SOLITHERM
ActiveSummary
SOLITHERM has been active since 1969 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €71,933. Equity has been growing by about 6.7% per year since 2018. Its solvency ranks better than 33% of 365 sector peers (NACE 23, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 02-06-1969 Normal situation
- Activity
- Manufacture of other non-metallic mineral products NACE 23110and 2 others
- Joint committees
- 115 Paritair Comité voor het glasbedrijf
- 124 Paritair Comité voor het bouwbedrijf
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2021
- Establishment unit
- 2.004.824.209 8790 Waregem, since 01-07-1970
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Board and ownership
Board
- ALT 1912 INVESTDirector · since 06-10-2025 · permanent representative CAFMEYER Dave
- IDUSADirector · since 06-10-2025 · permanent representative SANDERS Julius
Shareholders
- HOOCAF100%30-06-2025 annual accounts of HOOCAF
- DEMACO INVEST99.99%2024 annual accounts of DEMACO INVEST
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
Annual accounts 2025
- Gross margin
- €2.9m
- ▼ 29.8%
- Turnover
- ≈ €5.0m
- estimated
- Profit
- €71,933
- ▼ 91.4%
- Equity
- €1.8m
- ▼ 25.8%
- Total assets
- €5.5m
- ▼ 20.1%
- Employees on 31-12-2025
- 34
- ▼ 12.8%
Net result -91%: other schema
Filed on 09-07-2026, 22 days before the deadline
Score breakdownraises riskLiquidity: current ratio 1.08, cash €334,146, halvedlowers riskSector: Manufacture of other non-metallic mineral products (NACE 23)Size: 34.5 FTE, total assets €5.5mFigures for financial year 2025 (filed on 09-07-2026)Show the evidence
Checked score
Score 2025
87
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 30% of small companies in non-metallic mineral products (NACE 23)
Financial strength · tick: 2024
Average
Solvency
58-2
equity 32.8% of total assets
Liquidity
43-9
short-term debt 33.4% · cash 6.1%
Profitability
52-32
return on assets 1.3%
Bankruptcy probability within 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: < 0.1%▼ -0.1 percentage points vs 05-2025lowest value
07-2025: < 0.1%● unchanged vs 06-2025lowest value
08-2025: < 0.1%● unchanged vs 07-2025lowest value
09-2025: < 0.1%● unchanged vs 08-2025lowest value
10-2025: < 0.1%● unchanged vs 09-2025lowest value
11-2025: < 0.1%● unchanged vs 10-2025lowest value
12-2025: < 0.1%● unchanged vs 11-2025lowest value
01-2026: < 0.1%● unchanged vs 12-2025lowest value
02-2026: < 0.1%● unchanged vs 01-2026lowest value
03-2026: < 0.1%● unchanged vs 02-2026lowest value
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: 0.1%▲ +0.1 percentage points vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.2%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 0.2%● unchanged vs 08-2026highest value
10-2026: 0.2%● unchanged vs 09-2026highest value
11-2026: 0.2%● unchanged vs 10-2026highest value
Credit of up to €150,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.08 (1.28 in 2024), below the usual 1.5. Short-term debt is 33.4% and cash 6.1% of total assets. 67.2% of the assets are financed with debt and provisions.
Calculation
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 23, small). It does better than 37% of them on solvency, 47% on liquidity, 24% on profitability and 11% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
Credit check for an amount and term of your choice
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.
Signals
Five signals.
lowers riskraises riskneutral
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 09-07-2026, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
22 days early
2024
93 days early
2023
15 days early
2022
28 days early
2021
18 days early
2020
32 days early
2019
32 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 34 days before the deadline. In the sector (NACE 23), the median for financial year 2024 was 10 days before the deadline, and 34% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 9 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 49 filings
Turnover
≈ €5.0m
Estimated: probably between €3.4m and €8.3m
EBIT margin
Not included in this filing
Net result
€71,933▼ 91.4%
2024 · €839,307
Working capital
€140,098▼ 76.2%
2024 · €587,623
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 80% lower than in 2024 and the lowest since 2021.
