Heating Solutions (0833.615.426): financials and annual accounts

Heating Solutions

Grez-Doiceau ·KBO/BCE: BE 0833.615.426

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Balance sheet: assets
Total assets`20/58`	83,788	80,158	87,725	82,937	76,583	43,903	51,201	38,898	52,976	66,666	67,885	66,339	57,213	54,921	64,917
Fixed assets`21/28`	5,955	12,450	22,199	28,872	36,527	4,248	0	0	1,402	3,210	4,316	998	7,693	2,825	4,556
Intangible fixed assets`21`	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Tangible fixed assets`22/27`	5,955	12,450	22,199	28,872	36,527	4,248	0	0	1,402	3,210	4,316	998	7,693	2,825	4,556
Land and buildings`22`	1,134	1,423	480	959	1,439	1,919	-	-	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	286	1,272	2,258	0	0	0	0	0	0	405	810	998	2,183	2,690	4,287
Furniture and vehicles`24`	4,535	4,102	7,024	8,691	9,082	2,330	0	0	1,402	2,805	3,506	0	5,510	135	269
Leasing and similar rights`25`	0	5,653	12,438	19,222	26,006	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	77,833	67,708	65,527	54,065	40,057	39,655	51,201	38,898	51,573	63,456	63,569	65,342	49,520	52,096	60,362
Stocks and contracts in progress`3`	0	2,492	2,492	6,073	-	0	6,226	-	-	0	7,168	12,159	-	-	-
Stocks`30/36`	0	2,492	2,492	6,073	-	0	6,226	-	-	0	7,168	12,159	-	-	-
Amounts receivable within one year`40/41`	4,281	2,697	1,988	7,540	2,226	4,287	8,589	13,271	27,009	14,301	8,567	10,530	3,923	7,289	12,239
Trade receivables`40`	4,281	1,145	201	6,135	19	1,893	5,584	12,180	27,009	11,408	4,237	7,444	2,379	5,100	7,184
Other amounts receivable`41`	0	1,552	1,786	1,404	2,207	2,394	3,005	1,090	0	2,893	4,330	3,087	1,544	2,189	5,056
Cash at bank and in hand`54/58`	70,439	59,324	58,505	38,274	35,877	34,599	35,452	24,916	23,371	49,155	47,834	42,653	45,597	44,807	47,784
Deferred charges and accrued income`490/1`	3,112	3,195	2,542	2,177	1,954	769	934	712	1,194	-	-	-	-	0	338
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	83,788	80,158	87,725	82,937	76,583	43,903	51,201	38,898	52,976	66,666	67,885	66,339	57,213	54,921	64,917
Equity`10/15`	73,799	57,817	64,304	38,221	38,146	36,763	39,485	23,732	33,590	45,339	52,734	49,956	47,805	43,046	28,946
Contributions`10/11`	20,460	20,460	20,460	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200	6,200
Capital`10`	-	-	-	-	6,200	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400	12,400
Reserves`13`	29,665	13,683	13,683	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Non-distributable reserves`130/1`	-	-	0	1,860	1,860	1,860	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Reserves not available under the articles`1311`	-	-	0	1,860	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	29,665	13,683	13,683	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	23,674	23,674	30,161	30,161	30,086	28,703	31,425	15,672	25,530	37,279	44,674	41,896	39,745	34,986	20,886
Amounts payable`17/49`	9,989	22,341	23,421	44,716	38,437	7,140	11,716	15,166	19,386	21,326	15,151	16,383	9,408	11,875	35,971
Amounts payable after more than one year`17`	-	0	6,402	13,035	19,588	-	-	-	-	-	-	-	-	-	-
Financial debts`170/4`	-	0	6,402	13,035	19,588	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	9,989	22,341	17,019	31,682	18,849	7,140	11,716	15,166	19,386	21,326	15,151	16,383	9,408	11,875	35,971
