TETHYS
ActiveSummary
TETHYS has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €113,364 and a net result of -€65,645. Equity is shrinking by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 16% of 8737 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability13▼-13
Solvency36▼-6
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.13 against 0.29 in 2024; short-term debt: 31% and cash: 1.3% of total assets), and 88.7% of the assets are financed with debt.
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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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
11.3%
Return on assets
-6.5%
Age of the figures
15 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€65,645
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 8737 sector peers (2025).
NBB · sector comparisonPosition among 8737 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
2 d late
2024
4 d late
2023
1 d early
2022
on the day
2021
on the day
2020
22 d late
2019
on the day
← 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 4 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€113,364▼ 36.7%
2024 · €179,010
Total assets
€1.0m▼ 6.4%
2024 · €1.1m
Net result
-€65,645▼ 118%
2024 · -€30,071
Working capital
-€270,345▼ 47.4%
2024 · -€183,355
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€29,359▼ 50.4%-€5,566€43,050€3,905▼ 90.9%-€29,507
Net result€8,441▼ 62.2%-€26,443€4,693-€30,071-€65,645▼ 118%
Equity€231,404▲ 4.0%€204,961▼ 11.4%€209,655▲ 2.3%€179,010▼ 14.6%€113,364▼ 36.7%
Total assets€816,309▼ 9.3%€1.1m▲ 30.8%€1.1m▲ 2.2%€1.1m▼ 1.4%€1.0m▼ 6.4%
Debt€543,828▼ 14.4%€826,885▲ 52.0%€847,934▲ 2.5%€863,642▲ 1.9%€862,071▼ 0.2%
Working capital€420,404▼ 3.4%-€345,482-€137,137▲ 60.3%-€183,355▼ 33.7%-€270,345▼ 47.4%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €29,507 after €3,905 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€965,377 ▼ 3.7%
Current assets
€41,717 ▼ 43.2%
Equity and liabilities €1.0m
Equity
€113,364 ▼ 36.7%
Provisions
€31,659 ▼ 4.1%
Debt
€862,071 ▼ 0.2%
Debt's share of the balance-sheet total rises from 80.3% to 85.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10,607▼
2024 · €46,019
Cash flow
-€25,531▼
2024 · €12,043
Current ratio
0.13▼
2024 · 0.29
Debt to equity
7.60▲
2024 · 4.82
ROE
-57.9%▼
2024 · -16.8%
ROA
-6.5%▼
2024 · -2.8%
Interest coverage
0.28▼
2024 · 1.33
Debt ≤ 1 year
€312,062▲
2024 · €256,842
Debt > 1 year
€545,939▼
2024 · €598,267
Income taxes
€32▼
2024 · €719
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,501 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
1.4%
went bankrupt
1.7%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% 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 497,058 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% | 1.6% |
| 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 74% 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 2,501 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,892 | €96,590 | €55,674 | €42,114 | €40,114 | ▼ 4.7% |
| Other operating charges640/8 | - | €3,345 | €3,557 | €2,403 | €2,112 | ▼ 12.1% |
| Gross operating margin9900 | €56,357 | €94,369 | €102,281 | €48,423 | €12,719 | ▼ 73.7% |
| Operating profit (loss)9901 | €29,359 | -€5,566 | €43,050 | €3,905 | -€29,507 | ▼ 856% |
| Financial income75/76B | - | €17 | €0 | €112 | €84 | ▼ 24.9% |
| Recurring financial income75 | €6 | €17 | €0 | €112 | €84 | ▼ 24.9% |
| Financial charges65/66B | - | €20,699 | €35,018 | €34,722 | €37,532 | ▲ 8.1% |
| Recurring financial charges65 | €22,300 | €20,699 | €35,018 | €34,722 | €37,532 | ▲ 8.1% |
| Profit (loss) for the period before taxes9903 | €7,065 | -€26,248 | €8,031 | -€30,705 | -€66,955 | ▼ 118% |
| Transfer from deferred taxes780 | - | €4,808 | €2,490 | €1,352 | €1,342 | ▼ 0.7% |
| Income taxes67/77 | -€489 | €5,002 | €5,828 | €719 | €32 | ▼ 95.5% |
| Profit (loss) for the period9904 | €8,441 | -€26,443 | €4,693 | -€30,071 | -€65,645 | ▼ 118% |
| Transfer from tax-exempt reserves789 | - | €19,231 | €7,471 | €4,067 | €4,027 | ▼ 1.0% |
| Profit (loss) for the period to be appropriated9905 | €11,989 | -€7,212 | €12,165 | -€26,004 | -€61,618 | ▼ 137% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €816,309 | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 6.4% |
| Fixed assets21/28 | €331,077 | €1.0m | €1.0m | €1.0m | €965,377 | ▼ 3.7% |
| Tangible fixed assets22/27 | €331,077 | €1.0m | €1.0m | €1.0m | €964,377 | ▼ 3.8% |
| Land and buildings22 | - | €982,806 | €1.0m | €986,770 | €952,736 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | €588 | €11,634 | €8,683 | €6,685 | ▼ 23.0% |
