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
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Hiring this company for building work? Recognition, activities and what to check first.Contractor check Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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.
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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HEESTER
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,416. 6,177 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.