IVES THYS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 17 filings
Turnover
≈ €300,000
Estimated: probably between €160,000 and €540,000
Total assets
€371,831▼ 4.0%
2024 · €387,141
Net result
€8,465▼ 74.2%
2024 · €32,799
Working capital
€114,863▼ 7.8%
2024 · €124,549
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,155
▼ 71.9%
2025
20182025
Net result
€8,465
▼ 74.2%
2025
middle half of the sector
20182025
Equity
€311,059
▲ 2.8%
2025
highest quarter of the sector
20182025
Total assets
€371,831
▼ 4.0%
2025
highest quarter of the sector
20182025
Debt
€60,772
▼ 28.1%
2025
20182025
Working capital
€114,863
▼ 7.8%
2025
highest quarter of the sector
20182025
Solvency
83.7%
▲ 5.5pp
2025
highest quarter of the sector
20182025
Current ratio
5.21
▲ 0.97
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.3%
▼ 6.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,077-€8,176▼ 68.6%€43,063▲ 427%€37,934▼ 11.9%€44,498▲ 17.3%€70,571▲ 58.6%€46,847▼ 33.6%€13,155▼ 71.9%
Net result€15,830-€3,362▼ 78.8%€27,159above the sector's middle half▲ 708%€26,892above the sector's middle half▼ 1.0%€26,521above the sector's middle half▼ 1.4%€46,445above the sector's middle half▲ 75.1%€32,799above the sector's middle half▼ 29.4%€8,465within the sector's middle half▼ 74.2%
Equity€183,152-€186,514▲ 1.8%€213,673above the sector's middle half▲ 14.6%€240,566above the sector's middle half▲ 12.6%€261,087above the sector's middle half▲ 8.5%€307,532above the sector's middle half▲ 17.8%€302,594above the sector's middle half▼ 1.6%€311,059above the sector's middle half▲ 2.8%
Total assets€329,978-€321,674▼ 2.5%€341,402above the sector's middle half▲ 6.1%€355,652above the sector's middle half▲ 4.2%€360,773above the sector's middle half▲ 1.4%€389,817above the sector's middle half▲ 8.1%€387,141above the sector's middle half▼ 0.7%€371,831above the sector's middle half▼ 4.0%
Debt€146,826-€135,160▼ 7.9%€127,729▼ 5.5%€115,086▼ 9.9%€99,686▼ 13.4%€82,285▼ 17.5%€84,547▲ 2.7%€60,772▼ 28.1%
Working capital€123,574-€122,803▼ 0.6%€135,349above the sector's middle half▲ 10.2%€162,485above the sector's middle half▲ 20.0%€177,690above the sector's middle half▲ 9.4%€217,623above the sector's middle half▲ 22.5%€124,549above the sector's middle half▼ 42.8%€114,863above the sector's middle half▼ 7.8%
Solvency55.5%-58.0%▲ 2.5pp62.6%above the sector's middle half▲ 4.6pp67.6%above the sector's middle half▲ 5.1pp72.4%above the sector's middle half▲ 4.7pp78.9%above the sector's middle half▲ 6.5pp78.2%above the sector's middle half▼ 0.7pp83.7%above the sector's middle half▲ 5.5pp
Current ratio5.09-5.05▼ 0.044.91above the sector's middle half▼ 0.145.80above the sector's middle half▲ 0.887.01above the sector's middle half▲ 1.219.89above the sector's middle half▲ 2.894.24above the sector's middle half▼ 5.665.21above the sector's middle half▲ 0.97
Return on assets (ROA)4.8%-1.0%▼ 3.8pp8.0%within the sector's middle half▲ 6.9pp7.6%within the sector's middle half▼ 0.4pp7.4%within the sector's middle half▼ 0.2pp11.9%within the sector's middle half▲ 4.6pp8.5%within the sector's middle half▼ 3.4pp2.3%within the sector's middle half▼ 6.2pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 72% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €371,831
Fixed assets
€229,693 ▲ 2.5%
Current assets
€142,137 ▼ 12.8%
Equity and liabilities €371,831
Equity
€311,059 ▲ 2.8%
Debt
€60,772 ▼ 28.1%
Debt's share of the balance-sheet total falls from 21.8% to 16.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,358▼
