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THERCON

Active
Public limited companyfounded 1992active for 33 yearsLanglaarsteenweg 166, 2630 Aartselaar, BelgiumKBO/BCE: BE 0448.595.405
Summary

THERCON has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €7.9m and a net result of €609,179. Equity is growing by about 13% per year across the filed financial years. Its solvency ranks better than 74% of 6,105 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Overview

Activity
Wholesale trade
NACE 46842Wholesale of electrical equipment, including installation materials NACE 46643
6th largest employer in Aartselaar, Wholesale and retail trade sector1 site
Size
€31.1mturnover 2025
Staff
51.4 FTE
Equity
€7.9m
Profit
€609,179
Financial health
90 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.2%
Structure
Parent
Atlantic SFDT · 100%
Accounts filed 67 days late4 of 19 deeds read
Why 90raises riskLatest accounts 67 days late; 2 of the last 3 lateLiquidity: current ratio 3.54, cash €80, halvedlowers riskFounded in 1992Size: turnover €31.1m, 51.4 FTE, total assets €11.6mShow the evidence

Checked score

Score 2025
90 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 67% of its sector peers (NACE 46, medium-sized)
Financial strength · tick = 2024
Strong
Solvency 93+11
equity 67.9% of total assets
Liquidity 41+10
short-term debt 24.0% · cash 0.0%
Profitability 61+3
return on assets 5.2%
Bankruptcy probability, 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (745 companies, NACE 46, medium-sized)
Last 24 months 11-2024: 1.4%highest value 12-2024: 1.4%● unchanged vs 11-2024highest value 01-2025: 1.4%● unchanged vs 12-2024highest value 02-2025: 1.4%● unchanged vs 01-2025 03-2025: 0.7%▼ -0.7 percentage points vs 02-2025 04-2025: 0.6%▼ -0.1 percentage points vs 03-2025 05-2025: 0.6%● unchanged vs 04-2025 06-2025: 0.7%▲ +0.1 percentage points vs 05-2025 07-2025: 0.3%▼ -0.4 percentage points vs 06-2025 08-2025: 0.3%● unchanged vs 07-2025 09-2025: 0.3%● unchanged vs 08-2025 10-2025: 0.3%● unchanged vs 09-2025 11-2025: 0.3%● unchanged vs 10-2025 12-2025: 0.3%● unchanged vs 11-2025 01-2026: 0.3%● unchanged vs 12-2025 02-2026: 0.3%● unchanged vs 01-2026 03-2026: 0.3%● unchanged vs 02-2026 04-2026: 0.3%● unchanged vs 03-2026 05-2026: 0.3%● unchanged vs 04-2026 06-2026: 0.3%● unchanged vs 05-2026 07-2026: 0.3%● unchanged vs 06-2026 08-2026: 0.6%▲ +0.3 percentage points vs 07-2026 09-2026: 0.7%▲ +0.1 percentage points vs 08-2026 10-2026: 0.2%▼ -0.5 percentage points vs 09-2026lowest value
Credit of up to €700,000 on 30-day terms is acceptable
Liquidity ample (current ratio 3.54, compared with 2.13 in 2024, above the usual 1.5; short-term debt: 24% and cash: 0% of total assets), and 32.1% 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 46, medium-sized): better than 80% on solvency, 56% on liquidity, 52% on profitability and 81% on growth.

The bankruptcy probability was computed on 18-10-2026 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

Five signals.
lowers riskraises riskneutral
lowers risk · Founded in 1992
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
raises risk · Latest accounts 67 days late; 2 of the last 3 late
NBB · filings
raises risk · Liquidity: current ratio 3.54, cash €80, halved
NBB · annual accounts
lowers risk · Size: turnover €31.1m, 51.4 FTE, total assets €11.6m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-10-2026, 67 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filings
Deviation from the deadline
2025
67 days late
2024
56 days early
2023
204 days late
2022
12 days early
2021
5 days early
2020
11 days early
2019
9 days 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 25 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 July (4 of the last 5 filed years within 72 days of that day).
Companies Code · seven months
Where today falls in the filing period
18-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Resignation: Benny Frans (director)Appointments: Patrick Bougard (director) and…
  3. Capital & shares · Purpose ·…Resignation: Nicolas Bruneau (director) ·…

Key points

  • Positive: Result rose in 2025from €267,591 to €609,179 ▲ 128% View
  • Positive: 6th largest employer in Aartselaar, Wholesale and retail trade sectorin the Checked rankings No. 6 View
  • Caution: Latest accounts filed lateafter the legal deadline 67 days View
  • Board changedlatest change 14-11-2025 · 2 in office 2 joined · 1 left View
  • Controlled by Atlantic SFDT 100% View

By topic

Financials

Financial year
2025
Turnover
€31.1m
Profit
€609,179
Solvency
67.9%
Turnover▲ 33.2%
Net result
20182025
Go to Financials

Board & ownership

Board
2 members
Parent
Atlantic SFDT · 100%
  • Patrick BougardDirector
  • Sylvie BellemansDirector
Go to Board & ownership

Timeline

Events
43
Since
1994
Next accounts
by 31-07-2027
  1. 05-06-2025Annual accounts filed
  2. 09-05-2025Restructuring
  3. 20-02-2025Annual accounts filed
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Wholesale tradeNACE 46842
Founded
30-10-1992
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
1
Purpose
“De assemblage en de groot- en kleinhandel in airconditioning en…” (deed in Dutch)
Go to Articles of association

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