ACTIVE

HEATSAIL

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Financial year 2025 · closed on 31/12/2025

Net result

-1,4 M €

-82.5% YoY

Gross margin

-367,6 k €

-225.2% YoY

Equity

1,1 M €

-27.5% YoY

Workforce

11,2 ETP

+7.7% YoY

What does HEATSAIL do?

HEATSAIL is a Public limited company incorporated in 2012. Its main activity is: Manufacture of central heating radiators and boilers. Its registered office is in Kontich. It employs on average 11,2 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0845.705.287

Incorporation

27/04/2012

Legal form

Public limited company

Registered office

Prins Boudewijnlaan 7 box 8
2550 Kontich · FlandreSee on map

Contributed capital

1 313 600,00 €

Latest accounts

31/12/2025

Average workforce

11,2 ETP

Activities (NACE)

25210Manufacture of central heating radiators and boilers· main 25210Manufacture of central heating radiators and boilers 27402Manufacture of electric lighting equipment 27402Manufacture of electric lighting equipment 31009Manufacture of furniture 31099Manufacture of other furniture+8

Joint committees (2)

11101
20900

Contacts

2 public details availableLog in to view

Signals

Healthy social debts

View the BCE/KBO Public Search record →

Health score

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Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 13 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013
Income statement
Gross margin	-367,6 k €	-225%	293,7 k €	-74.8%	1,2 M €	+369%	249 k €	-90.7%	2,7 M €	+66.8%	1,6 M €	+121%	724,1 k €	+102%	359,3 k €	-15.4%	424,5 k €	+258%	118,7 k €	+1174%	9,3 k €	+339%	-3,9 k €	+89.3%	-36,5 k €
EBITDA	-1,2 M €	-140%	-513,4 k €	-390%	176,9 k €	+129%	-600,9 k €	-133%	1,8 M €	+63.1%	1,1 M €	+186%	394,5 k €	+109%	189,2 k €	-6.6%	202,4 k €	+222%	62,8 k €	+1017%	5,6 k €	+224%	-4,5 k €	+87.8%	-37,3 k €
Operating result	-1,4 M €	-99.8%	-705,5 k €	-6298%	11,4 k €	+101%	-769,1 k €	-147%	1,7 M €	+69.0%	976,4 k €	+236%	290,5 k €	+136%	123,1 k €	-5.4%	130,2 k €	+128%	57 k €	+3852%	1,4 k €	+124%	-6 k €	+83.9%	-37,3 k €
Net result	-1,4 M €	-82.5%	-783,9 k €	-979%	89,1 k €	+111%	-817,9 k €	-184%	974,8 k €	+37.9%	706,9 k €	+257%	197,8 k €	+158%	76,6 k €	+2.9%	74,4 k €	+43.9%	51,7 k €	+18169%	283,2 €	+103%	-9 k €	+76.6%	-38,2 k €
Balance sheet
Equity	1,1 M €	-27.5%	1,6 M €	-33.4%	2,3 M €	+53.4%	1,5 M €	-34.8%	2,3 M €	+70.9%	1,4 M €	+106%	667,2 k €	+42.1%	469,5 k €	+19.5%	392,9 k €	+1577%	23,4 k €	+183%	-28,3 k €	+1.0%	-28,6 k €	-1.3%	-28,2 k €
Total assets	4,7 M €	+6.1%	4,5 M €	-16.9%	5,4 M €	+2.1%	5,3 M €	-10.9%	5,9 M €	+53.3%	3,9 M €	+89.1%	2 M €	+42.6%	1,4 M €	+48.1%	964,6 k €	+89.5%	508,9 k €	+96.0%	259,6 k €	+260%	72,2 k €	+193%	24,6 k €
Cash	57,7 k €	-60.6%	146,4 k €	-58.7%	354,6 k €	-32.7%	527,1 k €	-12.9%	604,9 k €	+11.5%	542,6 k €	+2546%	20,5 k €	-14.8%	24,1 k €	-92.3%	314,1 k €	+1903%	15,7 k €	-16.5%	18,8 k €	+83.8%	10,2 k €	+346%	2,3 k €
Debts	3,5 M €	+21.6%	2,9 M €	-3.8%	3 M €	-18.5%	3,7 M €	+4.1%	3,6 M €	+43.4%	2,5 M €	+80.9%	1,4 M €	+42.8%	958,7 k €	+67.7%	571,6 k €	+28.8%	443,8 k €	+55.3%	285,8 k €	+184%	100,8 k €	+90.7%	52,8 k €
Other
Workforce	11,2 ETP	+7.7%	10,4 ETP	-18.8%	12,8 ETP	-17.9%	15,6 ETP	-5.5%	16,5 ETP	+98.8%	8,3 ETP	+27.7%	6,5 ETP	+41.3%	4,6 ETP	+39.4%	3,3 ETP	+136%	1,4 ETP	+100%	0,7 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 · 2 active · 9 ended

