Multi Chauffage
ActiveSummary
The computed 12-month bankruptcy probability of Multi Chauffage is 2.1% (moderate). The 2025 annual accounts show equity of €13,871 and a net result of €18,613. Equity is shrinking by ~23.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 30% of 28184 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency54▲+51
Growth32=
Track record94
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.37 against 0.74 in 2024; short-term debt: 71.1% of total assets), and 71.1% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
28.9%
Return on assets
38.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 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 · 5 filingsDeviation from the deadline
2025
25 d late
2024
19 d late
2023
30 d late
2022
31 d late
2021
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 27 days after 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
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Financials · fiscal year 2025, micro schema
Equity
€13,871
2024 · -€4,741
Total assets
€47,917▲ 121%
2024 · €21,715
Net result
€18,613
2024 · -€22,255
Working capital
€12,576
2024 · -€6,839
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€35,337-€4,521▼ 87.2%-€11,381-€18,728▼ 64.6%€20,291
Net result€26,390within the sector's middle half-€4,234within the sector's middle half▼ 84.0%-€11,010below the sector's middle half-€22,255below the sector's middle half▼ 102%€18,613within the sector's middle half
Equity€24,290within the sector's middle half-€28,524within the sector's middle half▲ 17.4%€17,514below the sector's middle half▼ 38.6%-€4,741below the sector's middle half€13,871below the sector's middle half
Total assets€58,811below the sector's middle half-€42,037below the sector's middle half▼ 28.5%€32,061below the sector's middle half▼ 23.7%€21,715below the sector's middle half▼ 32.3%€47,917below the sector's middle half▲ 121%
Debt€34,521-€13,513▼ 60.9%€14,547▲ 7.7%€26,456▲ 81.9%€34,045▲ 28.7%
Working capital€18,858-€12,396▼ 34.3%€10,870▼ 12.3%-€6,839€12,576
Solvency41.3%within the sector's middle half-67.9%above the sector's middle half▲ 26.6pp54.6%within the sector's middle half▼ 13.2pp-21.8%below the sector's middle half▼ 76.5pp28.9%within the sector's middle half▲ 50.8pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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 returns to profit in 2025: €20,291 after a loss of €18,728 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €47,917
Fixed assets
€1,296 ▼ 38.2%
Current assets
€46,621 ▲ 138%
Equity and liabilities €47,917
Equity
€13,871
Debt
€34,045
Debt finances 71.1% of the balance-sheet total.
Key figures and ratios
EBITDA
€21,093▲
2024 · -€11,775
Cash flow
€19,415▲
2024 · -€15,302
Current ratio
1.37▲
2024 · 0.74
Debt to equity
2.45▲
2024 · -5.58
ROE
134.2%
ROA
38.8%▲
2024 · -102.5%
Interest coverage
8.13▲
2024 · -3.17
Debt ≤ 1 year
€34,045▲
2024 · €26,456
Income taxes
€190▲
2024 · €190
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,703 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
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 2.1% 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 497,058 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 6,703 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 | - | - | - | - | €500 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,505 | €9,598 | €9,484 | €6,953 | €802 | ▼ 88.5% |
| Other operating charges640/8 | €833 | €708 | €846 | €1,133 | €1,153 | ▲ 1.7% |
| Gross operating margin9900 | €43,675 | €14,826 | -€1,051 | -€10,643 | €22,246 | ▲ 309% |
| Operating profit (loss)9901 | €35,337 | €4,521 | -€11,381 | -€18,728 | €20,291 | ▲ 208% |
| Financial income75/76B | €0 | €1,045 | €632 | €375 | €1,108 | ▲ 195% |
| Recurring financial income75 | €0 | €1,045 | €632 | €375 | €1,108 | ▲ 195% |
| Financial charges65/66B | €147 | €147 | €171 | €3,712 | €2,595 | ▼ 30.1% |
| Recurring financial charges65 | €147 | €147 | €171 | €3,712 | €2,595 | ▼ 30.1% |