2024 · €47,975
Cash flow
€17,668▼
2024 · €33,927
Quick ratio
4.90▲
2024 · 3.97
Debt to equity
0.20▼
2024 · 0.28
ROE
2.7%▼
2024 · 10.8%
Interest coverage
6.70▼
2024 · 13.47
Debt ≤ 1 year
€27,274▼
2024 · €38,478
Debt > 1 year
€33,498▼
2024 · €46,069
Income taxes
€3,868▼
2024 · €13,973
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,215 | - | - | €77,515 | €14,783 |
| Depreciation and write-downs of the year | €5,596 | €5,777 | €5,777 | €1,128 | €9,203 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €21,822 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,729 | €7,667 | €5,993 | €5,596 | €5,777 | €5,777 | €1,128 | €9,203 | ▲ 716% |
| Other operating charges640/8 | - | - | - | €1,932 | €2,304 | €2,085 | €2,153 | €2,227 | ▲ 3.5% |
| Gross operating margin9900 | €40,247 | €18,148 | €51,063 | €45,462 | €52,579 | €78,433 | €50,128 | €24,586 | ▼ 51.0% |
| Operating profit (loss)9901 | €26,077 | €8,176 | €43,063 | €37,934 | €44,498 | €70,571 | €46,847 | €13,155 | ▼ 71.9% |
| Financial income75/76B | - | - | - | €946 | €1,067 | €2,098 | €3,487 | €2,513 | ▼ 27.9% |
| Recurring financial income75 | €1,113 | €704 | €1,383 | €946 | €1,067 | €2,098 | €3,487 | €2,513 | ▼ 27.9% |
| Financial charges65/66B | - | - | - | €3,976 | €9,588 | €3,981 | €3,563 | €3,335 | ▼ 6.4% |
| Recurring financial charges65 | €4,236 | €3,335 | €2,643 | €3,976 | €5,463 | €3,981 | €3,563 | €3,335 | ▼ 6.4% |
| Non-recurring financial charges66B | - | - | - | - | €4,126 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €22,953 | €5,545 | €41,802 | €34,904 | €35,976 | €68,687 | €46,772 | €12,333 | ▼ 73.6% |
| Income taxes67/77 | €7,123 | €2,183 | €14,643 | €8,011 | €9,455 | €22,243 | €13,973 | €3,868 | ▼ 72.3% |
| Profit (loss) for the period9904 | €15,830 | €3,362 | €27,159 | €26,892 | €26,521 | €46,445 | €32,799 | €8,465 | ▼ 74.2% |
| Profit (loss) for the period to be appropriated9905 | €15,830 | €3,362 | €27,159 | €26,892 | €26,521 | €46,445 | €32,799 | €8,465 | ▼ 74.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €329,978 | €321,674 | €341,402 | €355,652 | €360,773 | €389,817 | €387,141 | €371,831 | ▼ 4.0% |
| Fixed assets21/28 | €176,220 | €168,553 | €171,440 | €159,281 | €153,504 | €147,727 | €224,114 | €229,693 | ▲ 2.5% |
| Tangible fixed assets22/27 | €176,220 | €168,553 | €171,440 | €159,281 | €153,504 | €147,727 | €224,114 | €229,693 | ▲ 2.5% |
| Land and buildings22 | - | - | - | €157,328 | €151,994 | €146,660 | €223,490 | €229,513 | ▲ 2.7% |
| Furniture and vehicles24 | - | - | - | €1,953 | €1,510 | €1,067 | €624 | €181 | ▼ 71.0% |
| Current assets29/58 | €153,758 | €153,121 | €169,962 | €196,371 | €207,269 | €242,090 | €163,027 | €142,137 | ▼ 12.8% |
| Stocks and contracts in progress3 | €6,047 | €8,350 | €11,534 | €11,357 | €15,584 | €15,166 | €10,200 | €8,612 | ▼ 15.6% |
| Stocks30/36 | - | - | - | €11,357 | €15,584 | €15,166 | €10,200 | €8,612 | ▼ 15.6% |
| Amounts receivable within one year40/41 | €12,396 | €17,390 | €23,962 | €2,224 | €11,927 | €11,173 | €21,205 | €27,147 | ▲ 28.0% |
| Trade receivables40 | - | - | - | €0 | €8,882 | €9,546 | €16,911 | €18,541 | ▲ 9.6% |
| Other amounts receivable41 | - | - | - | €2,224 | €3,045 | €1,628 | €4,294 | €8,606 | ▲ 100% |
| Current investments50/53 | - | €18,115 | €3,551 | €14,831 | €67,933 | €67,390 | €17,390 | €17,390 | = |
