MULTITHERM
ActiveThe file of MULTITHERM contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
The annual accounts of MULTITHERM for fiscal year 2024 show a net loss of 121% of total assets. The computed 12-month bankruptcy probability is 3.1% (moderate). The 2024 annual accounts show equity of €6k and a net result of €-57k. Equity is growing by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 16% of 36376 sector peers (fiscal year 2024).
Checked score
Score 2024
36
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability0▼-32
Solvency38▼-62
Growth32▼-20
Track record85
Bankruptcy probability, 12 months
3.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit 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 0.71 against 4.7 in 2023; short-term debt: 86.9% and cash: 55% of total assets), and 86.9% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine 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 43
Relative position
BE, all sectors
reference
Sector 43
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 2024Solvency, return and age of the figures
Solvency
13.1%
Return on assets
-121.2%
Age of the figures
21 mo
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 (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
192021222324
2019 to 2024 · latest year €-57k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 36376 sector peers (2024).
NBB · sector comparisonPosition among 36376 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-10-2025, 77 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 · 8 filingsDeviation from the deadline
2024
77 d late
2023
8 d late
2022
4 d early
2021
1 d late
2020
48 d early
2019
2 d early
2017
on the day
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Equity
€6k▼ 90.2%
2023 · €63k
2019: €46k
2020: €50k
2021: €67k
2022: €70k
2023: €63k
2019 → 2024
Total assets
€47k▼ 37.2%
2023 · €75k
2019: €77k
2020: €60k
2021: €103k
2022: €83k
2023: €75k
2019 → 2024
Net result
€-57k▼ 805%
2023 · €-6k
2019: €11k
2020: €4k
2021: €17k
2022: €3k
2023: €-6k
2019 → 2024
Working capital
€-12k
2023 · €43k
2019: €45k
2020: €50k
2021: €58k
2022: €40k
2023: €43k
2019 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€50k-€67k▲ 33.7%€70k▲ 4.0%€63k▼ 9.1%€6k▼ 90.2%
Operating result€6k-€25k▲ 338%€10k▼ 62.1%€-3k€-51k▼ 1,445%
Net result€4k-€17k▲ 278%€3k▼ 84.0%€-6k€-57k▼ 805%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €51k in 2024 against €3k in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €47k
Fixed assets
€18k▼ 10.1%
Current assets
€29k▼ 47.0%
Equity and liabilities €47k
Equity
€6k▼ 90.2%
Debt
€41k▲ 249%
The debt ratio rises from 15.6% to 86.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-40k▼
2023 · €7k
Cash flow
€-47k▼
2023 · €3k
Solvency
13.1%▼
2023 · 84.4%
Current ratio
0.71▼
2023 · 4.70
Quick ratio
0.71▼
2023 · 4.70
Debt / equity
6.61▲
2023 · 0.19
ROE
-923.0%▼
2023 · -10.0%
ROA
-121.2%▼
2023 · -8.4%
Interest coverage
-17.20▼
2023 · 2.90
Debt
€41k▲
2023 · €12k
Debt ≤ 1 year
€41k▲
2023 · €12k
Income taxes
€4k▲
2023 · €783
Staff costs
€67k▲
2023 · €23k
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 · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€75k€47k▼
Fixed assets21/28€20k€18k▼
Tangible fixed assets22/27€20k€18k▼
Plant, machinery and equipment23-€422
Furniture and vehicles24€20k€17k▼
Current assets29/58€55k€29k▼
Amounts receivable within one year40/41€48k€3k▼
Trade receivables40€48k-
Other amounts receivable41-€3k
Cash at bank and in hand54/58€7k€26k▲
Equity and liabilities
Total equity and liabilities10/49€75k€47k▼
Equity10/15€63k€6k▼
Contributions10/11€7k€7k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€54k€-3k▼
Amounts payable17/49€12k€41k▲
Amounts payable within one year42/48€12k€41k▲
Trade debts44€7k€450▼
Suppliers440/4€7k€450▼
Taxes, remuneration and social security45€5k€19k▲
Taxes450/3€5k€5k▼
Remuneration and social security454/9-€14k
Other amounts payable47/48-€21k
Income statement
Code20232024
Remuneration, social security and pensions62€23k€67k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€10k▲
Other operating charges640/8€3k€2k▼
Gross operating margin9900€33k€29k▼
Operating profit (loss)9901€-3k€-51k▼
Financial income75/76B-€92
Recurring financial income75-€92
Financial charges65/66B€2k€2k▲
Recurring financial charges65€2k€2k▲
Profit (loss) for the period before taxes9903€-6k€-53k▼
Income taxes67/77€783€4k▲
Profit (loss) for the period9904€-6k€-57k▼
Profit (loss) for the period to be appropriated9905€-6k€-57k▼
Appropriation of the result
Profit (loss) to be appropriated9906€54k€-3k▼
Profit (loss) brought forward from the previous period14P€61k€54k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
16-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 77 days late
14-02
Bankruptcy
Bankruptcy reversal
Tribunal de l’entreprise francophone de Bruxelles · SRL MULTITHERM AVENUE LOUISE 65, 1050 IXELLES. déclarée le 3 février 2025 · event 11-02-2025
10-02
Bankruptcy
Opening
Tribunal de l’entreprise francophone de Bruxelles · SRL MULTITHERM AVENUE LOUISE 65, 1050 IXELLES · event 03-02-2025
2024
31-12
Financial
Weakest financial yearnet €-57k
Net result drops to €-57k, the lowest in the series.
08-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 8 days late
2023
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
01-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1 day late
2021
30-06
Financial
Highest result since 2019net €17k ▲278%
Operating result €25k, net result €17k, both a record.
2020
14-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Liquidity triplescurrent ratio 6.27
Current ratio from 2.45 to 6.27; short-term debt falls from €31k to €9k.
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, Elsene · 1 establishment unit since 2014
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.
Louizalaan 651050 ElseneGround area
2,395 m²
Building footprint
2,689 m²
Volume, LiDAR
69,189 m³
2 parcels, Brussels · tallest building 37.5 m, ±10 floors. Linked by address, not a title deed.
1 establishment unit
MULTITHERM
since 20142.241.734.336
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0007/00R000 | Brussels | 1,683 m² | 1 · 2,433 m² | 35.6 m · 9 fl. |
| 21807G0060/00Z002 | Brussels | 711 m² | 1 · 256 m² | 37.5 m · 10 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | CHRISTOPHE BOURTEMBOURG AVENUE
LOUISE 283/19, 1050 IXELLES- christophe.bourtembourg@everest-
law.eu |
03-02-2025 → present |
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Of 7,041 companies in sector 43221 we hold annual accounts for 3,471. 1,298 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded24-12-2014
Fiscal year end31-12
Activities, NACEBEL
43221Plumbing work
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 23-09-2026. Scores and ratios are computed by Checked and are not a credit decision.