TH EXPERT
ActiveSummary
TH EXPERT has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €337,428 and a net result of €23,315. Equity remains stable across the filed fiscal years (±0.3% per year). Its solvency ranks better than 77% of 14462 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability63▲+53
Solvency93▼-7
Growth53▼-2
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 3.0 against 4.24 in 2024; short-term debt: 31.4% and cash: 19.7% of total assets), and 31.8% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
68.2%
Return on assets
4.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-08-2026, 23 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
23 d late
2024
on the day
2023
29 d late
2022
on the day
2021
26 d late
2020
1 d early
2019
74 d late
← 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 22 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 23 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€717,260▲ 4.9%
2024 · €683,476
EBIT margin
3.5%▲ 7.5pp
2024 · -4.0%
Net result
€23,315
2024 · -€29,128
Working capital
€310,435▲ 1.1%
2024 · €307,116
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€633,673€683,476▲ 7.9%€717,260▲ 4.9%
Operating result€7,373€74,451▲ 910%-€42,838-€27,558▲ 35.7%€24,904
Net result€4,234within the sector's middle half€51,686within the sector's middle half▲ 1,121%-€44,874below the sector's middle half-€29,128below the sector's middle half▲ 35.1%€23,315within the sector's middle half
EBIT margin-6.8%-4.0%▲ 2.7pp3.5%▲ 7.5pp
Equity€357,429within the sector's middle half▲ 1.2%€409,115within the sector's middle half▲ 14.5%€364,241above the sector's middle half▼ 11.0%€335,113above the sector's middle half▼ 8.0%€337,428above the sector's middle half▲ 0.7%
Total assets€445,351below the sector's middle half▲ 7.3%€508,099below the sector's middle half▲ 14.1%€450,200within the sector's middle half▼ 11.4%€436,045within the sector's middle half▼ 3.1%€494,577within the sector's middle half▲ 13.4%
Debt€87,923▲ 41.9%€98,984▲ 12.6%€85,960▼ 13.2%€100,932▲ 17.4%€157,149▲ 55.7%
Working capital€328,186within the sector's middle half▲ 0.2%€377,129within the sector's middle half▲ 14.9%€333,833above the sector's middle half▼ 11.5%€307,116above the sector's middle half▼ 8.0%€310,435above the sector's middle half▲ 1.1%
Solvency80.3%above the sector's middle half▼ 4.8pp80.5%above the sector's middle half▲ 0.3pp80.9%above the sector's middle half▲ 0.4pp76.9%above the sector's middle half▼ 4.1pp68.2%above the sector's middle half▼ 8.6pp
Current ratio4.74above the sector's middle half▼ 1.555.51above the sector's middle half▲ 0.775.44above the sector's middle half▼ 0.074.24above the sector's middle half▼ 1.203.00above the sector's middle half▼ 1.24
Return on assets (ROA)1.0%within the sector's middle half▲ 3.9pp10.2%above the sector's middle half▲ 9.2pp-10.0%below the sector's middle half▼ 20.1pp-6.7%below the sector's middle half▲ 3.3pp4.7%within the sector's middle half▲ 11.4pp
Staff (FTE)6within the sector's middle half▲ 33.3%5.8within the sector's middle half▼ 3.3%6.1▲ 5.2%5.3▼ 13.1%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €24,904 after a loss of €27,558 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €494,577
Fixed assets
€28,816 ▼ 15.6%
Current assets
€465,761 ▲ 15.9%
Equity and liabilities €494,577
Equity
€337,428 ▲ 0.7%
Debt
€157,149 ▲ 55.7%
Debt's share of the balance-sheet total rises from 23.1% to 31.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34,136▲
2024 · -€16,962
Cash flow
€32,547▲
2024 · -€18,532
Quick ratio
2.05▼
2024 · 2.25
Debt to equity
0.47▲
2024 · 0.30
