Thema

What Thema does

Thema is a Belgian multi-brand distributor and integrator of energy equipment, headquartered in Awans (Liège province) with offices in Antwerp and Luxembourg. Founded in 1989 by Pierre Collette and now led by his sons Olivier and Julien, the company distributes heating, cooling, domestic hot water, solar thermal, biomass, cogeneration, and heat-pump equipment sourced from more than twenty European manufacturers including Windhager, Viessmann, CTA, and Soler & Palau. Distribution flows through a network of authorized installers and engineering offices across Belgium and Luxembourg, supported by technical training, a showroom and training laboratory, and after-sales service.

The business model combines hardware distribution margins with project-level technical support and after-sales service. Revenue is generated by selling equipment into project specifications written by engineering offices and installers, with a cumulative installed base exceeding 12,220 products (including more than 950 Windhager biomass installations). Customers range from residential end-users to large institutional and industrial projects, with named reference accounts spanning hospitals (CHIREC Delta), pharmaceuticals (UCB Pharma), retail (IKEA), government (the Wilfried Martens federal building served by a 1,499 kW biomass installation), and biotech industrial sites.

In recent years Thema has executed incremental expansion moves rather than rapid scaling. A 2016-2017 reorganization with consultancy Résultance was followed by 20% reported revenue growth. In 2021 the acquisition of Sanutal Solar and the opening of an Antwerp office extended coverage into Flanders. In 2023 the company moved into tertiary-sector commercial heat pumps, aligned with European Green Deal decarbonization incentives. In 2025 it added hybrid PVT panels through a new Abora partnership and launched the AIR HAWK 726 commercial heat pump. The company remains privately held, has not raised external funding rounds, and does not disclose revenue.

Name

Thema

Legal name

THEMA S.A.

Website

https://thema-sa.be

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Thema is a Belgian multi-brand distributor of heating, cooling, solar, biomass, cogeneration, and heat-pump equipment, serving authorized installers and engineering offices across Belgium and Luxembourg through offices in Awans, Antwerp, and Luxembourg. Founded in 1989 and family-led, the company focuses on technical specification support and after-sales service.

Ownership category

akta.pro rank

Product category

Heating and Energy Equipment Distribution

NAICS

Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (3334), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414), Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415)

SIC

Steam & Air-Conditioning Supply (4961), Wholesale-Hardware & Plumbing & Heating Equipment & Supplies (5070), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Chillers, Boilers & Central Plant Operations (BPABACAG)

akta.pro secondary industries

HVAC & Industrial Ventilation (Chillers, AHUs, Exhaust, Filtration) (EUAEAFAE), Boiler Repair, Maintenance & Tune-Ups (HSAOACAD), Expansion Tank, Circulator Pump & Zone Valve Service (HSAOACAG)

Keywords

• Heating system distribution
• Heat pump solutions
• Biomass boiler systems
• Solar thermal panels
• Energy systems integration

Headquarters

HQ city

Awans

HQ country

Belgium

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Equipment sales (heating, cooling, energy systems): Thema imports and resells specialized energy equipment from multiple European manufacturers (Ochsner, Remeha, Windhager, EC-Power, Värmebaronen, Abora Solar, Cordivari, etc.) to installers and engineering firms. Revenue is generated through the margin on equipment sales, with projects ranging from individual residential systems to large-scale tertiary and industrial installations.
2. Technical services (design, commissioning, maintenance): Thema provides engineering support from project study through commissioning and maintenance. Their team of engineers and technicians offers technical expertise and after-sales service. This includes sizing, system design advice, commissioning supervision, and ongoing performance monitoring of installations.
3. Rental of mobile heating plants: Thema offers mobile boiler/chaufferie rental (location de chaufferies) to maintain energy production continuity during construction work or emergency situations. Equipment delivers constant power output from 100 to 500 kW.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Thema is a multi-brand energy solutions distributor that imports and integrates specialized European-manufactured heating, cooling, and domestic hot water equipment — including heat pumps, condensing boilers, biomass boilers, cogeneration units, solar thermal and hybrid PVT panels, storage tanks, and HVAC controls — and designs customized mono-energy, hybrid, or multi-energy heating plants for professional installers and engineering firms in Belgium and Luxembourg. The company complements equipment supply with engineering design support, commissioning supervision, after-sales maintenance, professional training at its Awans laboratory, and mobile boiler rental for temporary heating continuity.

