THI-MAR PROJECTS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 13 filings
Equity
-€73,708▼ 1.6%
2024 · -€72,574
Total assets
€82,002▼ 1.3%
2024 · €83,092
Net result
-€1,134▼ 112%
2024 · -€535
Working capital
-€73,708▼ 1.6%
2024 · -€72,574
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€1,008
▼ 88.4%
2025
20182025
Net result
-€1,134
▼ 112%
2025
middle half of the sector
20182025
Equity
-€73,708
▼ 1.6%
2025
lowest quarter of the sector
20182025
Total assets
€82,002
▼ 1.3%
2025
lowest quarter of the sector
20182025
Debt
€155,711
=
2025
20182025
Working capital
-€73,708
▼ 1.6%
2025
lowest quarter of the sector
20182025
Solvency
-89.9%
▼ 2.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.53
▼ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.4%
▼ 0.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€96,776--€51,584▲ 46.7%-€9,139▲ 82.3%-€13,870▼ 51.8%-€2,827▲ 79.6%-€132▲ 95.3%-€535▼ 306%-€1,008▼ 88.4%
Net result-€98,906--€54,161▲ 45.2%-€9,474below the sector's middle half▲ 82.5%-€13,920below the sector's middle half▼ 46.9%-€2,911within the sector's middle half▲ 79.1%-€156within the sector's middle half▲ 94.7%-€535within the sector's middle half▼ 243%-€1,134within the sector's middle half▼ 112%
Equity€8,582--€45,579-€55,053below the sector's middle half▼ 20.8%-€68,973below the sector's middle half▼ 25.3%-€71,884below the sector's middle half▼ 4.2%-€72,039below the sector's middle half▼ 0.2%-€72,574below the sector's middle half▼ 0.7%-€73,708below the sector's middle half▼ 1.6%
Total assets€163,662-€160,558▼ 1.9%€100,385below the sector's middle half▼ 37.5%€86,073below the sector's middle half▼ 14.3%€83,282below the sector's middle half▼ 3.2%€83,126below the sector's middle half▼ 0.2%€83,092below the sector's middle half=€82,002below the sector's middle half▼ 1.3%
Debt€155,079-€206,137▲ 32.9%€155,438▼ 24.6%€155,046▼ 0.3%€155,166▲ 0.1%€155,166=€155,666▲ 0.3%€155,711=
Working capital€8,582--€45,579-€55,053within the sector's middle half▼ 20.8%-€68,973within the sector's middle half▼ 25.3%-€71,884below the sector's middle half▼ 4.2%-€72,039within the sector's middle half▼ 0.2%-€72,574within the sector's middle half▼ 0.7%-€73,708below the sector's middle half▼ 1.6%
Solvency5.2%--28.4%▼ 33.6pp-54.8%below the sector's middle half▼ 26.5pp-80.1%below the sector's middle half▼ 25.3pp-86.3%below the sector's middle half▼ 6.2pp-86.7%below the sector's middle half▼ 0.3pp-87.3%below the sector's middle half▼ 0.7pp-89.9%below the sector's middle half▼ 2.5pp
Current ratio1.06-0.78▼ 0.280.65within the sector's middle half▼ 0.130.56within the sector's middle half▼ 0.090.54within the sector's middle half▼ 0.020.54within the sector's middle half=0.53within the sector's middle half=0.53within the sector's middle half▼ 0.01
Return on assets (ROA)-60.4%--33.7%▲ 26.7pp-9.4%below the sector's middle half▲ 24.3pp-16.2%below the sector's middle half▼ 6.7pp-3.5%below the sector's middle half▲ 12.7pp-0.2%within the sector's middle half▲ 3.3pp-0.6%within the sector's middle half▼ 0.5pp-1.4%within the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €1,008, larger than the loss of €535 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Key figures and ratios
Debt ≤ 1 year
€155,711=
2024 · €155,666
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €865 | €469 | €132 | €535 | €595 | ▲ 11.3% |
| Non-recurring operating charges66A | - | - | - | €12,970 | €2,358 | - | - | - | - |
| Gross operating margin9900 | -€95,746 | -€49,887 | €27 | -€35 | - | - | - | -€412 | - |
| Operating profit (loss)9901 | -€96,776 | -€51,584 | -€9,139 | -€13,870 | -€2,827 | -€132 | -€535 | -€1,008 | ▼ 88.4% |
