Thairo
ActiveSummary
Thairo has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €24k and a net result of €67k. Equity is shrinking by ~6.8% per year across the filed fiscal years. Its solvency ranks better than 29% of 7500 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency48▼-3
Growth58=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity tight (current ratio 1.19 against 1.18 in 2024; short-term debt: 73.4% and cash: 77.5% of total assets), and 76.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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
23.4%
Return on assets
65%
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 12-08-2026, 12 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 · 8 filingsDeviation from the deadline
2025
12 d late
2024
8 d late
2023
25 d early
2022
2 d early
2021
1 d early
2020
15 d late
2019
9 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€24k▼ 12.2%
2024 · €27k
2018: €29k
2019: €38k▲ +32.2% vs 2018
2020: €47k▲ +25.4% vs 2019highest in 8 years
2021: €38k▼ -19.8% vs 2020
2022: €21k▼ -45.1% vs 2021
2023: €21k▼ -1.0% vs 2022lowest in 8 years
2024: €27k▲ +32.2% vs 2023
2025: €24k▼ -12.2% vs 2024
2018 → 2025
Total assets
€103k▼ 1.7%
2024 · €104k
2018: €36klowest in 8 years
2019: €41k▲ +14.0% vs 2018
2020: €51k▲ +24.9% vs 2019
2021: €48k▼ -5.7% vs 2020
2022: €72k▲ +49.4% vs 2021
2023: €107k▲ +49.0% vs 2022highest in 8 years
2024: €104k▼ -2.7% vs 2023
2025: €103k▼ -1.7% vs 2024
2018 → 2025
Net result
€67k▲ 60.0%
2024 · €42k
2018: €30k
2019: €9k▼ -69.7% vs 2018lowest in 8 years
2020: €10k▲ +4.2% vs 2019
2021: €22k▲ +127% vs 2020
2022: €33k▲ +51.3% vs 2021
2023: €66k▲ +102% vs 2022
2024: €42k▼ -37.2% vs 2023
2025: €67k▲ +60.0% vs 2024highest in 8 years
2018 → 2025
Working capital
€14k▲ 0.9%
2024 · €14k
2018: €27k
2019: €36k▲ +32.1% vs 2018
2020: €46k▲ +27.4% vs 2019highest in 8 years
2021: €36k▼ -21.5% vs 2020
2022: €1k▼ -96.4% vs 2021
2023: €-2k▼ -257% vs 2022lowest in 8 years
2024: €14k▲ +784% vs 2023
2025: €14k▲ +0.9% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€38k-€21k▼ 45.1%€21k▼ 1.0%€27k▲ 32.2%€24k▼ 12.2%
2021: €38khighest in 5 years
2022: €21k▼ -45.1% vs 2021
2023: €21k▼ -1.0% vs 2022lowest in 5 years
2024: €27k▲ +32.2% vs 2023
2025: €24k▼ -12.2% vs 2024
Operating result€32k-€37k▲ 13.6%€87k▲ 136%€58k▼ 33.9%€92k▲ 59.9%
2021: €32klowest in 5 years
2022: €37k▲ +13.6% vs 2021
2023: €87k▲ +136% vs 2022
2024: €58k▼ -33.9% vs 2023
2025: €92k▲ +59.9% vs 2024highest in 5 years
Net result€22k-€33k▲ 51.3%€66k▲ 102%€42k▼ 37.2%€67k▲ 60.0%
2021: €22klowest in 5 years
2022: €33k▲ +51.3% vs 2021
2023: €66k▲ +102% vs 2022
2024: €42k▼ -37.2% vs 2023
2025: €67k▲ +60.0% vs 2024highest in 5 years
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 60% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €103k
Fixed assets
€13k ▼ 9.3%
Current assets
€89k ▼ 0.4%
Equity and liabilities €103k
Equity
€24k ▼ 12.2%
Debt
€79k ▲ 2.0%
Debt's share of the balance-sheet total rises from 73.8% to 76.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€99k▲
2024 · €66k
Cash flow
€74k▲
2024 · €50k
Current ratio
1.19▲
2024 · 1.18
Debt to equity
3.28▲
2024 · 2.82
ROE
277.8%▲
2024 · 152.5%
ROA
65.0%▲
2024 · 39.9%
Interest coverage
35.74▼
2024 · 37.82
Debt ≤ 1 year
€75k▼
2024 · €76k
Income taxes
€23k▲