Product overview

Thema is a multi-brand energy solutions provider specializing in design and sale of personalized energy solutions combining innovation, technology and customized service. The company operates a multi-brand distribution model, importing the most innovative and high-performing European equipment to design custom systems. The product portfolio spans heat pumps (Ochsner, Maxa, ES Energy Save, Enerblue), cogeneration/EC-Power, condensing boilers (Remeha, MHG, ICI Caldaie), biomass boilers (Windhager), solar thermal (Sonnenkraft) and hybrid PVT panels (Abora), storage tanks (Cordivari), hydraulic components (Taconova, Fiorini, Cipriani), air heaters (Cometh), DHW production (AIC, Eco Heating Systems), radiant panels (Carlieuklima/EUTERM), and control systems (Thermia, RESOL, EBV). Complementary services include technical consulting, after-sales maintenance, professional training, and mobile boiler rental.

Differentiator

Problem solved

Functional benefit

Brands

• Cometh: An exclusive brand of THEMA offering French-made air heating solutions including condensing and non-condensing gas air heaters, and hot/cold water air heaters for heating and cooling applications.
• Sanutal Solar

Products and services

• Ochsner Heat Pumps Austrian heat pump manufacturer (founded 1872, heat pumps since 1978) offering air/water, water/water, and geothermal heat pumps from 2 to 2,500 kW for residential, commercial, and industrial applications. Includes AIR, TERRA, AQUA, and EUROPA thermodynamic water heater lines. Distributed by Thema in Belgium and Luxembourg.
• Maxa Heat Pumps Air/water monobloc heat pumps using R290, R32, or R410A refrigerants with maximum temperatures up to 78°C (R290 models). Suitable for residential, commercial, and industrial heating applications. Distributed by Thema in Belgium and Luxembourg.
• Enerblue Heat Pumps Air/water and water/water heat pump packages using R290, R513A, and R454B refrigerants delivering high temperatures up to 80°C for DHW and heating applications. Distributed by Thema in Belgium and Luxembourg.
• EC-Power Cogeneration Units Danish cogeneration (CHP) units up to 120 kWe running on natural gas, propane, H2-ready, and biogas. In 2025, EC-Power units sold through Thema produced 19.5 million kWh of electricity. Distributed by Thema in Belgium and Luxembourg since 2012.
• Värmebaronen Electric Boilers Swedish electric boilers (founded 1975) ranging from 1.5 to 1,500 kW with modulation up to 30 power stages. Features Modbus/BACnet compatibility for building automation. Used for fossil-free projects, backup heating, and integration with heat pump systems.
• Windhager Biomass Boilers Austrian biomass boilers (Windhager BHT Group, founded 1921) including pellet boilers up to 100 kW, log boilers up to 50 kW, and wood chip boilers up to 103 kW. Cascade configurations reach 400 kW. Ultra-optimized combustion with fine dust emissions below 1 mg/m³. Over 950 units installed by Thema in Belgium.
• Remeha Gas/Oil Condensing Boilers Compact condensing boilers up to 1,300 kW with extensive modulation, high response time, and ready for natural gas, propane, or H2. Features Al-Si heating elements with 7-year warranty. Thema's founding brand partner since 1989.
• Sonnenkraft Solar Thermal Collectors Austrian market leader in thermal solar energy systems, offering flat plate and evacuated tube solar collectors for residential, commercial, and tertiary projects for DHW production or heating support. Distributed by Thema in Belgium and Luxembourg since 2005.
• Abora Hybrid PVT Solar Panels Spanish hybrid PVT (photovoltaic + thermal) solar panels combining electricity and hot water production from a single panel via patented aHTech® technology. Achieves 89% certified total energy efficiency. Installed in 35+ countries with 40,000+ m² deployed globally.
• Cordivari Storage Tanks Italian storage tanks (founded 1972) for heating water, cold water, DHW, and combined storage. Range from 12 to 20,000 liters with or without heat exchangers. Polywarm® polymer coating and custom manufacturing. Distributed by Thema in Belgium and Luxembourg.
• Taconova Hydraulic Solutions Swiss hydraulic solutions for heating, DHW production, and solar thermal (founded 1961, part of Taco Comfort Solutions). TacoTherm Fresh modules provide hygienic DHW production up to 700 l/min flow rates with legionella prevention, designed for integration with heat pumps, solar thermal, biomass, cogeneration, and condensing boilers.
• Cipriani Plate Heat Exchangers Italian gasketed plate heat exchangers (founded 1987) for HVAC, renewable energy, CHP, food, chemical industries, and data centers. Working pressures up to 25 bar and temperatures up to 160°C. Range DN32 to DN200, with 9,000+ heat exchangers produced annually.
• Cometh Air Heaters Exclusive Thema brand of French-made air heating solutions including condensing and non-condensing gas air heaters, hot/cold water unit heaters, and destratificators for industrial, commercial, and tertiary environments.
• Thermia HVAC Control and Automation Panels Belgian-designed control and automation panels for HVAC installations, with complete in-house development from functional analysis to commissioning. Communicates via Modbus, BACnet, and KNX protocols, adaptable to hybrid and multi-energy systems.
• RESOL Controllers and Monitoring German controllers for thermal solar systems and multi-energy heating systems (founded 1977). Includes Power-to-Heat series for PV self-consumption, DeltaSol MX Plus for multi-energy systems, and VBus.net remote monitoring platform. Distributed by Thema in Belgium and Luxembourg.
• EBV Heating Control Systems German heating control systems (founded 1975) including THETA, CETA, and heatcon! controllers with OpenTherm compatibility and heatapp! smartphone control for European boiler, heat pump, and hybrid system manufacturers.
• Technical Consulting Services Expert technical consulting from design through installation and optimization. Engineers specially trained by manufacturers provide ongoing support to monitor and optimize installation performance across heat pumps, cogeneration, biomass, and solar systems.
• After-Sales Service and Maintenance Team of manufacturer-trained technicians with a large spare parts inventory enabling fast, precise, and efficient interventions on installed heating, cooling, and DHW equipment across Belgium and Luxembourg.
• Professional Training Services Hands-on training at the Awans laboratory featuring real-operating installations including 40m² solar thermal, cogeneration, condensing boilers, and heat pumps. Training is delivered to professional installers and design office engineers, with annual factory visits to manufacturer sites (Windhager Austria, Remeha Apeldoorn).
• Mobile Boiler Room Rental Rental of mobile heating plants (chaufferies mobiles) to maintain energy production continuity during construction work or emergency situations. Flexible deployment with constant power output ranging from 100 to 500 kW.

