THERMO-CONCEPT
ActiveTHERMO-CONCEPT has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €189k and a net result of €32k. Equity remains stable across the filed fiscal years (±1% per year). Its solvency ranks better than 55% of 2033 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
89
/ 100
Excellent▲ +67 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability84▲+84
Solvency80▲+46
Growth58▲+26
Stability100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17k at 30 days acceptable
Liquidity tight (current ratio 1.49 against 1.13 in 2024), and 53.4% 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.
−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 →
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
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
46.6%
Return on assets
7.8%
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 11-08-2026, 11 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 · 10 filingsDeviation from the deadline
2025
11 d late
2024
28 d late
2023
26 d late
2022
88 d late
2021
110 d late
2020
30 d late
2019
46 d late
← 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, full schema
Turnover
€1.05M
EBIT margin
0.8%
Net result
€32k
2024 · €-57k
2018: €8k
2019: €7k
2020: €5k
2021: €2k
2022: €2k
2023: €4k
2024: €-57k
2018 → 2025
Working capital
€107k▲ 48.3%
2024 · €72k
2018: €135k
2019: €141k
2020: €151k
2021: €149k
2022: €119k
2023: €112k
2024: €72k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€1.05M-
Equity€208k-€210k▲ 0.9%€214k▲ 2.1%€157k▼ 26.6%€189k▲ 20.2%
Operating result€9k-€12k▲ 39.9%€14k▲ 15.6%€-45k€48k
Net result€2k-€2k▼ 14.4%€4k▲ 144%€-57k€32k
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €48k after a loss of €45k in 2024, the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €405k
Fixed assets
€82k▼ 3.6%
Current assets
€323k▼ 47.8%
Equity and liabilities €405k
Equity
€189k▲ 20.2%
Debt
€216k▼ 60.4%
The debt ratio falls from 77.7% to 53.4%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€56k▲
2024 · €-35k
Cash flow
€39k▲
2024 · €-48k
Solvency
46.6%▲
2024 · 22.3%
Current ratio
1.49▲
2024 · 1.13
Quick ratio
1.49▲
2024 · 0.68
Debt / equity
1.15▼
2024 · 3.49
ROE
16.8%▲
2024 · -36.3%
ROA
7.8%▲
2024 · -8.1%
Interest coverage
3.47▲
2024 · -3.78
Debt
€216k▼
2024 · €547k
Debt ≤ 1 year
€216k▼
2024 · €547k
Income taxes
€309▼
2024 · €3k
Staff costs
€-1k▼
2024 · €68k
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€704k€405k▼
Fixed assets21/28€85k€82k▼
Tangible fixed assets22/27€38k€35k▼
Furniture and vehicles24€38k€35k▼
Financial fixed assets28€47k€47k=
Current assets29/58€619k€323k▼
Stocks and contracts in progress3€248k-
Contracts in progress37€248k-
Amounts receivable within one year40/41€358k€308k▼
Trade receivables40€308k€280k▼
Other amounts receivable41€50k€28k▼
Cash at bank and in hand54/58€13k€14k▲
Equity and liabilities
Total equity and liabilities10/49€704k€405k▼
Equity10/15€157k€189k▲
Contributions10/11€12k€12k=
Outside capital11€12k€12k=
Other1109/19€12k€12k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€143k€174k▲
Amounts payable17/49€547k€216k▼
Amounts payable within one year42/48€547k€216k▼
Trade debts44€535k€212k▼
Suppliers440/4€535k€212k▼
Taxes, remuneration and social security45€12k€4k▼
Taxes450/3€6k€4k▼
Remuneration and social security454/9€6k-
Income statement
Code20242025
Non-recurring operating income76A€85€72▼
Remuneration, social security and pensions62€68k€-1k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€9k€8k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€42k-
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A€4k€371▼
Gross operating margin9900€82k€56k▼
Operating profit (loss)9901€-45k€48k▲
Financial income75/76B€15-
Recurring financial income75€15-
Financial charges65/66B€9k€16k▲
Recurring financial charges65€9k€16k▲
Non-recurring financial charges66B-€27
Profit (loss) for the period before taxes9903€-54k€32k▲
Income taxes67/77€3k€309▼
Profit (loss) for the period9904€-57k€32k▲
Profit (loss) for the period to be appropriated9905€-57k€32k▲
Appropriation of the result
Profit (loss) to be appropriated9906€143k€174k▲
Profit (loss) brought forward from the previous period14P€200k€143k▼
Social balance
Average headcount (FTE)90871.2-
The notes to these accounts (10 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
01-09
State Gazette act
Board meeting · Registered-office moveBoard meeting · Registered-office move2 facts ▸
State Gazette act
Board meeting · Registered-office move
Board meeting · Registered-office move2 facts ▸
- Board meeting, 2026-08-04
- Registered-office move, Rue Large Voie n°27 4040 HERSTAL
11-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 11 days late
2025
31-12
Financial
Back to profitnet €32k
Net result €32k after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-57k ▼1419%
Net result drops to €-57k, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 26 days late
2023
27-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 88 days late
2022
18-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 110 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
15-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 46 days late
2019
31-12
Financial
Equity above €200kEq €201k ▲3.3%
2 profitable years in a row build equity to €201k.
22-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 22 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 29 days late
2017
08-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 8 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Herstal · 1 establishment unit since 2009
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.
Large Voie 274040 HerstalGround area
693 m²
Building footprint
34 m²
Volume, LiDAR
95 m³
2 parcels, Wallonia · tallest building 3.7 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Thermo-Concept
since 20092.182.686.872
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62051C0998/00R002 | Wallonia | 428 m² | - | - |
| 62112B0158/00N016 | Wallonia | 264 m² | 1 · 33 m² | 3.7 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.
Recognitions · licences · registrations
Recognised contractor
5 categoriesTHERMO-CONCEPT SRL34948
Similar companies · same sector, comparable size
RONNY MATTHEEUWS
BE 0891.831.757
Aalter · Eq €186k
DAKWERKEN VAN DE VERRE PIETER
BE 0840.946.250
Lebbeke · Eq €186k
TOITURES GREGORY PERRANG
BE 0810.896.541
Tintigny · Eq €192k
LONGFILLERS
BE 0429.571.923
Antwerpen · Eq €193k
SD Services
BE 0883.222.216
Herent · Eq €183k
Of 363 companies in sector 43421 we hold annual accounts for 201. 157 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-09-2009
Fiscal year end31-12
Activities, NACEBEL
43421Specialised construction activities
43320Joinery installation
43910Bricklaying and masonry work
43994Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.