VolThermo
ActiveSummary
VolThermo has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €229,273 and a net result of €89,502. Equity is growing by ~21.4% per year across the filed fiscal years. Its solvency ranks better than 31% of 7940 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▼-3
Solvency53▼-35
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14,000 at 30 days acceptable
Liquidity tight (current ratio 1.46 against 2.81 in 2024; short-term debt: 22% and cash: 8.6% of total assets), and 71.5% of the assets are financed with debt.
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Signals
Four 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 2025Solvency, return and age of the figures
Solvency
28.5%
Return on assets
11.1%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 31-03-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
37 d early
2023
92 d early
2022
159 d early
2021
71 d early
2020
171 d early
2019
134 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 99 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 (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 18 February (4 of the last 5 filed years within 41 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€229,273▲ 2.0%
2024 · €224,771
Total assets
€804,719▲ 126%
2024 · €356,340
Net result
€89,502▲ 77.9%
2024 · €50,319
Working capital
€81,831▼ 52.2%
2024 · €171,371
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
Line20212022202320242025
Operating result€44,952▲ 43.0%€50,578▲ 12.5%€72,143▲ 42.6%€67,026▼ 7.1%€126,567▲ 88.8%
Net result€32,322above the sector's middle half▲ 38.1%€36,223above the sector's middle half▲ 12.1%€58,431above the sector's middle half▲ 61.3%€50,319above the sector's middle half▼ 13.9%€89,502within the sector's middle half▲ 77.9%
Equity€114,798within the sector's middle half▲ 39.2%€151,021above the sector's middle half▲ 31.6%€209,452above the sector's middle half▲ 38.7%€224,771above the sector's middle half▲ 7.3%€229,273within the sector's middle half▲ 2.0%
Total assets€169,043within the sector's middle half▲ 10.1%€235,777within the sector's middle half▲ 39.5%€299,437above the sector's middle half▲ 27.0%€356,340above the sector's middle half▲ 19.0%€804,719within the sector's middle half▲ 126%
Debt€54,245▼ 23.6%€84,756▲ 56.2%€89,985▲ 6.2%€131,569▲ 46.2%€575,446▲ 337%
Working capital€104,211above the sector's middle half▲ 33.5%€137,370above the sector's middle half▲ 31.8%€150,326above the sector's middle half▲ 9.4%€171,371above the sector's middle half▲ 14.0%€81,831within the sector's middle half▼ 52.2%
Solvency67.9%above the sector's middle half▲ 14.2pp64.1%within the sector's middle half▼ 3.9pp69.9%above the sector's middle half▲ 5.9pp63.1%within the sector's middle half▼ 6.9pp28.5%within the sector's middle half▼ 34.6pp
Current ratio2.92within the sector's middle half▲ 0.752.62within the sector's middle half▼ 0.304.91above the sector's middle half▲ 2.292.81within the sector's middle half▼ 2.111.46within the sector's middle half▼ 1.35
Return on assets (ROA)19.1%above the sector's middle half▲ 3.9pp15.4%within the sector's middle half▼ 3.8pp19.5%above the sector's middle half▲ 4.2pp14.1%within the sector's middle half▼ 5.4pp11.1%within the sector's middle half▼ 3.0pp
Staff (FTE)0below the sector's middle half
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 or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 89% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €804,719
Fixed assets
€545,658 ▲ 505%
Current assets
€259,061 ▼ 2.7%
Equity and liabilities €804,719
Equity
€229,273 ▲ 2.0%
Debt
€575,446 ▲ 337%
Debt's share of the balance-sheet total rises from 36.9% to 71.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€171,024▲
