HEATSAIL
ActiveSummary
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 €1.13M and a net result of €-1.43M. Equity is growing by ~16% per year across the filed fiscal years. Its solvency ranks better than 26% of 100 sector peers (fiscal year 2025). The company has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
39
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency49▼-11
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k 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.
Credit advice for your own amount and term
Signals
Five 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 27
Relative position
BE, all sectors
reference
Sector 27
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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-1.43M
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 filingsDeviation 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 →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-1.43M▼ 82.5%
2024 · €-784k
2018: €77k
2019: €198k
2020: €707k
2021: €1.87M
2022: €-818k
2023: €89k
2024: €-784k
2018 → 2025
Working capital
€-72k
2024 · €202k
2018: €184k
2019: €209k
2020: €984k
2021: €2.58M
2022: €-306k
2023: €-213k
2024: €202k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€3.24M-€1.53M▼ 52.8%€2.35M▲ 53.4%€1.56M▼ 33.4%€1.13M▼ 27.5%
Operating result€2.54M-€-769k€11k€-706k€-1.41M▼ 99.8%
Net result€1.87M-€-818k€89k€-784k€-1.43M▼ 82.5%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.41M in 2025 against €706k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.73M
Fixed assets
€2.38M ▼ 3.5%
Current assets
€2.36M ▲ 18.0%
Equity and liabilities €4.73M
Equity
€1.13M ▼ 27.5%
Debt
€3.60M ▲ 24.3%
Debt's share of the balance-sheet total rises from 64.9% to 76.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-1.23M▼
2024 · €-513k
Cash flow
€-1.25M▼
2024 · €-592k
Current ratio
0.97▼
2024 · 1.11
Quick ratio
0.39▼
2024 · 0.44
Debt to equity
3.17▲
2024 · 1.85
ROE
-126.2%▼
2024 · -50.1%
ROA
-30.2%▼
2024 · -17.6%
Interest coverage
-9.52▼
2024 · -5.43
Debt ≤ 1 year
€2.43M▲
2024 · €1.79M
Debt > 1 year
€1.09M▼
2024 · €1.10M
Income taxes
€882▲
2024 · €431
Staff costs
€834k▲
2024 · €715k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 64 lines
Balance sheet
Code20242025
Assets
Total assets20/58€4.46M€4.73M▲
Fixed assets21/28€2.47M€2.38M▼
Intangible fixed assets21€338k€344k▲
Tangible fixed assets22/27€2.13M€2.04M▼
Land and buildings22€1.96M€1.92M▼
Plant, machinery and equipment23€61k€58k▼
Furniture and vehicles24€42k€19k▼
Leasing and similar rights25€65k€41k▼
Financial fixed assets28€896€0▼
Current assets29/58€2.00M€2.36M▲
Stocks and contracts in progress3€1.21M€1.40M▲
Stocks30/36€1.21M€1.40M▲
Amounts receivable within one year40/41€528k€800k▲
Trade receivables40€453k€683k▲
Other amounts receivable41€76k€117k▲
Cash at bank and in hand54/58€146k€58k▼
Deferred charges and accrued income490/1€110k€95k▼
Equity and liabilities
Total equity and liabilities10/49€4.46M€4.73M▲
Equity10/15€1.56M€1.13M▼
Contributions10/11€314k€1.31M▲
Capital10€314k€1.31M▲
Issued capital100€314k€1.31M▲
Revaluation surpluses12€728k€728k=
Reserves13€523k€31k▼
Non-distributable reserves130/1€31k€31k=
Legal reserve130€31k€31k=
Distributable reserves133€491k€0▼
Profit (loss) carried forward14-€-939k
Amounts payable17/49€2.90M€3.60M▲
Amounts payable after more than one year17€1.10M€1.09M▼
Financial debts170/4€1.10M€1.09M▼
Amounts payable within one year42/48€1.79M€2.43M▲
Current portion of amounts payable after more than one year42€165k€1.22M▲
Financial debts43€0€106k▲
Credit institutions430/8€0€106k▲
Trade debts44€900k€350k▼
Suppliers440/4€900k€350k▼
Taxes, remuneration and social security45€114k€50k▼
Taxes450/3€11k€2k▼
Remuneration and social security454/9€103k€49k▼
Other amounts payable47/48€614k€700k▲
Accrued charges and deferred income492/3€977€79k▲
Income statement
Code20242025
Non-recurring operating income76A-€8k
Remuneration, social security and pensions62€715k€834k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€192k€180k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-
Other operating charges640/8€54k€22k▼
Non-recurring operating charges66A€39k€6k▼
Gross operating margin9900€294k€-368k▼
Operating profit (loss)9901€-706k€-1.41M▼
Financial income75/76B€17k€109k▲
Recurring financial income75€12k€109k▲
Non-recurring financial income76B€5k€0▼
Financial charges65/66B€95k€129k▲
Recurring financial charges65€95k€129k▲
Profit (loss) for the period before taxes9903€-783k€-1.43M▼
Income taxes67/77€431€882▲
Profit (loss) for the period9904€-784k€-1.43M▼
Profit (loss) for the period to be appropriated9905€-784k€-1.43M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-784k€-1.43M▼
Transfer from equity791/2€784k€491k▼
Transfer to equity691/2€0-
To other reserves6921€0-
Social balance
Average headcount (FTE)908710.411.2▲
The notes to these accounts (21 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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-1.43M
Net result drops to €-1.43M, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Back to profitnet €89k
Net result €89k after one loss-making year.
31-12
Financial
Equity above €2MEq €2.35M ▲53.4%
Equity rises from €1.53M to €2.35M.
24-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 116 days late
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €1.87M ▲164%
Operating result €2.54M, net result €1.87M, both a record.
31-12
Financial
Equity above €2MEq €3.24M ▲136%
4 profitable years in a row build equity to €3.24M.
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1MEq €1.37M ▲106%
3 profitable years in a row build equity to €1.37M.
Show earlier events
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 61 days late
2019
31-12
Financial
Equity above €500kEq €667k ▲42.1%
2 profitable years in a row build equity to €667k.
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
29-09
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
14 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, Kontich · 1 establishment unit since 2012
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.
Prins Boudewijnlaan 72550 KontichGround area
5.2 ha
Building footprint
5,358 m²
Volume, LiDAR
46,640 m³
Parcel 11024B0077/00M000, Flanders · tallest building 11.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
HEATSAIL
since 20122.209.798.174
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11024B0077/00M000 | Flanders | 5.2 ha | 1 · 5,358 m² | 11.5 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 146,255 EUR awarded · 149,930 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 17,500 EUR | 20,000 EUR |
| 2024 | 2 | 12,500 EUR | 35,000 EUR |
| 2023 | 3 | 81,255 EUR | 64,930 EUR |
| 2022 | 1 | 35,000 EUR | 30,000 EUR |
Schemes
Subsidies voor internationaal ondernemen
Kmo-groeisubsidie: steun voor groeitrajecten bij kmo's (stopgezet)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 256 companies in sector 27402 we hold annual accounts for 157. 88 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded27-04-2012
Fiscal year end31-12
Activities, NACEBEL 2025
25210Manufacture of fabricated metal products, except machinery and equipment
27402Manufacture of electrical equipment
31009Manufacture of furniture
46150Agents in the wholesale of furniture, household goods and hardware
46472Wholesale trade
70200Business and other management consultancy
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesWebsite:www.heatsail.com
E-mail:info@heatsail.com