Current portion of amounts payable after more than one year`42`	0	6,402	6,633	6,554	6,476	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	1,961	4,803	2,114	3,068	4,286	179	2,127	1,693	5,067	8,186	7,166	7,145	2,612	5,789	8,224
Suppliers`440/4`	1,961	4,803	2,114	3,068	4,286	179	2,127	1,693	5,067	8,186	7,166	7,145	2,612	5,789	8,224
Advances received on contracts in progress`46`	-	-	0	5,000	-	-	-	-	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	3,344	1,639	1,917	4,970	650	2,447	1,862	5,570	3,841	4,777	2,778	3,957	1,631	4,782	26,523
Taxes`450/3`	3,344	1,639	1,917	653	233	325	1,290	973	698	2,757	1,578	2,757	1,631	4,782	16,523
Remuneration and social security`454/9`	0	0	0	4,317	417	2,121	571	4,597	3,143	2,020	1,200	1,200	0	0	10,000
Other amounts payable`47/48`	4,684	9,497	6,356	12,089	7,437	4,515	7,728	7,904	10,478	8,363	5,207	5,281	5,165	1,303	1,223
Income statement
Turnover`70`	160,765	134,794	144,230	106,235	111,549	102,662	160,346	150,377	141,474	142,709	198,084	153,283	137,350	133,986	171,845
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-
Gross operating margin`9900`	31,578	5,512	25,941	12,403	11,296	6,066	21,511	-3,130	-8,114	-3,855	6,227	10,620	13,163	23,362	38,199
Goods, raw materials, services and sundry goods`60/61`	136,531	137,270	125,864	104,954	108,028	111,584	143,966	160,894	166,343	161,826	191,856	142,663	124,186	110,625	133,646
Remuneration, social security and pensions`62`	-	-	-	1,744	7,392	7,307	5,879	4,804	727	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	10,545	11,196	11,304	10,353	2,481	1,176	-	1,402	1,807	1,807	2,571	6,695	4,566	2,658	2,289
Other operating charges`640/8`	463	457	149	478	331	477	786	1,514	1,521	920	652	899	1,169	496	1,430
Operating profit (loss)`9901`	20,570	-6,141	14,488	-172	1,092	-2,894	14,846	-10,850	-12,168	-6,583	3,004	3,025	7,428	20,208	34,480
Financial income`75/76B`	1,510	874	986	718	601	374	1,077	1,158	840	371	1,047	899	424	564	1,594
Recurring financial income`75`	1,510	874	986	718	601	374	1,077	1,158	840	371	1,047	899	424	564	1,594
Financial charges`65/66B`	1,176	1,081	292	351	192	86	64	60	294	1,130	386	1,067	1,427	1,881	805
Recurring financial charges`65`	1,176	1,081	292	351	192	86	64	60	294	1,130	386	1,067	1,427	1,881	805
Profit (loss) for the period before taxes`9903`	20,903	-6,348	15,183	195	1,500	-2,606	15,859	-9,753	-11,621	-7,341	3,666	2,858	6,425	18,890	35,270
Income taxes`67/77`	4,921	140	1,500	120	117	116	107	105	128	54	888	706	1,666	4,790	12,523
Profit (loss) for the period`9904`	15,982	-6,487	13,683	75	1,383	-2,722	15,752	-9,858	-11,749	-7,395	2,778	2,152	4,758	14,100	22,746
Profit (loss) for the period to be appropriated`9905`	15,982	-6,487	13,683	75	1,383	-2,722	15,752	-9,858	-11,749	-7,395	2,778	2,152	4,758	14,100	22,746
Appropriation of the result
Profit (loss) to be appropriated`9906`	39,656	23,674	43,844	30,161	30,086	28,703	31,425	15,672	25,530	37,279	44,674	41,896	39,745	34,986	22,746
Profit (loss) brought forward from the previous period`14P`	23,674	30,161	30,161	30,086	28,703	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	15,982	-	13,683	-	-	-	-	-	-	-	-	-	-	-	1,860
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,860