2024 · €95,067
Cash flow
€133,959▲
2024 · €78,360
Quick ratio
0.98▼
2024 · 1.88
Debt to equity
2.51▲
2024 · 0.59
ROE
39.0%▲
2024 · 22.4%
Interest coverage
10.16▼
2024 · 22.31
Debt ≤ 1 year
€177,230▲
2024 · €94,761
Debt > 1 year
€394,799▲
2024 · €36,808
Income taxes
€16,874▲
2024 · €13,359
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,613 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
2.0%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 2,613 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €7,360 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,305 | €3,972 | €17,600 | €28,041 | €44,457 | ▲ 58.5% |
| Other operating charges640/8 | - | €628 | €1,356 | €1,610 | €6,245 | ▲ 288% |
| Gross operating margin9900 | €53,185 | €55,178 | €91,099 | €96,678 | €177,269 | ▲ 83.4% |
| Operating profit (loss)9901 | €44,952 | €50,578 | €72,143 | €67,026 | €126,567 | ▲ 88.8% |
| Financial income75/76B | - | €396 | €273 | €914 | €10 | ▼ 98.9% |
| Recurring financial income75 | €898 | €396 | €273 | €914 | €10 | ▼ 98.9% |
| Financial charges65/66B | - | €1,318 | €4,088 | €4,261 | €20,201 | ▲ 374% |
| Recurring financial charges65 | €1,576 | €1,318 | €4,088 | €4,261 | €16,837 | ▲ 295% |
| Non-recurring financial charges66B | - | - | - | - | €3,364 | - |
| Profit (loss) for the period before taxes9903 | €44,274 | €49,656 | €68,328 | €63,678 | €106,376 | ▲ 67.1% |
| Income taxes67/77 | €11,952 | €13,433 | €9,897 | €13,359 | €16,874 | ▲ 26.3% |
| Profit (loss) for the period9904 | €32,322 | €36,223 | €58,431 | €50,319 | €89,502 | ▲ 77.9% |
| Profit (loss) for the period to be appropriated9905 | €32,322 | €36,223 | €58,431 | €50,319 | €89,502 | ▲ 77.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €169,043 | €235,777 | €299,437 | €356,340 | €804,719 | ▲ 126% |
| Fixed assets21/28 | €10,587 | €13,651 | €110,713 | €90,208 | €545,658 | ▲ 505% |
| Tangible fixed assets22/27 | €10,567 | €13,631 | €107,708 | €87,203 | €542,653 | ▲ 522% |
| Land and buildings22 | - | - | - | - | €464,792 | - |
| Plant, machinery and equipment23 | - | €9,380 | €13,906 | €11,019 | €7,946 | ▼ 27.9% |
| Furniture and vehicles24 | - | €4,251 | €93,802 | €76,185 | €69,915 | ▼ 8.2% |
| Financial fixed assets28 | €20 | €20 | €3,005 | €3,005 | €3,005 | = |
| Current assets29/58 | €158,456 | €222,126 | €188,724 | €266,132 | €259,061 | ▼ 2.7% |
| Stocks and contracts in progress3 | €57,540 | €89,178 | €92,453 | €88,132 | €86,030 | ▼ 2.4% |
| Stocks30/36 | - | €89,178 | €92,453 | €88,132 | €86,030 | ▼ 2.4% |
| Amounts receivable within one year40/41 | €77,196 | €86,451 | €62,518 | €94,037 | €103,762 | ▲ 10.3% |
| Trade receivables40 | - | €77,263 | €39,724 | €88,658 | €87,715 | ▼ 1.1% |
| Other amounts receivable41 | - | €9,188 | €22,794 | €5,379 | €16,047 | ▲ 198% |
| Current investments50/53 | - | - | - | €0 | - | - |
| Cash at bank and in hand54/58 | €23,720 | €46,497 | €33,753 | €83,660 | €69,269 | ▼ 17.2% |
| Deferred charges and accrued income490/1 | - | - | - | €304 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €169,043 | €235,777 | €299,437 | €356,340 | €804,719 | ▲ 126% |
| Equity10/15 | €114,798 | €151,021 | €209,452 | €224,771 | €229,273 | ▲ 2.0% |
| Contributions10/11 | - | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €95,798 | €132,021 | €190,452 | €205,771 | €210,273 | ▲ 2.2% |
| Non-distributable reserves130/1 | - | €1,900 | - | - | - | - |
| Reserves not available under the articles1311 | - | €1,900 | - | - | - | - |
| Distributable reserves133 | - | €130,121 | €190,452 | €205,771 | €210,273 | ▲ 2.2% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €54,245 | €84,756 | €89,985 | €131,569 | €575,446 | ▲ 337% |
