Equity
THERMO TECHNIC CONSTRUCT has made a profit in every financial year since 2020.
THERMO TECHNIC CONSTRUCT has made a profit in every financial year since 2020.
The accounts state no turnover.
€50,000 of the debts are secured on the company's own assets. In 2022 that was €150,000.
In 2025, 8 people joined and 9 left.
The 2022 accounts came latest: 225 days after the end of the period.
Higher gross margin than 84% of companies in construction of buildings. Sector median €186,226 · 725 companies.
The dashed line is the sector median: 0.4% across 911 companies (NACE 41, small).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 41, small). It does better than 37% of them on solvency, 41% on liquidity, 45% on profitability and 50% on growth.
The bankruptcy probability was computed on 08-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 2,372 companies had the same profile as THERMO TECHNIC CONSTRUCT has now. Each dot stands for 6 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THERMO TECHNIC CONSTRUCT itself: 1.2% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,372 companies, not a prediction for THERMO TECHNIC CONSTRUCT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is tight, with a current ratio of 1.22 (1.18 in 2024), below the usual 1.5. Short-term debt is 65.2% and cash 16.1% of total assets. 77.5% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 31 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| THERMO TECHNIC CONSTRUCT Mons | €0.8m | €1.1m | 22.5% | 18.5 |
| CÉDRIC VANDERSCHAEGHE CONSTRUCTION Stavelot | €0.8m | €0.9m | 55.2% | 15.8 |
| A.I.S.T. Chimay | €0.9m | €0.8m | 39.8% | 13.3 |
| STM CONSTRUCT Andenne | €1.1m | €1.2m | 21.0% | 18 |
| KB PROJECTS Zedelgem | €0.7m | €0.8m | -9.0% | 15.6 |
| K&N Engineering Amay | €1.1m | €1.1m | 29.7% | 14.5 |
| GOFFIN ET WAROLUS Profondeville | €1.1m | €1.1m | 36.8% | 14 |
These companies have the same main activity as THERMO TECHNIC CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €720,000 and €1.1m, founded between 2017 and 2021.
THERMO TECHNIC CONSTRUCT has existed since 2019. The gross margin grew from €422,774 in 2020 to €1.1m in 2025 and staff from 10.7 to 18.5 full-time equivalents.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.9m. Estimated: probably between €1.3m and €3.1m.
Higher than 35% of 1,037 companies in 2025.
Higher than 35% of 1,016 companies in 2025.
Higher than 38% of 1,032 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 8 people joined and 9 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
845,476 | 1.0m | 1.0m | 710,932 | 443,480 | 334,271 | |
21/28 |
174,019 | 230,477 | 220,965 | 178,376 | 28,112 | 7,992 | |
22/27 |
156,364 | 217,152 | 210,456 | 169,619 | 24,734 | 5,747 | |
23 |
25,457 | 30,214 | 25,204 | 6,371 | 3,932 | 2,945 | |
24 |
8,511 | 7,916 | 9,374 | 3,036 | 3,168 | 2,801 | |
25 |
74,383 | 125,131 | 175,878 | 160,212 | 17,634 | - | |
26 |
48,013 | 53,891 | - | - | - | - | |
28 |
17,655 | 13,325 | 10,509 | 8,758 | 3,379 | 2,246 | |
29/58 |
671,458 | 814,189 | 794,885 | 532,556 | 415,368 | 326,279 | |
3 |
325,210 | 291,148 | 139,753 | 62,435 | 4,838 | - | |
30/36 |
119,441 | 103,398 | 39,521 | - | 4,838 | - | |
