ACTIVE

THERMOCO

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Financial year 2025 · closed on 31/12/2025

Net result

400,1 k €

+126.5% YoY

Revenue

12,6 M €

-3.6% YoY

Equity

1 M €

+120.7% YoY

Workforce

72,8 ETP

-17.0% YoY

What does THERMOCO do?

THERMOCO is a Public limited company incorporated in 1989. Its main activity is: Plumbing, heat and air-conditioning installation. Its registered office is in Antwerpen. It employs on average 72,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0438.269.259

Incorporation

31/08/1989

Legal form

Public limited company

Registered office

Haïfastraat 5
2030 Antwerpen · FlandreSee on map

Contributed capital

5 700 000,00 €

Latest accounts

31/12/2025

Average workforce

72,8 ETP

Activities (NACE)

43222Plumbing, heat and air-conditioning installation· main 43222Plumbing, heat and air-conditioning installation 45331Sale of motor vehicle parts and accessories 25210Manufacture of central heating radiators and boilers 28250Manufacture of non-domestic cooling and ventilation equipment 43211Electrical installation+5

Joint committees (5)

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	12,6 M €	-3.6%	13 M €	-7.7%	14,1 M €	-12.4%	16,1 M €	-30.7%	23,3 M €	+13.2%	20,5 M €	-6.9%	22,1 M €	-5.1%	23,3 M €	+16.4%	20 M €	-26.1%	27 M €	+33.8%	20,2 M €	+11.7%	18,1 M €	+14.7%	15,8 M €	+12.3%	14,1 M €	+18.0%	11,9 M €	+17.8%	10,1 M €	+15.2%	8,8 M €	-20.4%	11 M €	-9.5%	12,2 M €		–
EBITDA	642 k €	+161%	-1 M €	+51.3%	-2,2 M €	-109%	-1 M €	-57.9%	-651,8 k €	-235%	482,3 k €	+81.6%	265,6 k €	-74.6%	1 M €	+16.9%	894,4 k €	-8.1%	973,7 k €	+8.7%	895,7 k €	+0.4%	891,7 k €	+2.2%	872,8 k €	+24.4%	701,5 k €	+8.3%	647,9 k €	+38.0%	469,4 k €	+27.9%	367,1 k €	+121%	-1,8 M €	-355%	695,3 k €	+57.7%	440,9 k €
Operating result	677,9 k €	+165%	-1 M €	+60.6%	-2,6 M €	-96.6%	-1,3 M €	-34.4%	-1 M €	-500%	250,8 k €	+669%	32,6 k €	-96.1%	836,5 k €	+19.1%	702,7 k €	-3.3%	726,9 k €	+2.1%	711,7 k €	-2.2%	727,4 k €	+13.8%	639,1 k €	+37.7%	464,1 k €	-0.8%	467,8 k €	+58.2%	295,7 k €	+79.7%	164,6 k €	+105%	-3,2 M €	-790%	470 k €	+25.8%	373,8 k €