| Amounts payable after more than one year17 | - | - | €51,587 | €36,808 | €394,799 | ▲ 973% |
| Financial debts170/4 | - | - | €51,587 | €36,808 | €394,799 | ▲ 973% |
| Amounts payable within one year42/48 | €54,245 | €84,756 | €38,398 | €94,761 | €177,230 | ▲ 87.0% |
| Current portion of amounts payable after more than one year42 | - | €2,006 | €16,207 | €14,779 | €30,108 | ▲ 104% |
| Financial debts43 | - | - | - | €5,017 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €5,017 | €0 | ▼ 100% |
| Trade debts44 | €32,072 | €75,316 | €22,191 | €32,606 | €57,957 | ▲ 77.7% |
| Suppliers440/4 | - | €75,316 | €22,191 | €32,606 | €57,957 | ▲ 77.7% |
| Taxes, remuneration and social security45 | - | €7,434 | - | €7,359 | €0 | ▼ 100% |
| Taxes450/3 | - | €7,434 | - | €7,359 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €35,000 | €89,165 | ▲ 155% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,416 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,322 | €36,223 | €58,431 | €50,319 | €89,502 | ▲ 77.9% |
| + Depreciation and write-downs630 | €6,305 | €3,972 | €17,600 | €28,041 | €44,457 | ▲ 58.5% |
| Operating cash flow (approximation) | €38,627 | €40,195 | €76,031 | €78,360 | €133,959 | ▲ 71.0% |
| Investment in fixed assets (approximation) | - | -€7,036 | -€114,662 | -€7,536 | -€499,907 | ▼ 6,533% |
| Change in cash | - | €22,777 | -€12,744 | €49,907 | -€14,391 | ▼ 129% |
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
Next filing, fiscal year 2026, expected by
2026
31-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Highest result since 2018net €89,502 ▲77.9%
Operating result €126,567, net result €89,502, both a record.
24-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Equity above €200,000Eq €209,452 ▲38.7%
4 profitable years in a row build equity to €209,452.
2022
22-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-09
Financial
Equity above €150,000Eq €151,021 ▲31.6%
3 profitable years in a row build equity to €151,021.
18-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Equity above €100,000Eq €114,798 ▲39.2%
2 profitable years in a row build equity to €114,798.
2020
10-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-09
Financial
Back to profitnet €23,408
Net result €23,408 after one loss-making year.
2019
18-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
30-09
Financial
Weakest financial yearnet -€17,681
Net result drops to -€17,681, the lowest in the series; recovery starts the following year.
13-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
12-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 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, Zulte · 1 establishment unit since 1996
Ground area
1.0 ha
Building footprint
4,030 m²
Parcel 44050A0804/00P000, Flanders. Linked by address, not a title deed.
1 establishment unit
VolThermo
since 19962.078.697.924
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44050A0804/00P000 | Flanders | 1.0 ha | 1 · 4,030 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 1,876 EUR awarded · 1,876 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 95 EUR | 95 EUR |
| 2023 | 1 | 475 EUR | 475 EUR |
| 2022 | 1 | 1,306 EUR | 1,306 EUR |
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Of 9,537 companies in sector 43222 we hold annual accounts for 5,668. 4,720 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-10-1996
Fiscal year end30-09
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43211General electrical installation work
43221Plumbing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0459016965
Also
9925:BE0459016965
Registered
05-12-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.