HEATING SYSTEMS
ActiveSummary
HEATING SYSTEMS has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €57,681 and a net result of €29,825. Equity remains stable across the filed fiscal years (±0.1% per year). Its solvency ranks better than 71% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+17
Solvency92▲+3
Growth58▲+6
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,500 at 30 days acceptable
Liquidity ample (current ratio 1.68 against 2.03 in 2024; short-term debt: 33.2% and cash: 9.8% of total assets), and 33.3% of the assets are financed with debt.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
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 · 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
66.7%
Return on assets
34.5%
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 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
23 d early
2023
113 d early
2022
3 d early
2021
20 d early
2020
15 d early
2019
68 d late
← 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 17 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 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 Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€57,681▼ 11.0%
2024 · €64,791
Total assets
€86,445▼ 14.5%
2024 · €101,142
Net result
€29,825▲ 168%
2024 · €11,139
Working capital
€19,571▼ 47.9%
2024 · €37,535
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€11,711▼ 70.4%€1,640▼ 86.0%€7,716▲ 370%€16,657▲ 116%€42,977▲ 158%
Net result€8,061▼ 72.1%€564▼ 93.0%€4,952▲ 778%€11,139▲ 125%€29,825▲ 168%
Equity€96,192▲ 9.1%€96,756▲ 0.6%€53,652▼ 44.5%€64,791▲ 20.8%€57,681▼ 11.0%
Total assets€156,781▲ 7.4%€156,198▼ 0.4%€135,864▼ 13.0%€101,142▼ 25.6%€86,445▼ 14.5%
Debt€60,589▲ 4.7%€59,443▼ 1.9%€82,212▲ 38.3%€36,350▼ 55.8%€28,764▼ 20.9%
Working capital€90,119▲ 19.3%€94,422▲ 4.8%€51,202▼ 45.8%€37,535▼ 26.7%€19,571▼ 47.9%
Staff (FTE)0.30.5▲ 66.7%0▼ 100%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 158% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €86,445
Fixed assets
€38,170 ▲ 40.0%
Current assets
€48,275 ▼ 34.7%
Equity and liabilities €86,445
Equity
€57,681 ▼ 11.0%
Debt
€28,764 ▼ 20.9%
Debt's share of the balance-sheet total falls from 35.9% to 33.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€52,724▲
2024 · €24,631
Cash flow
€39,573▲
2024 · €19,113
Current ratio
1.68▼
2024 · 2.03
Quick ratio
1.16▼
2024 · 1.82
Debt to equity
0.50▼
2024 · 0.56
ROE
51.7%▲
2024 · 17.2%
ROA
34.5%▲
2024 · 11.0%
Interest coverage
113.42▲
2024 · 51.04
Debt ≤ 1 year
€28,704▼
2024 · €36,350
Income taxes
€12,835▲
2024 · €5,035
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 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
3.9%
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 higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 34,672 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 | €0 | - | €413 | €0 | - | - |
| Remuneration, social security and pensions62 | €2,264 | €4,436 | €621 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,543 | €7,239 | €850 | €7,974 | €9,748 | ▲ 22.2% |
| Other operating charges640/8 | €1,511 | €1,429 | €2,188 | €1,955 | €3,666 | ▲ 87.5% |
| Non-recurring operating charges66A | - | - | €266 | €0 | €500 | - |
| Gross operating margin9900 | €22,029 | €14,744 | €11,641 | €26,586 | €56,890 | ▲ 114% |
| Operating profit (loss)9901 | €11,711 | €1,640 | €7,716 | €16,657 | €42,977 | ▲ 158% |
| Financial income75/76B | €39 | €19 | €6 | €0 | €148 | ▲ 494,200% |
| Recurring financial income75 | €39 | €19 | €6 | €0 | €148 | ▲ 494,200% |
| Financial charges65/66B | €186 | €548 | €368 | €483 | €465 | ▼ 3.7% |
| Recurring financial charges65 | €186 | €548 | €368 | €483 | €465 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €11,565 | €1,111 | €7,354 | €16,175 | €42,660 | ▲ 164% |
| Income taxes67/77 | €3,504 | €547 | €2,402 | €5,035 | €12,835 | ▲ 155% |
| Profit (loss) for the period9904 | €8,061 | €564 | €4,952 | €11,139 | €29,825 | ▲ 168% |
| Profit (loss) for the period to be appropriated9905 | €8,061 | €564 | €4,952 | €11,139 | €29,825 | ▲ 168% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €156,781 | €156,198 | €135,864 | €101,142 | €86,445 | ▼ 14.5% |
| Fixed assets21/28 | €6,073 | €2,333 | €2,450 | €27,256 | €38,170 | ▲ 40.0% |
| Tangible fixed assets22/27 | €6,073 | €2,333 | €2,450 | €27,256 | €38,170 | ▲ 40.0% |
| Plant, machinery and equipment23 | €285 | €0 | - | - | - | - |