Net result	400,1 k €	+126%	-1,5 M €	+48.5%	-2,9 M €	-113%	-1,4 M €	-24.8%	-1,1 M €	-4624%	-23,4 k €	-288%	12,5 k €	-97.7%	535,1 k €	+29.4%	413,7 k €	-11.9%	469,7 k €	-29.7%	668,2 k €	+2.2%	653,7 k €	+3.0%	634,8 k €	+43.9%	441,1 k €	-2.1%	450,5 k €	+61.9%	278,2 k €	+403%	55,3 k €	+102%	-3,6 M €	-1175%	335,7 k €	+29.8%	258,6 k €
Balance sheet
Equity	1 M €	+121%	-4,9 M €	-44.8%	-3,4 M €	-668%	-439,4 k €	-147%	941,8 k €	-54.0%	2 M €	-1.1%	2,1 M €	+0.6%	2,1 M €	-0.6%	2,1 M €	+3.0%	2 M €	+0.5%	2 M €	+50.1%	1,3 M €	+2.2%	1,3 M €	+1.3%	1,3 M €	+52.0%	848 k €	+113%	397,5 k €	+233%	119,3 k €	+111%	-1,1 M €	-142%	2,5 M €	+191%	874,3 k €
Total assets	5,4 M €	-13.5%	6,2 M €	-19.4%	7,7 M €	+1.1%	7,6 M €	-13.1%	8,8 M €	-3.4%	9,1 M €	+4.3%	8,7 M €	-12.4%	10 M €	+16.8%	8,5 M €	+0.6%	8,5 M €	+6.7%	7,9 M €	+21.1%	6,6 M €	+19.1%	5,5 M €	+5.8%	5,2 M €	+27.7%	4,1 M €	+9.1%	3,7 M €	+24.5%	3 M €	-12.4%	3,4 M €	-52.6%	7,2 M €	+74.7%	4,1 M €
Cash	24,8 k €	+0.7%	24,6 k €	+706%	3,1 k €	-97.5%	124,3 k €	+2313%	5,2 k €	-87.8%	42,3 k €	+752%	5 k €	-99.8%	2 M €	+9.0%	1,8 M €	+20.5%	1,5 M €	+105%	740,8 k €	-59.0%	1,8 M €	+20.7%	1,5 M €	+259%	416,8 k €	+308%	102,2 k €	-35.8%	159,2 k €	+70.8%	93,2 k €	+105%	45,6 k €	-76.7%	195,5 k €	+304%	48,4 k €
Debts	4,3 M €	-60.3%	11 M €	+0.6%	10,9 M €	+41.7%	7,7 M €	+8.8%	7,1 M €	+4.5%	6,8 M €	+1.5%	6,7 M €	-15.7%	7,9 M €	+22.4%	6,5 M €	+0.7%	6,4 M €	+7.9%	5,9 M €	+14.3%	5,2 M €	+24.5%	4,2 M €	+7.8%	3,9 M €	+19.9%	3,2 M €	-3.3%	3,3 M €	+15.9%	2,9 M €	-27.5%	4 M €	-13.3%	4,6 M €	+46.0%	3,1 M €
Other
Workforce	72,8 ETP	-17.0%	87,7 ETP	-16.7%	105,3 ETP	-6.8%	113,0 ETP	-7.8%	122,5 ETP	-2.3%	125,4 ETP	-1.3%	127,1 ETP	+3.9%	122,3 ETP	-5.8%	129,8 ETP	0.0%	129,8 ETP	+10.4%	117,6 ETP	+6.4%	110,5 ETP	+4.0%	106,2 ETP	+6.9%	99,3 ETP	+26.8%	78,3 ETP	+8.3%	72,3 ETP	-1.5%	73,4 ETP	-7.4%	79,3 ETP	+12.5%	70,5 ETP	+55.6%	45,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 51 ended