Operating result€0.3m
2025
Net result€0.07m
2025
Total assets€5.5m
2025
Equity€1.8m
2025
Debt€3.7m
2025
Working capital€0.1m
2025
Return on assets (ROA)1.3%
2025
Solvency32.8%
2025
Current ratio1.08
2025
Staff (FTE)34.5
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.9m-€0.6m▼ 32.8%€1.0m▲ 64.5%€0.9m▼ 13.0%€0.5m▼ 40.4%€1.2m▲ 131%€1.3m▲ 5.0%€0.3m▼ 80.5%
Net result€0.6m-€0.4m▼ 31.6%€0.7mabove the sector's middle half▲ 75.2%€0.7mabove the sector's middle half▼ 11.7%€0.4mabove the sector's middle half▼ 31.9%€0.8mabove the sector's middle half▲ 81.7%€0.8mabove the sector's middle half▲ 3.6%€0.07mwithin the sector's middle half▼ 91.4%
Equity€1.4m-€1.6m▲ 14.7%€2.1mabove the sector's middle half▲ 32.8%€2.0mabove the sector's middle half▼ 7.8%€2.2mabove the sector's middle half▲ 11.6%€2.2mabove the sector's middle half▲ 0.5%€2.4mabove the sector's middle half▲ 10.9%€1.8mwithin the sector's middle half▼ 25.8%
Total assets€4.8m-€5.0m▲ 4.9%€5.5mabove the sector's middle half▲ 9.9%€6.2mabove the sector's middle half▲ 12.4%€7.4mabove the sector's middle half▲ 18.7%€7.2mabove the sector's middle half▼ 2.5%€6.9mabove the sector's middle half▼ 4.2%€5.5mwithin the sector's middle half▼ 20.1%
Debt€3.4m-€3.4m▲ 0.9%€3.4m▼ 0.7%€4.2m▲ 23.3%€5.2m▲ 23.5%€5.0m▼ 3.8%€4.4m▼ 10.9%€3.7m▼ 16.9%
Working capital€1.1m-€1.2m▲ 1.8%€1.4mabove the sector's middle half▲ 22.4%€1.2mabove the sector's middle half▼ 11.6%€0.8mwithin the sector's middle half▼ 37.4%€0.8mwithin the sector's middle half▲ 7.7%€0.6mwithin the sector's middle half▼ 30.1%€0.1mwithin the sector's middle half▼ 76.2%
Solvency29.1%-31.7%▲ 2.7pp38.4%within the sector's middle half▲ 6.6pp31.5%within the sector's middle half▼ 6.9pp29.6%within the sector's middle half▼ 1.9pp30.5%within the sector's middle half▲ 0.9pp35.3%within the sector's middle half▲ 4.8pp32.8%within the sector's middle half▼ 2.5pp
Current ratio1.75-1.80▲ 0.051.84within the sector's middle half▲ 0.041.53within the sector's middle half▼ 0.311.30within the sector's middle half▼ 0.231.39within the sector's middle half▲ 0.091.28within the sector's middle half▼ 0.111.08below the sector's middle half▼ 0.20
Return on assets (ROA)12.9%-8.4%▼ 4.5pp13.5%above the sector's middle half▲ 5.0pp10.6%within the sector's middle half▼ 2.9pp6.1%within the sector's middle half▼ 4.5pp11.3%above the sector's middle half▲ 5.2pp12.2%above the sector's middle half▲ 0.9pp1.3%within the sector's middle half▼ 10.9pp
Staff (FTE)39.2-42.4▲ 8.2%43.4above the sector's middle half▲ 2.4%43.8above the sector's middle half▲ 0.9%41.3above the sector's middle half▼ 5.7%40.4above the sector's middle half▼ 2.2%39.2above the sector's middle half▼ 3.0%34.5within the sector's middle half▼ 12.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of other non-metallic mineral products (NACE 23). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Large changes and their cause
- 2025 Net result -91% on 2024. The accounts now follow the full format, last year the abbreviated format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.5m
Fixed assets
€3.5m ▼ 15.2%
Current assets
€2.0m ▼ 27.4%
Equity and liabilities €5.5m
Equity
€1.8m ▼ 25.8%
Debt
€3.7m ▼ 16.9%
Debt's share of the balance-sheet total rises from 64.7% to 67.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€775,093▼
2024 · €1.7m
Cash flow
€595,757▼
2024 · €1.3m
Quick ratio
0.60▼
2024 · 0.86
Debt to equity
2.05▲
2024 · 1.83
ROE
4.0%▼
2024 · 34.6%
Interest coverage
3.85▼
2024 · 7.04
Debt ≤ 1 year
€1.8m▼
2024 · €2.1m
Debt > 1 year
€1.8m▼
2024 · €2.3m
Income taxes
€29,966▼
2024 · €263,358
Staff costs
€2.0m▼
