THERMODUCT
ActiveSummary
THERMODUCT has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €3.3m and a net result of €232,587. Equity is growing by ~7.3% per year across the filed fiscal years. Its solvency ranks better than 89% of 7454 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability76▼-12
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €250,000 at 30 days acceptable
Liquidity ample (current ratio 5.08 against 6.4 in 2023; short-term debt: 18.3% and cash: 9% of total assets), and 19.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← 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 2024Solvency, return and age of the figures
Solvency
80.3%
Return on assets
5.6%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 01-07-2025, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
30 d early
2023
34 d early
2022
14 d early
2021
51 d early
2020
31 d late
2020
123 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 37 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, abbreviated schema
In the rankings
#1 fastest grower in Mortsel#2 company by total assets in Mortsel, Construction sector#2 company by equity in Mortsel, Construction sector
Equity
€3.3m▼ 23.2%
2023 · €4.3m
Total assets
€4.1m▼ 20.1%
2023 · €5.2m
Net result
€232,587▼ 70.1%
2023 · €779,003
Working capital
€3.1m▼ 26.2%
2023 · €4.2m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€804,965-€1.6m▲ 104%€1.1m▼ 35.6%€1.1m▼ 0.9%€328,470▼ 68.7%
Net result€542,352above the sector's middle half-€1.2mabove the sector's middle half▲ 128%€830,330above the sector's middle half▼ 32.9%€779,003above the sector's middle half▼ 6.2%€232,587above the sector's middle half▼ 70.1%
Equity€3.6mabove the sector's middle half-€4.9mabove the sector's middle half▲ 34.1%€3.6mabove the sector's middle half▼ 26.9%€4.3mabove the sector's middle half▲ 21.9%€3.3mabove the sector's middle half▼ 23.2%
Total assets€5.1mabove the sector's middle half-€6.3mabove the sector's middle half▲ 22.7%€7.6mabove the sector's middle half▲ 20.3%€5.2mabove the sector's middle half▼ 31.7%€4.1mabove the sector's middle half▼ 20.1%
Debt€1.5m-€1.5m▼ 4.5%€4.0m▲ 179%€853,244▼ 78.9%€815,500▼ 4.4%
Working capital€3.6m-€4.9m▲ 34.9%€3.4m▼ 29.5%€4.2m▲ 22.3%€3.1m▼ 26.2%
Solvency70.5%above the sector's middle half-77.0%above the sector's middle half▲ 6.5pp46.8%within the sector's middle half▼ 30.2pp83.6%above the sector's middle half▲ 36.8pp80.3%above the sector's middle half▼ 3.2pp
Staff (FTE)11.8above the sector's middle half-13.5above the sector's middle half▲ 14.4%21.8above the sector's middle half▲ 61.5%24.5above the sector's middle half▲ 12.4%21above the sector's middle half▼ 14.3%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2021 Net result +128% on 2020. The previous fiscal year ran 6 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2024 is 69% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.1m
Fixed assets
€297,708 ▲ 30.4%
Current assets
€3.8m ▼ 22.5%
Equity and liabilities €4.1m
Equity
€3.3m ▼ 23.2%
Debt
€815,500 ▼ 4.4%
Debt's share of the balance-sheet total rises from 16.4% to 19.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€408,517▼
2023 · €1.1m
Cash flow
€312,634▼
2023 · €837,623
Current ratio
5.08▼
2023 · 6.40
Quick ratio
3.07▼
2023 · 4.70
Debt to equity
0.25▲
2023 · 0.20
ROE
7.0%▼
2023 · 18.0%
ROA
5.6%▼
2023 · 15.0%
Interest coverage
6.63▼
2023 · 17.01
Debt ≤ 1 year
€757,445▼
2023 · €774,891
Debt > 1 year
€37,727▼
2023 · €56,547
Income taxes
€93,355▼
2023 · €279,168
Staff costs
€1.6m▼
2023 · €1.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,129 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,980 | €8,323 | €20,661 | €7,938 | ▼ 61.6% |
| Remuneration, social security and pensions62 | - | €761,663 | €1.5m | €1.7m | €1.6m | ▼ 5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,464 | €27,674 | €40,298 | €58,619 | €80,047 | ▲ 36.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €10,932 | €7,938 | €0 | €20,166 | - |
