THECON

Active

Private limited company (pre-2019)founded 200719 yrs activeZeedijk-Albertstrand 546, 8300 Knokke-Heist, BelgiumKBO/BCE: BE 0889.991.628

Summary

THECON is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show negative equity (-€121,875) and a net result of €45,210. Equity is growing by ~17.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 8091 sector peers (fiscal year 2025). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals.

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THECONActive

Risk analysis Report Compare

Checked score

Outside the general model

Model not applicable to financial institutions

The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.

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Signals

Two signals. The signal on the left, the evidence on the right.

+raises risk○neutral

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 8091 sector peers (2025).

NBB · sector comparison

Position among 8091 sector peers

Solvency

better than 5%

← weakest strongest →

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-07-2026, 20 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

20 d early

2024

24 d early

2023

22 d early

2022

20 d early

2021

18 d early

2020

19 d early

2019

32 d early

← 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 before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.

Checked, nothing found (2)

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 11 July (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

28-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

On 11 June 2007, THECON was incorporated.¹ Total assets went from EUR 1.1 million in 2018 to EUR 710,805 in 2025.²

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Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, micro schema

Equity

-€121,875▲ 27.1%

2024 · -€167,085

Net result

€45,210▼ 47.3%

2024 · €85,804

Total assets

€710,805▼ 6.1%

2024 · €757,063

Solvency

-17.1%▲ 4.9pp

2024 · -22.1%

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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

Line20212022202320242025

Operating result€69,167▲ 16.3%€79,140▲ 14.4%€41,343▼ 47.8%€96,315▲ 133%€55,716▼ 42.2%

Net result€46,287▲ 181%€54,676▲ 18.1%€29,254▼ 46.5%€85,804▲ 193%€45,210▼ 47.3%

Equity-€336,819▲ 12.1%-€282,142▲ 16.2%-€252,888▲ 10.4%-€167,085▲ 33.9%-€121,875▲ 27.1%

Total assets€908,784▲ 5.9%€680,987▼ 25.1%€683,054▲ 0.3%€757,063▲ 10.8%€710,805▼ 6.1%

Debt€1.2m▲ 0.4%€963,129▼ 22.7%€935,942▼ 2.8%€924,147▼ 1.3%€832,680▼ 9.9%

Working capital-€1.0m▲ 12.1%-€885,814▲ 12.4%-€800,029▲ 9.7%-€675,761▲ 15.5%-€459,824▲ 32.0%

Solvency-37.1%▲ 7.6pp-41.4%▼ 4.4pp-37.0%▲ 4.4pp-22.1%▲ 15.0pp-17.1%▲ 4.9pp

Current ratio0.19▲ 0.120.07▼ 0.110.15▲ 0.070.26▲ 0.110.42▲ 0.16

Return on assets (ROA)5.1%▲ 3.2pp8.0%▲ 2.9pp4.3%▼ 3.7pp11.3%▲ 7.1pp6.4%▼ 5.0pp

above within below the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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 2025; 2025 is 42% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €710,805