ROE
6.9%▲
2024 · -8.7%
Interest coverage
21.39▲
2024 · -11.34
Debt ≤ 1 year
€155,326▲
2024 · €94,781
Debt > 1 year
€1,823▼
2024 · €6,151
Income taxes
€477▲
2024 · €460
Staff costs
€241,607▼
2024 · €245,903
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,732 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
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 0.3% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 14,732 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 |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €633,673 | €683,476 | €717,260 | ▲ 4.9% |
| Non-recurring operating income76A | - | €2,399 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €480,188 | €454,148 | €441,038 | ▼ 2.9% |
| Remuneration, social security and pensions62 | €176,208 | €198,884 | €185,561 | €245,903 | €241,607 | ▼ 1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,597 | €7,876 | €10,340 | €10,596 | €9,232 | ▼ 12.9% |
| Other operating charges640/8 | €1,995 | €526 | €422 | €387 | €479 | ▲ 23.8% |
| Gross operating margin9900 | €191,172 | €281,736 | €153,485 | €229,328 | €276,222 | ▲ 20.4% |
| Operating profit (loss)9901 | €7,373 | €74,451 | -€42,838 | -€27,558 | €24,904 | ▲ 190% |
| Financial income75/76B | €462 | €521 | €343 | €386 | €484 | ▲ 25.4% |
| Recurring financial income75 | €462 | €521 | €343 | €386 | €484 | ▲ 25.4% |
| Financial charges65/66B | €1,914 | €2,797 | €2,119 | €1,496 | €1,596 | ▲ 6.7% |
| Recurring financial charges65 | €1,914 | €2,797 | €2,119 | €1,496 | €1,596 | ▲ 6.7% |
| Profit (loss) for the period before taxes9903 | €5,921 | €72,175 | -€44,614 | -€28,668 | €23,792 | ▲ 183% |
| Income taxes67/77 | €1,687 | €20,490 | €260 | €460 | €477 | ▲ 3.7% |
| Profit (loss) for the period9904 | €4,234 | €51,686 | -€44,874 | -€29,128 | €23,315 | ▲ 180% |
| Profit (loss) for the period to be appropriated9905 | €4,234 | €51,686 | -€44,874 | -€29,128 | €23,315 | ▲ 180% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €445,351 | €508,099 | €450,200 | €436,045 | €494,577 | ▲ 13.4% |
| Fixed assets21/28 | €29,529 | €47,367 | €41,158 | €34,148 | €28,816 | ▼ 15.6% |
| Tangible fixed assets22/27 | €28,755 | €46,518 | €40,309 | €33,299 | €27,967 | ▼ 16.0% |
| Land and buildings22 | €14,850 | €14,778 | €14,706 | €14,634 | €14,562 | ▼ 0.5% |
| Plant, machinery and equipment23 | €7,521 | €6,218 | €5,128 | €4,212 | €3,564 | ▼ 15.4% |
| Furniture and vehicles24 | €6,384 | €25,522 | €20,475 | €14,453 | €9,841 | ▼ 31.9% |
| Financial fixed assets28 | €774 | €849 | €849 | €849 | €849 | = |
| Current assets29/58 | €415,823 | €460,732 | €409,042 | €401,897 | €465,761 | ▲ 15.9% |
| Stocks and contracts in progress3 | €128,720 | €100,411 | €40,539 | €188,309 | €147,350 | ▼ 21.8% |
| Contracts in progress37 | €128,720 | €100,411 | €40,539 | €188,309 | €147,350 | ▼ 21.8% |
| Amounts receivable within one year40/41 | €265,417 | €173,735 | €238,886 | €161,907 | €220,722 | ▲ 36.3% |
| Trade receivables40 | €241,330 | €158,467 | €188,148 | €137,794 | €220,722 | ▲ 60.2% |
| Other amounts receivable41 | €24,087 | €15,267 | €50,738 | €24,113 | - | - |
| Cash at bank and in hand54/58 | €17,346 | €181,094 | €126,542 | €48,443 | €97,464 | ▲ 101% |
| Deferred charges and accrued income490/1 | €4,340 | €5,492 | €3,075 | €3,238 | €225 | ▼ 93.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €445,351 | €508,099 | €450,200 | €436,045 | €494,577 | ▲ 13.4% |
| Equity10/15 | €357,429 | €409,115 | €364,241 | €335,113 | €337,428 | ▲ 0.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €6,060 | €6,060 | €6,060 | €6,060 | €6,060 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €4,200 | €4,200 | €6,060 | €6,060 | €6,060 | = |