Quantifiable outcome

• 19,500,000 kWh of electricity produced by EC-Power cogeneration units sold through Thema in 2025 — equivalent to annual electricity consumption of 5,600 households, 8,700 electric vehicles, or 51,300 solar panels; avoiding 5,800+ tonnes of CO₂
• +4 more outcomes

Named customers17 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature3 records

Partnerships

18 partnerships are on record, tiered major, core and notable.

• Abora SolarmajorTechnology or Integration · 1 September 2025Abora Solar is a Spanish manufacturer of second-generation hybrid PVT (photovoltaic + thermal) solar panels based in Zaragoza. Founded in Spain, it designs, develops, and manufactures entirely in Spain. Abora's panels achieve a certified 89% total energy efficiency using its proprietary aHTech® technology, producing both electricity and hot water from a single panel. Thema is the official Abora representative and distributor for Belgium and Luxembourg since September 2025. Abora has installed 40,000+ m² of panels in 35+ countries.
• Sanutal SolarcoreStrategic or Co-development Partner · 1 January 2021In 2021, Thema acquired the activities of Sanutal Solar, the leading thermal solar energy company in northern Belgium. Wim Persoons, head of Sanutal's solar division, joined Thema. This acquisition gave Thema an official team and office in Flanders (Antwerp), significantly expanding its geographic footprint. The acquisition coincided with Sonnenkraft's acquisition of Tisun, strengthening the solar thermal brand relationship.
• EC-PowercoreTechnology or Integration · 1 January 2012EC-Power is a Danish manufacturer of cogeneration (combined heat and power, CHP) units. Thema secured the import contract for EC-Power products around 2012, expanding from its leadership in condensing boilers and solar heating into this promising new technology. EC-Power solutions range up to 120 kWe, running on natural gas, propane, H2-ready, and biogas. In 2025, EC-Power units sold through Thema produced 19.5 million kWh of electricity, avoiding 5,800+ tonnes of CO₂.
• WindhagercoreTechnology or Integration · 1 January 2009Windhager BHT Group is an Austrian pioneer in biomass heating. Thema began its partnership with Windhager around 2009. Windhager manufactures pellet boilers (up to 100 kW), log boilers (up to 50 kW), and wood chip boilers (up to 103 kW), with cascade configurations reaching 400 kW. Thema has installed over 950 Windhager biomass units in Belgium. Thema organizes annual training visits to Windhager's Austrian factories for its partner installers.
• SonnenkraftcoreTechnology or Integration · 1 January 2005Sonnenkraft is the Austrian market leader in thermal solar energy systems. Thema began an exclusive import partnership for Sonnenkraft products in 2005 as part of its customer service optimization and multi-brand strategy. Sonnenkraft covers flat plate and vacuum tube solar thermal collectors for residential, commercial, and tertiary applications. Following Sonnenkraft's acquisition of Tisun in 2021, Sonnenkraft became even more central to Thema's solar thermal offerings.
• RemehacoreTechnology or Integration · 1 January 1989Remeha was Thema's very first partner, established in 1989 when Philippe Duhaut (Pierre Collette's godfather) initiated the relationship. Remeha is a pioneer in condensing boiler technology. After 10 years of market education, the partnership drove Thema's move from Liège city center to the industrial zone in Grâce-Hollogne, where they built a showroom and laboratory. Remeha remains a key brand for condensing boilers (residential through 1,300 kW), available in natural gas, propane, and H2-ready variants.
• OchsnercoreTechnology or IntegrationOchsner is an Austrian heat pump manufacturer founded in 1872, specializing in heat pumps since 1978 and exclusively dedicated to this technology since 1992. Thema distributes Ochsner's full range: air/water, water/water, and geothermal heat pumps from 2 to 2,500 kW. Ochsner heat pumps achieve temperatures up to 82°C (130°C for industrial) and include the quietest air/water split pumps on the market. Ochsner is a member of the WWF Climate Group and has helped avoid 2.5 million tonnes of CO₂ globally.
• Windhager BHT GroupcoreTechnology or IntegrationWindhager BHT Group (Austrian biomass boiler specialist, founded 1921) partners with Thema for the distribution of its pellet, log, and wood chip boilers in Belgium and Luxembourg. Thema has installed 950+ Windhager units, making it a major biomass player. Thema organizes factory visits to Windhager's Austrian facilities for installer training.