| Financial charges65/66B | - | - | - | €49 | €84 | €24 | - | €127 | - |
| Recurring financial charges65 | €99 | €183 | €335 | €49 | €84 | €24 | - | €127 | - |
| Profit (loss) for the period before taxes9903 | -€96,875 | -€51,767 | -€9,474 | -€13,920 | -€2,911 | -€156 | -€535 | -€1,134 | ▼ 112% |
| Income taxes67/77 | €2,031 | €2,394 | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€98,906 | -€54,161 | -€9,474 | -€13,920 | -€2,911 | -€156 | -€535 | -€1,134 | ▼ 112% |
| Profit (loss) for the period to be appropriated9905 | -€98,906 | -€54,161 | -€9,474 | -€13,920 | -€2,911 | -€156 | -€535 | -€1,134 | ▼ 112% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €163,662 | €160,558 | €100,385 | €86,073 | €83,282 | €83,126 | €83,092 | €82,002 | ▼ 1.3% |
| Current assets29/58 | €163,662 | €160,558 | €100,385 | €86,073 | €83,282 | €83,126 | €83,092 | €82,002 | ▼ 1.3% |
| Amounts receivable within one year40/41 | €157,684 | €160,233 | €84,587 | €83,711 | €83,276 | €83,076 | €83,076 | €81,890 | ▼ 1.4% |
| Other amounts receivable41 | - | - | - | €83,711 | €83,276 | €83,076 | €83,076 | €81,890 | ▼ 1.4% |
| Cash at bank and in hand54/58 | €5,977 | €325 | €15,798 | €2,362 | €6 | €50 | €15 | €112 | ▲ 641% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €163,662 | €160,558 | €100,385 | €86,073 | €83,282 | €83,126 | €83,092 | €82,002 | ▼ 1.3% |
| Equity10/15 | €8,582 | -€45,579 | -€55,053 | -€68,973 | -€71,884 | -€72,039 | -€72,574 | -€73,708 | ▼ 1.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €88,888 | €88,888 | €88,888 | €88,888 | €88,888 | €88,888 | €88,888 | €88,888 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €87,028 | €87,028 | €87,028 | €87,028 | €87,028 | = |
| Profit (loss) carried forward14 | -€98,906 | -€153,067 | -€162,541 | -€176,461 | -€179,372 | -€179,527 | -€180,062 | -€181,197 | ▼ 0.6% |
| Amounts payable17/49 | €155,079 | €206,137 | €155,438 | €155,046 | €155,166 | €155,166 | €155,666 | €155,711 | = |
| Amounts payable within one year42/48 | €155,079 | €206,137 | €155,438 | €155,046 | €155,166 | €155,166 | €155,666 | €155,711 | = |
| Trade debts44 | €44 | €52,101 | €1,062 | - | - | - | - | €45 | - |
| Suppliers440/4 | - | - | - | - | - | - | - | €45 | - |
| Other amounts payable47/48 | - | - | - | €155,046 | €155,166 | €155,166 | €155,666 | €155,666 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€98,906 | -€54,161 | -€9,474 | -€13,920 | -€2,911 | -€156 | -€535 | -€1,134 | ▼ 112% |
| Operating cash flow (approximation) | -€98,906 | -€54,161 | -€9,474 | -€13,920 | -€2,911 | -€156 | -€535 | -€1,134 | ▼ 112% |
| Change in cash | - | -€5,652 | €15,473 | -€13,436 | -€2,356 | €44 | -€35 | €97 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,333 companies had the same profile as THI-MAR PROJECTS has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THI-MAR PROJECTS itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,333 companies, not a prediction for THI-MAR PROJECTS. 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.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00269829 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00220437 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00418625 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00349269 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20380514 | |
| 31-12-2020 | micro format | 28-06-2021 | 2021-25500486 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-17200279 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-38300571 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-36100002 | |
| 31-12-2016 | abbreviated format | 24-08-2017 | 2017-47500467 |