THC CONSTRUCT
ActiveSummary
THC CONSTRUCT has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €41,566 and a net result of €1,134. Equity is growing by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 14% of 36386 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability57▲+15
Solvency35▼-7
Growth52=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.1 against 1.17 in 2023; short-term debt: 89.9% and cash: 1.9% of total assets), and 89.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
10.1%
Return on assets
0.3%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 36386 sector peers (2024).
NBB · sector comparisonPosition among 36386 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 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 · 9 filingsDeviation from the deadline
2025
not confirmed
2024
61 d late
2023
61 d late
2022
71 d late
2021
60 d late
2020
171 d late
2019
138 d 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 94 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€41,566▼ 17.6%
2023 · €50,433
Total assets
€410,484▲ 36.9%
2023 · €299,940
Net result
€1,134▲ 769%
2023 · €130
Working capital
€35,125▼ 16.4%
2023 · €41,999
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Line20202021202220232024
Operating result€31,883▲ 764%€14,452▼ 54.7%€3,054▼ 78.9%€7,654▲ 151%€6,252▼ 18.3%
Net result€18,907within the sector's middle half€3,572within the sector's middle half▼ 81.1%-€1,188below the sector's middle half€130below the sector's middle half€1,134within the sector's middle half▲ 769%
Equity€47,918within the sector's middle half▲ 65.2%€51,490within the sector's middle half▲ 7.5%€50,302within the sector's middle half▼ 2.3%€50,433within the sector's middle half▲ 0.3%€41,566within the sector's middle half▼ 17.6%
Total assets€85,747within the sector's middle half▲ 54.8%€372,359above the sector's middle half▲ 334%€269,855within the sector's middle half▼ 27.5%€299,940above the sector's middle half▲ 11.1%€410,484above the sector's middle half▲ 36.9%
Debt€37,829▲ 43.4%€320,870▲ 748%€219,553▼ 31.6%€249,508▲ 13.6%€368,918▲ 47.9%
Working capital€44,314within the sector's middle half▲ 73.7%€41,632within the sector's middle half▼ 6.1%€41,211within the sector's middle half▼ 1.0%€41,999within the sector's middle half▲ 1.9%€35,125within the sector's middle half▼ 16.4%
Solvency55.9%within the sector's middle half▲ 3.5pp13.8%below the sector's middle half▼ 42.1pp18.6%below the sector's middle half▲ 4.8pp16.8%below the sector's middle half▼ 1.8pp10.1%below the sector's middle half▼ 6.7pp
Current ratio2.25within the sector's middle half▲ 0.041.13within the sector's middle half▼ 1.121.19within the sector's middle half▲ 0.061.17within the sector's middle half▼ 0.021.10below the sector's middle half▼ 0.07
Return on assets (ROA)22.0%above the sector's middle half▲ 22.8pp1.0%within the sector's middle half▼ 21.1pp-0.4%below the sector's middle half▼ 1.4pp0.0%below the sector's middle half▲ 0.5pp0.3%within the sector's middle half▲ 0.2pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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 falls in 2024; 2024 is 18% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €410,484
Fixed assets
€6,441 ▼ 32.5%
Current assets
€404,043 ▲ 39.1%
Equity and liabilities €410,484
Equity
€41,566 ▼ 17.6%
Debt
€368,918 ▲ 47.9%
Debt's share of the balance-sheet total rises from 83.2% to 89.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€13,195▲
2023 · €12,675
Cash flow
€8,077▲
2023 · €5,151
Debt to equity
8.88▲
2023 · 4.95
ROE
2.7%▲
2023 · 0.3%
Interest coverage
4.53▲
2023 · 2.77
Debt ≤ 1 year
€368,918▲
2023 · €248,402
Income taxes
€2,316▼
2023 · €2,945
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,504 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
1.6%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% 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 497,662 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% | 1.7% |
| 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 75% 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 4,504 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,061 | €5,052 | - | €4,621 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,106 | €2,459 | €5,633 | €5,020 | €6,943 | ▲ 38.3% |
| Other operating charges640/8 | - | €2,675 | €7,511 | €3,126 | €351 | ▼ 88.8% |
| Non-recurring operating charges66A | - | €49 | - | - | - | - |
| Gross operating margin9900 | €45,246 | €19,635 | €16,198 | €15,800 | €13,546 | ▼ 14.3% |
| Operating profit (loss)9901 | €31,883 | €14,452 | €3,054 | €7,654 | €6,252 | ▼ 18.3% |
| Financial income75/76B | - | - | €1,700 | - | €108 | - |
| Recurring financial income75 | €0 | - | €1,700 | - | €108 | - |
| Financial charges65/66B | - | €4,672 | €1,353 | €4,579 | €2,910 | ▼ 36.4% |
| Recurring financial charges65 | €1,748 | €4,672 | €1,353 | €4,579 | €2,910 | ▼ 36.4% |
| Profit (loss) for the period before taxes9903 | €30,135 | €9,780 | €3,401 | €3,075 | €3,449 | ▲ 12.2% |
| Income taxes67/77 | €11,229 | €6,208 | €4,589 | €2,945 | €2,316 | ▼ 21.4% |
