TH
ActiveSummary
The computed 12-month bankruptcy probability of TH is 1.7% (moderate). The 2025 annual accounts show equity of €121,405 and a net result of €363,085. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 26% of 18537 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability91▲+4
Solvency31▼-26
Growth78=
Track record94
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity tight (current ratio 1.02 against 1.62 in 2024; short-term debt: 85.3% and cash: 19.6% of total assets), and 94.1% 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+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
5.9%
Return on assets
17.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-05-2026, 70 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
70 d early
2024
31 d late
2023
on the day
2022
29 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 3 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€121,405▼ 80.5%
2024 · €623,320
Total assets
€2.1m▲ 7.1%
2024 · €1.9m
Net result
€363,085▲ 30.9%
2024 · €277,406
Working capital
€35,808▼ 94.4%
2024 · €645,180
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result-€63,315-€300,627€280,560▼ 6.7%€390,741▲ 39.3%
Net result-€53,236below the sector's middle half-€299,149above the sector's middle half€277,406above the sector's middle half▼ 7.3%€363,085above the sector's middle half▲ 30.9%
Equity€46,764within the sector's middle half-€345,913above the sector's middle half▲ 640%€623,320above the sector's middle half▲ 80.2%€121,405within the sector's middle half▼ 80.5%
Total assets€1.1mabove the sector's middle half-€1.6mabove the sector's middle half▲ 45.8%€1.9mabove the sector's middle half▲ 24.6%€2.1mabove the sector's middle half▲ 7.1%
Debt€1.0m-€1.2m▲ 18.5%€1.3m▲ 8.7%€2.0m▲ 48.8%
Working capital€144,350-€425,398▲ 195%€645,180▲ 51.7%€35,808▼ 94.4%
Solvency4.4%below the sector's middle half-22.3%within the sector's middle half▲ 17.9pp32.2%within the sector's middle half▲ 9.9pp5.9%within the sector's middle half▼ 26.4pp
Staff (FTE)2.5-3.3▲ 32.0%3.6▲ 9.1%4▲ 11.1%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 39% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€268,848 ▲ 4.8%
Current assets
€1.8m ▲ 7.5%
Equity and liabilities €2.1m
Equity
€121,405 ▼ 80.5%
Debt
€2.0m ▲ 48.8%
Debt's share of the balance-sheet total rises from 67.8% to 94.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€482,592▲
2024 · €364,352
Cash flow
€454,936▲
2024 · €361,198
Current ratio
1.02▼
2024 · 1.62
Quick ratio
0.91▼
2024 · 1.44
Debt to equity
16.07▲
2024 · 2.10
ROE
299.1%▲
2024 · 44.5%
ROA
17.5%▲
2024 · 14.3%
Interest coverage
58.35▲
2024 · 55.27
Debt ≤ 1 year
€1.8m▲
2024 · €1.0m
Debt > 1 year
€183,086▼
2024 · €276,457
Income taxes
€114,533▲
2024 · €90,063
Staff costs
€255,598▲
2024 · €225,429
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,151 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
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 2,151 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €111,428 | €187,335 | €225,429 | €255,598 | ▲ 13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €83,585 | €82,061 | €83,792 | €91,851 | ▲ 9.6% |
| Other operating charges640/8 | €9,948 | €8,381 | €15,697 | €12,900 | ▼ 17.8% |
| Operating charges capitalised as restructuring costs649 | -€11,726 | - | - | - | - |
| Non-recurring operating charges66A | - | €403 | - | - | - |
| Gross operating margin9900 | €129,920 | €578,807 | €605,478 | €751,090 | ▲ 24.0% |
| Operating profit (loss)9901 | -€63,315 | €300,627 | €280,560 | €390,741 | ▲ 39.3% |
| Financial income75/76B | €29,336 | €65,771 | €93,502 | €95,148 | ▲ 1.8% |
| Recurring financial income75 | €29,336 | €65,771 | €93,502 | €95,148 | ▲ 1.8% |
| Financial charges65/66B | €19,257 | €7,200 | €6,592 | €8,271 | ▲ 25.5% |
| Recurring financial charges65 | €8,765 | €7,200 | €6,592 | €8,271 | ▲ 25.5% |
| Non-recurring financial charges66B | €10,492 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€53,236 | €359,199 | €367,470 | €477,618 | ▲ 30.0% |
| Income taxes67/77 | - | €60,050 | €90,063 | €114,533 | ▲ 27.2% |
| Profit (loss) for the period9904 | -€53,236 | €299,149 | €277,406 | €363,085 | ▲ 30.9% |
| Profit (loss) for the period to be appropriated9905 | -€53,236 | €299,149 | €277,406 | €363,085 | ▲ 30.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.1m | €1.6m | €1.9m | €2.1m | ▲ 7.1% |
| Formation expenses20 | - | - | €0 | €0 | - |
| Fixed assets21/28 | €274,729 | €222,371 | €256,596 | €268,848 | ▲ 4.8% |
