HVAC Solution
ActiveSummary
HVAC Solution has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €114,351 and a net result of €69,604. Equity is growing by ~17.6% per year across the filed fiscal years. Its solvency ranks better than 25% of 9557 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability87▲+8
Solvency50▼-20
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity tight (current ratio 1.0 against 1.29 in 2024; short-term debt: 36.6% and cash: 21.3% of total assets), and 75.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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
24.5%
Return on assets
14.9%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 9557 sector peers (2025).
NBB · sector comparisonPosition among 9557 sector peers
Solvency
better than 25%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-09-2026, 39 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 · 7 filingsDeviation from the deadline
2025
39 d late
2024
31 d late
2023
26 d late
2022
30 d late
2021
31 d late
2020
30 d late
2019
31 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 31 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% 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 31 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€114,351▼ 33.8%
2024 · €172,747
Total assets
€466,147▲ 22.1%
2024 · €381,693
Net result
€69,604▲ 127%
2024 · €30,701
Working capital
€348▼ 97.8%
2024 · €15,870
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€91,934▲ 5.6%€67,846▼ 26.2%€58,490▼ 13.8%€47,962▼ 18.0%€107,963▲ 125%
Net result€72,026above the sector's middle half▲ 4.0%€48,841above the sector's middle half▼ 32.2%€39,063within the sector's middle half▼ 20.0%€30,701within the sector's middle half▼ 21.4%€69,604above the sector's middle half▲ 127%
Equity€159,890above the sector's middle half▲ 95.8%€125,983within the sector's middle half▼ 21.2%€153,546within the sector's middle half▲ 21.9%€172,747above the sector's middle half▲ 12.5%€114,351within the sector's middle half▼ 33.8%
Total assets€221,634within the sector's middle half▲ 15.6%€356,968above the sector's middle half▲ 61.1%€368,838above the sector's middle half▲ 3.3%€381,693above the sector's middle half▲ 3.5%€466,147above the sector's middle half▲ 22.1%
Debt€61,744▼ 43.9%€230,985▲ 274%€215,292▼ 6.8%€208,946▼ 2.9%€317,365▲ 51.9%
Working capital€157,331above the sector's middle half▲ 109%-€4,297below the sector's middle half€14,249within the sector's middle half€15,870within the sector's middle half▲ 11.4%€348below the sector's middle half▼ 97.8%
Solvency72.1%within the sector's middle half▲ 29.5pp35.3%within the sector's middle half▼ 36.8pp41.6%within the sector's middle half▲ 6.3pp45.3%within the sector's middle half▲ 3.6pp24.5%below the sector's middle half▼ 20.7pp
Current ratio3.55within the sector's middle half▲ 1.870.94below the sector's middle half▼ 2.611.24within the sector's middle half▲ 0.301.29within the sector's middle half▲ 0.041.00below the sector's middle half▼ 0.28
Return on assets (ROA)32.5%above the sector's middle half▼ 3.6pp13.7%within the sector's middle half▼ 18.8pp10.6%within the sector's middle half▼ 3.1pp8.0%within the sector's middle half▼ 2.5pp14.9%within the sector's middle half▲ 6.9pp
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 125% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €466,147
Fixed assets
€294,993 ▼ 4.9%
Current assets
€171,154 ▲ 140%
Equity and liabilities €466,147
Equity
€114,351 ▼ 33.8%
Provisions
€34,431
Debt
€317,365 ▲ 51.9%
Debt's share of the balance-sheet total rises from 54.7% to 68.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€119,316▲
2024 · €59,678
Cash flow
€80,957▲
2024 · €42,417
Debt to equity
2.78▲
2024 · 1.21
ROE
60.9%▲
2024 · 17.8%
Interest coverage
19.64▲
2024 · 8.57
Debt ≤ 1 year
€170,806▲
2024 · €55,451
Debt > 1 year
€146,559▼
2024 · €153,495
Income taxes
€32,284▲
2024 · €10,294
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,679 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
1.2%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 2,679 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,566 | €5,751 | €9,373 | €11,716 | €11,353 | ▼ 3.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €34,431 | - |
| Other operating charges640/8 | €693 | €2,666 | €2,311 | €4,925 | €2,728 | ▼ 44.6% |
| Non-recurring operating charges66A | - | - | - | - | €2,807 | - |
| Gross operating margin9900 | €96,193 | €76,263 | €70,174 | €64,603 | €159,282 | ▲ 147% |
| Operating profit (loss)9901 | €91,934 | €67,846 | €58,490 | €47,962 | €107,963 | ▲ 125% |
| Financial income75/76B | - | - | €12 | - | - | - |
| Recurring financial income75 | - | - | €12 | - | - | - |
| Financial charges65/66B | €91 | €2,655 | €7,762 | €6,967 | €6,075 | ▼ 12.8% |
| Recurring financial charges65 | €91 | €2,655 | €7,762 | €6,967 | €6,075 | ▼ 12.8% |
| Profit (loss) for the period before taxes9903 | €91,843 | €65,191 | €50,740 | €40,995 | €101,888 | ▲ 149% |
| Income taxes67/77 | €19,817 | €16,350 | €11,677 | €10,294 | €32,284 | ▲ 214% |
| Profit (loss) for the period9904 | €72,026 | €48,841 | €39,063 | €30,701 | €69,604 | ▲ 127% |
