ACTIVE

HEATING SYSTEMS

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Financial year 2025 · closed on 31/12/2025

Net result

29,8 k €

+167.7% YoY

Gross margin

56,9 k €

+114.0% YoY

Equity

57,7 k €

-11.0% YoY

What does HEATING SYSTEMS do?

HEATING SYSTEMS is a Private limited company incorporated in 2013. Its main activity is: Plumbing, heat and air-conditioning installation. Its registered office is in Leuven.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0502.627.175

Incorporation

10/01/2013

Legal form

Private limited company

Registered office

Herman Teirlincklaan 1
3010 Leuven · FlandreSee on map

Contributed capital

12 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

43221Plumbing, heat and air-conditioning installation· main 43221Plumbing, heat and air-conditioning installation 43222Plumbing, heat and air-conditioning installation 43222Plumbing, heat and air-conditioning installation

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 12 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013
Income statement
Gross margin	56,9 k €	+114%	26,6 k €	+128%	11,6 k €	-21.0%	14,7 k €	-33.1%	22 k €	+82.8%	12,1 k €	-72.4%	43,7 k €	+130%	19 k €	-55.0%	42,3 k €	+2137%	-2,1 k €	-127%	7,6 k €	+209%	-7 k €
EBITDA	52,7 k €	+114%	24,6 k €	+188%	8,6 k €	-3.5%	8,9 k €	-51.4%	18,3 k €	+66.6%	11 k €	-73.8%	41,8 k €	+139%	17,5 k €	-58.2%	41,9 k €	+1608%	-2,8 k €	-153%	5,2 k €	+162%	-8,5 k €
Operating result	43 k €	+158%	16,7 k €	+116%	7,7 k €	+370%	1,6 k €	-86.0%	11,7 k €	+180%	4,2 k €	-86.6%	31,2 k €	+130%	13,5 k €	-65.0%	38,7 k €	+1490%	-2,8 k €	-153%	5,2 k €	+162%	-8,5 k €
Net result	29,8 k €	+168%	11,1 k €	+125%	5 k €	+778%	564,1 €	-93.0%	8,1 k €	+173%	2,9 k €	-86.9%	22,5 k €	+166%	8,5 k €	-69.3%	27,5 k €	+692%	-4,7 k €	-296%	2,4 k €	+126%	-9 k €
Balance sheet
Equity	57,7 k €	-11.0%	64,8 k €	+20.8%	53,7 k €	-44.5%	96,8 k €	+0.6%	96,2 k €	+54.6%	62,2 k €	+5.0%	59,3 k €	+61.3%	36,7 k €	+30.0%	28,3 k €	+3827%	719,7 €	-86.6%	5,4 k €	+79.2%	3 k €
Total assets	86,4 k €	-14.5%	101,1 k €	-25.6%	135,9 k €	-13.0%	156,2 k €	-0.4%	156,8 k €	+35.2%	116 k €	-0.8%	117 k €	+22.6%	95,4 k €	+2.2%	93,4 k €	+3270%	2,8 k €	-75.3%	11,2 k €	-92.8%	154,7 k €
Cash	8,5 k €	-27.6%	11,8 k €	+128%	5,2 k €	-38.2%	8,3 k €	+123%	3,7 k €	-26.2%	5,1 k €	-71.8%	18 k €	+516%	2,9 k €	-87.9%	24,2 k €	+845%	2,6 k €	-76.9%	11,1 k €	-47.4%	21 k €
Debts	28,7 k €	-21.0%	36,4 k €	-55.8%	82,2 k €	+38.3%	59,4 k €	-1.9%	60,6 k €	+12.7%	53,8 k €	-6.8%	57,7 k €	-1.7%	58,7 k €	-9.9%	65,1 k €	+3075%	2,1 k €	-64.8%	5,8 k €	-96.2%	151,6 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 9 ended

Active mandates

Johan Paternotte

Director

Active

Ended mandates

Johan Paternotte

Manager · since 06 octobre 2015

Ended

's Heerengave Martens

Manager · since 10 janvier 2013

Ended

's Heerengave Roosje Martens

Manager · since 10 janvier 2013 · until 06 octobre 2015

Ended

's Heerengave Roosje Martens

Manager · since 10 janvier 2013

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	16/07/2026	08/07/2025	09/04/2024	28/07/2023	11/07/2022	16/07/2021
General meeting	18/06/2026	19/06/2025	29/03/2024	30/06/2023	16/06/2022	17/06/2021
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

13 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	18/06/2026	16/07/2026	Dutch	PDF
Micro model	31/12/2024	19/06/2025	08/07/2025	Dutch	PDF
Micro model	31/12/2023	29/03/2024	09/04/2024	Dutch	PDF
Micro model	31/12/2022	30/06/2023	28/07/2023	Dutch	PDF
Micro model	31/12/2021	16/06/2022	11/07/2022	Dutch	PDF
Micro model	31/12/2020	17/06/2021	16/07/2021	Dutch	PDF
Micro model	31/12/2019	08/09/2020	07/10/2020	Dutch	PDF
Micro model	31/12/2018	20/06/2019	19/07/2019	Dutch	PDF
Micro model	31/12/2017	21/06/2018	20/07/2018	Dutch	PDF
Micro model	31/12/2016	15/06/2017	25/07/2017	Dutch	PDF
Abridged model	31/12/2015	16/06/2016	19/06/2016	Dutch	PDF
Abridged model	31/12/2014	18/06/2015	13/07/2015	Dutch	PDF
Abridged model	31/12/2013	19/06/2014	26/08/2014	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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 · 9 ended

Active mandates

Johan Paternotte

Director

Active

Ended mandates

Johan Paternotte

Manager · since 06 octobre 2015

Ended

's Heerengave Martens

Manager · since 10 janvier 2013

Ended

's Heerengave Roosje Martens

Manager · since 10 janvier 2013 · until 06 octobre 2015

Ended

's Heerengave Roosje Martens

Manager · since 10 janvier 2013

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates17/12/2021
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/11/2015
BENAMING - MAATSCHAPPELIJKE ZETEL - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Other01/02/2013
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 202529,8 k €↑
2024
Annual accounts 202411,1 k €↑
2023
Annual accounts 20235 k €↑
2022
Annual accounts 2022564,1 €↓
2021
Annual accounts 20218,1 k €↑
2019
Annual accounts 20192,9 k €↓
2018
Annual accounts 201822,5 k €↑
2017
Annual accounts 20178,5 k €↓
2016
Annual accounts 201627,5 k €↑
2015
Annual accounts 2015-4,7 k €↓
2015
Name changeHeating Systems
2014
Annual accounts 20142,4 k €↑
2013
Annual accounts 2013-9 k €
10/01/2013
IncorporationPrivate limited company
2013
Name changeSMARTSPACES

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

HEATING SYSTEMS

Overview

What does HEATING SYSTEMS do?

Trend over 12 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