2024 · €2.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 41 | 40 | 40 | 39 | 34 |
| full-time | 37 | 35 | 35 | 31 | 26 |
| part-time | 4 | 5 | 5 | 8 | 8 |
| in full-time equivalents | 40.2 | 39 | 39 | 37.4 | 32.5 |
| Average over the year, in full-time equivalents | 43.8 | 41.3 | 40.4 | 39.2 | 34.5 |
| On a permanent contract | 40 | 39 | 39 | 38 | 33 |
| Joined | 5 | 5 | 8 | 3 | 3 |
| Left | 7 | 6 | 8 | 4 | 8 |
| Training hours | 1,856 | 1,712 | 1,944 | 1,830 | 1,532 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.7m | €3.0m | €2.7m | €2.4m | €2.7m |
| Mortgages, amount registered | €347,051 | €347,051 | €347,051 | €347,051 | €347,051 |
| Mortgage mandates | €2.6m | €2.6m | €2.6m | €2.6m | €2.6m |
| Carrying value of the mortgaged assets | €608,445 | €1.4m | €1.7m | €1.7m | €2.4m |
| Pledge on the business | €598,736 | €598,736 | €598,736 | €598,736 | €598,736 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €378,716 | €1.7m | €595,263 | €772,652 | €241,857 |
| Financial fixed assets | €2,397 | €135 | - | - | €0 |
| Depreciation and write-downs of the year | €220,803 | €344,562 | €372,341 | €456,142 | €523,824 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €8,837 awarded · €8,627 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,849 | €2,639 |
| 2024 | 1 | €4,232 | €4,232 |
| 2023 | 1 | €1,160 | €1,160 |
| 2022 | 1 | €596 | €596 |
Comparable companies
These companies have the same main activity as SOLITHERM: manufacture of other non-metallic mineral products (NACE 23110). They are comparable in size and age: total assets between €1.9m and €5.4m, founded between 1974 and 2003.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| SOLITHERM Waregem | 1969 | €5.5m | €1.8m | €2.9m | - | €0.07m | 34.5 | 2025 |
| AGC Energypane Hannut | 1982 | €5.4m | €4.5m | - | €7.9m | -€0.3m | 34.8 | 2025 |
| SEMFIX DIMITRY SEMEELEN Fernelmont | 1993 | €4.4m | €2.4m | €1.1m | - | €0.3m | 11.4 | 2025 |
| CYGLA Heusden-Zolder | 1990 | €3.3m | €2.0m | - | €5.0m | €0.4m | 48.7 | 2025 |
| GLASCENTRALE Wevelgem | 2003 | €1.9m | €1.7m | €1.4m | - | -€0.05m | 19.5 | 2025 |
| SAFETYGLASS Fleurus | 1999 | €5.0m | €2.9m | - | €8.5m | -€0.3m | 27.6 | 2025 |
| A.S.E.-Brecht Brecht | 1974 | €3.9m | €3.8m | €0.3m | - | €0.1m | - | 2025 |
They were chosen from the 37 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 14,766 companies had the same profile as SOLITHERM has now. Two years later, 0.2% had gone bankrupt and 96.2% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96.2%
was still going
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of SOLITHERM itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,445 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 14,766 companies, not a prediction for SOLITHERM. 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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.07m | €0 | €0.002m | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €2.3m | €2.3m | €2.4m | €2.3m | €2.0m | ▼ 13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | ▲ 14.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.002m | €0.005m | -€0.008m | €0 | €0.05m | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.06m | €0.06m | €0.06m | ▼ 2.1% |
| Non-recurring operating charges66A | - | - | - | €0.06m | €0.005m | €0.005m | €250 | €0 | ▼ 100% |
| Gross operating margin9900 | €3.2m | €3.3m | €3.6m | €3.5m | €3.2m | €4.1m | €4.1m | €2.9m | ▼ 29.8% |
| Operating profit (loss)9901 | €0.9m | €0.6m | €1.0m | €0.9m | €0.5m | €1.2m | €1.3m | €0.3m | ▼ 80.5% |
| Financial income75/76B | - | - | - | €0.07m | €0.06m | €0.07m | €0.06m | €0.05m | ▼ 16.6% |