| Profit (loss) for the period9904 | €18,907 | €3,572 | -€1,188 | €130 | €1,134 | ▲ 769% |
| Transfer from tax-exempt reserves789 | - | €7,594 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,907 | €11,165 | -€1,188 | €130 | €1,134 | ▲ 769% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €85,747 | €372,359 | €269,855 | €299,940 | €410,484 | ▲ 36.9% |
| Fixed assets21/28 | €6,060 | €18,892 | €14,559 | €9,539 | €6,441 | ▼ 32.5% |
| Tangible fixed assets22/27 | €6,060 | €18,892 | €13,259 | €8,239 | €5,141 | ▼ 37.6% |
| Furniture and vehicles24 | - | €18,892 | €13,259 | €8,239 | €5,141 | ▼ 37.6% |
| Financial fixed assets28 | - | - | €1,300 | €1,300 | €1,300 | = |
| Current assets29/58 | €79,687 | €353,467 | €255,296 | €290,401 | €404,043 | ▲ 39.1% |
| Amounts receivable after more than one year29 | - | - | €69,700 | €69,700 | €69,700 | = |
| Trade receivables290 | - | - | €69,700 | €69,700 | €69,700 | = |
| Amounts receivable within one year40/41 | €44,947 | €344,857 | €159,712 | €211,166 | €326,369 | ▲ 54.6% |
| Trade receivables40 | - | €287,665 | €151,715 | €196,774 | €315,062 | ▲ 60.1% |
| Other amounts receivable41 | - | €57,191 | €7,997 | €14,393 | €11,307 | ▼ 21.4% |
| Cash at bank and in hand54/58 | €33,473 | €8,461 | €25,884 | €9,535 | €7,974 | ▼ 16.4% |
| Deferred charges and accrued income490/1 | - | €150 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €85,747 | €372,359 | €269,855 | €299,940 | €410,484 | ▲ 36.9% |
| Equity10/15 | €47,918 | €51,490 | €50,302 | €50,433 | €41,566 | ▼ 17.6% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €9,454 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €32,264 | €43,430 | €42,242 | €42,373 | €33,506 | ▼ 20.9% |
| Amounts payable17/49 | €37,829 | €320,870 | €219,553 | €249,508 | €368,918 | ▲ 47.9% |
| Amounts payable after more than one year17 | €2,455 | €9,035 | €5,469 | €1,106 | - | - |
| Financial debts170/4 | - | €9,035 | €5,469 | €1,106 | - | - |
| Amounts payable within one year42/48 | €35,374 | €311,835 | €214,084 | €248,402 | €368,918 | ▲ 48.5% |
| Current portion of amounts payable after more than one year42 | - | €7,343 | €4,271 | €4,363 | €1,106 | ▼ 74.7% |
| Financial debts43 | - | - | - | - | €15,369 | - |
| Credit institutions430/8 | - | - | - | - | €15,369 | - |
| Trade debts44 | €11,138 | €273,402 | €179,964 | €227,845 | €329,746 | ▲ 44.7% |
| Suppliers440/4 | - | €273,402 | €179,964 | €227,845 | €329,746 | ▲ 44.7% |
| Taxes, remuneration and social security45 | - | €14,097 | €10,172 | €7,782 | €5,509 | ▼ 29.2% |
| Taxes450/3 | - | €14,097 | €10,172 | €7,782 | €5,509 | ▼ 29.2% |
| Other amounts payable47/48 | - | €16,993 | €19,676 | €8,412 | €17,189 | ▲ 104% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,907 | €3,572 | -€1,188 | €130 | €1,134 | ▲ 769% |
| + Depreciation and write-downs630 | €4,106 | €2,459 | €5,633 | €5,020 | €6,943 | ▲ 38.3% |
| Operating cash flow (approximation) | €23,013 | €6,031 | €4,445 | €5,151 | €8,077 | ▲ 56.8% |
| Investment in fixed assets (approximation) | - | -€15,292 | -€1,300 | €0 | -€3,845 | - |
| Change in cash | - | -€25,013 | €17,423 | -€16,349 | -€1,561 | ▲ 90.5% |
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
2025
30-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 61 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-12
Financial
Back to profitnet €130
Net result €130 after one loss-making year.
10-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 71 days late
2022
31-12
Financial
Weakest financial yearnet -€1,188
Net result drops to -€1,188, the lowest in the series; recovery starts the following year.
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 60 days late
18-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 171 days late
2020
31-12
Financial
Back to profitnet €18,907
Net result €18,907 after one loss-making year.
16-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 138 days late
2019
16-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 47 days late
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 57 days late
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 22 days late
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, Steenokkerzeel · 1 establishment unit since 2016
Ground area
159 m²
Building footprint
159 m²
Volume, LiDAR
475 m³
Parcel 23065A0126/00W002, Flanders · tallest building 3.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
THC CONSTRUCT
since 20162.285.340.685
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23065A0126/00W002 | Flanders | 159 m² | 1 · 159 m² | 3.6 m · 1 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.
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Of 7,300 companies in sector 43350 we hold annual accounts for 2,362. 1,971 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
Founded27-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
43350Other building finishing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0656997034
Also
9925:BE0656997034
Registered
22-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.