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Complete company report
Generated 04-09-2026
Active BE 0421.500.830Public limited company

Royal Thai Massage

Ezelstraat 86 ·8000 Brugge, Belgium· 45 yrs active
Sector: Day spas, saunas and steam baths (96230)
Conclusion Checked

Royal Thai Massage has been active since 1981 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61k and a net result of €45k. Its solvency ranks better than 76% of 388 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 2 annual accounts.
Key figures
Equity €61k
Net result €45k
Better than sector 76%
Active 45 yrs
Financial profile 5 of 5 axes measured · computed by Checked
Health100Profitability100Solvency98Growth78Stability100
95 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 100
Profitability 100
Solvency 98
Growth 78
Stability 100
Bankruptcy probability (12 mo) Checked model v1 · free
0.3% Very low
0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
Long-established
Founded in 1981, 45 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags0 events
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score FY 2025 · computed
100 / 100 Excellent
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview44 NBB filings
Annual accounts filed on 27-10-2025 with the NBB · fiscal year 2025 · micro schema
€0€20k€40kOperating result 2024: €41k€41kNet result 2024: €37k€37kOperating result 2025: €48k€48kNet result 2025: €45k€45k20242025
Operating resultNet result
Sector comparison
Fiscal year 2025 · NACE 96, Personal service activities · compared within the same schema type (micro schema)
Metric This company Sector median Position in the sector
Solvency 58.3% 25.9%
better than 76% of 388 sector peers
Net result €45k €5k
better than 91% of 387 sector peers
Equity €61k €16k
better than 79% of 389 sector peers
Gross operating margin €69k €29k
better than 72% of 387 sector peers
Staff costs €16k €37k
higher than 35% of 187 sector peers
EBITDA
€51k
+17.7% 24-25
Net profit
€45k
+20.5% 24-25
Cash flow
€48k
+20.5% 24-25
Total assets
€104k
-0.4% 24-25
Equity
€61k
+8.4% 24-25
Working capital
€51k
+14.6% 24-25
Staff costs
€16k
- 24-25
Income taxes
€1k
-34.8% 24-25
Debt
€44k
-10.6% 24-25
Debt ≤ 1y
€44k
-10.6% 24-25
Current ratio
2.18
+13.5% 24-25
Quick ratio
2.17
+13.6% 24-25
Solvency
58.3%
+8.9% 24-25
Debt / equity
0.72
-17.5% 24-25
ROE
74.3%
+11.1% 24-25
ROA
43.3%
+21.0% 24-25
Interest coverage
40.27
+3.0% 24-25
Figures by fiscal year and ratios
Fiscal year2025
Depositmicro schema
Revenue-
EBITDA€51k
Net profit€45k
Cash flow€48k
Staff costs€16k
Income taxes€1k
Dividends-
Total assets€104k
Equity€61k
Debt€44k
of which ≤ 1y€44k
of which > 1y-
Working capital€51k
Employees (FTE)-
Ratios (computed)
2025
Current ratio2.18
Quick ratio2.17
Working capital ratio49.2%
Solvency58.3%
Debt / equity0.72
Long-term debt ratio-
Interest coverage40.27
Gross margin-
Net margin-
ROA43.3%
ROE74.3%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
This table shows the latest fiscal year. 1 prior year, with figures and ratios, belongs to a paid plan. See plans →
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€104k
Fixed assets 21/28€9k
Tangible fixed assets 22/27€9k
Current assets 29/58€95k
Stocks & contracts in progress 3€331
Amounts receivable within one year 40/41€0
Cash & bank 54/58€94k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€104k
Equity 10/15€61k
Contributions / capital 10/11€62k
Reserves 13€32k
Accumulated profits (losses) 14€-33k
Amounts payable 17/49€44k
Amounts payable within one year 42/48€44k
Trade debts payable within one year 44€7k
Income statement
Gross operating margin 9900€69k
Operating result 9901€48k
Financial income 75€1
Financial charges 65€1k
Result before taxes 9903€46k
Income taxes 67/77€1k
Net result for the period 9904€45k
Result to be appropriated 9905€45k
Legal Structure
NACE primary Day spas, saunas and steam baths(96230)
Legal form Public limited company(014)
Incorporation22-04-1981
StatusActive
Postal code8000
Establishment units 1 location
ROYAL THAI MASSAGE
Ezelstraat 88, 8000 BruggeOther business support services
since 19812.019.853.962
Real-estate footprint Source: CBE × cadastre
Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
31805E0892/00B000 Flanders 92 m² 1 · 92 m² 10.4 m · 2 fl.
31805E0892/00C000 Flanders 7 m² - -
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 11 events
Next filing, fiscal year 2026, expected by 31-10-2026
2025
27-10
NBB filing Annual accounts filed
fiscal year 2025 · micro schema
2024
11-10
NBB filing Annual accounts filed
fiscal year 2024 · micro schema
02-01
State Gazette act Capital & shares
Vincent VAN WALLEGHEM
2023
24-09
NBB filing Annual accounts filed
fiscal year 2023 · micro schema
2022
02-11
NBB filing Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
2021
27-09
NBB filing Annual accounts filed
fiscal year 2021 · micro schema
2020
22-09
NBB filing Annual accounts filed
fiscal year 2020 · micro schema
2019
23-09
NBB filing Annual accounts filed
fiscal year 2019 · micro schema
2018
26-12
NBB filing Annual accounts filed
fiscal year 2018 · micro schema · 56 days late
2017
28-09
NBB filing Annual accounts filed
fiscal year 2017 · micro schema
2016
12-12
NBB filing Annual accounts filed
fiscal year 2016 · full schema · 42 days late
State Gazette actNBB filing
Belgian State Gazette reading coverage 0 of 6 acts read

We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts
Capital history · 1
02-01-2024
Capital change
All acts · 1 updated 2 years ago
2024
02-01-2024 All shares are now held by a single shareholder Capital & shares·Vincent VAN WALLEGHEM
Notary: Vincent VAN WALLEGHEM · Koksijde
Technical details 
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  "notary": {
    "name": "Vincent VAN WALLEGHEM",
    "firm_city": null,
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    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2024-01-02",
    "filing_date": "2023-12-27",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "act_date": "2023-12-19",
    "unanimous": true,
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    "underlying_resolution_date": null
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "0421.500.830",
    "name_full": "ROYAL THAI MASSAGE",
    "legal_form": "Naamloze vennootschap",
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  "shareholders_after": [],
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}
Credit advice verdict per customer and amount
Company registry (CBE) Crossroads Bank
Activities
Personal service activities96040Day spas, saunas and steam baths96230
Names & trade names
Legal nameNL Royal Thai Massage
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative