Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2021 to 2025 closed with a loss. 2024 was the heaviest.
Negative equity caps the score at 59.
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (no NACE code, small). It does better than 1% of them on solvency, 2% on liquidity, 3% on profitability and 7% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Liquidity is insufficient, with a current ratio of 0.0 (0.0 in 2024), below 1. Short-term debt is 129.8% and cash 0% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 17 days after the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Shares in 2 companies, Extra Horizon and QOMPIUM
Board & ownershipITHEAL files the abbreviated format. That format states no turnover. The gross margin fell from -€4,432 in 2015 to -€4,787 in 2025.
Cerives holds 80% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
20/58 |
3.5m | 3.2m | 3.2m | 3.2m | 2.3m | 2.3m | 469,136 | 320,093 | 324,872 | 336,953 | 313,037 | |
21/28 |
3.5m | 3.2m | 3.2m | 3.2m | 2.2m | 2.2m | 300,501 | 300,501 | 300,501 | 240,961 | 248,904 | |
22/27 |
7,946 | 15,902 | 23,858 | 31,813 | 39,769 | - | - | - | - | - | - | |
23 |
7,946 | 15,902 | 23,858 | 31,813 | 39,769 | - | - | - | - | - | - | |
28 |
3.5m | 3.2m | 3.2m | 3.2m | 2.2m | 2.2m | 300,501 | 300,501 | 300,501 | 240,961 | 248,904 | |
29/58 |
895 | 2,602 | 16,650 | 15,566 | 20,785 | 95,094 | 168,635 | 19,592 | 24,371 | 95,992 | 64,133 | |
29 |
- | - | - | - | - | - | - | - | - | - | 50,787 | |
291 |
- | - | - | - | - | - | - | - | - | - | 50,787 | |
40/41 |
- | 0 | 15,535 | 15,535 | 19,453 | 94,453 | 165,535 | 15,535 | 15,535 | 86,276 | - | |
40 |
- | - | - | - | 0 | 75,000 | 150,000 | - | - | - | - | |
41 |
- | 0 | 15,535 | 15,535 | 19,453 | 19,453 | 15,535 | 15,535 | 15,535 | 86,276 | - | |
54/58 |
895 | 229 | 1,115 | 31 | 1,332 | 641 | 3,100 | 4,057 | 8,836 | 7,011 | 8,927 | |
490/1 |
0 | 2,373 | - | - | - | - | - | - | - | 2,706 | 4,419 | |
| Balance sheet: equity and liabilities | ||||||||||||
10/49 |
3.5m | 3.2m | 3.2m | 3.2m | 2.3m | 2.3m | 469,136 | 320,093 | 324,872 | 336,953 | 313,037 | |
10/15 |
-1.0m | -730,098 | -411,642 | -198,071 | -60,103 | 39,869 | 30,623 | -38,839 | -36,246 | -20,547 | 9,066 | |
10/11 |
24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 18,600 | |
10 |
- | - | 24,800 | 24,800 | 24,800 | - | - | - | - | - | - | |
100 |
- | - | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 24,800 | 18,600 | |
13 |
462 | 462 | 462 | 462 | 462 | 462 | - | - | - | - | - | |
130/1 |
- | 0 | 462 | 462 | 462 | 462 | - | - | - | - | - | |
130 |
- | - | 462 | 462 | 462 | 462 | - | - | - | - | - | |
1311 |
- | 0 | - | - | - | - | - | - | - | - | - | |
133 |
462 | 462 | - | - | - | - | - | - | - | - | - | |
14 |
-1.1m | -755,360 | -436,904 | -223,334 | -85,366 | 14,607 | 5,823 | -63,639 | -61,046 | -45,347 | -9,534 | |
17/49 |
4.5m | 3.9m | 3.6m | 3.4m | 2.3m | 2.3m | 438,513 | 358,931 | 361,118 | 357,500 | 303,971 | |
42/48 |
