k€45k=
Trade receivables40€27k€36k▲
Other amounts receivable41€18k€9k▼
Cash at bank and in hand54/58€3k€7k▲
Deferred charges and accrued income490/1-€729
Equity and liabilities
Total equity and liabilities10/49€77k€70k▼
Equity10/15€65k€61k▼
Contributions10/11€19k€19k=
Reserves13€47k€42k▼
Distributable reserves133€47k€42k▼
Amounts payable17/49€12k€9k▼
Amounts payable within one year42/48€12k€9k▼
Trade debts44€8k€7k▼
Suppliers440/4€8k€7k▼
Taxes, remuneration and social security45€4k€2k▼
Taxes450/3€2k€2k▲
Remuneration and social security454/9€2k-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€4k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€15k
Other operating charges640/8€5k€8k▲
Gross operating margin9900€18k€23k▲
Operating profit (loss)9901€3k€-4k▼
Financial income75/76B€483€644▲
Recurring financial income75€483€644▲
Financial charges65/66B€862€873▲
Recurring financial charges65€862€873▲
Profit (loss) for the period before taxes9903€3k€-4k▼
Income taxes67/77€2k€480▼
Profit (loss) for the period9904€773€-4k▼
Profit (loss) for the period to be appropriated9905€773€-4k▼
Appropriation of the result
Profit (loss) to be appropriated9906€773€-4k▼
Transfer from equity791/2-€4k
Transfer to equity691/2€773-
To other reserves6921€773-
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
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 ▼682%
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.
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
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Jan Davidlaan 292630 AartselaarGround 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
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
DJARDINI
BE 0764.392.563
Burdinne · Eq €61k
ETM CONSTRUCT
BE 0426.135.153
Tubize · Eq €61k
T ON IT
BE 0829.237.360
Schaarbeek · Eq €61k
BEL REFLEX
BE 0682.491.010
Anderlecht · Eq €61k
HEESTER
BE 0728.816.626
Wuustwezel · Eq €61k
Of 15,529 companies in sector 43990 we hold annual accounts for 7,423. 6,186 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded03-10-2006
Fiscal year end31-12
Activities, NACEBEL
43223Specialised construction activities
43990Other specialised construction activities
43999Specialised construction activities
45250
43310Plastering work
43350Other building finishing work
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryPhone:03/288 41 78