| Recurring financial income75 | €0.06m | €0.07m | €0.07m | €0.07m | €0.06m | €0.07m | €0.06m | €0.05m | ▼ 16.6% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 18.8% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 18.8% |
| Profit (loss) for the period before taxes9903 | €0.9m | €0.6m | €1.0m | €0.9m | €0.5m | €1.1m | €1.1m | €0.1m | ▼ 90.8% |
| Income taxes67/77 | €0.3m | €0.2m | €0.3m | €0.2m | €0.01m | €0.3m | €0.3m | €0.03m | ▼ 88.6% |
| Profit (loss) for the period9904 | €0.6m | €0.4m | €0.7m | €0.7m | €0.4m | €0.8m | €0.8m | €0.07m | ▼ 91.4% |
| Profit (loss) for the period to be appropriated9905 | €0.6m | €0.4m | €0.7m | €0.7m | €0.4m | €0.8m | €0.8m | €0.07m | ▼ 91.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.8m | €5.0m | €5.5m | €6.2m | €7.4m | €7.2m | €6.9m | €5.5m | ▼ 20.1% |
| Fixed assets21/28 | €2.1m | €2.4m | €2.4m | €2.6m | €3.9m | €4.1m | €4.1m | €3.5m | ▼ 15.2% |
| Tangible fixed assets22/27 | €0.6m | €0.9m | €0.9m | €1.1m | €2.4m | €2.6m | €2.9m | €3.5m | ▲ 19.3% |
| Land and buildings22 | - | - | - | €0.8m | €1.6m | €1.8m | €1.8m | €2.6m | ▲ 40.8% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.3m | €0.4m | €0.7m | €0.6m | ▼ 8.4% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.1m | €0.07m | €0.09m | €0.08m | ▼ 9.4% |
| Leasing and similar rights25 | - | - | - | €0.04m | €0.4m | €0.3m | €0.3m | €0.2m | ▼ 36.0% |
| Financial fixed assets28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.2m | €0.002m | ▼ 99.8% |
| Current assets29/58 | €2.6m | €2.6m | €3.1m | €3.6m | €3.4m | €3.0m | €2.7m | €2.0m | ▼ 27.4% |
| Stocks and contracts in progress3 | €0.5m | €0.5m | €0.6m | €0.7m | €1.0m | €0.9m | €0.9m | €0.9m | ▲ 0.4% |
| Stocks30/36 | - | - | - | €0.7m | €1.0m | €0.9m | €0.9m | €0.9m | ▲ 0.4% |
| Amounts receivable within one year40/41 | €1.5m | €1.5m | €1.5m | €1.8m | €1.6m | €1.5m | €1.0m | €0.7m | ▼ 29.4% |
| Trade receivables40 | - | - | - | €1.5m | €1.6m | €1.2m | €0.9m | €0.6m | ▼ 34.0% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.08m | €0.3m | €0.05m | €0.08m | ▲ 56.6% |
| Cash at bank and in hand54/58 | €0.6m | €0.5m | €1.0m | €1.0m | €0.7m | €0.6m | €0.8m | €0.3m | ▼ 59.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.07m | €0.1m | €0.04m | €0.02m | €0.06m | ▲ 222% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.8m | €5.0m | €5.5m | €6.2m | €7.4m | €7.2m | €6.9m | €5.5m | ▼ 20.1% |
| Equity10/15 | €1.4m | €1.6m | €2.1m | €2.0m | €2.2m | €2.2m | €2.4m | €1.8m | ▼ 25.8% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Revaluation surpluses12 | - | - | - | - | - | - | - | €0.9m | - |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €1.5m | €1.8m | €0.3m | ▼ 82.8% |
| Non-distributable reserves130/1 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €1.4m | €1.6m | €0.2m | ▼ 89.6% |
| Profit (loss) carried forward14 | €0.4m | €0.6m | €1.1m | €1.0m | €1.2m | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | - | - | - | €0.06m | €0 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.06m | €0 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.06m | €0 | - | - | - | - |
| Amounts payable17/49 | €3.4m | €3.4m | €3.4m | €4.2m | €5.2m | €5.0m | €4.4m | €3.7m | ▼ 16.9% |
| Amounts payable after more than one year17 | €1.9m | €2.0m | €1.7m | €1.8m | €2.5m | €2.8m | €2.3m | €1.8m | ▼ 22.6% |
| Financial debts170/4 | - | - | - | €1.8m | €2.5m | €2.8m | €2.3m | €1.8m | ▼ 22.6% |
| Amounts payable within one year42/48 | €1.5m | €1.4m | €1.7m | €2.4m | €2.6m | €2.2m | €2.1m | €1.8m | ▼ 14.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 3.1% |
| Financial debts43 | - | - | - | €0.7m | €0.6m | €0.2m | €0.2m | €0.8m | ▲ 405% |