4.5m | 3.9m | 3.6m | 3.4m | 2.3m | 2.2m | 436,637 | 357,850 | 347,850 | 349,107 | 297,850 | |
44 |
76,921 | 80,589 | 51,637 | 34,938 | 98,158 | 54,652 | 45,375 | - | - | 31,257 | - | |
440/4 |
76,921 | 80,589 | 51,637 | 34,938 | 98,158 | 54,652 | 45,375 | - | - | 31,257 | - | |
45 |
- | - | - | - | - | 0 | 1,262 | - | - | - | - | |
450/3 |
- | - | - | - | - | 0 | 1,262 | - | - | - | - | |
47/48 |
4.4m | 3.8m | 3.6m | 3.4m | 2.2m | 2.2m | 390,000 | 357,850 | 347,850 | 317,850 | 297,850 | |
492/3 |
- | - | - | - | 0 | 7,074 | 1,877 | 1,081 | 13,268 | 8,393 | 6,121 | |
| Income statement | ||||||||||||
76A |
- | - | - | - | - | - | - | - | - | 23,126 | - | |
9900 |
-4,787 | -6,094 | -3,627 | -1,287 | -7,892 | 20,171 | 73,354 | -899 | -3,450 | -52,452 | -4,432 | |
630 |
7,956 | 7,956 | 7,956 | 7,956 | 9 | - | - | - | - | - | 1,354 | |
640/8 |
1,206 | 1,418 | 1,154 | 1,046 | 688 | 520 | 638 | 514 | 510 | 715 | 871 | |
9901 |
-13,949 | -15,468 | -12,737 | -10,289 | -8,590 | 19,651 | 72,716 | -1,413 | -3,960 | -53,167 | -6,656 | |
75/76B |
- | - | - | - | - | - | - | - | 1,629 | 25,832 | 4,423 | |
75 |
- | - | - | - | - | - | - | - | 1,629 | 2,706 | 4,423 | |
76B |
- | - | - | - | - | - | - | - | - | 23,126 | - | |
65/66B |
291,131 | 302,988 | 200,834 | 127,680 | 91,383 | 7,323 | 1,993 | 1,180 | 13,367 | 8,477 | 7,300 | |
65 |
291,131 | 302,988 | 200,834 | 127,680 | 91,383 | 7,323 | 1,993 | 1,180 | 13,367 | 8,477 | 7,300 | |
9903 |
-305,079 | -318,456 | -213,571 | -137,968 | -99,973 | 12,328 | 70,724 | -2,593 | -15,699 | -35,813 | -9,533 | |
67/77 |
- | - | - | - | 0 | 3,082 | 1,262 | - | - | - | 1 | |
9904 |
-305,079 | -318,456 | -213,571 | -137,968 | -99,973 | 9,246 | 69,462 | -2,593 | -15,699 | -35,813 | -9,534 | |
9905 |
-305,079 | -318,456 | -213,571 | -137,968 | -99,973 | 9,246 | 69,462 | -2,593 | -15,699 | -35,813 | -9,534 | |
| Appropriation of the result | ||||||||||||
9906 |
-1.1m | -755,360 | -436,904 | -223,334 | -85,366 | 15,069 | 5,823 | -63,639 | -61,046 | -45,347 | -9,534 | |
14P |
-755,360 | -436,904 | -223,334 | -85,366 | 14,607 | - | - | - | - | - | - | |
691/2 |
- | - | - | - | 0 | 462 | - | - | - | - | - | |
6920 |
- | - | - | - | 0 | 462 | - | - | - | - | - | |
| Document | ||||||||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00475358.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-08-2026 | 2026-00475358 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00423126 | |
| 31-12-2023 | abbreviated format | 27-08-2024 | 2024-00386325 | |
| 31-12-2022 | abbreviated format | 21-06-2023 | 2023-00149598 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20393948 | |
| 31-12-2020 | abbreviated format | 24-08-2021 | 2021-53000465 | |
| 31-12-2019 | abbreviated format | 20-08-2020 | 2020-43900038 | |
| 31-12-2018 | abbreviated format | 25-09-2019 | 2019-65700434 | |
| 31-12-2017 | abbreviated format | 23-08-2018 | 2018-48700032 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-50100106 | |
