TH
ActiveSummary
TH has been active since 1974 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €449,269 and a net result of €25,705. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 85% of 3316 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▼-1
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 2.96 against 2.66 in 2024; short-term debt: 16.3% and cash: 8.7% of total assets), and 16.3% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
83.7%
Return on assets
4.8%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
52 d early
2023
15 d early
2022
74 d early
2021
19 d early
2020
3 d early
2019
16 d early
← 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 26 days before 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 close26-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€449,269▲ 6.1%
2024 · €423,564
Total assets
€536,499▼ 0.7%
2024 · €540,037
Net result
€25,705▼ 22.1%
2024 · €33,011
Working capital
€170,954▼ 11.0%
2024 · €192,047
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€44,597▼ 8.2%€59,389▲ 33.2%€48,066▼ 19.1%€46,726▼ 2.8%€34,386▼ 26.4%
Net result€30,132▲ 0.2%€40,666▲ 35.0%€36,853▼ 9.4%€33,011▼ 10.4%€25,705▼ 22.1%
Equity€413,034▲ 7.9%€453,700▲ 9.8%€490,553▲ 8.1%€423,564▼ 13.7%€449,269▲ 6.1%
Total assets€496,733▲ 10.8%€509,693▲ 2.6%€514,946▲ 1.0%€540,037▲ 4.9%€536,499▼ 0.7%
Debt€83,699▲ 28.3%€55,993▼ 33.1%€24,393▼ 56.4%€116,473▲ 377%€87,231▼ 25.1%
Working capital€179,947▲ 21.2%€224,172▲ 24.6%€272,979▲ 21.8%€192,047▼ 29.6%€170,954▼ 11.0%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 26% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €536,499
Fixed assets
€278,315 ▲ 19.9%
Current assets
€258,185 ▼ 16.1%
Equity and liabilities €536,499
Equity
€449,269 ▲ 6.1%
Debt
€87,231 ▼ 25.1%
Debt's share of the balance-sheet total falls from 21.6% to 16.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€73,407▼
2024 · €79,907
Cash flow
€64,726▼
2024 · €66,192
Current ratio
2.96▲
2024 · 2.66
Debt to equity
0.19▼
2024 · 0.27
ROE
5.7%▼
2024 · 7.8%
ROA
4.8%▼
2024 · 6.1%
Interest coverage
524.00▲
2024 · 108.85
Debt ≤ 1 year
€87,231▼
2024 · €115,859
Income taxes
€12,902▼
2024 · €17,688
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,465 | €33,086 | €30,640 | €33,181 | €39,021 | ▲ 17.6% |
| Other operating charges640/8 | - | €2,386 | €2,544 | €2,716 | €10,734 | ▲ 295% |
| Gross operating margin9900 | €76,801 | €94,861 | €81,249 | €82,622 | €84,141 | ▲ 1.8% |
| Operating profit (loss)9901 | €44,597 | €59,389 | €48,066 | €46,726 | €34,386 | ▼ 26.4% |
| Financial income75/76B | - | €3,760 | €4,052 | €4,707 | €4,360 | ▼ 7.4% |
| Recurring financial income75 | €3,727 | €3,760 | €4,052 | €4,707 | €4,360 | ▼ 7.4% |
| Financial charges65/66B | - | €1,278 | €706 | €734 | €140 | ▼ 80.9% |
| Recurring financial charges65 | €1,698 | €1,278 | €706 | €734 | €140 | ▼ 80.9% |
| Profit (loss) for the period before taxes9903 | €46,626 | €61,871 | €51,412 | €50,699 | €38,607 | ▼ 23.9% |
| Income taxes67/77 | €16,493 | €21,205 | €14,558 | €17,688 | €12,902 | ▼ 27.1% |
| Profit (loss) for the period9904 | €30,132 | €40,666 | €36,853 | €33,011 | €25,705 | ▼ 22.1% |
| Profit (loss) for the period to be appropriated9905 | €30,132 | €40,666 | €36,853 | €33,011 | €25,705 | ▼ 22.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €496,733 | €509,693 | €514,946 | €540,037 | €536,499 | ▼ 0.7% |
| Fixed assets21/28 | €260,290 | €246,314 | €225,062 | €232,132 | €278,315 | ▲ 19.9% |
| Tangible fixed assets22/27 | €260,290 | €246,314 | €225,062 | €232,132 | €278,315 | ▲ 19.9% |
| Land and buildings22 | - | €115,237 | €108,377 | €115,263 | €157,824 | ▲ 36.9% |
| Furniture and vehicles24 | - | €44,821 | €35,881 | €26,941 | €18,330 | ▼ 32.0% |
| Other tangible fixed assets26 | - | €86,257 | €80,804 | €89,928 | €102,160 | ▲ 13.6% |
| Current assets29/58 | €236,443 | €263,379 | €289,884 | €307,905 | €258,185 | ▼ 16.1% |
| Amounts receivable after more than one year29 | - | €170,000 | €170,000 | €170,000 | €170,000 | = |
| Other amounts receivable291 | - | €170,000 | €170,000 | €170,000 | €170,000 | = |
| Amounts receivable within one year40/41 | €6,690 | €18,342 | €31,746 | €61,591 | €0 | ▼ 100% |