| Credit institutions430/8 | - | - | - | €0.7m | €0.6m | €0.2m | €0.2m | €0.8m | ▲ 405% |
| Trade debts44 | €0.1m | €0.2m | €0.1m | €0.4m | €0.9m | €0.5m | €0.6m | €0.4m | ▼ 41.7% |
| Suppliers440/4 | - | - | - | €0.4m | €0.9m | €0.5m | €0.6m | €0.4m | ▼ 41.7% |
| Advances received on contracts in progress46 | - | - | - | €0 | €0.03m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 22.7% |
| Taxes450/3 | - | - | - | €0.2m | €0.1m | €0.09m | €0.03m | €0.07m | ▲ 88.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 44.0% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.3m | €0.8m | €0.6m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.003m | €0 | - | €0.07m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.6m | €0.4m | €0.7m | €0.7m | €0.4m | €0.8m | €0.8m | €0.07m | ▼ 91.4% |
| + Depreciation and write-downs630 | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | ▲ 14.8% |
| Operating cash flow (approximation) | €0.8m | €0.7m | €1.0m | €0.9m | €0.8m | €1.2m | €1.3m | €0.6m | ▼ 54.0% |
| Investment in fixed assets (approximation) | - | -€0.6m | -€0.3m | -€0.4m | -€1.7m | -€0.6m | -€0.5m | €0.1m | - |
| Change in cash | - | -€0.1m | €0.5m | €0.04m | -€0.4m | -€0.09m | €0.3m | -€0.5m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 09-07-2026 | 2026-00276677 | NBB |
| 31-12-2024 | abbreviated format | 29-04-2025 | 2025-00088666 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00253716 | |
| 31-12-2022 | abbreviated format | 03-07-2023 | 2023-00204704 | |
| 31-12-2021 | abbreviated format | 13-07-2022 | 2022-20210056 | |
| 31-12-2020 | abbreviated format | 29-06-2021 | 2021-30200046 | |
| 31-12-2019 | abbreviated format | 29-06-2020 | 2020-21900264 | |
| 31-12-2018 | abbreviated format | 16-07-2019 | 2019-33500523 | |
| 31-12-2017 | abbreviated format | 15-03-2018 | 2018-06800239 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36600125 |
Board & ownership
Directors
Directors
2 directors, last change in 2025
Board 2
ALT 1912 INVEST
Current
Director · since 06-10-2025 · earlier gedelegeerd bestuurder en voorzitter van de raad van bestuur, until 31-10-2025 · 6-year term from 2025 · Private limited company · permanent representative: CAFMEYER Dave · also on the board of 1 other company · listed in the 2025 annual accounts, filed on 09-07-2026
IDUSA
Current
Director · since 06-10-2025 · 6-year term from 2025 · Public limited company · permanent representative: SANDERS Julius · also on the board of 3 other companies · listed in the 2025 annual accounts, filed on 09-07-2026
Permanent representatives 2
CAFMEYER Dave
Current
Permanent representative · appointed in the act of 31-10-2025 · for ALT 1912 INVEST
SANDERS Julius
Current
Permanent representative · appointed in the act of 31-10-2025 · for IDUSA
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“Algemene vertegenwoordigingsbevoegdheid: In overeenstemming met de statuten wordt de vennootschap in en buiten rechte vertegenwoordigd door…”
deed of 02-04-2025Owners and capital
Shareholders
2 ownersChain of control
- CAFMILLERS
- HOOCAF
- SOLITHERM
Owners 2
- HOOCAFparentEquity €4.3m Profit of €772,385 in 2025 (profit of €948,165 in 2024)100%
- DEMACO INVESTparent99.99%
Capital transactions
Capital over time
- 11-12-2023 Capital stated in the deed · €640,000 · 8,457 shares
Mandate history
5 people, 2 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| ALT 1912 INVEST |
|
| IDUSA |
|
| HOOCAF |
|
| HOORNAERT Patrick |
|
| Demaco Invest |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Raad van bestuur, fysiek in België of buitenland op plaats in oproeping”