| Furniture and vehicles24 | - | €23,270 | €9,643 | €6,664 | €4,956 | ▼ 25.6% |
| Other tangible fixed assets26 | - | €1,056 | €552 | €48 | €0 | ▼ 100% |
| Financial fixed assets28 | €0 | - | - | - | €1,000 | - |
| Current assets29/58 | €485,232 | €60,396 | €48,734 | €73,487 | €41,717 | ▼ 43.2% |
| Amounts receivable within one year40/41 | €71,464 | €0 | €9,302 | €11,521 | €18,965 | ▲ 64.6% |
| Trade receivables40 | - | €0 | €6,814 | €9,033 | €15,864 | ▲ 75.6% |
| Other amounts receivable41 | - | €0 | €2,488 | €2,488 | €3,101 | ▲ 24.7% |
| Cash at bank and in hand54/58 | €107,308 | €60,314 | €38,735 | €60,924 | €13,223 | ▼ 78.3% |
| Deferred charges and accrued income490/1 | - | €82 | €698 | €1,042 | €9,529 | ▲ 815% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €816,309 | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 6.4% |
| Equity10/15 | €231,404 | €204,961 | €209,655 | €179,010 | €113,364 | ▼ 36.7% |
| Contributions10/11 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €237,654 | €218,424 | €210,952 | €206,311 | €202,284 | ▼ 2.0% |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Tax-exempt reserves132 | - | €165,459 | €157,987 | €153,346 | €149,319 | ▼ 2.6% |
| Distributable reserves133 | - | €51,110 | €51,110 | €51,110 | €51,110 | = |
| Profit (loss) carried forward14 | -€24,800 | -€32,012 | -€19,848 | -€45,852 | -€107,470 | ▼ 134% |
| Provisions and deferred taxes16 | €41,078 | €36,270 | €33,780 | €33,001 | €31,659 | ▼ 4.1% |
| Deferred taxes168 | - | €36,270 | €33,780 | €33,001 | €31,659 | ▼ 4.1% |
| Amounts payable17/49 | €543,828 | €826,885 | €847,934 | €863,642 | €862,071 | ▼ 0.2% |
| Amounts payable after more than one year17 | €465,838 | €417,140 | €648,469 | €598,267 | €545,939 | ▼ 8.7% |
| Financial debts170/4 | - | €417,140 | €648,469 | €598,267 | €545,939 | ▼ 8.7% |
| Amounts payable within one year42/48 | €64,828 | €405,878 | €185,871 | €256,842 | €312,062 | ▲ 21.5% |
| Current portion of amounts payable after more than one year42 | - | €48,698 | €50,687 | €50,202 | €52,328 | ▲ 4.2% |
| Financial debts43 | - | - | - | €101,000 | €150,000 | ▲ 48.5% |
| Other loans439 | - | - | - | €101,000 | €150,000 | ▲ 48.5% |
| Trade debts44 | €148 | €14,648 | €4,186 | €2,845 | €3,674 | ▲ 29.1% |
| Suppliers440/4 | - | €14,648 | €4,186 | €2,845 | €3,674 | ▲ 29.1% |
| Taxes, remuneration and social security45 | - | €2,700 | €8,484 | €4,495 | €4,095 | ▼ 8.9% |
| Taxes450/3 | - | €2,700 | €8,484 | €4,495 | €4,095 | ▼ 8.9% |
| Other amounts payable47/48 | - | €339,832 | €122,514 | €98,300 | €101,966 | ▲ 3.7% |
| Accrued charges and deferred income492/3 | - | €3,868 | €13,594 | €8,533 | €4,069 | ▼ 52.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,441 | -€26,443 | €4,693 | -€30,071 | -€65,645 | ▼ 118% |
| + Depreciation and write-downs630 | €24,892 | €96,590 | €55,674 | €42,114 | €40,114 | ▼ 4.7% |
| Operating cash flow (approximation) | €33,332 | €70,147 | €60,367 | €12,043 | -€25,531 | ▼ 312% |
| Investment in fixed assets (approximation) | - | -€773,233 | -€90,588 | -€1,645 | -€3,326 | ▼ 102% |
| Change in cash | - | -€46,994 | -€21,580 | €22,189 | -€47,701 | ▼ 315% |
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
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 2 days late
2025
30-06
Financial
Weakest financial yearnet -€65,645
Net result drops to -€65,645, the lowest in the series.
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €4,693
Net result €4,693 after one loss-making year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
22-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 22 days late
2020
30-06
Financial
Equity above €200,000Eq €222,454 ▲23.5%
2 profitable years in a row build equity to €222,454.
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
25-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 14 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Merchtem · 1 establishment unit since 2007
Ground area
452 m²
Building footprint
219 m²
Volume, LiDAR
1,110 m³
Parcel 23012C0157/00C000, Flanders · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Lemahieu Kristof
since 20072.166.298.327
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23012C0157/00C000 | Flanders | 452 m² | 1 · 219 m² | 7.9 m · 2 fl. |
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.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 40,792 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded30-12-2004
Fiscal year end30-06
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0870912916
Registered
27-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.