FULL THRUST
ActiveSummary
FULL THRUST has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€113,300) and a net result of €382. Equity is shrinking by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 5% of 9557 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+2
Solvency0=
Growth47=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.01 against 0.03 in 2024; short-term debt: 483.3% and cash: 1.8% of total assets), and equity is negative.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-383.3%
Return on assets
1.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 9557 sector peers (2025).
NBB · sector comparisonPosition among 9557 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
28 d early
2023
29 d late
2022
30 d late
2021
17 d late
2020
30 d late
2019
54 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 15 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€14,785▼ 31.5%
2023 · €21,571
EBIT margin
-27.3%▼ 25.6pp
2023 · -1.7%
Net result
€382
2024 · -€4,631
Working capital
-€141,597▲ 5.6%
2024 · -€150,054
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€9,483▼ 25.6%€13,853▲ 46.1%€21,571▲ 55.7%€14,785▼ 31.5%
Operating result-€8,012▼ 39.8%-€3,265▲ 59.3%-€358▲ 89.0%-€4,032▼ 1,026%€628
Net result-€9,466below the sector's middle half▼ 27.3%-€4,423below the sector's middle half▲ 53.3%-€1,241below the sector's middle half▲ 71.9%-€4,631below the sector's middle half▼ 273%€382below the sector's middle half
EBIT margin-84.5%▼ 39.5pp-23.6%▲ 60.9pp-1.7%▲ 21.9pp-27.3%▼ 25.6pp
Equity-€103,386below the sector's middle half▼ 10.1%-€107,810below the sector's middle half▼ 4.3%-€109,051below the sector's middle half▼ 1.2%-€113,682below the sector's middle half▼ 4.2%-€113,300below the sector's middle half▲ 0.3%
Total assets€51,705below the sector's middle half▼ 2.6%€44,666below the sector's middle half▼ 13.6%€43,591below the sector's middle half▼ 2.4%€40,838below the sector's middle half▼ 6.3%€29,561below the sector's middle half▼ 27.6%
Debt€155,091▲ 5.5%€152,475▼ 1.7%€152,642▲ 0.1%€154,520▲ 1.2%€142,861▼ 7.5%
Working capital-€133,039below the sector's middle half▼ 13.9%-€136,339below the sector's middle half▼ 2.5%-€141,140below the sector's middle half▼ 3.5%-€150,054below the sector's middle half▼ 6.3%-€141,597below the sector's middle half▲ 5.6%
Solvency-200.0%below the sector's middle half▼ 23.1pp-241.4%below the sector's middle half▼ 41.4pp-250.2%below the sector's middle half▼ 8.8pp-278.4%below the sector's middle half▼ 28.2pp-383.3%below the sector's middle half▼ 104.9pp
Current ratio0.03below the sector's middle half▼ 0.020.03below the sector's middle half=0.05below the sector's middle half▲ 0.010.03below the sector's middle half▼ 0.020.01below the sector's middle half▼ 0.02
Return on assets (ROA)-18.3%below the sector's middle half▼ 4.3pp-9.9%below the sector's middle half▲ 8.4pp-2.8%below the sector's middle half▲ 7.1pp-11.3%below the sector's middle half▼ 8.5pp1.3%below the sector's middle half▲ 12.6pp
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €628 after a loss of €4,032 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29,561
Fixed assets
€28,297 ▼ 22.2%
Current assets
€1,264 ▼ 71.7%
Key figures and ratios
EBITDA
€8,704▲
2024 · €3,404
Cash flow
€8,458▲
2024 · €2,804
Debt to equity
-1.26▲
2024 · -1.36
Interest coverage
34.86▲
2024 · 5.61
Debt ≤ 1 year
€142,861▼
2024 · €154,520
Income taxes
-€3▼
2024 · €3
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,448 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 92% are still going.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.1%
went bankrupt
4.8%
stopped otherwise
92%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,448 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €9,483 | €13,853 | €21,571 | €14,785 | - | - |
| Non-recurring operating income76A | €0 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €7,192 | €7,129 | €11,693 | €8,787 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,048 | €7,773 | €7,830 | €7,435 | €8,076 | ▲ 8.6% |
| Other operating charges640/8 | €2,255 | €2,216 | €2,406 | €2,595 | €771 | ▼ 70.3% |
| Gross operating margin9900 | €2,291 | €6,724 | €9,878 | €5,998 | €9,474 | ▲ 58.0% |
| Operating profit (loss)9901 | -€8,012 | -€3,265 | -€358 | -€4,032 | €628 | ▲ 116% |
| Financial income75/76B | - | €1 | €4 | €9 | €1 | ▼ 91.7% |
| Recurring financial income75 | - | €1 | €4 | €9 | €1 | ▼ 91.7% |
| Financial charges65/66B | €1,454 | €1,159 | €885 | €606 | €250 | ▼ 58.8% |