Articles of association, deed of 11-12-2023 (in Dutch)
Network & group
Companies at the same address
2 other companiesConnections & network
4 connected companiesThis company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Linked via shared directors
AUSTIN AP3
Shared corporate director
→
Barton AP
Shared corporate director
→
CAFMILLERS
Shared corporate director
→
MD LIFTING
Shared corporate director
→
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
09-07
full format · 22 days before the deadline
2025
31-12
Financial
Weakest financial yearnet €71,933 ▼91.4%
The net result drops to €71,933, the lowest from 2018 to 2025.
31-10
Gazette deed
Company renamed from SOLIVER WAREGEM to SOLITHERMResignations: ALT 1912 INVEST, HOOCAF and HOORNAERT Patrick · Permanent representatives: CAFMEYER Dave, HOORNAERT Philippe and SANDERS Julius · Appointments: ALT 1912 INVEST (director) and IDUSA (director)13 points ▸
Gazette deed
Company renamed from SOLIVER WAREGEM to SOLITHERM
Resignations: ALT 1912 INVEST, HOOCAF and HOORNAERT Patrick · Permanent representatives: CAFMEYER Dave, HOORNAERT Philippe and SANDERS Julius · Appointments: ALT 1912 INVEST (director) and IDUSA (director)13 points ▸
- General meeting, 17-10-2025
- Name change, SOLITHERM
- Director resignation, ALT 1912 INVEST (director)
- Director resignation, HOOCAF (director)
- Director resignation, HOORNAERT Patrick (director)
- Permanent representative, CAFMEYER Dave
- Permanent representative, HOORNAERT Philippe
- Director appointment, ALT 1912 INVEST (director)
- Director appointment, IDUSA (director)
- Permanent representative, SANDERS Julius
- Board meeting, 06-10-2025
- Director resignation, ALT 1912 INVEST (gedelegeerd bestuurder en voorzitter van de raad van bestuur)
- The act holds 1 more point.
27-05
Gazette deed
Resignations & appointmentsResignation: DEMACO INVEST (director) · Permanent representatives: Patrick HOORNAERT, Dave CAFMEYER and Philippe HOORNAERT · Appointment: Patrick HOORNAERT (director)9 points ▸
Gazette deed
Resignations & appointments
Resignation: DEMACO INVEST (director) · Permanent representatives: Patrick HOORNAERT, Dave CAFMEYER and Philippe HOORNAERT · Appointment: Patrick HOORNAERT (director)9 points ▸
- General meeting, 12-05-2025
- Director resignation, DEMACO INVEST (director)
- Merger, “fusie door overneming, voorafgaandelijk aan dezer” (deed in Dutch)
- Permanent representative, Patrick HOORNAERT
- Director appointment, Patrick HOORNAERT (director)
- Director in office, ALT 1912 INVEST (director)
- Director in office, HOOCAF (director)
- Permanent representative, Dave CAFMEYER
- Permanent representative, Philippe HOORNAERT
29-04
abbreviated format · 93 days before the deadline
02-04
Gazette deed
Reappointments: DEMACO INVEST BV, ALT 1912 INVEST BV and HOOCAF NVPermanent representatives: Hoornaert Patrick, Cafmeyer Dave and Hoornaert Philippe9 points ▸
Gazette deed
Reappointments: DEMACO INVEST BV, ALT 1912 INVEST BV and HOOCAF NV
Permanent representatives: Hoornaert Patrick, Cafmeyer Dave and Hoornaert Philippe9 points ▸
- General meeting, 02-06-2023
- Director reappointment, DEMACO INVEST BV (director)
- Director reappointment, ALT 1912 INVEST BV (director)
- Director reappointment, HOOCAF NV (director)
- Permanent representative, Hoornaert Patrick
- Permanent representative, Cafmeyer Dave
- Permanent representative, Hoornaert Philippe
- Board meeting, 02-06-2023
- Director reappointment, ALT 1912 INVEST BV (managing director)
2024
31-12
Financial
Highest result from 2018 to 2025net €839,307 ▲3.6%
The operating result of €1.3m and the net result of €839,307 are both a record.
