TH. IMMO
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 20-07-2026 at the NBB all 20 filings
Turnover
≈ €220,000
Estimated: probably between €130,000 and €420,000
Total assets
€509,459▲ 9.9%
2025 · €463,591
Net result
€9,352▼ 44.7%
2025 · €16,909
Working capital
€112,666▲ 48.2%
2025 · €76,004
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€20,079
▼ 31.4%
2026
20192026
Net result
€9,352
▼ 44.7%
2026
20192026
Equity
€380,694
▲ 2.5%
2026
20192026
Total assets
€509,459
▲ 9.9%
2026
20192026
Debt
€128,765
▲ 39.6%
2026
20192026
Working capital
€112,666
▲ 48.2%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€57,851-€73,636▲ 27.3%€68,136▼ 7.5%€8,069▼ 88.2%€10,218▲ 26.6%€17,411▲ 70.4%€29,277▲ 68.1%€20,079▼ 31.4%
Net result€27,638-€41,358▲ 49.6%€39,775▼ 3.8%€3,408▼ 91.4%€5,090▲ 49.4%€8,720▲ 71.3%€16,909▲ 93.9%€9,352▼ 44.7%
Equity€256,081-€297,439▲ 16.2%€337,214▲ 13.4%€340,622▲ 1.0%€345,712▲ 1.5%€354,432▲ 2.5%€371,341▲ 4.8%€380,694▲ 2.5%
Total assets€539,522-€518,492▼ 3.9%€515,866▼ 0.5%€497,571▼ 3.5%€466,637▼ 6.2%€435,869▼ 6.6%€463,591▲ 6.4%€509,459▲ 9.9%
Debt€283,440-€221,053▼ 22.0%€178,652▼ 19.2%€156,949▼ 12.1%€120,926▼ 23.0%€81,437▼ 32.7%€92,249▲ 13.3%€128,765▲ 39.6%
Working capital-€111,427--€97,610▲ 12.4%-€45,783▲ 53.1%-€5,987▲ 86.9%-€39,063▼ 552%€30,232€76,004▲ 151%€112,666▲ 48.2%
The operating result for 2026 is 31% lower than in 2025.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €509,459
Fixed assets
€353,889 ▼ 5.4%
Current assets
€155,570 ▲ 74.0%
Equity and liabilities €509,459
Equity
€380,694 ▲ 2.5%
Debt
€128,765 ▲ 39.6%
Debt's share of the balance-sheet total rises from 19.9% to 25.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€40,349▼
2025 · €53,427
Cash flow
€29,622▼
2025 · €41,059
Current ratio
3.63▼
2025 · 6.66
Debt to equity
0.34▲
2025 · 0.25
ROE
2.5%▼
2025 · 4.6%
ROA
1.8%▼
2025 · 3.6%
Interest coverage
5.76▼
2025 · 9.31
Debt ≤ 1 year
€42,904▲
2025 · €13,427
Debt > 1 year
€70,000=
2025 · €70,000
Income taxes
€3,728▼
2025 · €6,760
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €350 | €636 | ▲ 81.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,089 | €25,878 | €25,878 | €36,388 | €24,150 | €24,150 | €24,150 | €20,270 | ▼ 16.1% |
| Other operating charges640/8 | - | - | - | €8,433 | €6,149 | €7,346 | €7,629 | €37,867 | ▲ 396% |
| Gross operating margin9900 | €95,394 | €106,890 | €101,027 | €52,891 | €40,518 | €48,908 | €61,056 | €78,216 | ▲ 28.1% |
| Operating profit (loss)9901 | €57,851 | €73,636 | €68,136 | €8,069 | €10,218 | €17,411 | €29,277 | €20,079 | ▼ 31.4% |
| Financial income75/76B | - | - | - | €0 | - | €0 | €130 | - | - |
| Recurring financial income75 | - | - | - | €0 | - | €0 | €130 | - | - |
| Financial charges65/66B | - | - | - | €1,363 | €3,734 | €5,243 | €5,737 | €6,999 | ▲ 22.0% |
| Recurring financial charges65 | €12,239 | €10,673 | €8,726 | €1,363 | €3,734 | €5,243 | €5,737 | €6,999 | ▲ 22.0% |
| Profit (loss) for the period before taxes9903 | €45,612 | €62,963 | €59,410 | €6,706 | €6,485 | €12,168 | €23,669 | €13,080 | ▼ 44.7% |
| Income taxes67/77 | €17,974 | €21,605 | €19,635 | €3,298 | €1,395 | €3,448 | €6,760 | €3,728 | ▼ 44.9% |
| Profit (loss) for the period9904 | €27,638 | €41,358 | €39,775 | €3,408 | €5,090 | €8,720 | €16,909 | €9,352 | ▼ 44.7% |
| Profit (loss) for the period to be appropriated9905 | €27,638 | €41,358 | €39,775 | €3,408 | €5,090 | €8,720 | €16,909 | €9,352 | ▼ 44.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €539,522 | €518,492 | €515,866 | €497,571 | €466,637 | €435,869 | €463,591 | €509,459 | ▲ 9.9% |
| Fixed assets21/28 | €534,754 | €508,876 | €482,998 | €446,609 | €422,459 | €398,309 | €374,159 | €353,889 | ▼ 5.4% |
| Tangible fixed assets22/27 | €534,754 | €508,876 | €482,998 | €446,609 | €422,459 | €398,309 | €374,159 | €353,889 | ▼ 5.4% |
| Land and buildings22 | - | - | - | €446,609 | €422,459 | €398,309 | €374,159 | €353,889 | ▼ 5.4% |
