Heating Management Services
ActiveHeating Management Services has been active since 1939 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €79k and a net result of €35k. Equity is shrinking by ~16.4% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 20% of 9150 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
59
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70▲+67
Solvency27▲+11
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4.5k at 30 days acceptable
Liquidity short (current ratio 0.71 against 0.29 in 2024; short-term debt: 58.6% and cash: 1.7% of total assets), and 97.6% 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
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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← 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
2.4%
Return on assets
1.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 9150 sector peers (2025).
NBB · sector comparisonPosition among 9150 sector peers
Solvency
better than 20%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-08-2026, 13 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
20 d early
2023
30 d late
2022
60 d late
2021
31 d late
2020
31 d late
2019
90 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
19-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€79k
2024 · €-156k
2018: €176k
2019: €183k
2020: €183k
2021: €276k
2022: €4k
2023: €59k
2024: €-156k
2018 → 2025
Total assets
€3.25M▲ 86.5%
2024 · €1.74M
2018: €2.46M
2019: €2.39M
2020: €1.25M
2021: €1.16M
2022: €1.17M
2023: €1.47M
2024: €1.74M
2018 → 2025
Net result
€35k
2024 · €-215k
2018: €15k
2019: €7k
2020: €-357
2021: €149k
2022: €-272k
2023: €-295k
2024: €-215k
2018 → 2025
Working capital
€-553k▲ 42.7%
2024 · €-965k
2018: €-821k
2019: €-625k
2020: €-231k
2021: €263k
2022: €-275k
2023: €-413k
2024: €-965k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€276k-€4k▼ 98.5%€59k▲ 1,296%€-156k€79k
Operating result€-13k-€-277k▼ 2,041%€-289k▼ 4.1%€-230k▲ 20.3%€65k
Net result€149k-€-272k€-295k▼ 8.7%€-215k▲ 27.1%€35k
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €65k after a loss of €230k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.25M
Fixed assets
€1.90M▲ 41.1%
Current assets
€1.35M▲ 240%
Equity and liabilities €3.25M
Equity
€79k
Debt
€3.17M
Debt finances 97.6% of the balance-sheet total.
Key figures and ratios
EBITDA
€330k▲
2024 · €-22k
Cash flow
€299k▲
2024 · €-8k
Solvency
2.4%▲
2024 · -9.0%
Current ratio
0.71▲
2024 · 0.29
Quick ratio
0.71▲
2024 · 0.29
Debt / equity
40.38▲
2024 · -12.13
ROE
44.6%
ROA
1.1%▲
2024 · -12.4%
Interest coverage
9.24▲
2024 · -2.56
Debt
€3.17M▲
2024 · €1.90M
Debt ≤ 1 year
€1.90M▲
2024 · €1.36M
Debt > 1 year
€1.27M▲
2024 · €535k
Income taxes
€469▲
2024 · €306
Staff costs
€271k▲
2024 · €174k
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€1.74M€3.25M▲
Fixed assets21/28€1.35M€1.90M▲
Intangible fixed assets21€93k€40k▼
Tangible fixed assets22/27€1.25M€1.84M▲
Plant, machinery and equipment23€1.12M€1.74M▲
Furniture and vehicles24€402€154▼
Leasing and similar rights25€127k€102k▼
Financial fixed assets28-€21k
Current assets29/58€397k€1.35M▲
Stocks and contracts in progress3€3k€3k▼
Stocks30/36€3k€3k▼
Amounts receivable within one year40/41€174k€766k▲
Trade receivables40€174k€385k▲
Other amounts receivable41€0€380k▲
Cash at bank and in hand54/58€47k€56k▲
Deferred charges and accrued income490/1€173k€527k▲
Equity and liabilities
Total equity and liabilities10/49€1.74M€3.25M▲
Equity10/15€-156k€79k▲
Contributions10/11€369k€569k▲
Profit (loss) carried forward14€-525k€-490k▲
Amounts payable17/49€1.90M€3.17M▲
Amounts payable after more than one year17€535k€1.27M▲
Financial debts170/4€235k€1.02M▲
Other amounts payable178/9€300k€250k▼
Amounts payable within one year42/48€1.36M€1.90M▲
Current portion of amounts payable after more than one year42€17k€269k▲
Trade debts44€1.27M€1.16M▼
Suppliers440/4€1.27M€1.16M▼
Taxes, remuneration and social security45€25k€73k▲
Taxes450/3€4k€8k▲
Remuneration and social security454/9€21k€66k▲
Other amounts payable47/48€50k€407k▲
Accrued charges and deferred income492/3€1k€0▼
Income statement
Code20242025
Non-recurring operating income76A-€9k
Remuneration, social security and pensions62€174k€271k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€208k€264k▲
Other operating charges640/8€1k€2k▲
Non-recurring operating charges66A€0-
Gross operating margin9900€153k€602k▲
Operating profit (loss)9901€-230k€65k▲
Financial income75/76B€23k€6k▼
Recurring financial income75€23k€6k▼
Non-recurring financial income76B€0-
Financial charges65/66B€9k€36k▲
Recurring financial charges65€9k€36k▲
Profit (loss) for the period before taxes9903€-215k€36k▲
Income taxes67/77€306€469▲
Profit (loss) for the period9904€-215k€35k▲
Profit (loss) for the period to be appropriated9905€-215k€35k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-525k€-490k▲
Profit (loss) brought forward from the previous period14P€-310k€-525k▼
Social balance
Average headcount (FTE)90872.43.7▲
The notes to these accounts (31 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
13-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 13 days late
2025
31-12
Financial
Back to profitnet €35k
Net result €35k after 3 loss-making years.
11-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
31-12
Financial
Weakest financial yearnet €-295k
Net result drops to €-295k, the lowest in the series; recovery starts the following year.
29-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 60 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Back to profitnet €149k
Net result €149k after one loss-making year.
31-12
Financial
Liquidity times 6current ratio 1.93
Current ratio from 0.32 to 1.93; short-term debt falls from €341k to €283k.
31-12
Financial
Equity above €200kEq €276k ▲51.1%
Equity rises from €183k to €276k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 90 days late
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 31 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2020
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
01-09-2020
Resigned as Director
Location & real-estate footprint
Registered office, Nazareth-De Pinte · 1 establishment unit since 2000
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.
Begoniastraat 149810 Nazareth-De PinteGround area
8,248 m²
Building footprint
2,205 m²
Volume, LiDAR
13,023 m³
Parcel 44018A0135/00F002, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Heating Management Services - HMS
since 20002.002.845.904
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44018A0135/00F002 | Flanders | 8,248 m² | 1 · 2,205 m² | 7.5 m · 2 fl. |
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.
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Of 11,748 companies in sector 68310 we hold annual accounts for 6,906. 5,111 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded13-06-1939
Fiscal year end31-12
Abbreviation NL
HMS
Activities, NACEBEL
64200Holdings
64210Activities of holding companies
68310Real estate agency activities
68311Real estate activities
70311
Sources
Crossroads Bank for EnterprisesNational Bank · 48 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.