| Other operating charges640/8 | - | €42,107 | €17,770 | €7,308 | €15,196 | ▲ 108% |
| Non-recurring operating charges66A | - | €11,696 | €0 | - | - | - |
| Gross operating margin9900 | €1.2m | €2.5m | €2.6m | €2.8m | €2.0m | ▼ 27.6% |
| Operating profit (loss)9901 | €804,965 | €1.6m | €1.1m | €1.1m | €328,470 | ▼ 68.7% |
| Financial income75/76B | - | €101,246 | €125,293 | €72,624 | €59,101 | ▼ 18.6% |
| Recurring financial income75 | €51,685 | €101,240 | €124,279 | €72,624 | €59,101 | ▼ 18.6% |
| Non-recurring financial income76B | - | €6 | €1,014 | €0 | - | - |
| Financial charges65/66B | - | €57,394 | €65,000 | €65,229 | €61,629 | ▼ 5.5% |
| Recurring financial charges65 | €115,110 | €57,394 | €65,000 | €65,229 | €61,629 | ▼ 5.5% |
| Profit (loss) for the period before taxes9903 | €741,541 | €1.7m | €1.1m | €1.1m | €325,942 | ▼ 69.2% |
| Income taxes67/77 | €199,189 | €451,862 | €290,391 | €279,168 | €93,355 | ▼ 66.6% |
| Profit (loss) for the period9904 | €542,352 | €1.2m | €830,330 | €779,003 | €232,587 | ▼ 70.1% |
| Transfer from tax-exempt reserves789 | - | - | €248,000 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €542,352 | €1.2m | €1.1m | €779,003 | €232,587 | ▼ 70.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.1m | €6.3m | €7.6m | €5.2m | €4.1m | ▼ 20.1% |
| Fixed assets21/28 | €75,392 | €57,980 | €147,091 | €228,339 | €297,708 | ▲ 30.4% |
| Intangible fixed assets21 | €4,320 | €2,160 | €37,074 | €34,665 | €36,636 | ▲ 5.7% |
| Tangible fixed assets22/27 | €71,072 | €55,820 | €110,017 | €193,674 | €261,072 | ▲ 34.8% |
| Land and buildings22 | - | €4,200 | €3,500 | €2,800 | €2,100 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | €23,458 | €12,242 | €13,163 | €24,333 | ▲ 84.9% |
| Furniture and vehicles24 | - | €28,162 | €47,446 | €64,115 | €139,306 | ▲ 117% |
| Leasing and similar rights25 | - | - | - | €74,646 | €60,960 | ▼ 18.3% |
| Other tangible fixed assets26 | - | - | €46,829 | €38,950 | €34,373 | ▼ 11.8% |
| Current assets29/58 | €5.1m | €6.3m | €7.5m | €5.0m | €3.8m | ▼ 22.5% |
| Amounts receivable after more than one year29 | - | €542,883 | €543,238 | €393,238 | €393,238 | = |
| Other amounts receivable291 | - | €542,883 | €543,238 | €393,238 | €393,238 | = |
| Stocks and contracts in progress3 | €1.1m | €1.7m | €1.9m | €1.3m | €1.5m | ▲ 15.6% |
| Stocks30/36 | - | €1.7m | €1.7m | €1.2m | €1.3m | ▲ 13.1% |
| Contracts in progress37 | - | - | €121,534 | €123,669 | €173,205 | ▲ 40.1% |
| Amounts receivable within one year40/41 | €2.3m | €3.1m | €4.4m | €2.3m | €1.6m | ▼ 33.2% |
| Trade receivables40 | - | €1.6m | €2.0m | €1.4m | €968,352 | ▼ 28.4% |
| Other amounts receivable41 | - | €1.5m | €2.5m | €980,640 | €590,679 | ▼ 39.8% |
| Current investments50/53 | €739,858 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €976,045 | €977,544 | €604,874 | €884,277 | €372,982 | ▼ 57.8% |
| Deferred charges and accrued income490/1 | - | €10,407 | €16,738 | €33,315 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.1m | €6.3m | €7.6m | €5.2m | €4.1m | ▼ 20.1% |
| Equity10/15 | €3.6m | €4.9m | €3.6m | €4.3m | €3.3m | ▼ 23.2% |
| Contributions10/11 | €62,000 | €62,000 | €88,025 | €88,025 | €88,025 | = |
| Capital10 | - | €62,000 | €88,025 | €88,025 | €88,025 | = |
| Issued capital100 | - | €62,000 | €88,025 | €88,025 | €88,025 | = |
| Reserves13 | €2.7m | €2.7m | €3.0m | €3.0m | €1.8m | ▼ 41.2% |
| Non-distributable reserves130/1 | - | €6,200 | €41,393 | €41,393 | €41,393 | = |
| Legal reserve130 | - | €6,200 | €41,393 | €41,393 | €41,393 | = |
| Tax-exempt reserves132 | - | €347,500 | €99,500 | €99,500 | €99,500 | = |
| Distributable reserves133 | - | €2.4m | €2.9m | €2.9m | €1.6m | ▼ 43.2% |
| Profit (loss) carried forward14 | €842,266 | €2.1m | €460,016 | €1.2m | €1.5m | ▲ 18.8% |
| Amounts payable17/49 | €1.5m | €1.5m | €4.0m | €853,244 | €815,500 | ▼ 4.4% |
| Amounts payable after more than one year17 | - | - | - | €56,547 | €37,727 | ▼ 33.3% |