| Profit (loss) carried forward14 | €332,769 | €384,455 | €339,581 | €310,453 | €312,768 | ▲ 0.7% |
| Amounts payable17/49 | €87,923 | €98,984 | €85,960 | €100,932 | €157,149 | ▲ 55.7% |
| Amounts payable after more than one year17 | - | €14,614 | €10,415 | €6,151 | €1,823 | ▼ 70.4% |
| Financial debts170/4 | - | €14,614 | €10,415 | €6,151 | €1,823 | ▼ 70.4% |
| Amounts payable within one year42/48 | €87,637 | €83,603 | €75,208 | €94,781 | €155,326 | ▲ 63.9% |
| Current portion of amounts payable after more than one year42 | - | €12,500 | €4,199 | €4,264 | €4,328 | ▲ 1.5% |
| Trade debts44 | €28,021 | €19,617 | €19,973 | €22,576 | €16,094 | ▼ 28.7% |
| Suppliers440/4 | €28,021 | €19,617 | €19,973 | €22,576 | €16,094 | ▼ 28.7% |
| Taxes, remuneration and social security45 | €59,616 | €51,035 | €50,625 | €67,490 | €113,437 | ▲ 68.1% |
| Taxes450/3 | €31,236 | €19,054 | €9,092 | €36,181 | €52,050 | ▲ 43.9% |
| Remuneration and social security454/9 | €28,380 | €31,981 | €41,533 | €31,309 | €61,387 | ▲ 96.1% |
| Other amounts payable47/48 | - | €451 | €411 | €451 | €21,467 | ▲ 4,660% |
| Accrued charges and deferred income492/3 | €286 | €767 | €336 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,234 | €51,686 | -€44,874 | -€29,128 | €23,315 | ▲ 180% |
| + Depreciation and write-downs630 | €5,597 | €7,876 | €10,340 | €10,596 | €9,232 | ▼ 12.9% |
| Operating cash flow (approximation) | €9,831 | €59,561 | -€34,534 | -€18,532 | €32,547 | ▲ 276% |
| Investment in fixed assets (approximation) | - | -€25,714 | -€4,131 | -€3,586 | -€3,900 | ▼ 8.8% |
| Change in cash | - | €163,748 | -€54,552 | -€78,099 | €49,021 | ▲ 163% |
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
23-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 23 days late
2025
31-12
Financial
Back to profitnet €23,315
Net result €23,315 after 2 loss-making years.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Weakest financial yearnet -€44,874
Net result drops to -€44,874, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 26 days late
2021
31-12
Financial
Back to profitnet €4,234
Net result €4,234 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
13-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 74 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 10.02
Current ratio from 4.35 to 10.02; short-term debt falls from €87,757 to €37,948.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
02-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
No directors read yet: 0 of 5 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Anderlecht · 1 establishment unit since 2001
Ground area
2,843 m²
Building footprint
699 m²
Volume, LiDAR
17,557 m³
Parcel 21001A0265/00G000, Brussels · tallest building 30.3 m, ±9 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
Sylvain Dupuislaan 231, 1070 Anderlecht
since 20012.096.892.154
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21001A0265/00G000 | Brussels | 2,843 m² | 1 · 699 m² | 30.3 m · 9 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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
50%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 11,749 companies in this sector we hold annual accounts for 6,910. 4,896 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded10-10-2000
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
68322Real estate appraisal on a fee or contract basis
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0472987836
Registered
02-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.