| Other amounts receivable41 | - | €18,342 | €31,746 | €61,591 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €9,243 | €20,789 | €29,120 | €34,574 | €46,584 | ▲ 34.7% |
| Deferred charges and accrued income490/1 | - | €54,248 | €59,018 | €41,740 | €41,601 | ▼ 0.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €496,733 | €509,693 | €514,946 | €540,037 | €536,499 | ▼ 0.7% |
| Equity10/15 | €413,034 | €453,700 | €490,553 | €423,564 | €449,269 | ▲ 6.1% |
| Contributions10/11 | €68,171 | €68,171 | €68,171 | €68,171 | €68,171 | = |
| Capital10 | - | €68,171 | €68,171 | €68,171 | €68,171 | = |
| Issued capital100 | - | €68,171 | €68,171 | €68,171 | €68,171 | = |
| Revaluation surpluses12 | - | €24,541 | €23,054 | €21,567 | €24,789 | ▲ 14.9% |
| Reserves13 | €318,834 | €360,987 | €399,328 | €333,826 | €356,309 | ▲ 6.7% |
| Non-distributable reserves130/1 | - | €6,817 | €6,817 | €6,817 | €6,817 | = |
| Legal reserve130 | - | €6,817 | €6,817 | €6,817 | €6,817 | = |
| Distributable reserves133 | - | €354,170 | €392,511 | €327,009 | €349,492 | ▲ 6.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €83,699 | €55,993 | €24,393 | €116,473 | €87,231 | ▼ 25.1% |
| Amounts payable after more than one year17 | €25,585 | €15,681 | €5,777 | €0 | - | - |
| Financial debts170/4 | - | €15,681 | €5,777 | €0 | - | - |
| Amounts payable within one year42/48 | €56,496 | €39,207 | €16,905 | €115,859 | €87,231 | ▼ 24.7% |
| Current portion of amounts payable after more than one year42 | - | €9,904 | €9,904 | €5,777 | €0 | ▼ 100% |
| Financial debts43 | - | €64 | €0 | - | €42 | - |
| Credit institutions430/8 | - | €64 | €0 | - | €42 | - |
| Trade debts44 | €2,672 | €12,431 | €2,443 | €6,576 | €4,205 | ▼ 36.0% |
| Suppliers440/4 | - | €12,431 | €2,443 | €6,576 | €4,205 | ▼ 36.0% |
| Taxes, remuneration and social security45 | - | €3,205 | €4,558 | €0 | €402 | - |
| Taxes450/3 | - | €3,205 | €4,558 | €0 | €402 | - |
| Other amounts payable47/48 | - | €13,603 | €0 | €103,506 | €82,582 | ▼ 20.2% |
| Accrued charges and deferred income492/3 | - | €1,105 | €1,711 | €614 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €30,132 | €40,666 | €36,853 | €33,011 | €25,705 | ▼ 22.1% |
| + Depreciation and write-downs630 | €29,465 | €33,086 | €30,640 | €33,181 | €39,021 | ▲ 17.6% |
| Operating cash flow (approximation) | €59,597 | €73,751 | €67,493 | €66,192 | €64,726 | ▼ 2.2% |
| Investment in fixed assets (approximation) | - | -€19,110 | -€9,388 | -€40,250 | -€85,204 | ▼ 112% |
| Change in cash | - | €11,546 | €8,331 | €5,454 | €12,010 | ▲ 120% |
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
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-06
Financial
Weakest financial yearnet €25,705 ▼22.1%
Net result drops to €25,705, the lowest in the series.
2024
10-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
16-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Liquidity triplescurrent ratio 17.15
Current ratio from 6.72 to 17.15; short-term debt falls from €39,207 to €16,905.
2022
18-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
30-06
Financial
Highest result since 2019net €40,666 ▲35%
Operating result €59,389, net result €40,666, both a record.
12-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
28-01
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
15-01
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
15-01
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
15-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
20-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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, Berlare · 1 establishment unit since 1993
Ground area
2,664 m²
Building footprint
251 m²
Volume, LiDAR
1,883 m³
Parcel 42017D0939/00F000, Flanders · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
TH
since 19932.009.809.118
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42017D0939/00F000 | Flanders | 2,664 m² | 1 · 251 m² | 12.9 m · 3 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 2,771 companies in sector 69109 we hold annual accounts for 1,207. 763 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-05-1974
Fiscal year end30-06
Activities, NACEBEL 2025
69109Other legal services
58190Other publishing activities, excluding software publishing
Scores and ratios are computed by Checked and are not a credit decision.