THERMOVAULT
ActiveSummary
The annual accounts of THERMOVAULT for fiscal year 2025 show a net loss of 58% of total assets and of 811% of the equity at the start of that year. The 2025 annual accounts show equity of €1.05M and a net result of €-1.08M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 57% of 126 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
59
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency81▲+43
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 2.33 against 1.28 in 2024; short-term debt: 42.5% and cash: 50.4% of total assets), and 43.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 26
Relative position
BE, all sectors
reference
Sector 26
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €1.05M
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 29-07-2026, 2 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
2 d early
2024
21 d early
2023
8 d early
2022
on the day
2021
25 d early
2020
25 d early
2019
8 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€1.05M▲ 692%
2024 · €133k
2019: €47k
2020: €1.43M
2021: €831k
2022: €1.27M
2023: €153k
2024: €133k
2019 → 2025
Total assets
€1.87M▲ 86.3%
2024 · €1.01M
2019: €182k
2020: €1.91M
2021: €1.22M
2022: €2.20M
2023: €1.27M
2024: €1.01M
2019 → 2025
Net result
€-1.08M▼ 4.2%
2024 · €-1.03M
2019: €34k
2020: €-369k
2021: €-603k
2022: €-1.06M
2023: €-1.12M
2024: €-1.03M
2019 → 2025
Working capital
€1.06M▲ 399%
2024 · €212k
2019: €142k
2020: €1.79M
2021: €1.03M
2022: €1.44M
2023: €518k
2024: €212k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€831k-€1.27M▲ 53.1%€153k▼ 88.0%€133k▼ 12.9%€1.05M▲ 692%
Operating result€-605k-€-1.05M▼ 74.0%€-1.11M▼ 5.3%€-1.00M▲ 9.5%€-1.05M▼ 5.1%
Net result€-603k-€-1.06M▼ 75.6%€-1.12M▼ 5.8%€-1.03M▲ 7.6%€-1.08M▼ 4.2%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.05M in 2025 against €1.00M in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.87M
Fixed assets
€16k ▼ 30.6%
Current assets
€1.86M ▲ 89.0%
Equity and liabilities €1.87M
Equity
€1.05M ▲ 692%
Debt
€818k ▼ 6.2%
Debt's share of the balance-sheet total falls from 86.8% to 43.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€-1.05M▼
2024 · €-994k
Cash flow
€-1.07M▼
2024 · €-1.03M
Current ratio
2.33▲
2024 · 1.28
Quick ratio
2.05▲
2024 · 1.13
Debt to equity
0.78▼
2024 · 6.55
ROE
-102.3%▲
2024 · -777.5%
ROA
-57.6%▲
2024 · -102.9%
Interest coverage
-41.74▼
2024 · -40.02
Debt ≤ 1 year
€797k▲
2024 · €770k
Debt > 1 year
€0▼
2024 · €100k
Income taxes
€679▼
2024 · €7k
Staff costs
€1.08M▼
2024 · €1.12M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 56 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.01M€1.87M▲
Fixed assets21/28€23k€16k▼
Tangible fixed assets22/27€11k€8k▼
Plant, machinery and equipment23€3k€2k▼
Furniture and vehicles24€8k€5k▼
Financial fixed assets28€12k€8k▼
Current assets29/58€982k€1.86M▲
Stocks and contracts in progress3€116k€224k▲
Stocks30/36€116k€224k▲
Amounts receivable within one year40/41€263k€280k▲
Trade receivables40€255k€186k▼
Other amounts receivable41€9k€94k▲
Current investments50/53€0-
Cash at bank and in hand54/58€382k€943k▲
Deferred charges and accrued income490/1€221k€409k▲
Equity and liabilities
Total equity and liabilities10/49€1.01M€1.87M▲
Equity10/15€133k€1.05M▲
Contributions10/11€4.28M€6.28M▲
Reserves13€2k€2k=
Non-distributable reserves130/1€0-
Own shares acquired1312€0-
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€-4.15M€-5.23M▼
Amounts payable17/49€872k€818k▼
Amounts payable after more than one year17€100k€0▼
Financial debts170/4€100k€0▼
Amounts payable within one year42/48€770k€797k▲
Current portion of amounts payable after more than one year42€400k€500k▲
Trade debts44€179k€189k▲
Suppliers440/4€179k€189k▲
Taxes, remuneration and social security45€191k€107k▼
Taxes450/3€18k€3k▼
Remuneration and social security454/9€174k€105k▼
Other amounts payable47/48€0-
