ACTIVE

THERMODUCT

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Financial year 2025 · closed on 31/12/2025

Net result

-31,1 k €

-113.4% YoY

Gross margin

1,9 M €

-6.7% YoY

Equity

3,3 M €

-0.9% YoY

Workforce

23,7 ETP

+12.9% YoY

What does THERMODUCT do?

THERMODUCT is a Public limited company incorporated in 1990. Its main activity is: Plumbing, heat and air-conditioning installation. Its registered office is in Mortsel. It employs on average 23,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0442.540.031

Incorporation

03/12/1990

Legal form

Public limited company

Registered office

Heirbaan 47 box G
2640 Mortsel · FlandreSee on map

Contributed capital

88 025,00 €

Latest accounts

31/12/2025

Average workforce

23,7 ETP

Activities (NACE)

43222Plumbing, heat and air-conditioning installation· main 43222Plumbing, heat and air-conditioning installation 45331Sale of motor vehicle parts and accessories

Joint committees (4)

111
12400
20000
209

Signals

Solid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2008		2007		2006
Income statement
Gross margin	1,9 M €	-6.7%	2 M €	-27.6%	2,8 M €	+5.7%	2,6 M €	+5.6%	2,5 M €	+112%	1,2 M €	-49.1%	2,3 M €	+21.5%	1,9 M €	+19.4%	1,6 M €	+6.4%	1,5 M €	+29.6%	1,2 M €	+32.8%	871,6 k €	-31.7%	1,3 M €	+16.6%	1,1 M €	-31.6%	1,6 M €	+44.0%	1,1 M €	-12.7%	1,3 M €	+56.1%	815,9 k €	+98.6%	410,9 k €	+14.5%	358,9 k €
EBITDA	96 k €	-77.6%	428,7 k €	-61.4%	1,1 M €	+0.1%	1,1 M €	-34.2%	1,7 M €	+97.8%	851,4 k €	-50.3%	1,7 M €	+31.6%	1,3 M €	+18.8%	1,1 M €	-2.9%	1,1 M €	+48.3%	761,6 k €	+35.5%	561,9 k €	-37.0%	891,6 k €	+15.7%	770,8 k €	-38.7%	1,3 M €	+43.9%	873,3 k €	+16.5%	749,5 k €	+31.8%	568,9 k €	+217%	179,6 k €	+25.8%	142,8 k €
Operating result	-22,7 k €	-107%	328,5 k €	-68.7%	1,1 M €	-0.9%	1,1 M €	-35.6%	1,6 M €	+104%	805 k €	-51.3%	1,7 M €	+35.4%	1,2 M €	+20.2%	1 M €	-4.2%	1,1 M €	+48.9%	711,6 k €	+42.7%	498,7 k €	-39.7%	826,5 k €	+15.8%	713,8 k €	-40.5%	1,2 M €	+45.4%	825,5 k €	+17.0%	705,4 k €	+30.0%	542,6 k €	+245%	157,3 k €	+25.7%	125,1 k €
