POLARSUN
ActiveThe computed 12-month bankruptcy probability of POLARSUN is 2.5% (moderate). The 2025 annual accounts show equity of €575k and a net result of €-124k. Equity is growing by ~13.3% per year across the filed fiscal years. Its solvency ranks better than 23% of 7689 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
22
/ 100
Critical▼ -44 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-7
Solvency35▼-13
Growth52▼-26
Stability94
Bankruptcy probability, 12 months
2.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.21 against 1.3 in 2024), and 77.9% 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.
+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
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 7689 sector peers (2025).
NBB · sector comparisonPosition among 7689 sector peers
Solvency
better than 23%
← weakest
strongest →
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 30-07-2026, 1 day ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
1 d early
2024
41 d early
2023
44 d early
2022
52 d early
← 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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-124k
2024 · €10k
2022: €-2k
2023: €591k
2024: €10k
2022 → 2025
Working capital
€400k▼ 24.8%
2024 · €532k
2022: €106k
2023: €611k
2024: €532k
2022 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€98k-€690k▲ 601%€699k▲ 1.4%€575k▼ 17.8%
Operating result€9k-€833k▲ 9,311%€60k▼ 92.7%€-80k
Net result€-2k-€591k€10k▼ 98.4%€-124k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €80k after €60k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.60M
Fixed assets
€296k▼ 5.6%
Current assets
€2.31M▼ 0.9%
Equity and liabilities €2.60M
Equity
€575k▼ 17.8%
Provisions
€36k▼ 44.2%
Debt
€1.99M▲ 6.1%
The debt ratio rises from 71.1% to 76.5%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€56k▼
2024 · €172k
Cash flow
€12k▼
2024 · €122k
Solvency
22.1%▼
2024 · 26.5%
Current ratio
1.21▼
2024 · 1.30
Quick ratio
0.94▼
2024 · 1.00
Debt / equity
3.46▲
2024 · 2.68
ROE
-21.6%▼
2024 · 1.4%
ROA
-4.8%▼
2024 · 0.4%
Interest coverage
1.31▼
2024 · 6.78
Debt
€1.99M▲
2024 · €1.88M
Debt ≤ 1 year
€1.91M▲
2024 · €1.80M
Debt > 1 year
€86k▲
2024 · €82k
Income taxes
€3k▼
2024 · €26k
Staff costs
€1.41M▲
2024 · €1.27M
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€2.64M€2.60M▼
Fixed assets21/28€314k€296k▼
Intangible fixed assets21€71k€65k▼
Tangible fixed assets22/27€237k€225k▼
Plant, machinery and equipment23€50k€46k▼
Furniture and vehicles24€69k€50k▼
Leasing and similar rights25€100k€110k▲
Other tangible fixed assets26€18k€19k▲
Financial fixed assets28€6k€6k=
Current assets29/58€2.33M€2.31M▼
Stocks and contracts in progress3€535k€519k▼
Stocks30/36€429k€305k▼
Contracts in progress37€107k€215k▲
Amounts receivable within one year40/41€1.18M€1.66M▲
Trade receivables40€317k€967k▲
Other amounts receivable41€865k€697k▼
Cash at bank and in hand54/58€587k€88k▼
Deferred charges and accrued income490/1€24k€35k▲
Equity and liabilities
Total equity and liabilities10/49€2.64M€2.60M▼
Equity10/15€699k€575k▼
Contributions10/11€100k€100k=
Profit (loss) carried forward14€599k€475k▼
Provisions and deferred taxes16€64k€36k▼
Provisions for liabilities and charges160/5€64k€36k▼
Other liabilities and charges164/5€64k€36k▼
Amounts payable17/49€1.88M€1.99M▲
Amounts payable after more than one year17€82k€86k▲
Financial debts170/4€82k€86k▲
Amounts payable within one year42/48€1.80M€1.91M▲
Current portion of amounts payable after more than one year42€31k€129k▲
Financial debts43€42k€550k▲
Credit institutions430/8€42k€550k▲
Other loans439-€0
Trade debts44€1.05M€1.04M▼
Suppliers440/4€1.05M€1.04M▼
Advances received on contracts in progress46€524k€106k▼
Taxes, remuneration and social security45€149k€86k▼
Taxes450/3€43k€0▼
Remuneration and social security454/9€106k€86k▼
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Remuneration, social security and pensions62€1.27M€1.41M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€112k€136k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€17k€-7k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-50k€-28k▲
Other operating charges640/8€31k€25k▼
Gross operating margin9900€1.44M€1.45M▲
Operating profit (loss)9901€60k€-80k▼
Financial income75/76B€589€1k▲
Recurring financial income75€589€1k▲
Financial charges65/66B€25k€43k▲
Recurring financial charges65€25k€43k▲
Profit (loss) for the period before taxes9903€36k€-122k▼
Income taxes67/77€26k€3k▼
Profit (loss) for the period9904€10k€-124k▼
Profit (loss) for the period to be appropriated9905€10k€-124k▼
Appropriation of the result
Profit (loss) to be appropriated9906€599k€475k▼
Profit (loss) brought forward from the previous period14P€590k€599k▲
Social balance
Average headcount (FTE)908719.621.5▲
The notes to these accounts (21 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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-124k ▼1378%
Net result drops to €-124k, the lowest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €591k
Net result €591k after one loss-making year.
31-12
Financial
Equity above €500kEq €690k ▲601%
Equity rises from €98k to €690k.
09-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
8 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, Blégny · 1 establishment unit since 2021
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.
Rue du Fort 54671 BlégnyGround area
5,888 m²
Building footprint
643 m²
Volume, LiDAR
2,616 m³
2 parcels, Wallonia · tallest building 13.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
POLARSUN
since 20212.332.312.837
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62010A0125/00M000 | Wallonia | 3,194 m² | 1 · 305 m² | 13.6 m · 1 fl. |
| 62010A0142/00A002 | Wallonia | 2,693 m² | 1 · 338 m² | 5.9 m · 1 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.
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VALUTHERM
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Of 9,478 companies in sector 43222 we hold annual accounts for 5,625. 3,817 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded09-06-2021
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
43990Other specialised construction activities
43999Specialised construction activities
71121Engineering and related technical consultancy, excluding land surveyors
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.