| 31-12-2015 | abbreviated format | 02-09-2016 | 2016-57200288 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -5,993 | -7,512 | -4,781 | -2,333 | -8,581 | - | - | - | - | - | -5,302 | ||
| -297,124 | -310,500 | -205,615 | -130,013 | -99,963 | - | - | - | - | - | -8,181 | ||
| 389,894 | 0 | 0 | 950,000 | 39,778 | 1.9m | - | - | 59,540 | - | 248,904 | ||
| 666 | -886 | 1,084 | -1,301 | 691 | -2,459 | -956 | -4,780 | 1,826 | -1,916 | - | ||
| -4.5m | -3.9m | -3.6m | -3.4m | -2.3m | -2.2m | -268,001 | -338,258 | -323,479 | -253,114 | -233,717 | ||
| -29.8% | -23.0% | -12.9% | -6.2% | -2.7% | 1.7% | 6.5% | -12.1% | -11.2% | -6.1% | 2.9% | ||
| 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.04 | 0.39 | 0.05 | 0.07 | 0.27 | 0.22 | ||
| - | - | - | - | - | 56.58 | 14.32 | - | - | - | 33.53 | ||
| - | - | - | - | - | 23.2% | 226.8% | - | - | - | -105.2% | ||
| -8.8% | -10.0% | -6.7% | -4.3% | -4.4% | 0.4% | 14.8% | -0.8% | -4.8% | -10.6% | -3.0% | ||
| -0.02 | -0.02 | -0.02 | -0.02 | -0.09 | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €39,778 |
| Financial fixed assets | €389,894 | - | - | €950,000 | - |
| €7,956 | €7,956 | €7,956 | €7,956 | €9 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €13,949, smaller than the loss of €15,468 in 2024.
Equity is negative. Debt (€4.5m) exceeds the balance-sheet total (€3.5m).
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
Part of the group Cerives Group, risk and exposure| Hubo België
registered office since 19-10-1994 · founded in 1972 · group Teweka |
228 FTE (2025) 0411.982.457 |
| POMIN
establishment since 06-10-2016 · founded in 1987 |
9.4 FTE (2025) 0432.215.964 |
| RNB INVEST
establishment since 11-09-1995 · founded in 1995 |
total assets €48.6m (2025) 0455.542.088 |
| OMEGA
registered office since 10-09-2001 · founded in 2000 · group Teweka |
turnover €12.5m (2025) 0473.324.564 |
| Teweka
registered office since 26-09-1995 · founded in 1995 |
total assets €34.2m (2025) 0455.571.584 |
| VG
registered office since 29-06-2011 · founded in 2010 · negative equity (2025) · group Teweka |
total assets €23.7m (2025) 0827.382.284 |
| TrendTV
registered office since 25-02-2008 · founded in 2008 · group Teweka |
total assets €19.1m (2025) 0895.970.786 |
| SZ
registered office since 11-09-2001 · founded in 2001 |
total assets €16.1m (2025) 0475.225.467 |
| Cerives
registered office since 23-06-2011 · founded in 2011 |
total assets €14.1m (2025) 0837.275.393 |
| Tradespot
registered office since 28-02-2003 · founded in 2003 · group Cerives |
total assets €14.0m (2025) 0479.163.469 |
Source for every holding own accounts 2025
The network starts from the directors of ITHEAL. Every other company they run is a node.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Koralenhoeve 35 registered office 2160 Wommelgem 64210 Activities of holding companies | 28-07-2014 | 2.233.515.763 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11052C0166/00N000 | 8,904 m² | 1 · 2,714 m² | 13.9 m · 3 |
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