Net result	-31,1 k €	-113%	232,6 k €	-70.1%	779 k €	-6.2%	830,3 k €	-32.9%	1,2 M €	+128%	542,4 k €	-52.8%	1,1 M €	+61.5%	712 k €	-8.3%	776 k €	+14.2%	679,5 k €	+44.6%	469,8 k €	+39.3%	337,4 k €	-39.0%	553,3 k €	+25.2%	441,9 k €	-45.3%	808,2 k €	+51.5%	533,3 k €	+17.4%	454,3 k €	+28.3%	354,1 k €	+261%	98,2 k €	+20.6%	81,4 k €
Balance sheet
Equity	3,3 M €	-0.9%	3,3 M €	-23.2%	4,3 M €	+21.9%	3,6 M €	-26.9%	4,9 M €	+34.1%	3,6 M €	+17.6%	3,1 M €	+10.8%	2,8 M €	+34.3%	2,1 M €	+25.8%	1,6 M €	+25.0%	1,3 M €	-20.0%	1,6 M €	+25.7%	1,3 M €	+18.3%	1,1 M €	+9.0%	1 M €	+43.5%	708 k €	-14.2%	824,7 k €	+127%	363,2 k €	+19.8%	303,3 k €	+47.9%	205,1 k €
Total assets	4,4 M €	+6.1%	4,1 M €	-20.1%	5,2 M €	-31.7%	7,6 M €	+20.3%	6,3 M €	+22.7%	5,1 M €	-4.0%	5,4 M €	+18.1%	4,5 M €	+23.0%	3,7 M €	+3.4%	3,6 M €	-3.5%	3,7 M €	+12.4%	3,3 M €	-0.2%	3,3 M €	+12.6%	2,9 M €	-11.8%	3,3 M €	+35.4%	2,5 M €	+23.8%	2 M €	+39.9%	1,4 M €	+37.1%	1 M €	+12.1%	921,8 k €
Cash	260,1 k €	-30.3%	373 k €	-57.8%	884,3 k €	+46.2%	604,9 k €	-38.1%	977,5 k €	+0.2%	976 k €	-18.9%	1,2 M €	+275%	321,1 k €	-39.0%	526 k €	-33.6%	792,5 k €	-39.1%	1,3 M €	+37.4%	947,4 k €	+21.0%	783,2 k €	+46.1%	536 k €	-52.8%	1,1 M €	+108%	546,1 k €	+53.2%	356,5 k €	+36.1%	262 k €	+324%	61,7 k €	-54.2%	134,7 k €
Debts	1,1 M €	+35.3%	795,2 k €	-4.4%	831,4 k €	-79.4%	4 M €	+186%	1,4 M €	-4.7%	1,5 M €	-31.1%	2,1 M €	+41.7%	1,5 M €	+26.7%	1,2 M €	-16.0%	1,4 M €	-23.7%	1,9 M €	+44.5%	1,3 M €	-17.5%	1,6 M €	+14.3%	1,4 M €	-29.9%	2 M €	+35.6%	1,4 M €	+61.4%	892,3 k €	-15.3%	1,1 M €	+49.7%	704,1 k €	+1.9%	690,7 k €
Other
Workforce	23,7 ETP	+12.9%	21,0 ETP	-14.3%	24,5 ETP	+12.4%	21,8 ETP	+61.5%	13,5 ETP	+14.4%	11,8 ETP	+7.3%	11,0 ETP	+5.8%	10,4 ETP	+8.3%	9,6 ETP	+39.1%	6,9 ETP	-1.4%	7,0 ETP	+14.8%	6,1 ETP	+7.0%	5,7 ETP	+3.6%	5,5 ETP	+14.6%	4,8 ETP	+26.3%	3,8 ETP	+11.8%	3,4 ETP	-44.3%	6,1 ETP	-9.0%	6,7 ETP	+17.5%	5,7 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 · 1 active · 29 ended