Accrued charges and deferred income492/3€2k€22k▲
Income statement
Code20242025
Remuneration, social security and pensions62€1.12M€1.08M▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€6k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€36k€8k▼
Other operating charges640/8€9k€1k▼
Non-recurring operating charges66A€0€2k▲
Gross operating margin9900€170k€43k▼
Operating profit (loss)9901€-1.00M€-1.05M▼
Financial income75/76B€23€675▲
Recurring financial income75€23€675▲
Financial charges65/66B€25k€25k▲
Recurring financial charges65€25k€25k▲
Profit (loss) for the period before taxes9903€-1.03M€-1.08M▼
Income taxes67/77€7k€679▼
Profit (loss) for the period9904€-1.03M€-1.08M▼
Profit (loss) for the period to be appropriated9905€-1.03M€-1.08M▼
Appropriation of the result
Profit (loss) to be appropriated9906€-4.17M€-5.23M▼
Profit (loss) brought forward from the previous period14P€-3.13M€-4.15M▼
Transfer from equity791/2€15k€0▼
Transfer to equity691/2€0-
To other reserves6921€0-
Social balance
Average headcount (FTE)908710.99.5▼
The notes to these accounts (17 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
29-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €1MEq €1.05M ▲692%
Equity rises from €133k to €1.05M.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
23-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-1.12M
Net result drops to €-1.12M, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €1MEq €1.27M ▲53.1%
Equity rises from €831k to €1.27M.
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €1MEq €1.43M ▲2980%
Equity rises from €47k to €1.43M.
23-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Genk · 2 establishment units since 2017
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.
Hoefstadstraat 863600 GenkGround area
3,537 m²
Building footprint
1,681 m²
Volume, LiDAR
30,046 m³
2 parcels, Flanders · tallest building 44.9 m, ±8 floors. Linked by address, not a title deed.
2 establishment units
ThermoVault
since 20172.266.392.132
ThermoVault
since 20192.335.835.224
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71303B0044/00L021 | Flanders | 1,865 m² | 1 · 170 m² | 7.0 m · 2 fl. |
| 24062H0036/00K013 | Flanders | 1,672 m² | 1 · 1,511 m² | 44.9 m · 8 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.
Public money · subsidies and aid
Federal government
2023 to 2025 · 2 entries · 1,393,659 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Economie | 1 | 464,553 EUR |
| 2023 | FOD Economie | 1 | 929,106 EUR |
Budget allocations
Toelagen in kader van de oproep tot projecten betreffende de energietransitie.
European Union, budget
2022 · 2 entries · 205,361 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2022 | 2 | 205,361 EUR |
Projects
BEFLEX - BOOSTING ENGAGEMENT TO INCREASE FLEXIBILITY
European research
5 projects · 1,010,062 EUR EU contributionProgrammes
Horizon 2020
Horizon Europe
Projects
Interoperable Solutions Connecting Smart Homes, Buildings and Grids
Renewables for clean energy buildings in a future power system
BOOSTING ENGAGEMENT TO INCREASE FLEXIBILITY
Developing Energy Communities through Informative anD collEctive actions
digital TuRn in EUrope: Strengthening relational reliance through Technology
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Of 148 companies in sector 26400 we hold annual accounts for 84. 44 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-07-2017
Fiscal year end31-12
Activities, NACEBEL 2025
26400Manufacture of computer, electronic and optical products
74999Other professional, scientific and technical activities
35150Electricity, gas, steam and air conditioning supply
47540Retail sale of electrical household appliances
62900Other information technology and computer services
62200Computer consultancy and computer facilities management
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.