2024 · €14k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€104k€103k▼
Fixed assets21/28€15k€13k▼
Tangible fixed assets22/27€9k€7k▼
Plant, machinery and equipment23€3k€3k▼
Furniture and vehicles24€5k€4k▼
Other tangible fixed assets26€705€603▼
Financial fixed assets28€6k€6k=
Current assets29/58€90k€89k▼
Amounts receivable within one year40/41€9k€9k▲
Trade receivables40€8k€4k▼
Other amounts receivable41€1k€5k▲
Cash at bank and in hand54/58€80k€80k▼
Deferred charges and accrued income490/1€384€394▲
Equity and liabilities
Total equity and liabilities10/49€104k€103k▼
Equity10/15€27k€24k▼
Contributions10/11€19k€19k=
Reserves13€2k€2k=
Tax-exempt reserves132€95€95=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€7k€3k▼
Amounts payable17/49€77k€79k▲
Amounts payable within one year42/48€76k€75k▼
Financial debts43€8k€8k=
Credit institutions430/8€8k€8k=
Trade debts44€1k€6k▲
Suppliers440/4€1k€6k▲
Taxes, remuneration and social security45€7k€5k▼
Taxes450/3€7k€5k▼
Other amounts payable47/48€59k€55k▼
Accrued charges and deferred income492/3€1k€3k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€7k▼
Other operating charges640/8€463€526▲
Gross operating margin9900€66k€100k▲
Operating profit (loss)9901€58k€92k▲
Financial income75/76B€29€35▲
Recurring financial income75€29€35▲
Financial charges65/66B€2k€3k▲
Recurring financial charges65€2k€3k▲
Profit (loss) for the period before taxes9903€56k€89k▲
Income taxes67/77€14k€23k▲
Profit (loss) for the period9904€42k€67k▲
Profit (loss) for the period to be appropriated9905€42k€67k▲
Appropriation of the result
Profit (loss) to be appropriated9906€42k€73k▲
Profit (loss) brought forward from the previous period14P€111€7k▲
Profit to be distributed694/7€35k€70k▲
Return on contributions (dividend)694€35k€70k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €7k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €289 | €2k | €8k | €8k | €7k | ▼ 11.2% |
| Other operating charges640/8 | €255 | €703 | €440 | €463 | €526 | ▲ 13.6% |
| Gross operating margin9900 | €33k | €39k | €95k | €66k | €100k | ▲ 50.9% |
| Operating profit (loss)9901 | €32k | €37k | €87k | €58k | €92k | ▲ 59.9% |
| Financial income75/76B | €6 | €20 | €26 | €29 | €35 | ▲ 20.7% |
| Recurring financial income75 | €6 | €20 | €26 | €29 | €35 | ▲ 20.7% |
| Financial charges65/66B | €136 | €135 | €333 | €2k | €3k | ▲ 60.0% |
| Recurring financial charges65 | €136 | €135 | €333 | €2k | €3k | ▲ 60.0% |
| Profit (loss) for the period before taxes9903 | €32k | €37k | €87k | €56k | €89k | ▲ 59.9% |
| Income taxes67/77 | €11k | €4k | €20k | €14k | €23k | ▲ 59.5% |
| Profit (loss) for the period9904 | €22k | €33k | €66k | €42k | €67k | ▲ 60.0% |
| Profit (loss) for the period to be appropriated9905 | €22k | €33k | €66k | €42k | €67k | ▲ 60.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €48k | €72k | €107k | €104k | €103k | ▼ 1.7% |
| Fixed assets21/28 | €2k | €20k | €23k | €15k | €13k | ▼ 9.3% |
| Tangible fixed assets22/27 | €2k | €14k | €17k | €9k | €7k | ▼ 15.8% |
| Plant, machinery and equipment23 | €2k | €6k | €6k | €3k | €3k | ▼ 10.8% |
| Furniture and vehicles24 | - | €7k | €10k | €5k | €4k | ▼ 18.8% |
| Other tangible fixed assets26 | - | €909 | €807 | €705 | €603 | ▼ 14.5% |
| Financial fixed assets28 | - | €6k | €6k | €6k | €6k | = |
| Current assets29/58 | €46k | €52k | €85k | €90k | €89k | ▼ 0.4% |
