ACTIVE

Baltimore Aircoil International

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Financial year 2025 · Closed on 30/09/2025

Net result1,2 M €-81,8 %over 1 year

Revenue164,5 M €+8,7 %over 1 year

Equity13,9 M €+9,6 %over 1 year

Workforce323,5 ETP+1,6 %over 1 year

Identity

Source · BCE/KBO

Baltimore Aircoil International is a Public limited company incorporated in 1988. Its main activity is: Manufacture of non-domestic cooling and ventilation equipment. Its registered office is in Heist-op-den-Berg. It employs on average 323,5 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0434.839.320
Incorporation: 07/07/1988
Legal form: Public limited company
Registered office: Industriepark ZN
2220 Heist-op-den-Berg · FlandreSee on map
Contributed capital: 2 920 000,00 €
Latest accounts: 30/09/2025
Average workforce: 323,5 ETP

Activities (NACE)

28250Manufacture of non-domestic cooling and ventilation equipment· main 28250Manufacture of non-domestic cooling and ventilation equipment 29230Manufacture of bodies (coachwork) for motor vehicles; manufacture of trailers and semi-trailers

Joint committees (2)

Signals

ProfitablePositive cashflowPositive EBITDAHigh revenue

Financials

Source · NBB, 44 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	164,5 M €	+8.7%	151,3 M €	+1.2%	149,5 M €	+13.6%	131,6 M €	+8.3%	121,5 M €
EBITDA	2,2 M €	-78.0%	10,2 M €	+9.8%	9,3 M €	+197%	3,1 M €	-63.6%	8,6 M €
Operating result	600,4 k €	-92.8%	8,3 M €	+0.4%	8,3 M €	+275%	2,2 M €	-71.3%	7,7 M €
Net result	1,2 M €	-81.8%	6,7 M €	+3.5%	6,5 M €	+378%	1,4 M €	-77.4%	6 M €
Balance sheet
Equity	13,9 M €	+9.6%	12,7 M €	+21.2%	10,5 M €	+75.2%	6 M €	+29.4%	4,6 M €
Total assets	75,1 M €	+10.0%	68,3 M €	-8.8%	74,9 M €	+18.3%	63,3 M €	+1.2%	62,6 M €
Cash	6,6 M €	+1.3%	6,6 M €	-61.8%	17,2 M €	+179%	6,2 M €	-61.7%	16,1 M €
Debts	60,2 M €	+13.1%	53,2 M €	-15.0%	62,5 M €	+12.8%	55,4 M €	-2.6%	56,9 M €
Other
Workforce	323,5 ETP	+1.6%	318,4 ETP	+3.1%	308,8 ETP	+1.4%	304,5 ETP	+1.5%	300,0 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 25 M€ and 50 M€

See the valuation

Board of directors

Source · NBB, accounts to 30/09/2025

3 active · 12 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Gert Aerts	Director02/10/2025 → 04/03/2030
VOLUNTAS CONSULTANCY1015.773.706Represented by David Jacobs	Managing director02/10/2025 → 04/03/2030
Veerle Proost	Director01/01/2016 → 04/03/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Jacobs	Managing director04/03/2024 → 04/03/2030
Ronny Cannaerts	Director04/03/2024 → 04/03/2030