| Intangible fixed assets21 | €44,789 | €33,185 | €21,582 | €9,978 | ▼ 53.8% |
| Tangible fixed assets22/27 | €212,214 | €171,460 | €217,289 | €241,144 | ▲ 11.0% |
| Plant, machinery and equipment23 | €193,127 | €145,685 | €101,529 | €62,520 | ▼ 38.4% |
| Furniture and vehicles24 | €19,087 | €25,775 | €115,760 | €178,625 | ▲ 54.3% |
| Financial fixed assets28 | €17,726 | €17,726 | €17,726 | €17,726 | = |
| Current assets29/58 | €790,437 | €1.3m | €1.7m | €1.8m | ▲ 7.5% |
| Stocks and contracts in progress3 | €130,798 | €186,370 | €185,845 | €188,219 | ▲ 1.3% |
| Stocks30/36 | €130,798 | €186,370 | €185,845 | €188,219 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €176,050 | €297,901 | €325,244 | €457,373 | ▲ 40.6% |
| Trade receivables40 | €175,660 | €198,926 | €225,732 | €452,373 | ▲ 100% |
| Other amounts receivable41 | €390 | €98,975 | €99,512 | €5,000 | ▼ 95.0% |
| Current investments50/53 | - | €500,000 | €900,000 | €600,000 | ▼ 33.3% |
| Cash at bank and in hand54/58 | €406,579 | €345,358 | €262,334 | €405,539 | ▲ 54.6% |
| Deferred charges and accrued income490/1 | €77,011 | €730 | €4,606 | €152,942 | ▲ 3,221% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.1m | €1.6m | €1.9m | €2.1m | ▲ 7.1% |
| Equity10/15 | €46,764 | €345,913 | €623,320 | €121,405 | ▼ 80.5% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€53,236 | €245,913 | €523,320 | €21,405 | ▼ 95.9% |
| Amounts payable17/49 | €1.0m | €1.2m | €1.3m | €2.0m | ▲ 48.8% |
| Amounts payable after more than one year17 | €372,315 | €301,594 | €276,457 | €183,086 | ▼ 33.8% |
| Financial debts170/4 | €372,315 | €301,594 | €276,457 | €183,086 | ▼ 33.8% |
| Amounts payable within one year42/48 | €646,087 | €904,961 | €1.0m | €1.8m | ▲ 71.2% |
| Current portion of amounts payable after more than one year42 | €43,185 | €70,722 | €107,722 | €104,102 | ▼ 3.4% |
| Financial debts43 | €35,500 | - | - | - | - |
| Credit institutions430/8 | €35,500 | - | - | - | - |
| Trade debts44 | €117,135 | €67,558 | €38,580 | €57,754 | ▲ 49.7% |
| Suppliers440/4 | €117,135 | €67,558 | €38,580 | €57,754 | ▲ 49.7% |
| Advances received on contracts in progress46 | €403,433 | €627,011 | €734,154 | €1.1m | ▲ 45.3% |
| Taxes, remuneration and social security45 | €44,984 | €134,323 | €152,391 | €176,991 | ▲ 16.1% |
| Taxes450/3 | €17,374 | €89,304 | €106,835 | €125,542 | ▲ 17.5% |
| Remuneration and social security454/9 | €27,610 | €45,019 | €45,556 | €51,449 | ▲ 12.9% |
| Other amounts payable47/48 | €1,850 | €5,347 | €0 | €362,866 | - |
| Accrued charges and deferred income492/3 | - | €262 | €2,000 | €165 | ▼ 91.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€53,236 | €299,149 | €277,406 | €363,085 | ▲ 30.9% |
| + Depreciation and write-downs630 | €83,585 | €82,061 | €83,792 | €91,851 | ▲ 9.6% |
| Operating cash flow (approximation) | €30,349 | €381,210 | €361,198 | €454,936 | ▲ 26.0% |
| Investment in fixed assets (approximation) | - | -€29,703 | -€118,018 | -€104,103 | ▲ 11.8% |
| Change in cash | - | -€61,221 | -€83,024 | €143,205 | ▲ 272% |
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
22-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2022net €363,085 ▲30.9%
Operating result €390,741, net result €363,085, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
31-12
Financial
Equity above €500,000Eq €623,320 ▲80.2%
2 profitable years in a row build equity to €623,320.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €299,149
Net result €299,149 after one loss-making year.
31-12
Financial
Equity above €200,000Eq €345,913 ▲640%
Equity rises from €46,764 to €345,913.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Gerpinnes · 1 establishment unit since 2021
Ground area
8,479 m²
Parcel 52025A0337/00L020, Wallonia. Linked by address, not a title deed.
1 establishment unit
T H
since 20212.321.821.001
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52025A0337/00L020indicative | Wallonia | 8,479 m² | - | - |
Linked by address, not proof of ownership
Good to know
0 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 2,606 companies in sector 47551 we hold annual accounts for 1,723. 1,351 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
Founded24-09-2021
Fiscal year end31-12
Activities, NACEBEL 2025
47551Retail sale of household furniture
31002Manufacture of furniture
43350Other building finishing work
47540Retail sale of electrical household appliances
E-invoicing
Reachable via Peppol
Peppol ID
0208:0774546384
Also
9925:BE0774546384
Registered
22-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.