37 |
205,769 | 187,750 | 100,232 | 62,435 | - | - | |
40/41 |
192,139 | 502,099 | 370,400 | 209,434 | 209,435 | 223,596 | |
40 |
161,997 | 471,482 | 312,620 | 208,436 | 209,354 | 113,527 | |
41 |
30,142 | 30,617 | 57,780 | 998 | 81 | 110,070 | |
54/58 |
136,040 | - | 212,908 | 245,420 | 166,158 | 100,530 | |
490/1 |
18,068 | 20,942 | 71,824 | 15,268 | 34,937 | 2,153 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
845,476 | 1.0m | 1.0m | 710,932 | 443,480 | 334,271 | |
10/15 |
190,323 | 184,416 | 167,981 | 135,954 | 88,326 | 56,124 | |
10/11 |
61,500 | 61,500 | 61,500 | 50,000 | 50,000 | 50,000 | |
10 |
61,500 | 61,500 | 61,500 | - | - | - | |
100 |
61,500 | 61,500 | 61,500 | - | - | - | |
13 |
54,369 | 48,463 | 32,027 | - | - | - | |
130/1 |
1,223 | 899 | - | - | - | - | |
130 |
1,223 | 899 | - | - | - | - | |
133 |
53,147 | 47,563 | 32,027 | - | - | - | |
14 |
74,454 | 74,454 | 74,454 | 85,954 | 38,326 | 6,124 | |
17/49 |
655,153 | 860,250 | 847,869 | 574,978 | 355,154 | 278,147 | |
17 |
102,884 | 169,014 | 183,048 | 111,925 | 21,222 | 9,741 | |
170/4 |
102,884 | 169,014 | 183,048 | 111,925 | 21,222 | 9,741 | |
42/48 |
551,477 | 690,182 | 664,821 | 463,053 | 332,286 | 267,012 | |
42 |
66,130 | 70,225 | 64,849 | 34,805 | 6,152 | 2,640 | |
43 |
275,000 | 332,676 | 168,107 | 160,000 | 114,831 | 100,000 | |
430/8 |
- | 132,676 | 18,107 | 10,000 | 14,831 | - | |
439 |
275,000 | 200,000 | 150,000 | 150,000 | 100,000 | 100,000 | |
44 |
173,323 | 245,388 | 327,589 | 108,634 | 168,794 | 143,302 | |
440/4 |
173,323 | 245,388 | 327,589 | 108,634 | 168,794 | 143,302 | |
46 |
- | - | 52,000 | 95,569 | - | - | |
45 |
32,974 | 41,607 | 49,679 | 60,860 | 41,799 | 21,069 | |
450/3 |
824 | 5,676 | 9,800 | 41,441 | 21,464 | 6,957 | |
454/9 |
32,150 | 35,930 | 39,879 | 19,420 | 20,335 | 14,112 | |
47/48 |
4,050 | 286 | 2,598 | 3,184 | 709 | 2 | |
492/3 |
792 | 1,054 | - | - | 1,646 | 1,394 | |
| Income statement | |||||||
76A |
- | - | - | - | 19,907 | - | |
9900 |
1.1m | 1.1m | 1.0m | 652,587 | 560,635 | 422,774 | |
62 |
977,199 | 1.0m | 898,739 | 543,931 | 501,401 | 405,393 | |
630 |
79,924 | 72,361 | 51,737 | 38,774 | 4,067 | 2,436 | |
640/8 |
9,936 | 4,701 | 6,763 | 4,991 | 1,990 | 3,561 | |
9901 |
43,469 | 59,149 | 71,886 | 64,891 | 53,178 | 11,384 | |
75/76B |
2,098 | 7,334 | 3,942 | 257 | 2,738 | 1,456 | |
75 |
2,098 | 716 | 633 | 257 | 2,738 | 1,456 | |
76B |
- | 6,618 | 3,309 | - | - | - | |
65/66B |
27,414 | 31,884 | 16,320 | 8,018 | 5,317 | 2,358 | |
65 |
27,414 | 31,884 | 16,320 | 8,018 | 5,317 | 2,358 | |
9903 |
18,154 | 34,599 | 59,508 | 57,130 | 50,599 | 10,483 | |
67/77 |
12,247 | 18,163 | 27,481 | 9,503 | 18,397 | 4,359 | |
9904 |
5,907 | 16,435 | 32,027 | 47,628 | 32,202 | 6,124 | |
9905 |
5,907 | 16,435 | 32,027 | 47,628 | 32,202 | 6,124 | |
| Appropriation of the result | |||||||
9906 |
80,361 | 90,889 | 117,981 | 85,954 | 38,326 | 6,124 | |
14P |
74,454 | 74,454 | 85,954 | 38,326 | 6,124 | - | |
691/2 |
5,907 | 16,435 | 43,527 | - | - | - | |
691 |
- | - | 11,500 | - | - | - | |
6920 |
323 | 899 | - | - | - | - | |
6921 |
5,584 | 15,536 | 32,027 | - | - | - | |
| Social balance sheet | |||||||
9087 |
18.5 | 18.8 | 15.8 | 11.2 | 10.3 | 10.7 | |
