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THELCO

Active
Private limited companyfounded 198936 yrs activeBoterlaarbaan 345, 2100 Antwerpen, BelgiumKBO/BCE: BE 0439.590.835
Summary

The computed 12-month bankruptcy probability of THELCO is 1.6% (moderate). The 2025 annual accounts show equity of €84,391 and a net result of -€54,212. Equity is shrinking by ~10.8% per year across the filed fiscal years. Its solvency ranks better than 55% of 33943 sector peers (fiscal year 2025). The company has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals.

Risk analysisWatch ReportCompare
THELCOActiveChecked score 62/100
Risk analysis ReportCompare

Overview

Activity
Other building finishing work
NACE 43350NACE 43390NACE 52470
1 site
Size
€162,990total assets 2025
Equity
€84,391
Loss
-€54,212
Turnover not published (abridged schema)
Financial health
62 Healthy Checked score 2025
Bankruptcy chance 12 m
1.6%
Structure
Accounts 63 d early1 of 3 deeds read
Why 62- Loss of €54,212 (FY 2025)- Sector Specialised construction activities (NACE 43)- 1 of the last 3 late+ Founded in 1989Show the evidence

Checked score

Score 2025
62 / 100
Healthy
Probability in this band: 0.55% to 1.5%
Better than 25% of its sector peers (NACE 43, micro)
Performance against the sector, not lower risk
Every signal that weighs is under Signals.
Financial strength · tick = 2024
Weak
Solvency 77-19
equity 51.8% of total assets
Liquidity 39-2
short-term debt 28.1% · cash 0.5%
Profitability 0-82
return on assets -33.3%
Bankruptcy probability, 12 months
1.6% Moderate
0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.7% (47,515 companies)
Last 24 months 11-2024: 4.0% 12-2024: 5.0%▲ +24.3% vs 11-2024 01-2025: 8.8%▲ +75.3% vs 12-2024highest value 02-2025: 8.8%● 0.0% vs 01-2025highest value 03-2025: 8.8%▼ -0.1% vs 02-2025 04-2025: 8.1%▼ -7.5% vs 03-2025 05-2025: 2.6%▼ -68.2% vs 04-2025 06-2025: 2.5%▼ -5.4% vs 05-2025 07-2025: 2.8%▲ +13.1% vs 06-2025 08-2025: 1.2%▼ -56.6% vs 07-2025 09-2025: 1.2%● 0.0% vs 08-2025 10-2025: 1.2%● 0.0% vs 09-2025 11-2025: 1.2%● 0.0% vs 10-2025 12-2025: 1.2%● 0.0% vs 11-2025 01-2026: 1.2%▲ +0.9% vs 12-2025 02-2026: 1.2%● 0.0% vs 01-2026 03-2026: 1.2%● 0.0% vs 02-2026 04-2026: 1.2%▼ -0.5% vs 03-2026 05-2026: 1.2%▲ +0.2% vs 04-2026 06-2026: 1.2%▼ -2.9% vs 05-2026lowest value 07-2026: 1.6%▲ +34.5% vs 06-2026 08-2026: 1.6%● 0.0% vs 07-2026 09-2026: 1.6%● 0.0% vs 08-2026 10-2026: 1.6%● 0.0% vs 09-2026
  • Loss of €54,212 (FY 2025) raises the probability
  • Sector Specialised construction activities (NACE 43) raises the probability
  • 1 of the last 3 late raises the probability
  • Founded in 1989 lowers the probability for this profile
Credit up to €5,000 at 30 days acceptable
Liquidity short (current ratio 0.4 against 1.76 in 2024; short-term debt: 28.1% and cash: 0.5% of total assets), and 48.2% of the assets are financed with debt.
How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 43, micro). Better than this share of them on solvency 56%, liquidity 28%, profitability 4%, growth against the median 11%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 05-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

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Signals

Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Loss of €54,212 (FY 2025)
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Sector Specialised construction activities (NACE 43)
In the bankruptcy model this factor raises the probability.
KBO
raises risk · 1 of the last 3 late
In the bankruptcy model this factor raises the probability.
NBB · filings
lowers risk · Founded in 1989
In the bankruptcy model this factor lowers the probability for this profile.
KBO
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-05-2026, 63 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
63 d early
2024
34 d early
2023
244 d late
2022
153 d late
2021
359 d late
2020
30 d late
2019
23 d late
← 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 102 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 (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. Usually files around 31 December (4 of the last 5 filed years within 206 days of that day).
Companies Code · seven months
Position in the running window
06-10-2026 today31-12-2026 close31-07-2027 deadline
neutral · 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
  1. Annual accounts filedfiscal year 2025 · micro…
  2. Resignation: CRESENSTheodoorAntoonPhilibertPieter (manager and director)Appointment: CRESENSTheodoorAntoonPhilibertPieter (niet statutairebestuurder) ·…
  3. Annual accounts filedfiscal year 2024 · micro…

Key points

  • Caution: From profit to loss in 2025after €21,030 in 2024 -€54,212 View
  • Caution: Among the weakest 5% on net resultsector median €10,146 · 33,931 companies -€54,212 View
  • New directorlatest change 30-03-2026 · 0 in office 1 joined View

By topic

Financials

Fiscal year
2025
Total assets
€162,990
Loss
-€54,212
Solvency
51.8%
Total assets▼ 16.3%
Net result
20182025
Go to Financials

Timeline

Events
15
Since
2017
Next accounts
by 31-07-2027
  1. 29-05-2026Annual accounts filed
  2. 30-03-2026Resignation: CRESENSTheodoorAntoonPhilibertPieter (manager and director)
  3. 27-06-2025Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Private limited company
Activity
Other building finishing workNACE 43350
Founded
18-12-1989
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
25
Annual meeting
Second Saturday of May at 11:00
Purpose
Algemenebouwwerkzaamheden; Loodgieterij,sanitaireinstallatiesenverwarming,klimatisatieenve…
Go to Articles of association

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