Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 1 of the last 4 fiscal years.
-
Tight liquidity NBB
Cash and receivables cover 38 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 6.9 to 5.
-
Busy address KBO
58 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
ALL THERMIC SOLUTIONS from Liège, company number BE0467107458, closed financial year 2025 with a result of € 100,464 after tax. For that financial year ALL THERMIC SOLUTIONS recorded a gross margin of € 388,558 and equity of € -27,543. Compared with financial year 2024, the result moved from € -482,087 to € 100,464. Profitable, and profit is growing. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on September 29, 2026.
€ -27,543
▼ € 106,262 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 100,464
▲ still € 482,087 loss in 2024
Profit after tax over the fiscal year.
€ 26,600
▲ 68% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -930,267.
People and assets in 2025
5
▼ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 356,485
▼ 5% vs 2024
€ 71,300 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.
€ 5,817
▼ 60% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 372,889
▲ 39% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 29,812
▼ 40% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | - | - | € 711,106 | - | |
| Gross margin | € 270,057 | € 282,917 | € -11,600 | € 388,558 | ▲ € 400,158 |
| Profit after taxes | € 383 | € -250,699 | € -482,087 | € 100,464 | ▲ € 582,551 |
| Equity | € 811,506 | € 560,807 | € 78,719 | € -27,543 | ▼ € 106,262 |
| Total debts | € 587,732 | € 944,912 | € 1,012,347 | € 1,120,150 | ▲ 11% |
| Cash | € 83,979 | € 174,561 | € 15,876 | € 26,600 | ▲ 68% |
| Retained profit | € -297,944 | € -548,643 | € -1,030,731 | € -930,267 | ▲ € 100,464 |
| Balance sheet total | € 1,399,238 | € 1,505,719 | € 1,091,067 | € 1,092,607 | |
| Employees (FTE) | 3.9 | 6.9 | 5.5 | 5 | ▼ 0.5 |
Key figures of ALL THERMIC SOLUTIONS, fiscal years 2022 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 ALL THERMIC SOLUTIONS?
What happened at ALL THERMIC SOLUTIONS in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- HORIZON CONSTRUCT SA stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 100,464. filed late Source: NBB ↗
- HORIZON CONSTRUCT SA became a director. NBB
- New establishment in Liège. KBO
- Start of the company according to the CBE. KBO
In short
From € 383 profit in 2022 to € 100,464 profit in 2025.
Paid € 279 in corporate taxes since 2022.
Best year ever: 2025, with € 100,464 profit.
On average € 77,700 of value added per employee in 2025.
Management
The stake of Invest Minguet Gestion comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
ALL THERMIC SOLUTIONSThe shares are held by Invest Minguet Gestion (100%). It owns 100% of INFINITY SA itself.
Directors
According to the 2025 annual accounts
Director · represented by LAURENT MINGUET
Also active at: Invest Minguet Gestion, CHARL, Systèmes Photovoltaïques Wallons, MABOTTE, IMMOPLEIADES, DEMINA, NEXT ENERGY, IMMOCHERA +12 more
since 2022 · until 2028
Shareholders
Participations
100%
Establishments
Establishment units
Physical locations of this company
Rue Natalis 2
4020 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 58 companies are registered at this address.
All companies at this address →Invest Minguet Gestion same network
€ 827,890 revenue · 2024
CHEVALIER
€ -1,619 gross margin · 2025
SYSTÈMES PHOTOVOLTAÏQUES
€ 25,497 gross margin · 2025
Systèmes Photovoltaïques Wallons same network
€ 1.9 million gross margin · 2025
COGESTIM
€ 416,442 gross margin · 2025
+53 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0467.107.458
- VAT number
- BE 0467.107.458
- Registered office
- Rue Natalis 2, 4020 Liège
- Names & denominations
- ALL THERMIC SOLUTIONS · ATS
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 20 October 1999
- Peppol
- Active · Active since 20 Nov 2020
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