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	26/03/2026	25/03/2025	26/03/2024	13/03/2023	16/03/2022	29/04/2021
General meeting	02/03/2026	03/03/2025	04/03/2024	06/03/2023	07/03/2022	01/03/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 44 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	30/09/2025	02/03/2026	26/03/2026	Dutch	PDF
Consolidated accounts	30/09/2025	02/03/2026	26/03/2026	Dutch	PDF
Full model	30/09/2024	03/03/2025	25/03/2025	Dutch	PDF
Consolidated accounts	30/09/2024	03/03/2025	25/03/2025	Dutch	PDF
Full model	30/09/2023	04/03/2024	26/03/2024	Dutch	PDF
Consolidated accounts	30/09/2023	04/03/2024	26/03/2024	Dutch	PDF
Full model	30/09/2022	06/03/2023	13/03/2023	Dutch	PDF
Consolidated accounts	30/09/2022	—	13/03/2023	Dutch	PDF
Full model	30/09/2021	07/03/2022	16/03/2022	Dutch	PDF
Consolidated accounts	30/09/2021	01/01/9999	16/03/2022	Dutch	PDF
Full modelCorrection	30/09/2020	01/03/2021	29/04/2021	Dutch	PDF
Full model	30/09/2020	01/03/2021	16/03/2021	Dutch	PDF
Consolidated accounts	30/09/2020	01/03/2021	16/03/2021	Dutch	PDF
Full model	30/09/2019	02/03/2020	18/03/2020	Dutch	PDF
Consolidated accounts	30/09/2019	02/03/2020	18/03/2020	Dutch	PDF
Full model	30/09/2018	04/03/2019	26/03/2019	Dutch	PDF
Consolidated accounts	30/09/2018	04/03/2019	26/03/2019	Dutch	PDF
Full model	30/09/2017	05/03/2018	12/03/2018	Dutch	PDF
Consolidated accounts	30/09/2017	05/03/2018	13/03/2018	Dutch	PDF
Full modelCorrection	30/09/2016	06/03/2017	18/09/2017	Dutch	PDF
Full model	30/09/2016	06/03/2017	13/03/2017	Dutch	PDF
Consolidated accounts	30/09/2016	06/03/2017	13/03/2017	Dutch	PDF
Full model	30/09/2015	07/03/2016	14/03/2016	Dutch	PDF
Consolidated accounts	30/09/2015	07/03/2016	14/03/2016	Dutch	PDF
Full model	30/09/2014	02/03/2015	19/03/2015	Dutch	PDF
Consolidated accounts	30/09/2014	02/03/2015	20/03/2015	Dutch	PDF
Full model	30/09/2013	03/03/2014	10/03/2014	Dutch	PDF
Consolidated accounts	30/09/2013	03/03/2014	11/03/2014	Dutch	PDF
Full model	30/09/2012	04/03/2013	02/04/2013	Dutch	PDF
Consolidated accountsCorrection	30/09/2012	04/03/2013	21/11/2013	Dutch	PDF
Consolidated accounts	30/09/2012	04/03/2013	28/03/2013	Dutch	PDF
Full model	30/09/2011	05/03/2012	28/03/2012	Dutch	PDF
Consolidated accounts	30/09/2011	05/03/2012	28/03/2012	Dutch	PDF
Full model	30/09/2010	13/05/2011	14/06/2011	Dutch	PDF
Consolidated accounts	30/09/2010	13/05/2011	14/06/2011	Dutch	PDF
Full modelCorrection	30/09/2009	01/03/2010	04/05/2011	Dutch	PDF
Full model	30/09/2009	01/03/2010	30/03/2010	Dutch	PDF
Consolidated accounts	30/09/2009	01/03/2010	30/03/2010	Dutch	PDF
Full model	30/09/2008	02/03/2009	31/03/2009	Dutch	PDF
Consolidated accounts	30/09/2008	02/03/2009	31/03/2009	Dutch	PDF
Full model	30/09/2007	03/03/2008	31/03/2008	Dutch	PDF
Consolidated accounts	30/09/2007	03/03/2008	31/03/2008	Dutch	PDF
Full model	30/09/2006	05/03/2007	29/03/2007	Dutch	PDF
Consolidated accounts	30/09/2006	05/03/2007	29/03/2007	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 25 M€ and 50 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 30/09/2025

3 active · 12 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Gert Aerts	Director02/10/2025 → 04/03/2030
VOLUNTAS CONSULTANCY1015.773.706Represented by David Jacobs	Managing director02/10/2025 → 04/03/2030
Veerle Proost	Director01/01/2016 → 04/03/2030

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
David Jacobs	Managing director04/03/2024 → 04/03/2030
Ronny Cannaerts	Director04/03/2024 → 04/03/2030

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates25/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/04/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other29/06/2023
DIVERSEN
PDF
Other13/06/2023
BENAMING - DIVERSEN
PDF
Other23/03/2023
BENAMING
PDF
Mandates07/04/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/05/2021
ONTSLAGEN - BENOEMINGEN
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings19 filings

Mandates

VOLUNTAS CONSULTANCY

Gert Aerts

Veerle Proost

Ronny Cannaerts

David Jacobs

Donald C Fetzer Jr

Jozef Coremans

Jr Donald C Fetzer

Michael Swiderski

Steven S Deurwachter

Steven Deurwachter

Jos Coremans

and 3 more mandates

1988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027202820292030

Baltimore Aircoil International

Industriepark - Zone A 1, 2220 Heist-op-den-Berg

Managing director

Director

Managing director

DirectorManaging director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Industriepark ZN, 2220 Heist-op-den-BergCurrent		CBE
Industriepark - Zone A 1, 2220 Heist-op-den-Berg	accounts 2022 → 2025	Accounts 2025 · 2026-00064666

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
Baltimore Aircoil InternationalCurrent	accounts 2007 → 2025	Accounts 2025 · 2026-00064666

Events

02/10/2025
nominationGert Aerts · bestuurder
02/10/2025
nominationVoluntas Consultancy · bestuurder
2025
Annual accounts 20251,2 M €↓
03/03/2025
reconductionErnst & Young Bedrijfsrevisoren BV · commissaris
2024
Annual accounts 20246,7 M €↑
04/03/2024
reconductionDavid Jacobs · bestuurder
04/03/2024
reconductionRonny Cannaerts · bestuurder
04/03/2024
reconductionVeerle Proost · bestuurder
2023
Annual accounts 20236,5 M €↑
2022
Annual accounts 20221,4 M €↓
2021
Annual accounts 20216 M €↑
2020
Annual accounts 20205,5 M €↓
2019
Annual accounts 20196,6 M €↑
2018
Annual accounts 20183,8 M €↓
2017
Annual accounts 20175,3 M €↑
2016
Annual accounts 20164,9 M €↓
2015
Annual accounts 20156,2 M €↑
2014
Annual accounts 20143,7 M €↓
2013
Annual accounts 20134,1 M €↓
2012
Annual accounts 20125,1 M €↑
2011
Annual accounts 20112,8 M €↑
2010
Annual accounts 2010558,7 k €↑
2009
Annual accounts 2009632 €↓
2008
Annual accounts 20083,6 M €↓
2007
Annual accounts 20074,2 M €
07/07/1988
IncorporationPublic limited company

Baltimore Aircoil International

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline

Registered offices

Company names

Events