Equity
-€11.3m
Debts exceed assets in financial year 2025.
MBT Climate BENELUX
Lifetime
19 annual accounts with figures on one time axis, 38 filings since 1986peak €129.1m (2006)
€52.1m▼ 10.2%
lowest -€24.3m (2023)
-€18.9m▼ €6.6m
peak €61.8m (2006)
-€11.3m▲ €11.1m
€73.5m▼ 12.6%
peak 72 FTE (2020)
57.9 FTE▲ 0.3%
Board22 names since 2016all names
2 directorsKETELSLEGERS Peter Ferdinand Johan and 1 other
Owners7 names in the annual accountsall names
Documentsfilings and deeds
27-07-20264 days before the deadline
2025financial year
Loss of €18.9mCapital increase 17-10Equity from -€22.5m to -€11.3mInvestments €2.6mCash from €131,929 to €183,220
Key points
from the 2025 annual accountsLosses
-€64.5m in five years
Every financial year from 2021 to 2025 closed with a loss. 2023 was the heaviest.
Debts
€73.5m 116% of the balance sheet
Financial debts 20%Suppliers 19%Taxes and wages 2%Other 59%
Investments
€2.6m 2.4 × depreciation
Green is investment, beige is depreciation. Land and buildings stand 698.6% higher than in 2024.
Payment terms
95 days to suppliers
MBT Climate BENELUX pays its suppliers 43 days later than in 2024.
Position in the sector
-17.9%
Lower solvency than 95% of companies in wholesale trade. Sector median 45.2% · 6,193 companies.
Checked score
49
Fair
Financially stronger than 15% of medium-sized companies in wholesale trade (NACE 46)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
3.0% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 745 companies (NACE 46, medium-sized).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.3%
01-2025: 3.3%● unchanged vs 12-2024
02-2025: 3.2%▼ -0.1 percentage points vs 01-2025
03-2025: 3.2%● unchanged vs 02-2025
04-2025: 3.2%● unchanged vs 03-2025
05-2025: 3.2%● unchanged vs 04-2025
06-2025: 3.3%▲ +0.1 percentage points vs 05-2025
07-2025: 3.3%● unchanged vs 06-2025
08-2025: 3.3%● unchanged vs 07-2025highest value
09-2025: 3.1%▼ -0.2 percentage points vs 08-2025
10-2025: 3.1%● unchanged vs 09-2025
11-2025: 3.1%● unchanged vs 10-2025
12-2025: 3.1%● unchanged vs 11-2025
01-2026: 3.1%● unchanged vs 12-2025
02-2026: 3.1%● unchanged vs 01-2026
03-2026: 3.1%● unchanged vs 02-2026
04-2026: 3.1%● unchanged vs 03-2026
05-2026: 3.1%● unchanged vs 04-2026
06-2026: 3.2%▲ +0.1 percentage points vs 05-2026
07-2026: 3.2%● unchanged vs 06-2026
08-2026: 3.0%▼ -0.2 percentage points vs 07-2026lowest value
09-2026: 3.0%● unchanged vs 08-2026lowest value
10-2026: 3.0%● unchanged vs 09-2026lowest value
11-2026: 3.0%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Negative equity -€11.3m
Loss of €18.9m, the second in a row (financial year 2025)
Liquidity: current ratio 0.07, cash €183,220
Founded in 1985
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 46, medium-sized). It does better than 2% of them on solvency, 2% on liquidity, 1% on profitability and 53% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
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 verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.07 (0.08 in 2024), below 1. Short-term debt is 116.2% and cash 0.3% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€11.3m
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 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 days early
2024
25 days late
2023
2 days late
2022
34 days early
2021
52 days early
2020
53 days early
2019
44 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 23 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% 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 27 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
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
CR
Ceuppens Raphael
Director, since 30-06-2024
- Midea Climate Europe B.V. 100%annual accounts 2025
Shares in 4 companies, including Vasco Group BV and VASCO
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0428107718
Company renamed from VASCO GROUP to MBT Climate BENELUX