16-07
abbreviated format · 15 days before the deadline
2023
11-12
Gazette deed
Amendment of the articlesPurpose change · Capital · Power of attorney5 points ▸
Gazette deed
Amendment of the articles
Purpose change · Capital · Power of attorney5 points ▸
- Purpose change
- Other provision, “wijziging interne beslissingsbevoegdheid, versterkt aanwezigheidsquorum raad van bestuur” (deed in Dutch)
- Amendment of the articles, mentioned 2 times in the deed
- Capital, €640,000
- Power of attorney
03-07
abbreviated format · 28 days before the deadline
2022
31-12
Financial
Equity above €2mequity €2.2m ▲11.6%
With a profit in every financial year since 2018, equity grows to €2.2m.
13-07
abbreviated format · 18 days before the deadline
Show earlier events
2021
29-06
abbreviated format · 32 days before the deadline
2020
31-12
Financial
Equity above €2mequity €2.1m ▲32.8%
With a profit in every financial year since 2018, equity grows to €2.1m.
29-06
abbreviated format · 32 days before the deadline
2019
16-07
abbreviated format · 15 days before the deadline
2018
15-03
abbreviated format · 138 days before the deadline
2017
26-07
abbreviated format · 5 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
SOLITHERM in Dutch
Former name
SOLIVER WAREGEM until the act of 31-10-2025
Enterprise number
0406.724.760
Legal form
Public limited company
Status
Active, normale toestand
Founded
02-06-1969
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 11-12-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest, bij besluit bestuursorgaan met gewone meerderheid mag vennootschap bijhuizen,exploitatiezetels,administratieve…”
deed of 11-12-2023 (in Dutch)Registered office and establishments
Registered office
Caseelstraat 124, 8790 Waregem, Belgium
Establishment unit
Solitherm, Caseelstraat 124, 8790 Waregem since 01-07-1970 · unit number 2.004.824.20923120 Manufacture of other non-metallic mineral products
Activities
NACEBEL 2025VAT activities
23110
Manufacture of other non-metallic mineral products main activity
68121
Development of residential building projects
Social security (RSZ) activities
23120
Manufacture of other non-metallic mineral products main activity
Codes under NACEBEL 2008
VAT activities
23110
Manufacture of other non-metallic mineral products main activity
41101
Real estate development
Social security (RSZ) activities
23120
Manufacture of other non-metallic mineral products main activity
Codes under NACEBEL 2003
VAT activities
26110
main activity
70111
Social security (RSZ) activities
26120
main activity
Joint committees
115 Paritair Comité voor het glasbedrijf
124 Paritair Comité voor het bouwbedrijf
200 Aanvullend Paritair Comité voor de bedienden annual accounts 2021
Invoicing and payment
VAT number
BE 0406.724.760
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 0406.724.760
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Saturday of June at 11:00
deed of 11-12-2023 (in Dutch)Recognitions · licences · registrations
Recognised contractor
1 categorySOLITHERM NVapproval number 14707
- D14 Glazingclass 2, up to €330,000
Environmental permits
3 applications in Flanders since 2021 · 2 granted
Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie
Bouwen of herbouwen; Het reliëf van de bodem aanmerkelijk wijzigen; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie
Bouwen of herbouwen; Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Slopen of verwijderen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden; Verwijderen van vrijstaande gebouwen
Source: Omgevingsloket Vlaanderen.
Sites & property
Location
Buildings and parcels at the address
Ground area
2.2 ha
Building footprint
6,624 m²
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 34453D0511/00X000 | Flanders | 2.2 ha | 1 · 6,624 m² | - |