• VärmebaronenmajorTechnology or IntegrationVärmebaronen is a Swedish manufacturer of electric boilers (e-boilers) founded in 1975 in Kristianstad. All products are designed and manufactured in Sweden. The range spans 1.5 to 1,500 kW, covering residential, commercial, and industrial applications. Electric boilers serve as primary heat sources or as backup/supplement in heat pump systems, hot water networks, or fossil-free heating plant designs. Thema distributes Värmebaronen products in Belgium and Luxembourg.
• ThermiamajorTechnology or IntegrationThermia is a Belgian company specializing in the design and production of HVAC control and automation panels. Founded in Belgium with 15+ years of experience, Thermia develops custom solutions for collective residential buildings, the tertiary sector, and industry. Panels are fully designed, wired, and tested in Belgium. Thermia integrates components from multiple brands, communicates via Modbus, Bacnet, KNX protocols, and adapts to hybrid or multi-energy systems. Thema co-exhibits with Thermia at events such as Municipalia.
• EC-Power (energy islanding project)notableTechnology or IntegrationThema supplied an EC-Power cogeneration unit for an energy islanding project, enabling a building to operate completely independently from the electrical grid. The project was featured on TVLux (regional television).
• CordivaricoreTechnology or IntegrationCordivari is an Italian manufacturer of DHW storage tanks, buffer tanks, and combined storage systems founded in 1972. The product range spans 12 to 20,000 liters in various materials (black steel, Polywarm®, stainless steel). Cordivari offers specialized solutions for heat pumps, cogeneration, solar thermal, biomass boilers, and multi-energy systems. Thema distributes Cordivari products throughout Belgium and Luxembourg. Cordivari's new catalog includes solutions specifically developed for heat pump installations.
• TaconovamajorTechnology or IntegrationTaconova is a Swiss company founded in 1961 (now part of US-based Taco Comfort Solutions) specializing in hydraulic solutions for heating, DHW production, and solar thermal applications. Thema distributes Taconova's TacoTherm Fresh range of high-efficiency DHW production modules (up to 700 l/min flow rates), designed for integration with heat pumps, solar thermal, biomass boilers, cogeneration, and condensing boilers. The systems ensure hygienic DHW production without legionella risk.
• ComethcoreTechnology or IntegrationCometh is an exclusive brand of Thema. It offers air heating solutions (gas air heaters — condensing and non-condensing — and hot/cold water air heaters) manufactured in a 15,000 m² facility near Paris, France. Cometh products serve industrial, commercial, and tertiary environments and include destratificators for optimizing thermal comfort.
• RésultancenotableStrategic or Co-development PartnerIn 2017, Thema engaged Résultance, a consulting firm, to completely overhaul its internal organization. Résultance worked with Thema throughout 2017 to analyze and optimize company operations. The reorganization resulted in 20% revenue growth and new promoted values: autonomy, team spirit, and workplace well-being.
• Cipriani PHEmajorTechnology or IntegrationCipriani PHE is an Italian company (founded 1987, near Verona) specializing in design and production of gasketed plate heat exchangers. Products handle working pressures up to 25 bar and temperatures up to 160°C, serving HVAC, renewable energy, CHP, food, chemical industries, and data centers. Present in 90+ countries, producing 9,000+ heat exchangers and 500,000 plates annually. Thema distributes Cipriani's full range (DN32 to DN200) in Belgium and Luxembourg.
• RESOLmajorTechnology or IntegrationRESOL is a German manufacturer of controllers for thermal solar systems and multi-energy heating systems (founded 1977), present in 50+ countries with all production in Germany. RESOL's range includes controllers for solar thermal installations, multi-energy systems, heat pumps, Power-to-Heat (PV self-consumption maximization), and the VBus.net remote monitoring platform. Thema distributes RESOL products throughout Belgium and Luxembourg.
• EnergysnotableChannel Partner/ Reseller/ DistributorEnergys is one of Thema's installer partners who participated in a joint factory visit to Remeha in Apeldoorn (Netherlands) alongside Thema's team. The Energys partnership exemplifies Thema's collaborative approach with its installer network.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Others