| Cash at bank and in hand54/58 | €135,029 | €108,068 | €129,647 | €166,615 | €110,691 | €147,236 | €113,863 | €88,707 | ▼ 22.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,344 | €1,134 | €1,124 | €368 | €281 | ▼ 23.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €329,978 | €321,674 | €341,402 | €355,652 | €360,773 | €389,817 | €387,141 | €371,831 | ▼ 4.0% |
| Equity10/15 | €183,152 | €186,514 | €213,673 | €240,566 | €261,087 | €307,532 | €302,594 | €311,059 | ▲ 2.8% |
| Contributions10/11 | €65,000 | €65,000 | - | €65,000 | €65,000 | €65,000 | €65,000 | €65,000 | = |
| Reserves13 | €118,152 | €121,514 | €148,673 | €175,566 | €196,087 | €242,532 | €237,594 | €246,059 | ▲ 3.6% |
| Non-distributable reserves130/1 | - | - | - | €6,500 | €6,500 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,500 | €6,500 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €169,066 | €189,587 | €242,532 | €237,594 | €246,059 | ▲ 3.6% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €146,826 | €135,160 | €127,729 | €115,086 | €99,686 | €82,285 | €84,547 | €60,772 | ▼ 28.1% |
| Amounts payable after more than one year17 | €116,641 | €104,842 | €93,116 | €81,200 | €70,107 | €57,817 | €46,069 | €33,498 | ▼ 27.3% |
| Financial debts170/4 | - | - | - | €81,200 | €70,107 | €57,817 | €46,069 | €33,498 | ▼ 27.3% |
| Amounts payable within one year42/48 | €30,185 | €30,318 | €34,613 | €33,886 | €29,579 | €24,467 | €38,478 | €27,274 | ▼ 29.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,900 | €12,093 | €12,289 | €12,123 | €12,571 | ▲ 3.7% |
| Trade debts44 | €3,655 | €4,582 | €6,010 | €2,754 | €278 | €312 | €11,463 | €1,021 | ▼ 91.1% |
| Suppliers440/4 | - | - | - | €2,754 | €278 | €312 | €11,463 | €1,021 | ▼ 91.1% |
| Taxes, remuneration and social security45 | - | - | - | €7,270 | €572 | €2,382 | €1,802 | €1,808 | ▲ 0.4% |
| Taxes450/3 | - | - | - | €5,766 | €572 | €2,382 | €1,802 | €1,808 | ▲ 0.4% |
| Remuneration and social security454/9 | - | - | - | €1,504 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €10,962 | €16,636 | €9,484 | €13,090 | €11,874 | ▼ 9.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,830 | €3,362 | €27,159 | €26,892 | €26,521 | €46,445 | €32,799 | €8,465 | ▼ 74.2% |
| + Depreciation and write-downs630 | €7,729 | €7,667 | €5,993 | €5,596 | €5,777 | €5,777 | €1,128 | €9,203 | ▲ 716% |
| Operating cash flow (approximation) | €23,560 | €11,029 | €33,152 | €32,489 | €32,298 | €52,222 | €33,927 | €17,668 | ▼ 47.9% |
| Investment in fixed assets (approximation) | - | €0 | -€8,880 | €6,563 | €0 | €0 | -€77,515 | -€14,783 | ▲ 80.9% |
| Change in cash | - | -€26,961 | €21,580 | €36,968 | -€55,924 | €36,545 | -€33,373 | -€25,157 | ▲ 24.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as IVES THYS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of IVES THYS itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 10,904 companies, not a prediction for IVES THYS. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-07-2026 | 2026-00276503 | |
| 31-12-2024 | micro format | 11-07-2025 | 2025-00257531 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00237487 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00218758 | |
| 31-12-2021 | micro format | 11-08-2022 | 2022-20282140 | |
| 31-12-2020 | micro format | 27-08-2021 | 2021-56500476 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-49800255 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-26200138 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-50700428 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-47100254 |