ACTIVE

BELTHERM

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Financial year 2025 · Closed on 31/12/2025

Net result202,6 k €-40,5 %over 1 year
Revenue29,6 M €-1,7 %over 1 year
Equity5,7 M €+3,7 %over 1 year
Workforce116,7 ETP-2,2 %over 1 year

Identity

Source · BCE/KBO

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
Joint committees (3)
  • 111
  • 124
  • 209
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 19 filings

Trend over 18 financial years

20252024202320222021
Income statement
Revenue29,6 M €30,1 M €34,3 M €31,5 M €22,7 M €
EBITDA864,4 k €1,1 M €1,9 M €938,1 k €899 k €
Operating result472 k €701,3 k €1,6 M €564,3 k €590,2 k €
Net result202,6 k €340,8 k €1 M €327,8 k €260,2 k €
Balance sheet
Equity5,7 M €5,5 M €5,2 M €4,1 M €3,8 M €
Total assets13,1 M €15,6 M €15,6 M €15 M €11,6 M €
Cash617,4 k €283 k €846,8 k €472,5 k €533,9 k €
Debts7,4 M €10,1 M €10,4 M €10,9 M €7,8 M €
Other
Workforce116,7 ETP119,3 ETP117,0 ETP114,5 ETP118,0 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€
See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 7 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Griet DELPORTE
Director12/04/2019 → 14/05/2028
KARL NEYRINCK
Managing director24/12/2018 → 14/05/2028

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Victor SEGAERT
Director04/08/2017 → 2018 accounts
ANVIMA BVBA0507.646.431Represented by Greet HANCKE
Managing director25/11/2016 → 2019 accounts
Greet HANCKE
Managing director25/11/2016 → 12/04/2019

Other companies at this address

De Arend 18 8210 Zedelgem
CompanyCBE no.
BELVIMA INVEST● Active
0634.573.604

Full financial information

Source · NBB
202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date17/06/202630/06/202519/06/202407/06/202301/07/202225/06/2021
General meeting29/05/202613/06/202507/06/202412/05/202303/06/202214/05/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 19 filings
ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202529/05/202617/06/2026DutchPDF
Full model31/12/202413/06/202530/06/2025DutchPDF
Full model31/12/202307/06/202419/06/2024DutchPDF
Full model31/12/202212/05/202307/06/2023DutchPDF
Full model31/12/202103/06/202201/07/2022DutchPDF
Full model31/12/202014/05/202125/06/2021DutchPDF
Full model31/12/201926/06/202007/07/2020DutchPDF
Full model30/06/201820/10/201830/10/2018DutchPDF
Full model30/06/201721/10/201706/12/2017DutchPDF
Full model30/06/201625/11/201630/11/2016DutchPDF
Full model30/06/201517/10/201512/11/2015DutchPDF
Full model30/06/201418/10/201414/11/2014DutchPDF
Full model30/06/201319/10/201325/11/2013DutchPDF
Full model30/06/201220/10/201204/12/2012DutchPDF
Full model30/06/201115/10/201125/11/2011DutchPDF
Full model30/06/201016/10/201003/11/2010DutchPDF
Full model30/06/200917/10/200917/11/2009DutchPDF
Full model30/06/200818/10/200822/12/2008DutchPDF
Full model30/06/200720/10/200723/11/2007DutchPDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 7 ended

Active mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Griet DELPORTE
Director12/04/2019 → 14/05/2028
KARL NEYRINCK
Managing director24/12/2018 → 14/05/2028

Ended mandates

DirectorMandates in this companyPeriodOther mandatescurrentendedstruck offbankruptcies
Victor SEGAERT
Director04/08/2017 → 2018 accounts
ANVIMA BVBA0507.646.431Represented by Greet HANCKE
Managing director25/11/2016 → 2019 accounts
Greet HANCKE
Managing director25/11/2016 → 12/04/2019

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette
  • 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

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
Filings18 filings
Mandates
KARL NEYRINCK
Griet DELPORTE
Victor SEGAERT
ANVIMA BVBA
Jan SEGAERT
Greet HANCKE
InvestCon
Christiane DECROOS
Daniel HANCKE
199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028
BELTHERM
De Arend 18, 8210 Zedelgem
Managing director
Director
Managing director
Managing director
Managing director
Director
Director
Director
CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE
Registered addressPeriodSource
De Arend 18, 8210 ZedelgemCurrent
accounts 2021 → 2025
Accounts 2025 · 2026-00172557

Company names

Source · NBB annual accounts, CBE
NamePeriodSource
BELTHERMCurrent
accounts 2007 → 2025
Accounts 2025 · 2026-00172557

Events

  1. 2025
    Annual accounts 2025202,6 k €↓
  2. 2024
    Annual accounts 2024340,8 k €↓
  3. 2023
    Annual accounts 20231 M €↑
  4. 2022
    Annual accounts 2022327,8 k €↑
  5. 2021
    Annual accounts 2021260,2 k €↓
  6. 2020
    Annual accounts 20201,1 M €↑
  7. 2019
    Annual accounts 2019878,9 k €↑
  8. 2018
    Annual accounts 201876,5 k €↓
  9. 2017
    Annual accounts 2017411,7 k €↑
  10. 2015
    Annual accounts 2015379,1 k €↓
  11. 2014
    Annual accounts 20141,1 M €↑
  12. 2013
    Annual accounts 2013224,3 k €↓
  13. 2012
    Annual accounts 2012241,3 k €↑
  14. 2011
    Annual accounts 2011126,6 k €↓
  15. 2010
    Annual accounts 2010279,2 k €↓
  16. 2009
    Annual accounts 2009316,7 k €↑
  17. 2008
    Annual accounts 200873,2 k €↓
  18. 2007
    Annual accounts 2007385,5 k €
  19. 01/07/1993
    IncorporationPublic limited company