Equity
Equity fell by 91% in 2 years.
Equity fell by 91% in 2 years.
The result fell in 2024 from -€6,312 to -€57,114.
Short-term debts rose from €11,736 to €40,922.
Latest accounts filed late: after the legal deadline.
Lower net result than 95% of companies in specialised construction. Sector median €9,467 · 35,925 companies.
The dashed line is the sector median: 0.7% across 47,701 companies (NACE 43, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 16% of them on solvency, 47% on liquidity and 4% on profitability.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 1,294 companies had the same profile as MULTITHERM has now. Each dot stands for 4 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MULTITHERM itself: 3.1% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,294 companies, not a prediction for MULTITHERM. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.71 (4.7 in 2023), below 1. Short-term debt is 86.9% and cash 55% of total assets. 86.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 5 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MULTITHERM Ixelles | €47,111 | €29,267 | 13.1% | - |
| TUUR VANMARCKE Wortegem-Petegem | €51,461 | €30,330 | 0.5% | - |
| KUTLU CHAUFFAGE Jette | €54,392 | €40,380 | 51.1% | - |
| CHAUFFA HOUSE Molenbeek-Saint-Jean | €60,026 | €37,277 | 64.4% | - |
| Dbouchage-Expert Evere | €60,997 | €38,671 | 54.8% | - |
| LSVB Denderleeuw | €53,653 | €26,971 | 42.5% | - |
| DAVE VINCK Malle | €57,857 | €32,853 | 75.5% | - |
These companies have the same main activity as MULTITHERM: plumbing work (NACE 43221). They are comparable in size and age: total assets between €51,500 and €61,000, founded between 2012 and 2016.
MULTITHERM files the micro format. That format states no turnover. The gross margin rose from €9,721 in 2016 to €29,267 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €160,000. Estimated: probably between €100,000 and €210,000.
Higher than 16% of 35,956 companies in 2024.
Higher than 12% of 35,354 companies in 2024.
Lower than 95% of 35,538 companies in 2024.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
20/58 |
47,111 | 75,037 | 83,313 | 103,272 | 59,534 | 76,744 | 28,523 | 15,483 | |
21/28 |
17,875 | 19,880 | 29,675 | 9,273 | - | 304 | - | - | |
22/27 |
17,875 | 19,880 | 29,675 | 9,273 | - | 304 | - | - | |
23 |
422 | - | - | - | - | - | - | - | |
24 |
17,452 | 19,880 | 29,675 | 9,273 | - | 304 | - | - | |
29/58 |
29,236 | 55,158 | 53,639 | 94,000 | 59,534 | 76,440 | 28,523 | 15,483 | |
40/41 |
3,337 | 48,380 | 39,999 | 71,359 | 46,433 | 76,000 | 26,195 | 15,221 | |
40 |
- | 48,380 | 39,692 | 71,359 | 46,433 | 76,000 | 112 | 13,065 | |
41 |
3,337 | - | 307 | - | - | - | 26,083 | 2,156 | |
54/58 |
25,899 | 6,778 | 13,008 | 22,079 | 12,907 | 440 | 2,328 | 262 | |
490/1 |
- | - | 632 | 562 | 194 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||
10/49 |
47,111 | 75,037 | 83,313 | 103,272 | 59,534 | 76,744 | 28,523 | 15,483 | |
10/15 |
6,188 | 63,302 | 69,614 | 66,919 | 50,036 | 45,575 | 21,626 | 12,045 | |
10/11 |
7,000 | 7,000 | 7,000 | 7,000 | 8,860 | 7,000 | 7,000 | 7,000 | |
100 |
- | - | - | - | 20,460 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | 11,600 | 11,600 | 11,600 | 11,600 | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | - | 1,860 | 1,300 | 300 | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
130 |
- | - | - | - | - | 1,860 | 1,300 | 300 | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
14 |
-2,672 | 54,442 | 60,754 | 58,059 | 41,176 | 36,715 | 13,326 | 4,745 | |
17/49 |
40,922 | 11,736 | 13,699 | 36,354 | 9,498 | 31,169 | 6,897 | 3,437 | |
42/48 |
40,922 | 11,736 | 13,699 | 36,354 | 9,498 | 31,169 | 6,897 | 3,437 | |
44 |
450 | 6,658 | 1,209 | 21,622 | 7,171 | 27,300 | - | - | |
440/4 |
450 | 6,658 | 1,209 | 21,622 | 7,171 | 27,300 | - | - | |
46 |
- | - | - | 7,445 | - | - | - | - | |
45 |
19,001 | 5,078 | 12,490 | 7,280 | 2,327 | 3,292 | 6,897 | 3,061 | |
450/3 |
4,539 | 5,078 | 9,166 | 7,280 | 841 | 3,292 | 6,897 | 3,061 | |
454/9 |
14,462 | - | 3,324 | - | 1,486 | - | - | - | |
47/48 |
21,471 | - | - | 7 | - | 578 | - | 376 | |
| Income statement | |||||||||
9900 |