| Financial debts170/4 | - | - | - | €56,547 | €37,727 | ▼ 33.3% |
| Amounts payable within one year42/48 | €1.5m | €1.4m | €4.0m | €774,891 | €757,445 | ▼ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,042 | €18,820 | ▲ 4.3% |
| Trade debts44 | €1.2m | €561,204 | €891,172 | €508,431 | €572,807 | ▲ 12.7% |
| Suppliers440/4 | - | €561,204 | €891,172 | €508,431 | €572,807 | ▲ 12.7% |
| Advances received on contracts in progress46 | - | - | €80,230 | €77,815 | €68,711 | ▼ 11.7% |
| Taxes, remuneration and social security45 | - | €751,713 | €609,690 | €170,603 | €97,107 | ▼ 43.1% |
| Taxes450/3 | - | €685,053 | €487,220 | €37,757 | €53 | ▼ 99.9% |
| Remuneration and social security454/9 | - | €66,660 | €122,470 | €132,846 | €97,053 | ▼ 26.9% |
| Other amounts payable47/48 | - | €95,004 | €2.5m | €0 | - | - |
| Accrued charges and deferred income492/3 | - | €43,904 | €14,000 | €21,806 | €20,327 | ▼ 6.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €542,352 | €1.2m | €830,330 | €779,003 | €232,587 | ▼ 70.1% |
| + Depreciation and write-downs630 | €46,464 | €27,674 | €40,298 | €58,619 | €80,047 | ▲ 36.6% |
| Operating cash flow (approximation) | €588,816 | €1.3m | €870,628 | €837,623 | €312,634 | ▼ 62.7% |
| Investment in fixed assets (approximation) | - | -€10,262 | -€129,409 | -€139,867 | -€149,416 | ▼ 6.8% |
| Change in cash | - | €1,500 | -€372,671 | €279,403 | -€511,295 | ▼ 283% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €232,587 ▼70.1%
Net result drops to €232,587, the lowest in the series.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity triplescurrent ratio 6.40
Current ratio from 1.85 to 6.40; short-term debt falls from €4.0m to €774,891.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2019net €1.2m ▲128%
Net result €1.2m, the highest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
24-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
10-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
30-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
17-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 17 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
11 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, Mortsel · 1 establishment unit since 1991
Ground area
1,486 m²
Building footprint
168 m²
Volume, LiDAR
1,012 m³
2 parcels, Flanders · tallest building 6.4 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
THERMODUCT NV
since 19912.053.024.497
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11029A0269/00D003 | Flanders | 1,056 m² | 1 · 168 m² | 6.4 m · 2 fl. |
| 11029A0269/00E003 | Flanders | 429 m² | - | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- Magnum Heating GroupNL
- THERMODUCT
Highest known parent: Magnum Heating Group (Netherlands). The sources do not say who stands above it.
Owners 1
- Magnum Heating GroupNLparentSourceown accounts 2024100%
Holdings 0
The accounts to 31-12-2024 list no holdings, and no other source names one.
According to the 2024 annual accounts of THERMODUCT and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 9,519 EUR awarded · 9,565 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 1,532 EUR | 1,578 EUR |
| 2023 | 1 | 5,114 EUR | 5,114 EUR |
| 2022 | 1 | 2,873 EUR | 2,873 EUR |
Recognitions · licences · registrations
Recognised contractor
1 categoryTHERMODUCT NV41719
Similar companies · same sector, comparable size
OPTIMEX ENGINEERING
BE 0523.872.650
Rixensart · Eq €3,359,610
DEWEER SANITAIR
BE 0421.071.654
Anzegem · Eq €3,364,036
EcoPuur
BE 0535.553.727
Gent · Eq €3,286,766
SANITECHNIEK
BE 0426.444.365
Sint-Katelijne-Waver · Eq €3,247,478
CLIMA SOLUTIONS
BE 0878.904.330
Bekkevoort · Eq €3,419,940
Of 9,536 companies in sector 43222 we hold annual accounts for 5,669. 1,408 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded03-12-1990
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0442540031
Registered
04-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.