THERMO-CONSTRUCT

Active

Private limited companyfounded 20187 yrs activeSteenweg op Mechelen 455, 1950 Kraainem, BelgiumKBO/BCE: BE 0711.818.563

The computed 12-month bankruptcy probability of THERMO-CONSTRUCT is 1.7% (moderate). The 2025 annual accounts show equity of €281k and a net result of €10k. Equity is growing by ~85.8% per year across the filed fiscal years. Its solvency ranks better than 86% of 7332 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2025

63 / 100

Healthy

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability48▼-20

Solvency100▲+60

Growth68▼-17

Track record100

Bankruptcy probability, 12 months

1.7% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €17k at 30 days acceptable

Liquidity ample (current ratio 3.83 against 1.13 in 2024; short-term debt: 21.2% and cash: 5.9% of total assets), and 21.2% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

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

−lowers risk+raises risk○neutral

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 41

Relative position

BE, all sectors

reference

Sector 41

higher

← fewer bankruptcies more bankruptcies →

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

78.8%

Return on assets

2.9%

Age of the figures

18 mo

Latest accounts filed on time

The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 30-10-2025, 1 day ahead of the deadline.

NBB · 6 filings

Deviation from the deadline

2025

1 d early

2024

1 d early

2023

14 d early

2022

251 d late

2021

15 d late

2020

17 d late

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.

Companies Code · seven months

Position in the running window

31-03-2026 close16-09-2026 today31-10-2026 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

Financials · fiscal year 2025, micro schema

Turnover

€806k▲ 60.9%

2020 · €501k

2020: €501k

2020 → 2021

EBIT margin

4.1%▼ 0.3pp

2020 · 4.3%

2020: 4.3%

2020 → 2021

Net result

€10k▼ 60.6%

2024 · €26k

2020: €17k 2021: €25k 2022: €-960 2023: €184k 2024: €26k

2020 → 2025

Working capital

€214k▲ 6.2%

2024 · €201k

2020: €17k 2021: €41k 2022: €-12k 2023: €172k 2024: €201k

2020 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€806k-

Equity€42k-€60k▲ 41.9%€244k▲ 308%€270k▲ 10.8%€281k▲ 3.8%

Operating result€33k-€-602€246k€58k▼ 76.2%€24k▼ 58.6%

Net result€25k-€-960€184k€26k▼ 85.7%€10k▼ 60.6%

Result per fiscal year

Operating resultNet result

The operating result has fallen two years in a row; 2025 is 59% below 2024.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €356k

18.8%

81.2%

Fixed assets €67k▼ 3.0%

Current assets €289k▼ 83.7%

Equity and liabilities €356k

78.8%

21.2%

Equity €281k▲ 3.8%

Debt €76k▼ 95.2%

The debt ratio falls from 85.3% to 21.2%. Equity is higher and debt is lower.

Key figures and ratios

2025 value · change against 2024

EBITDA

€26k▼

2024 · €61k

Cash flow

€12k▼

2024 · €29k

Solvency

78.8%▲

2024 · 14.7%

Current ratio

3.83▲

2024 · 1.13

Quick ratio

2.19▲

2024 · 1.13

Debt / equity

0.27▼

2024 · 5.82

ROE

3.7%▼

2024 · 9.8%

ROA

2.9%▲

2024 · 1.4%

Interest coverage

3.09▼

2024 · 5.74

Debt

€76k▼

2024 · €1.57M

Debt ≤ 1 year

€76k▼

2024 · €1.57M

Income taxes

€6k▼

2024 · €25k

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€1.84M€356k▼

Fixed assets21/28€69k€67k▼

Tangible fixed assets22/27€69k€67k▼

Land and buildings22€67k€67k=

Plant, machinery and equipment23€433-

Furniture and vehicles24€2k-

Current assets29/58€1.77M€289k▼

Stocks and contracts in progress3-€124k

Stocks30/36-€124k

Amounts receivable within one year40/41€1.73M€139k▼

Trade receivables40€1.69M€119k▼

Other amounts receivable41€50k€20k▼

Cash at bank and in hand54/58€35k€21k▼

Deferred charges and accrued income490/1€4k€5k▲

Equity and liabilities

Total equity and liabilities10/49€1.84M€356k▼

Equity10/15€270k€281k▲

Contributions10/11€19k€19k=

Reserves13€0€0=

Non-distributable reserves130/1€0€0=

Other1319€0€0=

Profit (loss) carried forward14€252k€262k▲

Amounts payable17/49€1.57M€76k▼

Amounts payable within one year42/48€1.57M€76k▼

Current portion of amounts payable after more than one year42€25k-

Trade debts44€1.24M€65k▼

Suppliers440/4€1.24M€65k▼

Advances received on contracts in progress46€238k-

Taxes, remuneration and social security45€70k€10k▼

Taxes450/3€49k€10k▼

Remuneration and social security454/9€20k-

Income statement Code20242025

Non-recurring operating income76A-€99k

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€2k▼

Other operating charges640/8€341€5k▲

Gross operating margin9900€61k€31k▼

Operating profit (loss)9901€58k€24k▼

Financial income75/76B€3k€207▼

Recurring financial income75€3k€207▼

Financial charges65/66B€11k€9k▼

Recurring financial charges65€11k€9k▼

Profit (loss) for the period before taxes9903€51k€16k▼

Income taxes67/77€25k€6k▼

Profit (loss) for the period9904€26k€10k▼

Profit (loss) for the period to be appropriated9905€26k€10k▼

Appropriation of the result

Profit (loss) to be appropriated9906€252k€262k▲

Profit (loss) brought forward from the previous period14P€225k€252k▲

The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 10Financial 4Filings 6

Next filing, fiscal year 2026, expected by 31-10-2026

2025

30-10

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

31-03

Financial Liquidity triplescurrent ratio 3.83

Current ratio from 1.13 to 3.83; short-term debt falls from €1.57M to €76k.

2024

30-10

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2023

17-10

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

09-07

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 251 days late

31-03

Financial Back to profitnet €184k

Net result €184k after one loss-making year.

31-03

Financial Equity above €200kEq €244k ▲308%

Equity rises from €60k to €244k.

2022

31-03

Financial Weakest financial yearnet €-960 ▼104%

Net result drops to €-960, the lowest in the series; recovery starts the following year.

2021

15-11

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 15 days late

2020

17-11

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 17 days late

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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