• Caleffi Belgium: Italian manufacturer of HVAC hydraulic components (balancing valves, dirt separators, heat metering, distribution manifolds) with a Belgian distribution presence. Overlaps with Taconova/Cipriani/Fiorini product categories that Thema integrates into its solutions.

Broad incumbents

• Vaillant Belgium: Belgian operations of Vaillant Group, one of Europe's largest heating technology manufacturers. Sells boilers, heat pumps, and hybrid solutions through installer networks, overlapping with Remeha/Sonnenkraft/Ochsner products that Thema distributes.
• Daikin Belgium: Belgian operations of global HVAC leader Daikin, offering heating, cooling, ventilation, and refrigeration products across residential, commercial, and industrial segments — overlapping with Thema's heat pump, HVAC, and central plant activities.
• Bosch Thermotechnology (Remeha): Bosch division operating the Remeha brand (Thema's founding partner since 1989) and Buderus in Belgium. Competes with Thema in condensing boiler, hybrid system, and controls categories while also being its largest supplier, making the relationship both complementary and competitive.
• Viessmann Belgium: Belgian subsidiary of Viessmann, a major German HVAC manufacturer, offering condensing boilers, heat pumps, and hybrid systems via direct and partner channels. A broader incumbent that overlaps Thema's portfolio in commercial/industrial heating plants.
• Buderus Belgium: Bosch-owned heating brand active in Belgium, offering condensing boilers, heat pumps, and integrated systems via installer networks. Directly comparable product mix to several of Thema's Remeha/Windhager/Ochsner lines.

Regional players

• Warmtebouw: Dutch systems integrator of heating and warm/cold distribution networks for buildings and districts. Operates in the Netherlands with a comparable project engineering and multi-energy systems approach, though geographically adjacent rather than directly competitive.

Direct peers

• Bulex (Bosch Thermotechnology): Belgian-Luxembourg heating brand owned by the Bosch group distributing condensing boilers and integrated heating solutions through installer networks. Competes head-to-head with Thema in residential and small-collective heating plant specifications in the same geography.
• JAGA Belgium: Belgian designer-manufacturer-distributor of radiators and HVAC solutions, headquartered in Belgium with a strong Benelux specification footprint. Competes in the same project-driven channel to engineering firms and installers for commercial/tertiary heating installations.
• Technea: Belgian heating, cooling and ventilation solutions provider with a multi-brand systems integration model in Belgium and the Benelux, closely comparable to Thema's territory, channel structure (B2B via installers and engineering offices), and project-engineering approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

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Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thema