| Current assets29/58 | €4,768 | €9,617 | €32,869 | €50,961 | €44,178 | €37,560 | €89,432 | €155,570 | ▲ 74.0% |
| Amounts receivable within one year40/41 | - | - | - | €5,364 | €1,316 | €10,000 | €10,000 | - | - |
| Trade receivables40 | - | - | - | €5,364 | €1,316 | - | - | - | - |
| Other amounts receivable41 | - | - | - | - | - | €10,000 | €10,000 | - | - |
| Cash at bank and in hand54/58 | €4,768 | €9,617 | €32,869 | €45,597 | €42,862 | €27,560 | €79,432 | €154,973 | ▲ 95.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €597 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €539,522 | €518,492 | €515,866 | €497,571 | €466,637 | €435,869 | €463,591 | €509,459 | ▲ 9.9% |
| Equity10/15 | €256,081 | €297,439 | €337,214 | €340,622 | €345,712 | €354,432 | €371,341 | €380,694 | ▲ 2.5% |
| Contributions10/11 | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | €90,000 | = |
| Reserves13 | €82,500 | €112,500 | €142,500 | €142,500 | €142,500 | €151,000 | €167,000 | €176,352 | ▲ 5.6% |
| Non-distributable reserves130/1 | - | - | - | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Reserves not available under the articles1311 | - | - | - | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Distributable reserves133 | - | - | - | €133,500 | €133,500 | €142,000 | €158,000 | €167,352 | ▲ 5.9% |
| Profit (loss) carried forward14 | €83,581 | €94,939 | €104,714 | €108,122 | €113,212 | €113,432 | €114,341 | €114,341 | = |
| Amounts payable17/49 | €283,440 | €221,053 | €178,652 | €156,949 | €120,926 | €81,437 | €92,249 | €128,765 | ▲ 39.6% |
| Amounts payable after more than one year17 | €167,245 | €113,827 | €100,000 | €100,000 | €35,000 | €70,000 | €70,000 | €70,000 | = |
| Other amounts payable178/9 | - | - | - | €100,000 | €35,000 | €70,000 | €70,000 | €70,000 | = |
| Amounts payable within one year42/48 | €116,195 | €107,226 | €78,652 | €56,949 | €83,241 | €7,329 | €13,427 | €42,904 | ▲ 220% |
| Trade debts44 | €802 | €1,393 | €21 | €567 | €24,496 | €1,446 | €1,177 | €31,020 | ▲ 26× |
| Suppliers440/4 | - | - | - | €567 | €24,496 | €1,446 | €1,177 | €31,020 | ▲ 26× |
| Taxes, remuneration and social security45 | - | - | - | €1,432 | €1,395 | €3,448 | €6,760 | €3,728 | ▼ 44.9% |
| Taxes450/3 | - | - | - | €1,432 | €1,395 | €3,448 | €6,760 | €3,728 | ▼ 44.9% |
| Other amounts payable47/48 | - | - | - | €54,950 | €57,350 | €2,434 | €5,491 | €8,157 | ▲ 48.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,684 | €4,109 | €8,822 | €15,861 | ▲ 79.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €27,638 | €41,358 | €39,775 | €3,408 | €5,090 | €8,720 | €16,909 | €9,352 | ▼ 44.7% |
| + Depreciation and write-downs630 | €31,089 | €25,878 | €25,878 | €36,388 | €24,150 | €24,150 | €24,150 | €20,270 | ▼ 16.1% |
| Operating cash flow (approximation) | €58,728 | €67,236 | €65,653 | €39,796 | €29,240 | €32,870 | €41,059 | €29,622 | ▼ 27.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€0 | €0 | €0 | - |
| Change in cash | - | €4,849 | €23,252 | €12,729 | -€2,735 | -€15,302 | €51,872 | €75,541 | ▲ 45.6% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as TH. IMMO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TH. IMMO itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 14,766 companies, not a prediction for TH. IMMO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | abbreviated format | 20-07-2026 | 2026-00319253 | |
| 30-06-2025 | abbreviated format | 07-01-2026 | 2026-00006402 | |
| 30-06-2024 | abbreviated format | 23-01-2025 | 2025-00018712 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00022517 | |
| 30-06-2022 | abbreviated format | 29-03-2023 | 2023-00049245 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-03300441 | |
| 30-06-2020 | abbreviated format | 16-11-2020 | 2020-70800087 | |
| 30-06-2019 | abbreviated format | 31-10-2019 | 2019-72800060 | |
| 30-06-2018 | abbreviated format | 07-11-2018 | 2018-71900407 | |
| 30-06-2017 | abbreviated format | 09-10-2017 | 2017-66800243 |