ACTIVE

BELTHERM

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Financial year 2025 · closed on 31/12/2025

Net result

202,6 k €

-40.5% YoY

Revenue

29,6 M €

-1.7% YoY

Equity

5,7 M €

+3.7% YoY

Workforce

116,7 ETP

-2.2% YoY

What does BELTHERM do?

BELTHERM is a Public limited company incorporated in 1993. Its main activity is: Plumbing, heat and air-conditioning installation. Its registered office is in Zedelgem. It employs on average 116,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0450.375.255

Incorporation

01/07/1993

Legal form

Public limited company

Registered office

De Arend 18
8210 Zedelgem · FlandreSee on map

Contributed capital

200 000,00 €

Latest accounts

31/12/2025

Average workforce

116,7 ETP

Activities (NACE)

43222Plumbing, heat and air-conditioning installation· main 43222Plumbing, heat and air-conditioning installation 45331Sale of motor vehicle parts and accessories 25999Manufacture of other fabricated metal products n.e.c.25999Manufacture of other fabricated metal products n.e.c.

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood 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 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	29,6 M €	-1.7%	30,1 M €	-12.3%	34,3 M €	+8.9%	31,5 M €	+39.1%	22,7 M €	-5.5%	24 M €	-46.6%	44,9 M €	+89.0%	23,8 M €	-11.8%	26,9 M €	+32.5%	20,3 M €	-12.5%	23,2 M €	+17.8%	19,7 M €	+18.4%	16,7 M €	+35.8%	12,3 M €	+14.0%	10,8 M €	-8.0%	11,7 M €	+30.7%	9 M €	+4.6%	8,6 M €
EBITDA	864,4 k €	-19.9%	1,1 M €	-44.0%	1,9 M €	+105%	938,1 k €	+4.3%	899 k €	-53.7%	1,9 M €	+7.1%	1,8 M €	+183%	640,4 k €	-46.8%	1,2 M €	-32.5%	1,8 M €	-34.0%	2,7 M €	+128%	1,2 M €	+2.2%	1,2 M €	+92.3%	602,3 k €	-31.7%	882 k €	-4.1%	919,8 k €	+51.0%	609,2 k €	-32.2%	898,3 k €
Operating result	472 k €	-32.7%	701,3 k €	-55.9%	1,6 M €	+182%	564,3 k €	-4.4%	590,2 k €	-63.8%	1,6 M €	+14.4%	1,4 M €	+408%	280,6 k €	-64.7%	794,7 k €	-10.3%	886,2 k €	-54.2%	1,9 M €	+245%	560,3 k €	+8.4%	517,1 k €	+52.6%	338,9 k €	-41.6%	580,2 k €	-1.3%	588 k €	+121%	265,9 k €	-56.9%	617,2 k €
Net result	202,6 k €	-40.5%	340,8 k €	-67.4%	1 M €	+219%	327,8 k €	+26.0%	260,2 k €	-76.9%	1,1 M €	+27.9%	878,9 k €	+1050%	76,5 k €	-81.4%	411,7 k €	+8.6%	379,1 k €	-65.7%	1,1 M €	+393%	224,3 k €	-7.0%	241,3 k €	+90.6%	126,6 k €	-54.7%	279,2 k €	-11.8%	316,7 k €	+333%	73,2 k €	-81.0%	385,5 k €
Balance sheet
Equity	5,7 M €	+3.7%	5,5 M €	+6.6%	5,2 M €	+25.2%	4,1 M €	+8.6%	3,8 M €	+7.3%	3,6 M €	+21.3%	2,9 M €	+42.7%	2,1 M €	+3.9%	2 M €	+9.9%	1,8 M €	-6.3%	1,9 M €	+45.9%	1,3 M €	+1.5%	1,3 M €	-4.0%	1,4 M €	+8.2%	1,3 M €	+28.7%	971,2 k €	+24.6%	779,5 k €	-22.8%	1 M €
Total assets	13,1 M €	-15.9%	15,6 M €	-0.2%	15,6 M €	+4.2%	15 M €	+29.0%	11,6 M €	+16.0%	10 M €	-16.9%	12,1 M €	+15.4%	10,5 M €	-7.5%	11,3 M €	+1.3%	11,2 M €	+14.7%	9,7 M €	+0.0%	9,7 M €	+6.0%	9,2 M €	+56.9%	5,9 M €	+5.6%	5,5 M €	-0.9%	5,6 M €	+16.2%	4,8 M €	-3.5%	5 M €
Cash	617,4 k €	+118%	283 k €	-66.6%	846,8 k €	+79.2%	472,5 k €	-11.5%	533,9 k €	+106%	259,7 k €	-29.3%	367,3 k €	+60.6%	228,7 k €	+47.0%	155,6 k €	-63.1%	422,1 k €	+362%	91,4 k €	+44.4%	63,3 k €	-78.0%	287,8 k €	+59.1%	180,9 k €	-18.8%	222,8 k €	+295%	56,5 k €	+63.1%	34,6 k €	-48.3%	67 k €
Debts	7,4 M €	-26.6%	10,1 M €	-3.6%	10,4 M €	-3.9%	10,9 M €	+39.0%	7,8 M €	+20.9%	6,5 M €	-29.2%	9,1 M €	+8.8%	8,4 M €	-10.0%	9,3 M €	+0.3%	9,3 M €	+19.4%	7,8 M €	-6.9%	8,4 M €	+7.2%	7,8 M €	+74.6%	4,5 M €	+4.7%	4,3 M €	-6.4%	4,6 M €	+13.5%	4 M €	+1.6%	4 M €
Other
Workforce	116,7 ETP	-2.2%	119,3 ETP	+2.0%	117,0 ETP	+2.2%	114,5 ETP	-3.0%	118,0 ETP	-4.0%	122,9 ETP	+7.0%	114,9 ETP	-0.7%	115,7 ETP	-5.8%	122,8 ETP	+1.6%	120,9 ETP	+5.4%	114,7 ETP	+14.7%	100,0 ETP	+33.0%	75,2 ETP	+15.5%	65,1 ETP	+5.7%	61,6 ETP	+11.2%	55,4 ETP	-1.2%	56,1 ETP	-2.4%	57,5 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 26 ended

