Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 113 to 72.8.
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Figures corrected NBB
Corrected annual account filed for 2023.
Financials
Financial year 2025
THERMOCO from Antwerpen, company number BE0438269259, closed financial year 2025 with a result of € 400,114 after tax. For that financial year THERMOCO recorded revenue of € 12.6 million and equity of € 1 million. Compared with financial year 2023, the result moved from € -2.9 million to € 400,114. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 26, 2026.
€ 1 million
▲ € 4.4 million vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 400,114
▲ still € 2.9 million loss in 2023
Profit after tax over the fiscal year.
€ 24,787
▲ € 21,735 vs 2023
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -4.7 million.
People and assets in 2025
72.8
▼ 32.5 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 5.4 million
▼ 23% vs 2023
€ 74,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 18,602
▼ 82% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 1.5 million
▼ 78% vs 2023
Loans from banks and other lenders, long and short.
€ 1.2 million
▼ 21% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 62 days on average.
€ 866,976
▼ 11% vs 2023
Taxes, VAT and social contributions still to pay.
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| 2021 | 2022 | 2023 | 2025 | Change 2023 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 23,268,073 | € 16,130,664 | € 14,124,529 | € 12,566,761 | ▼ 11% |
| Profit after taxes | € -1,106,420 | € -1,381,237 | € -2,935,184 | € 400,114 | ▲ € 3.3 million |
| Equity | € 941,818 | € -439,418 | € -3,374,602 | € 1,013,692 | ▲ € 4.4 million |
| Total debts | € 7,740,315 | € 7,923,058 | € 10,904,493 | € 4,348,440 | ▼ 60% |
| Cash | € 5,150 | € 124,292 | € 3,052 | € 24,787 | ▲ € 21,735 |
| Land & buildings | € 31,110 | € 26,364 | € 63,855 | € 71,406 | ▲ 12% |
| Retained profit | € 741,818 | € -639,418 | € -3,574,602 | € -4,686,308 | ▼ € 1.1 million |
| Bank debt | € 1,376,431 | € 3,567,376 | € 6,794,842 | € 1,500,000 | ▼ 78% |
| Balance sheet total | € 8,802,603 | € 7,646,747 | € 7,730,347 | € 5,387,424 | ▼ 30% |
| Employees (FTE) | 122.5 | 113 | 105.3 | 72.8 | ▼ 32.5 |
Key figures of THERMOCO, fiscal years 2021 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to THERMOCO?
What happened at THERMOCO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Nicolas Rogez stepped down as director. NBB
- Xavier Allard stepped down as director. NBB
- D'hondt Geert stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 400,114. Source: NBB ↗
- Nicolas Rogez became a director. NBB
- Natalie Dewulf stepped down as director. NBB
- Xavier Allard became a director. NBB
- Natalie Dewulf became a director. NBB
In short
From € 1.1 million loss in 2021 to € 400,114 profit in 2025.
Paid € 49,465 in corporate taxes since 2021.
Best year ever: 2025, with € 400,114 profit.
Pays suppliers within 62 days on average.
A new publication or filing at THERMOCO? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Directors
According to the 2025 annual accounts
Nicolas Rogez
Chairman of the board
Also active at: ISB BUILDING TECHNICS, EQUANS Services, TECHNICAL EQUIPMENT MAINTENANCE-TECHNILIFT, ELECTRICITEITSWERKEN NUYTS, VANDEWALLE, GLOBAL SERVICES, PISCINE DE JONFOSSE, Hamaco +1 more
since 2025 · until 2030
Xavier Allard
Director
Also active at: ISB BUILDING TECHNICS, Maatschappij voor Ontwikkeling van Ondergrondse Werken, TECHNICAL EQUIPMENT MAINTENANCE-TECHNILIFT, SOCIETE DE GESTION DE LA CITE ADMINISTRATIVE DE L'ETAT A BRUXELLES, ELECTRICITEITSWERKEN NUYTS, VANDEWALLE, GLOBAL SERVICES, AIRPORT GLOBAL SERVICES +4 more
since 2024 · until 2030
Natalie Dewulf
Chairman of the board
Also active at: EQUANS Services, Maatschappij voor Ontwikkeling van Ondergrondse Werken, TECHNICAL EQUIPMENT MAINTENANCE-TECHNILIFT, EQUANS, SOCIETE DE GESTION DE LA CITE ADMINISTRATIVE DE L'ETAT A BRUXELLES, ELECTRICITEITSWERKEN NUYTS, VANDEWALLE, GLOBAL SERVICES +5 more
since 2024 · until 2025
D'hondt Geert
Managing director
since 2023 · until 2029
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Haïfastraat 5
2030 Antwerpen
Bosstraat 67 box 3
3560 Lummen
Active since 1 January 2007
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Self-hosted
Hosting
AMAZON-02 - Amazon.com, Inc., US
DNS
AWS Route 53
Website info
Features
Security
Network
Details
- Company number
- 0438.269.259
- VAT number
- BE 0438.269.259
- Registered office
- Haïfastraat 5, 2030 Antwerpen
- Names & denominations
- THERMOCO
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 31 August 1989
- Peppol
- Active · Active since 8 Jan 2026
- Contact
- thermoco.be
- Activities · NACE
Installatie van verwarming, klimaatregeling, koeling en ventilatie aangedreven door elektriciteit
Installatie van verwarming, klimaatregeling en ventilatie
Installatie van isolatie
Algemene elektrotechnische installatiewerken
Vervaardiging van machines en apparaten voor klimaatregeling, voor niet-huishoudelijk gebruik
Vervaardiging van radiatoren, stoomketels en ketels voor centrale verwarming
Overige gespecialiseerde bouwactiviteiten in de constructie van gebouwen, neg
Sanitaire werkzaamheden