| Profit (loss) for the period to be appropriated9905 | €72,026 | €48,841 | €39,063 | €30,701 | €69,604 | ▲ 127% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €221,634 | €356,968 | €368,838 | €381,693 | €466,147 | ▲ 22.1% |
| Formation expenses20 | - | - | - | €278 | - | - |
| Fixed assets21/28 | €2,644 | €292,371 | €295,771 | €310,094 | €294,993 | ▼ 4.9% |
| Tangible fixed assets22/27 | €2,644 | €292,371 | €295,771 | €310,094 | €294,993 | ▼ 4.9% |
| Land and buildings22 | - | €291,665 | €293,283 | €296,934 | €289,778 | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €11,072 | - | - |
| Furniture and vehicles24 | €2,644 | €706 | €2,488 | €2,088 | €5,215 | ▲ 150% |
| Current assets29/58 | €218,990 | €64,597 | €73,067 | €71,321 | €171,154 | ▲ 140% |
| Amounts receivable within one year40/41 | €15,294 | €46,754 | €34,063 | €24,775 | €71,420 | ▲ 188% |
| Trade receivables40 | €15,294 | €46,754 | €25,186 | €24,119 | €70,491 | ▲ 192% |
| Other amounts receivable41 | - | - | €8,877 | €656 | €929 | ▲ 41.6% |
| Cash at bank and in hand54/58 | €203,696 | €16,483 | €36,679 | €46,215 | €99,420 | ▲ 115% |
| Deferred charges and accrued income490/1 | - | €1,360 | €2,325 | €331 | €314 | ▼ 5.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €221,634 | €356,968 | €368,838 | €381,693 | €466,147 | ▲ 22.1% |
| Equity10/15 | €159,890 | €125,983 | €153,546 | €172,747 | €114,351 | ▼ 33.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €141,290 | €107,383 | €134,946 | €154,147 | €95,751 | ▼ 37.9% |
| Provisions and deferred taxes16 | - | - | - | - | €34,431 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €34,431 | - |
| Other liabilities and charges164/5 | - | - | - | - | €34,431 | - |
| Amounts payable17/49 | €61,744 | €230,985 | €215,292 | €208,946 | €317,365 | ▲ 51.9% |
| Amounts payable after more than one year17 | - | €162,091 | €156,474 | €153,495 | €146,559 | ▼ 4.5% |
| Financial debts170/4 | - | €161,091 | €155,074 | €148,345 | €141,409 | ▼ 4.7% |
| Other amounts payable178/9 | - | €1,000 | €1,400 | €5,150 | €5,150 | = |
| Amounts payable within one year42/48 | €61,659 | €68,894 | €58,818 | €55,451 | €170,806 | ▲ 208% |
| Current portion of amounts payable after more than one year42 | - | €6,331 | €6,527 | €6,729 | €6,937 | ▲ 3.1% |
| Trade debts44 | €1,073 | €7,677 | €8,866 | €10,222 | €988 | ▼ 90.3% |
| Suppliers440/4 | €1,073 | €7,677 | €8,866 | €10,222 | €988 | ▼ 90.3% |
| Taxes, remuneration and social security45 | €56,187 | €54,886 | €31,925 | €27,000 | €46,881 | ▲ 73.6% |
| Taxes450/3 | €39,208 | €54,886 | €31,925 | €27,000 | €46,881 | ▲ 73.6% |
| Remuneration and social security454/9 | €16,979 | - | - | - | - | - |
| Other amounts payable47/48 | €4,399 | - | €11,500 | €11,500 | €116,000 | ▲ 909% |
| Accrued charges and deferred income492/3 | €85 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,026 | €48,841 | €39,063 | €30,701 | €69,604 | ▲ 127% |
| + Depreciation and write-downs630 | €3,566 | €5,751 | €9,373 | €11,716 | €11,353 | ▼ 3.1% |
| Operating cash flow (approximation) | €75,592 | €54,592 | €48,436 | €42,417 | €80,957 | ▲ 90.9% |
| Investment in fixed assets (approximation) | - | -€295,478 | -€12,773 | -€26,039 | €3,748 | ▲ 114% |
| Change in cash | - | -€187,213 | €20,196 | €9,536 | €53,205 | ▲ 458% |
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
08-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 39 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-12
Financial
Weakest financial yearnet €30,701 ▼21.4%
Net result drops to €30,701, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 26 days late
2023
31-12
Financial
Equity above €150,000Eq €153,546 ▲21.9%
5 profitable years in a row build equity to €153,546.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2019net €72,026 ▲4%
Net result €72,026, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 3.55
Current ratio from 1.69 to 3.55; short-term debt falls from €110,059 to €61,659.
31-12
Financial
Equity above €150,000Eq €159,890 ▲95.8%
3 profitable years in a row build equity to €159,890.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
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.
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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, Sint-Agatha-Berchem · 1 establishment unit since 2018
Ground area
195 m²
Building footprint
195 m²
Volume, LiDAR
2,457 m³
Parcel 21003A0149/00P000, Brussels · tallest building 17.0 m, ±5 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Falco Technics Design
since 20182.302.307.272
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21003A0149/00P000 | Brussels | 195 m² | 1 · 195 m² | 17.0 m · 5 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
Legal Entity Identifier
9845004A54F37AC1F342
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Of 11,577 companies in sector 71121 we hold annual accounts for 6,570. 5,251 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
Founded04-12-2018
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0715431913
Also
9925:BE0715431913
Registered
09-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.