Active mandates

Griet DELPORTE

Director · since 03 juin 2022 · until 14 mai 2028

Active

KARL NEYRINCK

Managing director · since 03 juin 2022 · until 14 mai 2028

Active

Ended mandates

Griet DELPORTE

Director · since 12 avril 2019 · until 13 mai 2022

Ended

Griet DELPORTE

Director · since 12 avril 2019 · until 03 juin 2022

Ended

KARL NEYRINCK

Managing director · since 24 décembre 2018 · until 13 mai 2022

Ended

KARL NEYRINCK

Managing director · since 24 décembre 2018 · until 03 juin 2022

Ended

At this address

Other companies at this address

Company	CBE no.
BELVIMA INVEST● Active	0634.573.604

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	17/06/2026	30/06/2025	19/06/2024	07/06/2023	01/07/2022	25/06/2021
General meeting	29/05/2026	13/06/2025	07/06/2024	12/05/2023	03/06/2022	14/05/2021
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

19 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	29/05/2026	17/06/2026	Dutch	PDF
Full model	31/12/2024	13/06/2025	30/06/2025	Dutch	PDF
Full model	31/12/2023	07/06/2024	19/06/2024	Dutch	PDF
Full model	31/12/2022	12/05/2023	07/06/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	01/07/2022	Dutch	PDF
Full model	31/12/2020	14/05/2021	25/06/2021	Dutch	PDF
Full model	31/12/2019	26/06/2020	07/07/2020	Dutch	PDF
Full model	30/06/2018	20/10/2018	30/10/2018	Dutch	PDF
Full model	30/06/2017	21/10/2017	06/12/2017	Dutch	PDF
Full model	30/06/2016	25/11/2016	30/11/2016	Dutch	PDF
Full model	30/06/2015	17/10/2015	12/11/2015	Dutch	PDF
Full model	30/06/2014	18/10/2014	14/11/2014	Dutch	PDF
Full model	30/06/2013	19/10/2013	25/11/2013	Dutch	PDF
Full model	30/06/2012	20/10/2012	04/12/2012	Dutch	PDF
Full model	30/06/2011	15/10/2011	25/11/2011	Dutch	PDF
Full model	30/06/2010	16/10/2010	03/11/2010	Dutch	PDF
Full model	30/06/2009	17/10/2009	17/11/2009	Dutch	PDF
Full model	30/06/2008	18/10/2008	22/12/2008	Dutch	PDF
Full model	30/06/2007	20/10/2007	23/11/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 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 · 2 active · 26 ended

Active mandates

Griet DELPORTE

Director · since 03 juin 2022 · until 14 mai 2028

Active

KARL NEYRINCK

Managing director · since 03 juin 2022 · until 14 mai 2028

Active

Ended mandates

Griet DELPORTE

Director · since 12 avril 2019 · until 13 mai 2022

Ended

Griet DELPORTE

Director · since 12 avril 2019 · until 03 juin 2022

Ended

KARL NEYRINCK

Managing director · since 24 décembre 2018 · until 13 mai 2022

Ended

KARL NEYRINCK

Managing director · since 24 décembre 2018 · until 03 juin 2022

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates24/09/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other25/01/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates13/09/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/01/2020
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
PDF
Other26/07/2019
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates14/05/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/04/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates24/01/2019
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 2025202,6 k €↓
2024
Annual accounts 2024340,8 k €↓
2023
Annual accounts 20231 M €↑
2022
Annual accounts 2022327,8 k €↑
2021
Annual accounts 2021260,2 k €↓
2020
Annual accounts 20201,1 M €↑
2019
Annual accounts 2019878,9 k €↑
2018
Annual accounts 201876,5 k €↓
2017
Annual accounts 2017411,7 k €↑
2015
Annual accounts 2015379,1 k €↓
2014
Annual accounts 20141,1 M €↑
2013
Annual accounts 2013224,3 k €↓
2012
Annual accounts 2012241,3 k €↑
2011
Annual accounts 2011126,6 k €↓
2010
Annual accounts 2010279,2 k €↓
2009
Annual accounts 2009316,7 k €↑
2008
Annual accounts 200873,2 k €↓
2007
Annual accounts 2007385,5 k €
01/07/1993
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

BELTHERM

Overview

What does BELTHERM do?

Trend over 18 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