Active mandates

Magnum Heating Group B.V.

Director · since 01 septembre 2020

Represented by Van Haaren Alexander

Active

Ended mandates

Moore Audit

Commissaris · since 01 avril 2022 · until 11 juin 2025 · 0453.925.059

Represented by Stijn Van Hout

Ended

Magnum Heating Group

Director · since 01 septembre 2020 · 0753.703.262

Represented by Van HAAREN ALEXANDER

Ended

Magnum Heating Group

Director · since 01 septembre 2020

Represented by Alexander Van Haaren

Ended

Magnum Heating Group BV

Director · since 01 septembre 2020 · 0753.703.262

Represented by Van HAAREN ALEXANDER

Ended

At this address

Other companies at this address

Company	CBE no.
ADRIAENSENS● Active	0473.216.874
Adriaensens btw-eenheid● Active	1003.194.388
DEKNOCK & AERTS● Active	0461.366.345

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/07/2020
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	6 months
Filing date	25/06/2026	01/07/2025	27/06/2024	17/07/2023	10/06/2022	31/08/2021
General meeting	24/06/2026	11/06/2025	27/06/2024	23/06/2023	16/05/2022	16/03/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	24/06/2026	25/06/2026	Dutch	PDF
Abridged model	31/12/2024	11/06/2025	01/07/2025	Dutch	PDF
Abridged model	31/12/2023	27/06/2024	27/06/2024	Dutch	PDF
Abridged model	31/12/2022	23/06/2023	17/07/2023	Dutch	PDF
Abridged model	31/12/2021	16/05/2022	10/06/2022	Dutch	PDF
Abridged model	31/12/2020	16/03/2021	31/08/2021	Dutch	PDF
Abridged model	30/06/2020	25/08/2020	30/09/2020	Dutch	PDF
Abridged model	30/06/2019	17/09/2019	24/11/2019	Dutch	PDF
Abridged model	30/06/2018	18/09/2018	10/01/2019	Dutch	PDF
Abridged model	30/06/2017	19/09/2017	30/10/2017	Dutch	PDF
Abridged model	30/06/2016	20/09/2016	17/02/2017	Dutch	PDF
Abridged model	30/06/2015	15/09/2015	30/11/2015	Dutch	PDF
Abridged model	30/06/2014	16/09/2014	27/01/2015	Dutch	PDF
Abridged model	30/06/2013	17/09/2013	02/12/2013	Dutch	PDF
Abridged model	30/06/2012	18/09/2012	28/11/2012	Dutch	PDF
Abridged model	30/06/2011	20/09/2011	03/07/2012	Dutch	PDF
Abridged model	30/06/2010	21/12/2010	31/12/2010	Dutch	PDF
Abridged model	31/12/2008	30/04/2009	07/10/2009	Dutch	PDF
Abridged model	31/12/2007	30/04/2008	28/08/2008	Dutch	PDF
Abridged model	31/12/2006	30/04/2007	28/09/2007	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 · 1 active · 29 ended

Active mandates

Magnum Heating Group B.V.

Director · since 01 septembre 2020

Represented by Van Haaren Alexander

Active

Ended mandates

Moore Audit

Commissaris · since 01 avril 2022 · until 11 juin 2025 · 0453.925.059

Represented by Stijn Van Hout

Ended

Magnum Heating Group

Director · since 01 septembre 2020 · 0753.703.262

Represented by Van HAAREN ALEXANDER

Ended

Magnum Heating Group

Director · since 01 septembre 2020

Represented by Alexander Van Haaren

Ended

Magnum Heating Group BV

Director · since 01 septembre 2020 · 0753.703.262

Represented by Van HAAREN ALEXANDER

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/10/2022
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring27/05/2022
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring01/04/2022
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...) - DIVERSEN
PDF
Other31/12/2020
ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates01/10/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/09/2020
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/09/2020
ONTSLAGEN - BENOEMINGEN
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 2025-31,1 k €↓
2024
Annual accounts 2024232,6 k €↓
2023
Annual accounts 2023779 k €↓
2022
Annual accounts 2022830,3 k €↓
2021
Annual accounts 20211,2 M €↑
2020
Annual accounts 2020542,4 k €↓
2020
Annual accounts 20201,1 M €↑
2019
Annual accounts 2019712 k €↓
2018
Annual accounts 2018776 k €↑
2017
Annual accounts 2017679,5 k €↑
2016
Annual accounts 2016469,8 k €↑
2015
Annual accounts 2015337,4 k €↓
2014
Annual accounts 2014553,3 k €↑
2013
Annual accounts 2013441,9 k €↓
2012
Annual accounts 2012808,2 k €↑
2011
Annual accounts 2011533,3 k €↑
2010
Annual accounts 2010454,3 k €↑
2008
Annual accounts 2008354,1 k €↑
2007
Annual accounts 200798,2 k €↑
2006
Annual accounts 200681,4 k €
03/12/1990
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

THERMODUCT

Overview

What does THERMODUCT do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

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