THERMA
ActiveTHERMA has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €398k and a net result of €17k. Equity is growing by ~13.8% per year across the filed fiscal years. Its solvency ranks better than 83% of 1893 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
79
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability73▲+4
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity ample (current ratio 4.47 against 4.86 in 2024; short-term debt: 15.9% and cash: 20.2% of total assets), and 20.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five 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 25
Relative position
BE, all sectors
reference
Sector 25
higher
← 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
79.6%
Return on assets
3.3%
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 17-08-2026, 17 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 · 10 filingsDeviation from the deadline
2025
17 d late
2024
17 d early
2023
22 d late
2022
3 d early
2021
31 d late
2020
1 d early
2019
25 d late
← before the deadline
after the deadline →
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
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€398k▲ 4.3%
2024 · €381k
2018: €80k
2019: €101k
2020: €196k
2021: €333k
2022: €360k
2023: €381k
2024: €381k
2018 → 2025
Total assets
€499k▲ 0.3%
2024 · €498k
2018: €277k
2019: €229k
2020: €235k
2021: €508k
2022: €507k
2023: €536k
2024: €498k
2018 → 2025
Net result
€17k▲ 16,183%
2024 · €102
2018: €17k
2019: €22k
2020: €94k
2021: €188k
2022: €26k
2023: €21k
2024: €102
2018 → 2025
Working capital
€276k▲ 0.2%
2024 · €276k
2018: €-10k
2019: €10k
2020: €132k
2021: €222k
2022: €246k
2023: €269k
2024: €276k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€333k-€360k▲ 7.9%€381k▲ 5.9%€381k=€398k▲ 4.3%
Operating result€223k-€34k▼ 84.6%€29k▼ 14.5%€2k▼ 92.0%€21k▲ 796%
Net result€188k-€26k▼ 85.9%€21k▼ 19.7%€102▼ 99.5%€17k▲ 16,183%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 796% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €499k
Fixed assets
€143k▼ 4.7%
Current assets
€356k▲ 2.5%
Equity and liabilities €499k
Equity
€398k▲ 4.3%
Debt
€102k▼ 12.8%
The debt ratio falls from 23.4% to 20.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€56k▲
2024 · €36k
Cash flow
€52k▲
2024 · €34k
Solvency
79.6%▲
2024 · 76.6%
Current ratio
4.47▼
2024 · 4.86
Quick ratio
1.84▼
2024 · 1.85
Debt / equity
0.26▼
2024 · 0.31
ROE
4.2%▲
2024 · 0.0%
ROA
3.3%▲
2024 · 0.0%
Interest coverage
23.62▲
2024 · 9.87
Debt
€102k▼
2024 · €117k
Debt ≤ 1 year
€80k▲
2024 · €71k
Debt > 1 year
€22k▼
2024 · €45k
Income taxes
€6k▲
2024 · €769
Staff costs
€32▼
2024 · €835
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€498k€499k▲
Fixed assets21/28€151k€143k▼
Intangible fixed assets21€404€2k▲
Tangible fixed assets22/27€146k€137k▼
Plant, machinery and equipment23€95k€104k▲
Furniture and vehicles24€23k€11k▼
Other tangible fixed assets26€29k€23k▼
Financial fixed assets28€4k€4k=
Current assets29/58€347k€356k▲
Stocks and contracts in progress3€215k€210k▼
Stocks30/36€206k€187k▼
Contracts in progress37€9k€22k▲
Amounts receivable within one year40/41€27k€40k▲
Trade receivables40€18k€33k▲
Other amounts receivable41€9k€7k▼
Cash at bank and in hand54/58€99k€101k▲
Deferred charges and accrued income490/1€7k€6k▼
Equity and liabilities
Total equity and liabilities10/49€498k€499k▲
Equity10/15€381k€398k▲
Contributions10/11€19k€19k=
Reserves13€21k€21k=
Tax-exempt reserves132€19k€19k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€342k€358k▲
Amounts payable17/49€117k€102k▼
Amounts payable after more than one year17€45k€22k▼
Financial debts170/4€45k€22k▼
Amounts payable within one year42/48€71k€80k▲
Current portion of amounts payable after more than one year42€25k€23k▼
Trade debts44€29k€38k▲
Suppliers440/4€29k€38k▲
Taxes, remuneration and social security45€2k€3k▲
Taxes450/3€2k€3k▲
Other amounts payable47/48€15k€15k=
Income statement
Code20242025
Remuneration, social security and pensions62€835€32▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€33k€35k▲
Other operating charges640/8€6k€5k▼
Gross operating margin9900€42k€62k▲
Operating profit (loss)9901€2k€21k▲
Financial income75/76B€2k€3k▲
Recurring financial income75€2k€3k▲
Financial charges65/66B€4k€2k▼
Recurring financial charges65€4k€2k▼
Profit (loss) for the period before taxes9903€871€22k▲
Income taxes67/77€769€6k▲
Profit (loss) for the period9904€102€17k▲
Profit (loss) for the period to be appropriated9905€102€17k▲
Appropriation of the result
Profit (loss) to be appropriated9906€342k€358k▲
Profit (loss) brought forward from the previous period14P€342k€342k=
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 17 days late
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €102 ▼99.5%
Net result drops to €102, the lowest in the series; recovery starts the following year.
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 22 days late
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Highest result since 2018net €188k ▲99.1%
Operating result €223k, net result €188k, both a record.
31-12
Financial
Equity above €200kEq €333k ▲70.4%
4 profitable years in a row build equity to €333k.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity quadruplescurrent ratio 4.67
Current ratio from 1.09 to 4.67; short-term debt falls from €119k to €36k.
31-12
Financial
Equity above €150kEq €196k ▲92.9%
3 profitable years in a row build equity to €196k.
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 25 days late
2019
31-12
Financial
Equity above €100kEq €101k ▲27.3%
2 profitable years in a row build equity to €101k.
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
02-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 2 days late
2017
20-07
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.
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, Waregem · 1 establishment unit since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Poekelaan 43/A8791 WaregemGround area
875 m²
Building footprint
192 m²
Volume, LiDAR
1,016 m³
Parcel 34006B0539/00S005, Flanders · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
THERMA
since 20152.249.344.381
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34006B0539/00S005 | Flanders | 875 m² | 1 · 192 m² | 9.0 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 528 EUR awarded · 528 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 528 EUR | 528 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
HAECKONSTRUCT
BE 0877.108.939
Sint-Niklaas · Eq €398k
GEFI
BE 0466.990.860
Olen · Eq €398k
PIET LUYS INDUSTRIEBOUW - BÂTIMENTS INDUSTRIELS
BE 0778.995.320
Schaarbeek · Eq €399k
AERTS METALEN
BE 0440.743.650
Zonhoven · Eq €400k
TECHNICONSULT
BE 0521.889.001
Huldenberg · Eq €400k
Of 3,987 companies in sector 25110 we hold annual accounts for 2,148. 1,608 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded29-12-2015
Fiscal year end31-12
Activities, NACEBEL
25110Manufacture of metal structures and parts of structures
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryE-mail:Steven@therma.be