KREATHERM
ActiveKREATHERM has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €127k and a net result of €-26k. Equity is shrinking by ~6% per year across the filed fiscal years. Its solvency ranks better than 54% of 11195 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency78▼-11
Growth58▼-20
Stability100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days only on tighter terms
Liquidity tight (current ratio 1.37 against 1.65 in 2024), and 53% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
47%
Return on assets
-9.5%
Age of the figures
8 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€26k
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
21 d early
2023
22 d early
2022
26 d early
2021
39 d early
2020
23 d late
2019
21 d late
← before the deadline
after the deadline →
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
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€127k▼ 16.8%
2024 · €153k
2018: €150k
2019: €208k
2020: €192k
2021: €183k
2022: €177k
2023: €153k
2024: €153k
2018 → 2025
Total assets
€270k▼ 0.9%
2024 · €272k
2018: €372k
2019: €324k
2020: €309k
2021: €294k
2022: €315k
2023: €276k
2024: €272k
2018 → 2025
Net result
€-26k▼ 11,359%
2024 · €-224
2018: €-33k
2019: €57k
2020: €-16k
2021: €-9k
2022: €-7k
2023: €-24k
2024: €-224
2018 → 2025
Working capital
€53k▼ 31.3%
2024 · €77k
2018: €4k
2019: €133k
2020: €110k
2021: €103k
2022: €97k
2023: €75k
2024: €77k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€183k-€177k▼ 3.7%€153k▼ 13.6%€153k▼ 0.1%€127k▼ 16.8%
Operating result€-6k-€-4k▲ 31.7%€-20k▼ 360%€4k€-25k
Net result€-9k-€-7k▲ 22.0%€-24k▼ 256%€-224▲ 99.1%€-26k▼ 11,359%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €25k after €4k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €270k
Fixed assets
€74k▼ 1.9%
Current assets
€196k▼ 0.5%
Equity and liabilities €270k
Equity
€127k▼ 16.8%
Debt
€143k▲ 19.3%
The debt ratio rises from 44.0% to 53.0%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€-24k▼
2024 · €6k
Cash flow
€-24k▼
2024 · €2k
Solvency
47.0%▼
2024 · 56.0%
Current ratio
1.37▼
2024 · 1.65
Quick ratio
0.17▲
2024 · 0.14
Debt / equity
1.13▲
2024 · 0.79
ROE
-20.2%▼
2024 · -0.1%
ROA
-9.5%▼
2024 · -0.1%
Interest coverage
-210.65▼
2024 · 1.58
Debt
€143k▲
2024 · €120k
Debt ≤ 1 year
€143k▲
2024 · €120k
Income taxes
€184▼
2024 · €345
Staff costs
€25k▲
2024 · €24k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€272k€270k▼
Fixed assets21/28€75k€74k▼
Tangible fixed assets22/27€75k€73k▼
Land and buildings22€74k€73k▼
Plant, machinery and equipment23€326-
Furniture and vehicles24€967-
Financial fixed assets28€261€261=
Current assets29/58€197k€196k▼
Stocks and contracts in progress3€180k€171k▼
Stocks30/36€180k€171k▼
Amounts receivable within one year40/41€4k€7k▲
Trade receivables40€2k€6k▲
Other amounts receivable41€1k€1k=
Cash at bank and in hand54/58€14k€18k▲
Equity and liabilities
Total equity and liabilities10/49€272k€270k▼
Equity10/15€153k€127k▼
Contributions10/11€7k€7k=
Reserves13€265k€265k=
Tax-exempt reserves132€19k€19k=
Distributable reserves133€245k€245k=
Profit (loss) carried forward14€-119k€-144k▼
Amounts payable17/49€120k€143k▲
Amounts payable within one year42/48€120k€143k▲
Trade debts44€10k€16k▲
Suppliers440/4€10k€16k▲
Taxes, remuneration and social security45€5k€5k▼
Taxes450/3€2k€2k▼
Remuneration and social security454/9€3k€3k▲
Other amounts payable47/48€105k€122k▲
Income statement
Code20242025
Non-recurring operating income76A€4k-
Remuneration, social security and pensions62€24k€25k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€1k▼
Other operating charges640/8€818€4k▲
Gross operating margin9900€31k€5k▼
Operating profit (loss)9901€4k€-25k▼
Financial income75/76B€109€88▼
Recurring financial income75€109€88▼
Financial charges65/66B€4k€114▼
Recurring financial charges65€4k€114▼
Profit (loss) for the period before taxes9903€121€-25k▼
Income taxes67/77€345€184▼
Profit (loss) for the period9904€-224€-26k▼
Profit (loss) for the period to be appropriated9905€-224€-26k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-119k€-144k▼
Profit (loss) brought forward from the previous period14P€-118k€-119k▼
The notes to these accounts (7 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
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
22-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 23 days late
2020
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 21 days late
2019
31-12
Financial
Back to profitnet €57k
Net result €57k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 2.15
Current ratio from 1.02 to 2.15; short-term debt falls from €215k to €116k.
31-12
Financial
Equity above €200kEq €208k ▲38%
Equity rises from €150k to €208k.
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-07
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.
Directors · office · real estate
Directors
1 act for this company is 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, Herzele · 1 establishment unit since 1990
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.
Holbeekstraat 39550 HerzeleGround area
2,716 m²
Building footprint
465 m²
Volume, LiDAR
3,829 m³
2 parcels, Flanders · tallest building 14.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
KREATHERM BVBA
since 19902.047.754.033
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41077B0250/00D000 | Flanders | 1,802 m² | 1 · 129 m² | 8.4 m · 2 fl. |
| 41077B0224/00G002 | Flanders | 914 m² | 1 · 336 m² | 14.1 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels 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
2023 · 1 entry · 87 EUR awarded · 87 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 87 EUR | 87 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 4,406 companies in sector 46180 we hold annual accounts for 1,875. 1,403 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded01-01-1990
Fiscal year end31-12
Activities, NACEBEL
46180Agents specialised in the wholesale of other particular products
46842Wholesale trade
51180
51542
43211General electrical installation work
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
45310
45332
47789Other retail sale of new goods
52498
Sources
Crossroads Bank for EnterprisesNational Bank · 35 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.