To other reserves`6921`	15,982	-	13,683	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	0	0	0	0	0.6	1	0.5	0.5	0.5	-	-	-	-	-	-
Hours worked`1013`	-	-	-	-	608	888	1,152	1,152	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	13-08-2026	2026-00399435	PDF
31-12-2024	full format	28-08-2025	2025-00465203	PDF
31-12-2023	full format	20-08-2024	2024-00356910	PDF
31-12-2022	full format	29-08-2023	2023-00400878	PDF
31-12-2021	full format	31-08-2022	2022-20398685	PDF
31-12-2020	full format	16-08-2021	2021-48800341	PDF
31-12-2019	full format	19-08-2020	2020-42300498	PDF
31-12-2018	full format	30-08-2019	2019-57200319	PDF
31-12-2017	full format	28-08-2018	2018-52600381	PDF
31-12-2016	full format	30-08-2017	2017-53700106	PDF
31-12-2015	full format	18-08-2016	2016-43500539	PDF
31-12-2014	full format	26-08-2015	2015-48300534	PDF
31-12-2013	full format	19-08-2014	2014-43700102	PDF
31-12-2012	full format	28-08-2013	2013-48400278	PDF
31-12-2011	full format	24-08-2012	2012-45000393	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
EBITDA	31,115	5,055	25,793	10,180	3,573	-1,718	-	-9,448	-10,361	-4,776	5,575	9,721	11,994	22,865	36,769
Cash flow	26,527	4,709	24,987	10,428	3,864	-1,546	-	-8,455	-9,942	-5,588	5,349	8,847	9,325	16,758	25,036
Investment in fixed assets	4,050	1,448	4,631	2,698	34,759	5,425	0	0	0	701	5,890	0	9,434	927	6,845
Change in cash	11,115	819	20,230	2,398	1,278	-854	10,536	1,545	-25,785	1,321	5,182	-2,945	791	-2,977	-
Working capital	67,844	45,367	48,508	22,383	21,208	32,514	39,485	23,732	32,188	42,130	48,418	48,959	40,112	40,221	24,390
EBIT margin	12.8%	-4.6%	10.0%	-0.2%	1.0%	-2.8%	9.3%	-7.2%	-8.6%	-4.6%	1.5%	2.0%	5.4%	15.1%	20.1%
Solvency	88.1%	72.1%	73.3%	46.1%	49.8%	83.7%	77.1%	61.0%	63.4%	68.0%	77.7%	75.3%	83.6%	78.4%	44.6%
Current ratio	7.79	3.03	3.85	1.71	2.13	5.55	4.37	2.56	2.66	2.98	4.20	3.99	5.26	4.39	1.68
Quick ratio	7.79	2.92	3.70	1.51	2.13	5.55	3.84	2.56	2.66	2.98	3.72	3.25	5.26	4.39	1.68
Debt to equity	0.14	0.39	0.36	1.17	1.01	0.19	0.30	0.64	0.58	0.47	0.29	0.33	0.20	0.28	1.24
ROE	21.7%	-11.2%	21.3%	0.2%	3.6%	-7.4%	39.9%	-41.5%	-35.0%	-16.3%	5.3%	4.3%	10.0%	32.8%	78.6%
ROA	19.1%	-8.1%	15.6%	0.1%	1.8%	-6.2%	30.8%	-25.3%	-22.2%	-11.1%	4.1%	3.2%	8.3%	25.7%	35.0%
Interest coverage	26.45	4.68	88.40	28.99	18.57	-	-	-	-	-	-	-	-	-	-
Customer credit	10 days	3 days	1 day	21 days	0 days	7 days	13 days	30 days	70 days	29 days	8 days	18 days	6 days	14 days	15 days
Supplier credit	5 days	13 days	6 days	11 days	14 days	1 day	5 days	4 days	11 days	18 days	14 days	18 days	8 days	19 days	22 days

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	0	0	0	0	0
full-time	0	0	0	0	0
in full-time equivalents	0	0	0	0	0
Average over the year, in full-time equivalents	0	0	0	0	0.6
On a permanent contract	0	0	0	0	0
Joined	-	-	-	-	0
Left	-	-	-	-	1

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€4,050	€1,448	€4,631	€2,698	€34,759
Intangible fixed assets	€0	€0	€0	€0	€0
Depreciation and write-downs of the year	€10,545	€11,196	€11,304	€10,353	€2,481

Heating Solutions

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency88.1%

Current ratio7.79

Return on assets19.1%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on Heating Solutions

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