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HEATSAIL

Active
Public limited companyfounded 201214 yrs activePrins Boudewijnlaan 7, 2550 Kontich, BelgiumKBO/BCE: BE 0845.705.287
Summary

The computed 12-month bankruptcy probability of HEATSAIL is 1.7% (moderate). The annual accounts of HEATSAIL for fiscal year 2025 show a net loss of 91% of the equity at the start of that year. The 2025 annual accounts show equity of €1.1m and a net result of -€1.4m. Equity is growing by ~16% per year across the filed fiscal years. Its solvency ranks better than 26% of 113 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals.

Risk analysisWatch ReportCompare
HEATSAILActiveChecked score 53/100
Risk analysis ReportCompare

Overview

Activity
Manufacture of electrical equipment
NACE 27402Manufacture of fabricated metal products, except machinery and equipment NACE 25210
1 site
Size
€4.7mtotal assets 2025
Staff
11.2 FTE
Equity
€1.1m
Loss
-€1.4m
Net result -82%: other schema
Financial health
53 Fair Checked score 2025
Bankruptcy chance 12 m
1.7%
Structure
Parent
HSI · 100%
Holdings
1
Accounts 1 d early1 of 14 deeds read
Why 53- Loss of €1.4m, the second in a row (FY 2025)- Liquidity: current ratio 0.97, cash €57,666, halved- Size: 11.2 FTE, total assets €4.7m- Equity €1.1m (24.0% of total assets)Show the evidence

Checked score

Score 2025
53 / 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 16% of its sector peers (NACE 27, small)
Performance against the sector, not lower risk
Every signal that weighs is under Signals.
Financial strength · tick = 2024
Weak
Solvency 49-11
equity 24.0% of total assets
Liquidity 26-9
short-term debt 51.3% · cash 1.2%
Profitability 0=
return on assets -30.2%
Bankruptcy probability, 12 months
1.7% Moderate
0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (92 companies)
Last 24 months 11-2024: 0.3% 12-2024: 0.3%● 0.0% vs 11-2024 01-2025: 0.3%▼ -0.9% vs 12-2024 02-2025: 0.3%● 0.0% vs 01-2025 03-2025: 0.3%▼ -2.4% vs 02-2025lowest value 04-2025: 0.3%▲ +2.5% vs 03-2025 05-2025: 0.3%▲ +3.0% vs 04-2025 06-2025: 0.4%▲ +17.4% vs 05-2025 07-2025: 0.5%▲ +35.3% vs 06-2025 08-2025: 1.8%▲ +233% vs 07-2025 09-2025: 1.8%● 0.0% vs 08-2025 10-2025: 1.8%● 0.0% vs 09-2025 11-2025: 1.8%● 0.0% vs 10-2025 12-2025: 1.8%● 0.0% vs 11-2025 01-2026: 1.8%▼ -0.6% vs 12-2025 02-2026: 1.8%● 0.0% vs 01-2026 03-2026: 1.8%▼ -0.7% vs 02-2026 04-2026: 1.8%▲ +2.2% vs 03-2026 05-2026: 1.9%▲ +2.2% vs 04-2026 06-2026: 1.9%▲ +4.7% vs 05-2026 07-2026: 2.0%▲ +4.7% vs 06-2026highest value 08-2026: 1.7%▼ -16.6% vs 07-2026 09-2026: 1.7%● 0.0% vs 08-2026 10-2026: 1.7%● 0.0% vs 09-2026
  • Loss of €1.4m, the second in a row (FY 2025) raises the probability
  • Liquidity: current ratio 0.97, cash €57,666, halved raises the probability
  • Size: 11.2 FTE, total assets €4.7m raises the probability for this profile
  • Equity €1.1m (24.0% of total assets) raises the probability
Credit up to €60,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.97 against 1.11 in 2024; short-term debt: 51.3% and cash: 1.2% of total assets), and 76% of the assets are financed with debt.
How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 27, small). Better than this share of them on solvency 29%, liquidity 21%, profitability 3%, growth against the median 12%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

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Signals

Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Loss of €1.4m, the second in a row (FY 2025)
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Liquidity: current ratio 0.97, cash €57,666, halved
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Size: 11.2 FTE, total assets €4.7m
In the bankruptcy model this factor raises the probability for this profile.
NBB · annual accounts
raises risk · Equity €1.1m (24.0% of total assets)
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025
Net result per financial year
1819202122232425
2018 to 2025 · latest year -€1.4m
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
1 d early
2024
13 d early
2023
1 d early
2022
116 d late
2021
2 d early
2020
40 d early
2019
61 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 after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 37% 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. Usually files around 30 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Position in the running window
03-10-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
  1. Annual accounts filedfiscal year 2025 · full…
  2. Appointment: CCB Management BV (day-to-day manager)Permanent representative: Peter Tourné
  3. Weakest financial yearnet -€1.4m

Key points

  • Caution: Result fell in 2025different schema filed ▼ 82.5% View
  • Caution: Among the weakest 8% on net resultsector median €61,057 · 115 companies -€1.4m View
  • Controlled by HSIultimately: BELGIAN HEATING SOLUTIONS 100% View
  • Caution: 2 loss-making years in a rowloss fiscal year 2025 -€1.4m View
  • New directorlatest change 29-01-2026 · 0 in office 1 joined View
  • Flemish supportawarded 2022 - 2025 €146,255 View

By topic

Financials

Fiscal year
2025
Total assets
€4.7m
Loss
-€1.4m
Solvency
24.0%
Total assets▲ 6.1%
Net result
20182025
Go to Financials

Timeline

Events
18
Since
2016
Next accounts
by 31-07-2027
  1. 30-07-2026Annual accounts filed
  2. 06-03-2026Appointment: CCB Management BV (day-to-day manager)
  3. 31-12-2025Weakest financial year
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Manufacture of electrical equipmentNACE 27402
Founded
27-04-2012
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Go further with this company

How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer 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 What other support did companies like this one receive, and it did not?Subsidies

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