THAICO

Active

Private limited companyfounded 1999active for 26 yearsSint-Bonifaasstraat 7, 1050 Elsene, BelgiumKBO/BCE: BE 0468.799.020

Summary

The computed 12-month bankruptcy probability of THAICO is 3.8% (moderate). The 2024 annual accounts show equity of €271,894 and a net result of €10,843. Equity is growing by about 8.6% per year across the filed financial years. Its solvency ranks better than 57% of 1,745 sector peers (NACE 56, financial year 2024). The company has been active since 1999 and the Belgian Official Gazette contains no insolvency or warning signals.

Risk analysisFollow Report Compare

THAICOActiveChecked score 48/100

Risk analysis Report Compare

Activity

Full-service restaurants

NACE 56111

5 sites

Size

€2.3mturnover 2024

Staff: 19.5 FTE
Equity: €271,894
Profit: €10,843

Financial health

48 Fair Checked score 2024

Bankruptcy probabilitywithin 12 months: 3.8%

Structure

Board: 4 members

HERZMAN PatriciaManaging director

2025 accounts not filed, 87 days past the deadline1 of 5 deeds summarised

Why 48raises riskFigures for financial year 2024 (filed 04-11-2025)1 financial year not filed after the legal deadline; last filed accounts filed 92 days late; 3 of the last 3 lateSize: turnover €2.3m, 19.5 FTE, total assets €878,224lowers riskFounded in 1999Show the evidence

Checked score

Score 2024

48 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially better than 35% of its sector peers (NACE 56, small)

Every signal that counts is listed under Signals.

Financial strength · tick = 2023

Average

Solvency 56+4

equity 31.0% of total assets

Liquidity 32=

short-term debt 56.7% · cash 9.0%

Profitability 63+17

return on assets 1.2%

Bankruptcy probability, 12 months

3.8% Moderate

0%0.5%1.5%4%10%≥ 25%

About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.9% (1,616 companies, NACE 56, small)

Last 24 months 11-2024: 3.9% 12-2024: 4.2%▲ +0.3 percentage points vs 11-2024 01-2025: 4.2%● unchanged vs 12-2024 02-2025: 4.2%● unchanged vs 01-2025 03-2025: 4.2%● unchanged vs 02-2025 04-2025: 4.2%● unchanged vs 03-2025 05-2025: 4.0%▼ -0.2 percentage points vs 04-2025 06-2025: 3.7%▼ -0.3 percentage points vs 05-2025 07-2025: 4.0%▲ +0.3 percentage points vs 06-2025 08-2025: 4.7%▲ +0.7 percentage points vs 07-2025 09-2025: 4.6%▼ -0.1 percentage points vs 08-2025 10-2025: 4.7%▲ +0.1 percentage points vs 09-2025 11-2025: 4.7%● unchanged vs 10-2025highest value 12-2025: 1.9%▼ -2.8 percentage points vs 11-2025 01-2026: 1.9%● unchanged vs 12-2025 02-2026: 1.9%● unchanged vs 01-2026 03-2026: 1.9%● unchanged vs 02-2026 04-2026: 1.8%▼ -0.1 percentage points vs 03-2026 05-2026: 1.8%● unchanged vs 04-2026 06-2026: 1.8%● unchanged vs 05-2026lowest value 07-2026: 1.8%● unchanged vs 06-2026 08-2026: 2.8%▲ +1.0 percentage point vs 07-2026 09-2026: 3.2%▲ +0.4 percentage points vs 08-2026 10-2026: 3.8%▲ +0.6 percentage points vs 09-2026

Credit of up to €13,000 on 30-day terms, only on tighter conditions: an expected filing is missing beyond Checked's processing allowance

Liquidity insufficient (current ratio 0.95, compared with 0.81 in 2023, below 1; short-term debt: 56.7% and cash: 9% of total assets), and 69% of the assets are financed with debt and provisions.

How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 56, small): better than 52% on solvency, 24% on liquidity, 38% on profitability and 27% on growth.

The bankruptcy probability was computed on 25-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.

lowers riskraises risk

Figures for financial year 2024 (filed 04-11-2025)

NBB · annual accounts

Founded in 1999

Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.

KBO

1 financial year not filed after the legal deadline; last filed accounts filed 92 days late; 3 of the last 3 late

NBB · filings

Size: turnover €2.3m, 19.5 FTE, total assets €878,224

Companies of this size fail more often; how much that weighs depends on the rest of its profile.

NBB · annual accounts

Annual accounts not filed

The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 87 days later.

NBB · 10 filings

Position against the passed deadline

31-12-2025 year end31-07-2026 deadline26-10-2026 today

2024 accounts filed 92 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-10-2025, 92 days past the deadline. Measured on financial year 2023: of the companies more than 90 days late, 5.61% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers.

NBB · 10 filings

Deviation from the deadline

2025

not filed

2024

92 days late

2023

92 days late

2022

61 days late

2021

60 days late

2020

27 days late

2019

96 days late

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 6 accounts on average 71 days after the deadline; the sector median (NACE 56) for financial year 2024 is 6 days after the deadline, and 53% of those companies filed late.

Searched, nothing found (1)

No strike-offs in the KBO publications

Searched since 2021.

KBO publications · our coverage

31-10-2025 Annual accounts filedfinancial year 2024 · full…
31-12-2024 Back to profitnet €10,843
31-10-2024 Annual accounts filedfinancial year 2023 · full…

Key points

Positive: Back in profit in 2024after -€98,783 in 2023 €10,843 View
Caution: 2025 accounts not fileddeadline was 31-07-2026 87 days past the deadline View
Among the largest 18% on gross marginsector median €310,089 · 1,673 companies €910,595 View

By topic

Financials

Financial year: 2024
Turnover: €2.3m
Profit: €10,843
Solvency: 31.0%

Turnover▼ 23.9%

Net result

20182024

Go to Financials

Board & ownership

Board: 4 members

HERZMAN PatriciaManaging director
ZATALOVSKI DanDirector
ZATALOVSKI ElliotDirector
ZATALOVSKI TomDirector

Go to Board & ownership

Timeline

Events: 30
Since: 2001

31-12-2023Weakest financial year
13-12-2023Appointments: HERZMAN Patricia, ZATALOVSKI Dan and 2…
30-09-2023Annual accounts filed

Go to Timeline

Company details

Sites: 5

Legal form: Private limited company
Activity: Full-service restaurantsNACE 56111
Founded: 27-12-1999
Year ends: 31-12
Peppol: Reachable for e-invoices

Go to Company details

Articles of association

Provisions read: 26

Annual meeting: Last Tuesday of May at 10:00

Go to Articles of association

Key facts about THAICO

What is the company number of THAICO?: 0468.799.020. In Belgium the VAT number is the company number with BE in front: BE 0468.799.020.
Where is THAICO based?: The registered office is at Sint-Bonifaasstraat 7, 1050 Elsene.Company details
What does THAICO do?: According to the KBO register, the main activity is full-service restaurants (NACE 56111).
What is the legal form of THAICO?: Private limited company (BV).
When was THAICO founded?: On 27-12-1999.
Is THAICO still active?: Yes, THAICO is an active enterprise in the KBO register.
How many employees does THAICO have?: On average 19.5 full-time equivalents in financial year 2024, according to the filed annual accounts.Financials
What is the turnover of THAICO?: €2.3m in financial year 2024, according to the filed annual accounts.
Is THAICO profitable?: In financial year 2024, THAICO made a profit of €10,843.
Where can I find the annual accounts of THAICO?: THAICO filed 25 annual accounts with the National Bank of Belgium, the latest for financial year 2024.