52.7%

47.3%

Fixed assets €374,288 ▼ 28.2%

Current assets €336,517 ▲ 42.6%

Key figures and ratios

2025 value · change against 2024

Debt ≤ 1 year

€796,341▼

2024 · €911,711

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 34 lines

Balance sheet Code20242025

Assets

Total assets20/58€757,063€710,805▼

Fixed assets21/28€521,112€374,288▼

Tangible fixed assets22/27€521,112€374,288▼

Land and buildings22€521,112€365,945▼

Furniture and vehicles24-€8,343

Current assets29/58€235,950€336,517▲

Amounts receivable within one year40/41€200,820€331,274▲

Trade receivables40€30,537€236,947▲

Other amounts receivable41€170,283€94,328▼

Cash at bank and in hand54/58€30,383€5,243▼

Deferred charges and accrued income490/1€4,748€0▼

Equity and liabilities

Total equity and liabilities10/49€757,063€710,805▼

Equity10/15-€167,085-€121,875▲

Contributions10/11€18,600€18,600=

Profit (loss) carried forward14-€185,685-€140,475▲

Amounts payable17/49€924,147€832,680▼

Amounts payable within one year42/48€911,711€796,341▼

Trade debts44€43,128€0▼

Suppliers440/4€43,128€0▼

Other amounts payable47/48€868,584€796,341▼

Accrued charges and deferred income492/3€12,436€36,339▲

Income statement Code20242025

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€64,427€36,211▼

Other operating charges640/8€19,065€91,210▲

Gross operating margin9900€179,806€183,138▲

Operating profit (loss)9901€96,315€55,716▼

Financial income75/76B€1,668€2,075▲

Recurring financial income75€1,668€2,075▲

Financial charges65/66B€12,179€12,582▲

Recurring financial charges65€12,179€12,582▲

Profit (loss) for the period before taxes9903€85,804€45,210▼

Profit (loss) for the period9904€85,804€45,210▼

Profit (loss) for the period to be appropriated9905€85,804€45,210▼

Appropriation of the result

Profit (loss) to be appropriated9906-€185,685-€140,475▲

Profit (loss) brought forward from the previous period14P-€271,488-€185,685▲

The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€118,814	€86,726	€64,949	€64,427	€36,211	▼ 43.8%
Other operating charges640/8	€5,819	€15,452	€16,688	€19,065	€91,210	▲ 378%
Gross operating margin9900	€193,800	€181,318	€122,980	€179,806	€183,138	▲ 1.9%
Operating profit (loss)9901	€69,167	€79,140	€41,343	€96,315	€55,716	▼ 42.2%
Financial income75/76B	€738	€176	€1,451	€1,668	€2,075	▲ 24.4%
Recurring financial income75	€738	€176	€1,451	€1,668	€2,075	▲ 24.4%
Financial charges65/66B	€23,618	€24,640	€13,540	€12,179	€12,582	▲ 3.3%
Recurring financial charges65	€23,618	€24,640	€13,540	€12,179	€12,582	▲ 3.3%
Profit (loss) for the period before taxes9903	€46,287	€54,676	€29,254	€85,804	€45,210	▼ 47.3%
Profit (loss) for the period9904	€46,287	€54,676	€29,254	€85,804	€45,210	▼ 47.3%
Profit (loss) for the period to be appropriated9905	€46,287	€54,676	€29,254	€85,804	€45,210	▼ 47.3%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€908,784	€680,987	€683,054	€757,063	€710,805	▼ 6.1%
Fixed assets21/28	€675,857	€609,394	€547,255	€521,112	€374,288	▼ 28.2%
Tangible fixed assets22/27	€675,857	€609,394	€547,255	€521,112	€374,288	▼ 28.2%
Land and buildings22	€672,169	€607,649	€547,255	€521,112	€365,945	▼ 29.8%
Plant, machinery and equipment23	€90	€0	-	-	-	-
Furniture and vehicles24	€3,598	€1,745	€0	-	€8,343	-
Current assets29/58	€232,927	€71,593	€135,799	€235,950	€336,517	▲ 42.6%
Amounts receivable within one year40/41	€28,890	€57,340	€42,324	€200,820	€331,274	▲ 65.0%
Trade receivables40	€19,110	€10,500	€0	€30,537	€236,947	▲ 676%
Other amounts receivable41	€9,781	€46,840	€42,324	€170,283	€94,328	▼ 44.6%
Current investments50/53	€8,009	€8,016	€0	-	-	-
Cash at bank and in hand54/58	€190,600	€2,830	€80,601	€30,383	€5,243	▼ 82.7%
Deferred charges and accrued income490/1	€5,427	€3,407	€12,874	€4,748	€0	▼ 100%
Equity and liabilities
Total equity and liabilities10/49	€908,784	€680,987	€683,054	€757,063	€710,805	▼ 6.1%
Equity10/15	-€336,819	-€282,142	-€252,888	-€167,085	-€121,875	▲ 27.1%
Contributions10/11	€18,600	€18,600	€18,600	€18,600	€18,600	=
Profit (loss) carried forward14	-€355,419	-€300,742	-€271,488	-€185,685	-€140,475	▲ 24.3%
Amounts payable17/49	€1.2m	€963,129	€935,942	€924,147	€832,680	▼ 9.9%
Amounts payable within one year42/48	€1.2m	€957,407	€935,828	€911,711	€796,341	▼ 12.7%
Trade debts44	€8,649	€13,194	€79,218	€43,128	€0	▼ 100%
Suppliers440/4	€8,649	€13,194	€79,218	€43,128	€0	▼ 100%
Other amounts payable47/48	€1.2m	€944,213	€856,610	€868,584	€796,341	▼ 8.3%
Accrued charges and deferred income492/3	€1,543	€5,722	€114	€12,436	€36,339	▲ 192%

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	€46,287	€54,676	€29,254	€85,804	€45,210	▼ 47.3%
+ Depreciation and write-downs630	€118,814	€86,726	€64,949	€64,427	€36,211	▼ 43.8%
Operating cash flow (approximation)	€165,101	€141,402	€94,202	€150,231	€81,421	▼ 45.8%
Investment in fixed assets (approximation)	-	-€20,263	-€2,809	-€38,285	€110,613	▲ 389%
Change in cash	-	-€187,770	€77,772	-€50,219	-€25,140	▲ 49.9%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

11-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

07-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

09-07

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

11-07

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

13-07

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

12-07

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

31-12

Financial Weakest financial yearnet €16,495 ▼87.3%

Net result drops to €16,495, the lowest in the series; recovery starts the following year.

29-06

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

31-12

Financial Highest result since 2018net €129,417 ▲106%

Operating result €129,584, net result €129,417, both a record.

02-07

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

2018

19-06

NBB filing Annual accounts filed

fiscal year 2017 · micro schema

2017

23-06

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

0 of 4 acts read

About the unread acts

We know of 4 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

4 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, Knokke-Heist

exact location from the address register On OpenStreetMap

Ground area

255 m²

Building footprint

242 m²

Volume, LiDAR

4,918 m³

Parcel 31013A0250/00B000, Flanders · tallest building 34.0 m, ±9 floors. Linked by address, not a title deed.

2 companies at this address See who is registered here

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
31013A0250/00B000	Flanders	255 m²	1 · 242 m²	34.0 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.

Similar companies · same sector and region

This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. See the whole sector

Identification & contact

Identification

Legal formPrivate limited company (pre-2019)

Founded11-06-2007

Fiscal year end31-12

Activities, NACEBEL 2025

64210Activities of holding companies

68201Renting and operating of own or leased residential real estate, excluding social housing

E-invoicing

Reachable via Peppol

Peppol ID 0208:0889991628

Also 9925:BE0889991628

Registered 29-04-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Scores and ratios are computed by Checked and are not a credit decision.