| Furniture and vehicles24 | €5,788 | €2,333 | €2,450 | €27,256 | €38,170 | ▲ 40.0% |
| Current assets29/58 | €150,708 | €153,865 | €133,414 | €73,885 | €48,275 | ▼ 34.7% |
| Stocks and contracts in progress3 | €44,437 | €14,256 | €38,599 | €7,565 | €14,943 | ▲ 97.5% |
| Stocks30/36 | €6,362 | €2,181 | €6,982 | €3,021 | €0 | ▼ 100% |
| Contracts in progress37 | €38,075 | €12,075 | €31,617 | €4,544 | €14,943 | ▲ 229% |
| Amounts receivable within one year40/41 | €100,149 | €130,415 | €89,330 | €53,757 | €24,293 | ▼ 54.8% |
| Trade receivables40 | €96,855 | €130,415 | €81,578 | €39,708 | €20,621 | ▼ 48.1% |
| Other amounts receivable41 | €3,294 | €0 | €7,751 | €14,049 | €3,672 | ▼ 73.9% |
| Cash at bank and in hand54/58 | €3,740 | €8,342 | €5,157 | €11,751 | €8,512 | ▼ 27.6% |
| Deferred charges and accrued income490/1 | €2,382 | €852 | €328 | €812 | €527 | ▼ 35.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €156,781 | €156,198 | €135,864 | €101,142 | €86,445 | ▼ 14.5% |
| Equity10/15 | €96,192 | €96,756 | €53,652 | €64,791 | €57,681 | ▼ 11.0% |
| Contributions10/11 | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Reserves13 | €84,192 | €84,756 | €41,652 | €52,791 | €45,681 | ▼ 13.5% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €82,332 | €82,896 | €41,652 | €52,791 | €45,681 | ▼ 13.5% |
| Profit (loss) carried forward14 | €0 | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €60,589 | €59,443 | €82,212 | €36,350 | €28,764 | ▼ 20.9% |
| Amounts payable within one year42/48 | €60,589 | €59,443 | €82,212 | €36,350 | €28,704 | ▼ 21.0% |
| Trade debts44 | €27,219 | €22,724 | €27,586 | €28,913 | €8,477 | ▼ 70.7% |
| Suppliers440/4 | €27,219 | €22,724 | €27,586 | €28,913 | €8,477 | ▼ 70.7% |
| Taxes, remuneration and social security45 | €19,268 | €10,045 | €6,817 | €7,437 | €20,227 | ▲ 172% |
| Taxes450/3 | €15,587 | €6,895 | €6,817 | €7,437 | €20,227 | ▲ 172% |
| Remuneration and social security454/9 | €3,681 | €3,150 | €0 | - | - | - |
| Other amounts payable47/48 | €14,102 | €26,673 | €47,809 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €60 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,061 | €564 | €4,952 | €11,139 | €29,825 | ▲ 168% |
| + Depreciation and write-downs630 | €6,543 | €7,239 | €850 | €7,974 | €9,748 | ▲ 22.2% |
| Operating cash flow (approximation) | €14,604 | €7,803 | €5,802 | €19,113 | €39,573 | ▲ 107% |
| Investment in fixed assets (approximation) | - | -€3,500 | -€967 | -€32,780 | -€20,661 | ▲ 37.0% |
| Change in cash | - | €4,602 | -€3,185 | €6,594 | -€3,239 | ▼ 149% |
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
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €29,825 ▲168%
Operating result €42,977, net result €29,825, both a record.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
09-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €564 ▼93%
Net result drops to €564, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 68 days late
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
25-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
3 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, Leuven · 1 establishment unit since 2013
Ground area
430 m²
Building footprint
95 m²
Volume, LiDAR
774 m³
Parcel 24483E0215/00A006, Flanders · tallest building 9.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Heating Systems
since 20132.217.721.688
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24483E0215/00A006 | Flanders | 430 m² | 1 · 95 m² | 9.5 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.
Recognitions · licences · registrations
Dual-learning approval
3 live approvals · 2 endedSanitaire en verwarmingsinstallaties duaal (so)
Technicus hernieuwbare energietechnieken duaal (so)
Vakman installatietechnieken (vwo)
Show 2 ended approvals
Monteur centrale verwarming (so)
Sanitair installateur (so)
Similar companies · same sector, comparable size
IP groep
BE 0637.789.747
Dendermonde · Eq €57,642
DENOVA
BE 0433.083.422
Awans · Eq €57,618
GROEP VERMEERSCH
BE 0806.082.371
Brugge · Eq €57,755
DURCE
BE 0422.645.034
Chaumont-Gistoux · Eq €57,586
AP CHAUFFAGE-SANITAIRE
BE 1005.068.468
Namur · Eq €57,776
Of 7,043 companies in sector 43221 we hold annual accounts for 3,473. 3,000 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
Founded10-01-2013
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0502627175
Also
9925:BE0502627175
Registered
09-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.