| Recurring financial charges65 | €1,454 | €1,159 | €885 | €606 | €250 | ▼ 58.8% |
| Profit (loss) for the period before taxes9903 | -€9,466 | -€4,423 | -€1,240 | -€4,629 | €379 | ▲ 108% |
| Income taxes67/77 | - | - | €1 | €3 | -€3 | ▼ 200% |
| Profit (loss) for the period9904 | -€9,466 | -€4,423 | -€1,241 | -€4,631 | €382 | ▲ 108% |
| Profit (loss) for the period to be appropriated9905 | -€9,466 | -€4,423 | -€1,241 | -€4,631 | €382 | ▲ 108% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,705 | €44,666 | €43,591 | €40,838 | €29,561 | ▼ 27.6% |
| Fixed assets21/28 | €48,070 | €40,297 | €36,903 | €36,372 | €28,297 | ▼ 22.2% |
| Tangible fixed assets22/27 | €48,070 | €40,297 | €36,903 | €36,372 | €28,297 | ▼ 22.2% |
| Land and buildings22 | €34,158 | €29,293 | €24,428 | €20,975 | €16,971 | ▼ 19.1% |
| Plant, machinery and equipment23 | €13,912 | €11,004 | €12,475 | €15,397 | €10,480 | ▼ 31.9% |
| Furniture and vehicles24 | - | - | - | - | €846 | - |
| Current assets29/58 | €3,635 | €4,369 | €6,689 | €4,466 | €1,264 | ▼ 71.7% |
| Amounts receivable within one year40/41 | €534 | €2,866 | €1,266 | €1,447 | €0 | ▼ 100.0% |
| Trade receivables40 | €534 | €2,866 | €1,266 | €1,447 | - | - |
| Other amounts receivable41 | - | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €2,024 | €708 | €4,827 | €2,105 | €545 | ▼ 74.1% |
| Deferred charges and accrued income490/1 | €1,077 | €795 | €596 | €913 | €719 | ▼ 21.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,705 | €44,666 | €43,591 | €40,838 | €29,561 | ▼ 27.6% |
| Equity10/15 | -€103,386 | -€107,810 | -€109,051 | -€113,682 | -€113,300 | ▲ 0.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Issued capital100 | €18,600 | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - |
| Profit (loss) carried forward14 | -€123,846 | -€128,270 | -€129,511 | -€134,142 | -€133,760 | ▲ 0.3% |
| Amounts payable17/49 | €155,091 | €152,475 | €152,642 | €154,520 | €142,861 | ▼ 7.5% |
| Amounts payable after more than one year17 | €18,417 | €11,767 | €4,813 | - | - | - |
| Financial debts170/4 | €18,417 | €11,767 | €4,813 | - | - | - |
| Amounts payable within one year42/48 | €136,674 | €140,708 | €147,829 | €154,520 | €142,861 | ▼ 7.5% |
| Current portion of amounts payable after more than one year42 | €6,359 | €6,650 | €6,954 | €4,813 | - | - |
| Trade debts44 | €1,532 | €1,068 | €1,064 | €1,314 | €11,576 | ▲ 781% |
| Suppliers440/4 | €1,532 | €1,068 | €1,064 | €1,314 | €11,576 | ▲ 781% |
| Taxes, remuneration and social security45 | €1,151 | €1,332 | €1,098 | €233 | €4,160 | ▲ 1,684% |
| Taxes450/3 | €1,151 | €1,332 | €1,098 | €233 | €4,160 | ▲ 1,684% |
| Other amounts payable47/48 | €127,633 | €131,659 | €138,712 | €148,160 | €127,125 | ▼ 14.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,466 | -€4,423 | -€1,241 | -€4,631 | €382 | ▲ 108% |
| + Depreciation and write-downs630 | €8,048 | €7,773 | €7,830 | €7,435 | €8,076 | ▲ 8.6% |
| Operating cash flow (approximation) | -€1,418 | €3,350 | €6,589 | €2,804 | €8,458 | ▲ 202% |
| Investment in fixed assets (approximation) | - | €0 | -€4,437 | -€6,905 | €0 | ▲ 100% |
| Change in cash | - | -€1,316 | €4,119 | -€2,722 | -€1,560 | ▲ 42.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €382
Net result €382 after 7 loss-making years.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
17-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 17 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
23-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 54 days late
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 18 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Fernelmont · 1 establishment unit since 1999
Ground area
1,719 m²
Building footprint
228 m²
Parcel 92047C0657/00D000, Wallonia. Linked by address, not a title deed.
1 establishment unit
FULL THRUST
since 19992.092.951.281
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92047C0657/00D000 | Wallonia | 1,719 m² | 1 · 228 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteFernelmont2.092.951.281
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 11,577 companies in sector 71121 we hold annual accounts for 6,570. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded26-08-1999
Fiscal year end31-12
Activities, NACEBEL 2025
71121Engineering and related technical consultancy, excluding land surveyors
E-invoicing
Reachable via Peppol
Peppol ID
0208:0466736779
Also
9925:BE0466736779
Registered
16-02-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.