| Amounts receivable within one year40/41 | €7k | €7k | €7k | €9k | €9k | ▲ 2.1% |
| Trade receivables40 | €2k | - | €7k | €8k | €4k | ▼ 46.7% |
| Other amounts receivable41 | €4k | €7k | - | €1k | €5k | ▲ 325% |
| Cash at bank and in hand54/58 | €39k | €45k | €77k | €80k | €80k | ▼ 0.7% |
| Deferred charges and accrued income490/1 | €216 | €345 | €348 | €384 | €394 | ▲ 2.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €48k | €72k | €107k | €104k | €103k | ▼ 1.7% |
| Equity10/15 | €38k | €21k | €21k | €27k | €24k | ▼ 12.2% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Tax-exempt reserves132 | €95 | €95 | €95 | €95 | €95 | = |
| Distributable reserves133 | - | - | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €17k | €318 | €111 | €7k | €3k | ▼ 49.1% |
| Amounts payable17/49 | €10k | €51k | €87k | €77k | €79k | ▲ 2.0% |
| Amounts payable within one year42/48 | €10k | €51k | €87k | €76k | €75k | ▼ 0.7% |
| Financial debts43 | - | - | €8k | €8k | €8k | = |
| Credit institutions430/8 | - | - | €8k | €8k | €8k | = |
| Trade debts44 | €3k | €10k | €10k | €1k | €6k | ▲ 393% |
| Suppliers440/4 | €3k | €10k | €10k | €1k | €6k | ▲ 393% |
| Taxes, remuneration and social security45 | €5k | €5k | €17k | €7k | €5k | ▼ 28.8% |
| Taxes450/3 | €5k | €5k | €17k | €7k | €5k | ▼ 28.8% |
| Other amounts payable47/48 | €3k | €36k | €51k | €59k | €55k | ▼ 6.0% |
| Accrued charges and deferred income492/3 | - | - | - | €1k | €3k | ▲ 177% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22k | €33k | €66k | €42k | €67k | ▲ 60.0% |
| + Depreciation and write-downs630 | €289 | €2k | €8k | €8k | €7k | ▼ 11.2% |
| Operating cash flow (approximation) | €22k | €35k | €74k | €50k | €74k | ▲ 48.5% |
| Investment in fixed assets (approximation) | - | €-20k | €-11k | €0 | €-6k | - |
| Change in cash | - | €6k | €32k | €3k | €-598 | ▼ 119% |
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
12-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 12 days late
2025
31-12
Financial
Highest result since 2018net €67k ▲60%
Operating result €92k, net result €67k, both a record.
08-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 8 days late
2024
06-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
15-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 15 days late
2020
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €9k ▼69.7%
Net result drops to €9k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 12.52
Current ratio from 4.75 to 12.52; short-term debt falls from €7k to €3k.
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro 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, Beerse · 1 establishment unit since 2017
Ground area
480 m²
Building footprint
147 m²
Parcel 13004E0106/00L000, Flanders. Linked by address, not a title deed.
1 establishment unit
Thairo
since 20172.266.187.046
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13004E0106/00L000 | Flanders | 480 m² | 1 · 147 m² | - |
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 29,779 companies in sector 41001 we hold annual accounts for 16,044. 11,988 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
Founded29-06-2017
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43350Other building finishing work
Scores and ratios are computed by Checked and are not a credit decision.