Reappointment: KETELSLEGERS Peter Ferdinand Johan (director) · Gazette deed
Capital increase
Capital from €32,500,000 to €62,500,000, 113,285 new shares · Capital from €62,500,000 to €6,474,025 · Contribution: Midea Climate Europe (€30,000,000) · General meeting of 15-10-2025 · Gazette deed
Reappointment: KPMG Bedrijfsrevisoren BV (statutory auditor)
Permanent representative: Kristof Van Linden · General meeting of 10-06-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MBT Climate BENELUX Dilsen-Stokkem | €52.1m | -27.6% | -17.9% | 57.9 |
| LINEA 2000 Herentals | €44.3m | 5.7% | 70.0% | 50 |
| Beko Belgium Mechelen | €70.8m | -0.4% | 60.6% | 56.5 |
| Biamp Europe Schoten | €45.6m | 5.4% | 43.1% | 42.8 |
| European Appliances Belgium Mechelen | €56.3m | 1.3% | 43.1% | 57 |
| ELECTRO - A.V. Ronse | €37.7m | 0.7% | 70.8% | 42.4 |
| SG LIGHTING SA/NV Mechelen | €34.1m | 7.7% | 78.3% | 52.5 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as MBT Climate BENELUX: wholesale of electrical household appliances and audio-video equipment (NACE 46431). They are comparable in size and age: total assets between €27m and €44m, founded between 1982 and 1992.
Official details
Source: KBO- Status
- Active since 09-12-1985Normal situation
- Activity
- Wholesale of electrical household appliances and audio-video equipmentNACE 46431and 4 others
- Joint committees
- 111Metal, mechanical and electrical engineering
- 209White-collar workers in metal manufacturing · annual accounts 2025
- Establishment unit
- 2.028.470.9283650 Dilsen-Stokkem, since 01-01-1986
- Financial year end
- 31 December
- Peppol
- Reachable since 07-07-2026
Annual accounts 2025
- €63.2m▲ 1.9%
- Employeeson 31-12-2025
- 62▲ 3.3%
- Filing
- Filed on 27-07-2026, 4 days before the end of the filing period
Insights on MBT Climate BENELUX
MBT Climate BENELUX has existed since 1985. Turnover fell from €129.1m in 2006 to €52.1m in 2025, while staff rose from 32.3 to 57.9 full-time equivalents.
Turnover has fallen every year since 2022. Solvency rose in 2025 from -36.2% to -17.9% because of lower debts.
Midea Climate Europe B.V. holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MBT Climate BENELUX
- What is the company number of MBT Climate BENELUX?
- The company number of MBT Climate BENELUX is 0428.107.718. The VAT number is the same number with BE in front: BE 0428.107.718.
- Where is MBT Climate BENELUX based?
- The registered office is at Kruishoefstraat 50, 3650 Dilsen-Stokkem.Company details
- What does MBT Climate BENELUX do?
- According to the KBO register, the main activity is wholesale of electrical household appliances and audio-video equipment (NACE 46431).
- What is the legal form of MBT Climate BENELUX?
- MBT Climate BENELUX is a public limited company (NV).
- When was MBT Climate BENELUX founded?
- MBT Climate BENELUX was founded on 09-12-1985.
- Is MBT Climate BENELUX still active?
- Yes, MBT Climate BENELUX is an active enterprise in the KBO register.
- How many employees does MBT Climate BENELUX have?
- MBT Climate BENELUX had an average of 57.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does MBT Climate BENELUX fall under?
- In its 2025 annual accounts, MBT Climate BENELUX states joint committees 111 (Metal, mechanical and electrical engineering) and 209 (White-collar workers in metal manufacturing).
- What is the turnover of MBT Climate BENELUX?
- The turnover of MBT Climate BENELUX was €52.1m in financial year 2025, according to the filed annual accounts.
- Is MBT Climate BENELUX profitable?
- In financial year 2025, MBT Climate BENELUX made a loss of €18.9m.
- Where can I find the annual accounts of MBT Climate BENELUX?
- MBT Climate BENELUX filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MBT Climate BENELUX due?
- MBT Climate BENELUX must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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