THERMICAL
ActiveTHERMICAL has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €425k and a net result of €73k. Equity is growing by ~8.9% per year across the filed fiscal years. Its solvency ranks better than 43% of 27787 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
66
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability73▼-2
Solvency66▼-9
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 1.66 against 2.16 in 2024; short-term debt: 48% and cash: 13.6% of total assets), but 58.9% 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 · 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
41.1%
Return on assets
7.1%
Age of the figures
9 mo
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
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 27-06-2026, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
34 d early
2024
on the day
2023
100 d late
2022
3 d late
2021
9 d late
2020
30 d late
2019
35 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
23-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€73k▲ 94.4%
2024 · €38k
2018: €5k
2019: €63k
2020: €69k
2021: €5k
2022: €47k
2023: €87k
2024: €38k
2018 → 2025
Working capital
€325k▲ 2.4%
2024 · €317k
2018: €181k
2019: €235k
2020: €265k
2021: €271k
2022: €314k
2023: €322k
2024: €317k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€317k-€364k▲ 15.0%€364k=€402k▲ 10.3%€425k▲ 5.8%
Operating result€9k-€85k▲ 848%€135k▲ 58.5%€56k▼ 58.6%€136k▲ 144%
Net result€5k-€47k▲ 863%€87k▲ 84.4%€38k▼ 56.9%€73k▲ 94.4%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 144% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.03M
Fixed assets
€213k=
Current assets
€821k▲ 39.0%
Equity and liabilities €1.03M
Equity
€425k▲ 5.8%
Debt
€609k▲ 51.6%
The debt ratio rises from 50.0% to 58.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€160k▲
2024 · €84k
Cash flow
€97k▲
2024 · €66k
Solvency
41.1%▼
2024 · 50.0%
Current ratio
1.66▼
2024 · 2.16
Quick ratio
1.57▼
2024 · 2.00
Debt / equity
1.43▲
2024 · 1.00
ROE
17.2%▲
2024 · 9.4%
ROA
7.1%▲
2024 · 4.7%
Interest coverage
5.50▼
2024 · 6.14
Debt
€609k▲
2024 · €402k
Debt ≤ 1 year
€496k▲
2024 · €273k
Debt > 1 year
€105k▼
2024 · €125k
Income taxes
€34k▲
2024 · €10k
Staff costs
€396k▲
2024 · €348k
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€803k€1.03M▲
Fixed assets21/28€213k€213k=
Tangible fixed assets22/27€200k€200k=
Land and buildings22€176k€167k▼
Plant, machinery and equipment23€8k€19k▲
Furniture and vehicles24€16k€14k▼
Financial fixed assets28€13k€13k=
Current assets29/58€591k€821k▲
Stocks and contracts in progress3€44k€42k▼
Stocks30/36€44k€42k▼
Amounts receivable within one year40/41€327k€564k▲
Trade receivables40€281k€493k▲
Other amounts receivable41€46k€72k▲
Cash at bank and in hand54/58€169k€140k▼
Deferred charges and accrued income490/1€51k€75k▲
Equity and liabilities
Total equity and liabilities10/49€803k€1.03M▲
Equity10/15€402k€425k▲
Contributions10/11€20k€20k=
Reserves13€150k€198k▲
Distributable reserves133€150k€198k▲
Profit (loss) carried forward14€232k€207k▼
Amounts payable17/49€402k€609k▲
Amounts payable after more than one year17€125k€105k▼
Financial debts170/4€125k€105k▼
Amounts payable within one year42/48€273k€496k▲
Current portion of amounts payable after more than one year42€59k€60k▲
Trade debts44€92k€204k▲
Suppliers440/4€92k€204k▲
Taxes, remuneration and social security45€54k€29k▼
Taxes450/3€36k€13k▼
Remuneration and social security454/9€19k€15k▼
Other amounts payable47/48€68k€203k▲
Accrued charges and deferred income492/3€4k€8k▲
Income statement
Code20242025
Remuneration, social security and pensions62€348k€396k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€28k€24k▼
Other operating charges640/8€5k€9k▲
Gross operating margin9900€438k€566k▲
Operating profit (loss)9901€56k€136k▲
Financial income75/76B€7k€1k▼
Recurring financial income75€1k€44▼
Non-recurring financial income76B€6k€973▼
Financial charges65/66B€15k€30k▲
Recurring financial charges65€14k€29k▲
Non-recurring financial charges66B€2k€750▼
Profit (loss) for the period before taxes9903€48k€107k▲
Income taxes67/77€10k€34k▲
Profit (loss) for the period9904€38k€73k▲
Profit (loss) for the period to be appropriated9905€38k€73k▲
Appropriation of the result
Profit (loss) to be appropriated9906€232k€305k▲
Profit (loss) brought forward from the previous period14P€194k€232k▲
Transfer from equity791/2-€25k
Transfer to equity691/2-€73k
To other reserves6921-€73k
Profit to be distributed694/7-€50k
Return on contributions (dividend)694-€50k
The notes to these accounts (9 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
27-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
08-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 100 days late
2023
31-12
Financial
Highest result since 2018net €87k ▲84.4%
Net result €87k, the highest in the series.
03-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 3 days late
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 9 days late
2021
31-12
Financial
Weakest financial yearnet €5k ▼92.8%
Net result drops to €5k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
04-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 35 days late
2019
31-12
Financial
Equity above €200kEq €243k ▲34.3%
2 profitable years in a row build equity to €243k.
06-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
19-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 19 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Bièvre · 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.
Rue Alphonse Lepage, Naomé 275555 BièvreGround area
7,438 m²
Parcel 91352A0616/00E000, Wallonia. Linked by address, not a title deed.
1 establishment unit
THERMICAL srl
since 20092.176.747.405
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 91352A0616/00E000 | Wallonia | 7,438 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
7 categoriesTHERMICAL SRL43667
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JEPA
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COLLART-EDEC
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Of 9,530 companies in sector 43222 we hold annual accounts for 5,662. 4,215 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded29-01-2009
Fiscal year end31-12
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
43211General electrical installation work
Sources
Crossroads Bank for EnterprisesNational Bank · 17 filingsAddress and cadastre registers
Data from official sources, last processed on 23-09-2026. Scores and ratios are computed by Checked and are not a credit decision.