29,267 | 33,100 | 44,907 | 54,899 | 10,066 | 16,683 | 12,909 | 9,721 | |
62 |
67,284 | 23,415 | 23,220 | 25,104 | 3,375 | - | - | - | |
630 |
10,459 | 9,795 | 9,598 | 2,114 | 304 | 304 | - | 800 | |
640/8 |
2,351 | 3,179 | 2,445 | 2,216 | 575 | 348 | 686 | 784 | |
66A |
- | - | - | - | - | 1,300 | - | - | |
9901 |
-50,827 | -3,289 | 9,644 | 25,466 | 5,811 | 14,731 | 12,223 | 8,137 | |
75/76B |
92 | - | - | - | - | - | 1,206 | 0 | |
75 |
92 | - | - | - | - | - | 1,206 | 0 | |
65/66B |
2,347 | 2,240 | 195 | 326 | 432 | 307 | 12 | 31 | |
65 |
2,347 | 2,240 | 195 | 326 | 432 | 307 | 12 | 31 | |
9903 |
-53,082 | -5,529 | 9,449 | 25,140 | 5,379 | 14,424 | 13,417 | 8,107 | |
67/77 |
4,032 | 783 | 6,754 | 8,257 | 918 | 3,836 | 3,836 | 3,061 | |
9904 |
-57,114 | -6,312 | 2,695 | 16,883 | 4,461 | 10,589 | 9,581 | 5,045 | |
9905 |
-57,114 | -6,312 | 2,695 | 16,883 | 4,461 | 10,589 | 9,581 | 5,045 | |
| Appropriation of the result | |||||||||
9906 |
-2,672 | 54,442 | 60,754 | 58,059 | 41,176 | 36,715 | 14,326 | 5,045 | |
14P |
54,442 | 60,754 | 58,059 | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | 1,000 | 300 | |
6920 |
- | - | - | - | - | - | 1,000 | 300 | |
| Social balance sheet | |||||||||
9087 |
1.5 | - | - | - | - | - | - | - | |
Hours worked1013 |
3,155 | - | - | - | - | - | - | - | |
| Document | |||||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2024 (PDF), filed on 16-10-2025.
2024 annual accounts filed 77 days after the deadline. Filed on 16 October 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00546839.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 16-10-2025 | 2025-00546839 | |
| 30-06-2023 | micro format | 08-02-2024 | 2024-00030138 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00022880 | |
| 30-06-2021 | micro format | 01-02-2022 | 2022-04800403 | |
| 30-06-2020 | micro format | 14-12-2020 | 2020-75500513 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02800583 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04400208 | |
| 30-06-2016 | full format | 27-01-2017 | 2017-02900165 |
| Line | Trend | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| -40,368 | 6,506 | 19,242 | 27,580 | 6,115 | 15,036 | - | 8,937 | ||
| -46,654 | 3,483 | 12,293 | 18,997 | 4,766 | 10,893 | - | 5,845 | ||
| 8,454 | 0 | 30,000 | 11,386 | 0 | - | - | - | ||
| 19,121 | -6,230 | -9,071 | 9,172 | 12,467 | - | 2,066 | - | ||
| -11,687 | 43,422 | 39,939 | 57,646 | 50,036 | 45,270 | 21,626 | 12,045 | ||
| 13.1% | 84.4% | 83.6% | 64.8% | 84.0% | 59.4% | 75.8% | 77.8% | ||
| 0.71 | 4.70 | 3.92 | 2.59 | 6.27 | 2.45 | 4.14 | 4.50 | ||
| 6.61 | 0.19 | 0.20 | 0.54 | 0.19 | 0.68 | 0.32 | 0.29 | ||
| -923.0% | -10.0% | 3.9% | 25.2% | 8.9% | 23.2% | 44.3% | 41.9% | ||
| -121.2% | -8.4% | 3.2% | 16.3% | 7.5% | 13.8% | 33.6% | 32.6% | ||
| -17.20 | 2.90 | 98.76 | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2024 |
|---|---|
| Employees at the balance-sheet date | 2 |
| full-time | 1 |
| part-time | 1 |
| in full-time equivalents | 1.5 |
| 1.5 | |
| On a permanent contract | 2 |
Source: social balance sheet in the 2024 annual accounts
| Item | 2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|
| Tangible fixed assets | €8,454 | - | €30,000 |
| €10,459 | €9,795 | €9,598 |
Source: notes to the 2022 to 2024 annual accounts (statement of fixed assets)
The operating result for 2024 is a loss of €50,827, larger than the loss of €3,289 in 2023. It is the lowest result since 2016.
Debt's share of the balance-sheet total rises from 15.6% to 86.9%. Equity is lower and debt is higher.
MULTITHERM has no parent and no holdings in its annual accounts. HASSUN Abderrahim is the only director. MULTITHERM shares no director with another company.
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Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 65 registered office 1050 Ixelles | ||
| Louizalaan 137 1050 Brussels | 24-12-2014 | 2.241.734.336 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21807G0007/00R000 | 1,683 m² | 1 · 2,433 m² | 35.6 m · 9 |
| 21807G0060/00Z002 | 711 m² | 1 · 256 m² | 37.5 m · 10 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0507.737.689
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