Active mandates

HSI

Director · since 03 février 2025 · until 03 février 2031 · 0738.480.202

Represented by Marc Van Hool

Active

WELL WELL WELL

Director · since 27 septembre 2024 · until 27 septembre 2030 · 0891.876.101

Represented by Luc Téblick

Active

Ended mandates

Belgian Heating Solutions

Director · since 25 septembre 2023 · until 15 juin 2029 · 0783.338.544

Represented by Téblick LUC

Ended

Luc Téblick

Mandate · since 24 décembre 2019 · until 20 juin 2025

Ended

Luc Téblick

Director · since 24 décembre 2019 · until 20 juin 2025

Ended

Philip Dubois

Mandate · since 24 décembre 2019 · until 20 juin 2025

Ended

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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	01/01/2020
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	30/07/2026	18/07/2025	30/07/2024	24/11/2023	24/11/2023	21/06/2021
General meeting	30/06/2026	20/06/2025	30/06/2024	26/09/2023	26/09/2023	18/06/2021
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	30/07/2026	Dutch	PDF
Abridged model	31/12/2024	20/06/2025	18/07/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	30/07/2024	Dutch	PDF
Abridged model	31/12/2022	26/09/2023	24/11/2023	Dutch	PDF
Abridged modelCorrection	31/12/2021	26/09/2023	24/11/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	29/07/2022	Dutch	PDF
Abridged model	31/12/2020	18/06/2021	21/06/2021	Dutch	PDF
Abridged model	31/12/2019	09/09/2020	30/09/2020	Dutch	PDF
Abridged model	31/12/2018	30/06/2019	30/09/2019	Dutch	PDF
Abridged model	31/12/2017	15/06/2018	26/07/2018	Dutch	PDF
Abridged model	30/06/2016	12/09/2016	29/09/2016	Dutch	PDF
Abridged model	30/06/2015	04/12/2015	13/01/2016	Dutch	PDF
Abridged model	30/06/2014	05/12/2014	14/01/2015	Dutch	PDF
Abridged model	30/06/2013	06/12/2013	24/02/2014	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 · 2 active · 9 ended

Active mandates

HSI

Director · since 03 février 2025 · until 03 février 2031 · 0738.480.202

Represented by Marc Van Hool

Active

WELL WELL WELL

Director · since 27 septembre 2024 · until 27 septembre 2030 · 0891.876.101

Represented by Luc Téblick

Active

Ended mandates

Belgian Heating Solutions

Director · since 25 septembre 2023 · until 15 juin 2029 · 0783.338.544

Represented by Téblick LUC

Ended

Luc Téblick

Mandate · since 24 décembre 2019 · until 20 juin 2025

Ended

Luc Téblick

Director · since 24 décembre 2019 · until 20 juin 2025

Ended

Philip Dubois

Mandate · since 24 décembre 2019 · until 20 juin 2025

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/03/2026
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares22/01/2026
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - KAPITAAL - AANDELEN
PDF
Mandates25/03/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/11/2024
ONTSLAGEN - BENOEMINGEN
PDF
Other18/10/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates24/01/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/01/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/05/2022
MAATSCHAPPELIJKE ZETEL - 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 2025-1,4 M €↓
2024
Annual accounts 2024-783,9 k €↓
2023
Annual accounts 202389,1 k €↑
2022
Annual accounts 2022-817,9 k €↓
2021
Annual accounts 2021974,8 k €↑
2020
Annual accounts 2020706,9 k €↑
2019
Annual accounts 2019197,8 k €↑
2018
Annual accounts 201876,6 k €↑
2017
Annual accounts 201774,4 k €↑
2016
Annual accounts 201651,7 k €↑
2016
Name changeHeatsail
2015
Annual accounts 2015283,2 €↑
2014
Annual accounts 2014-9 k €↑
2013
Annual accounts 2013-38,2 k €
2013
Name changeHEATSAIL IP
27/04/2012
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

HEATSAIL

Overview

What does HEATSAIL do?

Trend over 13 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