Active mandates

Nicolas Rogez

Chairman of the board of directors · since 14 mai 2025 · until 25 juin 2030

Active

Natalie Dewulf

Chairman of the board of directors · since 25 juin 2024 · until 14 mai 2025

Active

Xavier Allard

Director · since 25 juin 2024 · until 25 juin 2030

Active

D'hondt Geert

Managing director · since 28 juin 2023 · until 26 juin 2029

Active

Ended mandates

Xavier Allard

Director · since 02 juin 2022 · until 04 juin 2024

Ended

Xavier Allard

Director · since 02 juin 2022 · until 25 juin 2024

Ended

CEDRIC HANNAERT

Director · since 16 juin 2020 · until 16 juin 2024

Ended

Cédric Hannaert

Director · since 16 juin 2020 · until 02 juin 2022

Ended

Annual accounts

Full financial information

	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	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	26/06/2026	07/07/2025	01/08/2024	20/07/2023	17/08/2022	24/06/2021
General meeting	23/06/2026	24/06/2025	25/06/2024	28/06/2023	24/06/2022	15/06/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	23/06/2026	26/06/2026	Dutch	PDF
Full model	31/12/2024	24/06/2025	07/07/2025	Dutch	PDF
Full modelCorrection	31/12/2023	25/06/2024	01/08/2024	Dutch	PDF
Full model	31/12/2023	25/06/2024	08/07/2024	Dutch	PDF
Full model	31/12/2022	28/06/2023	20/07/2023	Dutch	PDF
Full model	31/12/2021	24/06/2022	17/08/2022	Dutch	PDF
Full model	31/12/2020	15/06/2021	24/06/2021	Dutch	PDF
Full model	31/12/2019	16/06/2020	23/06/2020	Dutch	PDF
Full model	31/12/2018	04/06/2019	19/06/2019	Dutch	PDF
Full model	31/12/2017	05/06/2018	21/06/2018	Dutch	PDF
Full model	31/12/2016	06/06/2017	13/06/2017	Dutch	PDF
Full model	31/12/2015	07/06/2016	22/06/2016	Dutch	PDF
Full model	31/12/2014	02/06/2015	18/06/2015	Dutch	PDF
Full model	31/12/2013	03/06/2014	13/06/2014	Dutch	PDF
Full model	31/12/2012	04/06/2013	19/06/2013	Dutch	PDF
Full model	31/12/2011	20/03/2012	20/03/2012	Dutch	PDF
Full model	31/12/2010	03/06/2011	30/06/2011	Dutch	PDF
Full model	31/12/2009	01/06/2010	27/07/2010	Dutch	PDF
Full model	31/12/2008	02/06/2009	07/07/2009	Dutch	PDF
Full model	31/12/2007	03/06/2008	17/07/2008	Dutch	PDF
Abridged model	31/12/2006	05/06/2007	25/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 51 ended

Active mandates

Nicolas Rogez

Chairman of the board of directors · since 14 mai 2025 · until 25 juin 2030

Active

Natalie Dewulf

Chairman of the board of directors · since 25 juin 2024 · until 14 mai 2025

Active

Xavier Allard

Director · since 25 juin 2024 · until 25 juin 2030

Active

D'hondt Geert

Managing director · since 28 juin 2023 · until 26 juin 2029

Active

Ended mandates

Xavier Allard

Director · since 02 juin 2022 · until 04 juin 2024

Ended

Xavier Allard

Director · since 02 juin 2022 · until 25 juin 2024

Ended

CEDRIC HANNAERT

Director · since 16 juin 2020 · until 16 juin 2024

Ended

Cédric Hannaert

Director · since 16 juin 2020 · until 02 juin 2022

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other03/08/2026
DIVERSEN
PDF
Capital / shares30/12/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates04/08/2025
DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/09/2024
DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Other03/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates09/10/2023
DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/11/2022
ONTSLAGEN - BENOEMINGEN
PDF
Other02/07/2021
DIVERSEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 2025400,1 k €↑
2024
Annual accounts 2024-1,5 M €↑
2023
Annual accounts 2023-2,9 M €↓
2022
Annual accounts 2022-1,4 M €↓
2021
Annual accounts 2021-1,1 M €↓
2020
Annual accounts 2020-23,4 k €↓
2019
Annual accounts 201912,5 k €↓
2018
Annual accounts 2018535,1 k €↑
2017
Annual accounts 2017413,7 k €↓
2016
Annual accounts 2016469,7 k €↓
2015
Annual accounts 2015668,2 k €↑
2014
Annual accounts 2014653,7 k €↑
2013
Annual accounts 2013634,8 k €↑
2012
Annual accounts 2012441,1 k €↓
2011
Annual accounts 2011450,5 k €↑
2010
Annual accounts 2010278,2 k €↑
2009
Annual accounts 200955,3 k €↑
2009
Name changeThermoco
2008
Annual accounts 2008-3,6 M €↓
2007
Annual accounts 2007335,7 k €↑
2006
Annual accounts 2006258,6 k €
2006
Name changeTHERMOCO en COFATHEC THERMOCO
31/08/1989
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

THERMOCO

Overview

What does THERMOCO do?

Trend over 20 financial years

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