Hours worked1013 |
22,288 | 24,326 | 22,334 | 15,278 | 15,218 | 11,948 | |
| Document | |||||||
The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 20-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 20-07-2026 | 2026-00314754 | |
| 31-12-2024 | full format | 07-07-2025 | 2025-00266270 | |
| 31-12-2023 | full format | 08-08-2024 | 2024-00338020 | |
| 31-12-2022 | abbreviated format | 12-03-2024 | 2024-00042947 | |
| 31-12-2022 | full format | 07-07-2023 | 2023-00225593 | |
| 31-12-2021 | full format | 13-04-2022 | 2022-20003212 | |
| 31-12-2020 | full format | 08-07-2021 | 2021-33700355 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 123,393 | 131,510 | 123,624 | 103,665 | 57,244 | 13,820 | ||
| 85,831 | 88,797 | 83,764 | 86,402 | 36,269 | 8,560 | ||
| 23,465 | 81,874 | 94,326 | 189,781 | 24,187 | 23,295 | ||
| - | - | -32,512 | 79,262 | 65,628 | - | ||
| 119,980 | 124,007 | 130,064 | 69,503 | 83,082 | 59,267 | ||
| 22.5% | 17.7% | 16.5% | 19.1% | 19.9% | 16.8% | ||
| 1.22 | 1.18 | 1.20 | 1.15 | 1.25 | 1.22 | ||
| 0.63 | 0.76 | 0.99 | 1.02 | 1.24 | 1.22 | ||
| 3.44 | 4.66 | 5.05 | 4.23 | 4.02 | 4.96 | ||
| 3.1% | 8.9% | 19.1% | 35.0% | 36.5% | 10.9% | ||
| 0.7% | 1.6% | 3.2% | 6.7% | 7.3% | 1.8% | ||
| 4.50 | 4.12 | 7.57 | 12.93 | 10.77 | - |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 17 | 18 | 18 | 11 | 12 |
| full-time | 15 | 18 | 18 | 11 | 12 |
| part-time | 2 | - | - | - | - |
| in full-time equivalents | 16.6 | 18 | 18 | 11 | 12 |
| 18.5 | 18.8 | 15.8 | 11.2 | 10.3 | |
| On a permanent contract | 17 | 18 | 17 | 11 | 11 |
| Joined | 8 | 8 | 15 | 1 | 5 |
| Left | 9 | 8 | 8 | 2 | 3 |
| Training hours | - | - | - | - | 64 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €50,000 | €50,000 | €50,000 | €150,000 | - |
| Pledge on other assets, amount secured | €50,000 | €50,000 | €50,000 | €50,000 | - |
| Carrying value of the other pledged assets | €156,364 | €217,152 | €210,456 | €169,619 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,136 | €79,057 | €92,575 | €184,402 | €23,054 |
| Financial fixed assets | €4,330 | €2,817 | €1,751 | €5,379 | €1,133 |
| €79,924 | €72,361 | €51,737 | €38,774 | €4,067 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 27% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 82.3% to 77.5%. Equity is higher and debt is lower.
THERMO TECHNIC CONSTRUCT has no parent and no holdings in its annual accounts. DELCROIX Samuël is the only director. THERMO TECHNIC CONSTRUCT shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
THERMO TECHNIC CONSTRUCT was incorporated on 18 October 2019.1 DELCROIX Samuël is daily management delegate of the company, appointed by deed of 11-01-2024.2 Total assets rose from €334,271 in 2020 to €845,476 in 2025 and headcount from 10.7 to 18.5 full-time equivalents.3
| Establishment | Since | Unit number |
|---|---|---|
| Route de Wallonie (G.) 4 registered office 7011 Mons | 05-11-2019 | 2.295.182.029 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 53030D0160/00N000 | 4.0 ha | 1 · 4.5 ha | 15.1 m · 4 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0736.577.121
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