| Profit (loss) for the period before taxes9903 | €35,190 | €5,418 | -€10,920 | -€22,065 | €18,803 | ▲ 185% |
| Income taxes67/77 | €8,800 | €1,184 | €90 | €190 | €190 | ▲ 0.2% |
| Profit (loss) for the period9904 | €26,390 | €4,234 | -€11,010 | -€22,255 | €18,613 | ▲ 184% |
| Profit (loss) for the period to be appropriated9905 | €26,390 | €4,234 | -€11,010 | -€22,255 | €18,613 | ▲ 184% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €58,811 | €42,037 | €32,061 | €21,715 | €47,917 | ▲ 121% |
| Fixed assets21/28 | €25,725 | €16,128 | €6,644 | €2,098 | €1,296 | ▼ 38.2% |
| Tangible fixed assets22/27 | €25,725 | €16,128 | €6,644 | €2,098 | €1,296 | ▼ 38.2% |
| Plant, machinery and equipment23 | €4,527 | €2,369 | €324 | - | - | - |
| Furniture and vehicles24 | €21,199 | €13,759 | €6,319 | €2,098 | €1,296 | ▼ 38.2% |
| Current assets29/58 | €33,086 | €25,909 | €25,417 | €19,617 | €46,621 | ▲ 138% |
| Amounts receivable within one year40/41 | €26,984 | €19,640 | €23,865 | €17,079 | €45,480 | ▲ 166% |
| Trade receivables40 | €3,789 | €5,546 | €11,969 | €16,852 | €12,385 | ▼ 26.5% |
| Other amounts receivable41 | €23,195 | €14,094 | €11,896 | €227 | €33,095 | ▲ 14,484% |
| Cash at bank and in hand54/58 | €5,623 | €4,640 | €695 | - | - | - |
| Deferred charges and accrued income490/1 | €479 | €1,629 | €857 | €2,538 | €1,141 | ▼ 55.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €58,811 | €42,037 | €32,061 | €21,715 | €47,917 | ▲ 121% |
| Equity10/15 | €24,290 | €28,524 | €17,514 | -€4,741 | €13,871 | ▲ 393% |
| Contributions10/11 | €1,300 | €1,300 | €1,300 | €1,300 | €1,300 | = |
| Profit (loss) carried forward14 | €22,990 | €27,224 | €16,214 | -€6,041 | €12,571 | ▲ 308% |
| Amounts payable17/49 | €34,521 | €13,513 | €14,547 | €26,456 | €34,045 | ▲ 28.7% |
| Amounts payable within one year42/48 | €14,228 | €13,513 | €14,547 | €26,456 | €34,045 | ▲ 28.7% |
| Financial debts43 | - | - | - | €18,404 | €30,781 | ▲ 67.3% |
| Credit institutions430/8 | - | - | - | €18,404 | €30,781 | ▲ 67.3% |
| Trade debts44 | €704 | €2,253 | €690 | €6,850 | €1,914 | ▼ 72.1% |
| Suppliers440/4 | €704 | €2,253 | €690 | €6,850 | €1,914 | ▼ 72.1% |
| Advances received on contracts in progress46 | - | - | €9,434 | - | - | - |
| Taxes, remuneration and social security45 | €11,144 | €11,260 | €4,423 | €1,202 | €1,350 | ▲ 12.3% |
| Taxes450/3 | €11,144 | €11,260 | €4,423 | €1,202 | €1,350 | ▲ 12.3% |
| Other amounts payable47/48 | €2,380 | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €20,294 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,390 | €4,234 | -€11,010 | -€22,255 | €18,613 | ▲ 184% |
| + Depreciation and write-downs630 | €7,505 | €9,598 | €9,484 | €6,953 | €802 | ▼ 88.5% |
| Operating cash flow (approximation) | €33,895 | €13,832 | -€1,526 | -€15,302 | €19,415 | ▲ 227% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,407 | €0 | ▲ 100% |
| Change in cash | - | -€983 | -€3,945 | - | - | - |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Back to profitnet €18,613
Net result €18,613 after 2 loss-making years.
19-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 19 days late
2024
31-12
Financial
Weakest financial yearnet -€22,255
Net result drops to -€22,255, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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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, Overijse · 1 establishment unit since 2020
Ground area
3,222 m²
Building footprint
116 m²
Volume, LiDAR
563 m³
Parcel 23546L0314/00W003, Flanders · tallest building 7.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
A&N Concept
since 20202.309.682.638
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23546L0314/00W003 | Flanders | 3,222 m² | 1 · 116 m² | 7.6 m · 2 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.
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,667. 3,005 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
Founded05-11-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0757829920
Also
9925:BE0757829920
Registered
19-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.