THIACO
ActiveSummary
THIACO has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €163,170 and a net result of €75,205. Equity is growing by ~28.8% per year across the filed fiscal years. Its solvency ranks better than 33% of 4695 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability49=
Solvency31▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity short (current ratio 0.39 against 0.48 in 2024; short-term debt: 8.2% and cash: 1% of total assets), and 94.1% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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
5.9%
Return on assets
2.7%
Age of the figures
15 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 20-01-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
8 d early
2023
8 d early
2022
1 d early
2021
7 d early
2020
2 d early
2019
18 d 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 8 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 48% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, micro schema
In the rankings
#6 company by total assets in Deinze, Other services sector
Equity
€163,170▲ 85.5%
2024 · €87,965
Total assets
€2.8m▲ 3.7%
2024 · €2.7m
Net result
€75,205▲ 25.0%
2024 · €60,149
Working capital
-€138,788▼ 41.5%
2024 · -€98,082
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 96, Personal service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€53,283▲ 1.7%€73,256▲ 37.5%€24,486▼ 66.6%€118,734▲ 385%€145,605▲ 22.6%
Net result€1,768within the sector's middle half€23,202above the sector's middle half▲ 1,212%-€29,080below the sector's middle half€60,149above the sector's middle half€75,205above the sector's middle half▲ 25.0%
Equity€33,694within the sector's middle half▲ 5.5%€56,896within the sector's middle half▲ 68.9%€27,816within the sector's middle half▼ 51.1%€87,965above the sector's middle half▲ 216%€163,170above the sector's middle half▲ 85.5%
Total assets€2.5mabove the sector's middle half▲ 3.2%€2.4mabove the sector's middle half▼ 4.1%€2.7mabove the sector's middle half▲ 14.6%€2.7mabove the sector's middle half▼ 1.8%€2.8mabove the sector's middle half▲ 3.7%
Debt€2.4m▲ 3.2%€2.3m▼ 5.1%€2.7m▲ 16.2%€2.6m▼ 4.1%€2.6m▲ 0.9%
Working capital-€437,715▼ 22.4%-€71,181▲ 83.7%-€96,217▼ 35.2%-€98,082▼ 1.9%-€138,788▼ 41.5%
Solvency1.4%within the sector's middle half=2.4%within the sector's middle half▲ 1.0pp1.0%within the sector's middle half▼ 1.4pp3.3%within the sector's middle half▲ 2.3pp5.9%within the sector's middle half▲ 2.6pp
above
within
below
the middle half (P25 to P75) of NACE 96, Personal service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 23% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
Fixed assets
€2.7m ▲ 3.9%
Current assets
€87,556 ▼ 2.7%
Equity and liabilities €2.8m
Equity
€163,170 ▲ 85.5%
Debt
€2.6m ▲ 0.9%
Debt's share of the balance-sheet total falls from 96.7% to 94.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€230,608▲
2024 · €192,207
Cash flow
€160,208▲
2024 · €133,622
Current ratio
0.39▼
2024 · 0.48
Quick ratio
0.31▼
2024 · 0.36
Debt to equity
15.99▼
2024 · 29.40
ROE
46.1%▼
2024 · 68.4%
ROA
2.7%▲
2024 · 2.2%
Interest coverage
3.27▼
2024 · 3.28
Debt ≤ 1 year
€226,343▲
2024 · €188,111
Debt > 1 year
€2.4m▼
2024 · €2.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,445 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
1.9%
went bankrupt
2.0%
stopped otherwise
96%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,445 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,390 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,174 | €76,649 | €138,662 | €73,473 | €85,003 | ▲ 15.7% |
| Other operating charges640/8 | - | €7,037 | €7,123 | €7,707 | €8,229 | ▲ 6.8% |
| Gross operating margin9900 | €133,357 | €156,941 | €170,271 | €199,914 | €238,837 | ▲ 19.5% |
| Operating profit (loss)9901 | €53,283 | €73,256 | €24,486 | €118,734 | €145,605 | ▲ 22.6% |
| Financial income75/76B | - | €89 | €49 | €42 | €145 | ▲ 243% |
| Recurring financial income75 | €4 | €89 | €49 | €42 | €145 | ▲ 243% |
| Financial charges65/66B | - | €50,144 | €53,614 | €58,627 | €70,545 | ▲ 20.3% |
| Recurring financial charges65 | €51,519 | €50,144 | €53,614 | €58,627 | €70,545 | ▲ 20.3% |
| Profit (loss) for the period before taxes9903 | €1,768 | €23,202 | -€29,080 | €60,149 | €75,205 | ▲ 25.0% |
| Profit (loss) for the period9904 | €1,768 | €23,202 | -€29,080 | €60,149 | €75,205 | ▲ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €1,768 | €23,202 | -€29,080 | €60,149 | €75,205 | ▲ 25.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.5m | €2.4m | €2.7m | €2.7m | €2.8m | ▲ 3.7% |
| Fixed assets21/28 | €2.3m | €2.3m | €2.6m | €2.6m | €2.7m | ▲ 3.9% |
| Tangible fixed assets22/27 | €2.3m | €2.3m | €2.6m | €2.6m | €2.7m | ▲ 3.9% |
| Land and buildings22 | - | €2.2m | €2.6m | €2.5m | €2.6m | ▲ 4.0% |
| Plant, machinery and equipment23 | - | €7,999 | €5,388 | €17,285 | €21,237 | ▲ 22.9% |
| Other tangible fixed assets26 | - | €46,452 | €41,214 | €36,619 | €32,480 | ▼ 11.3% |
| Financial fixed assets28 | €10,577 | €10,577 | €10,577 | €10,577 | €10,577 | = |
| Current assets29/58 | €135,056 | €81,018 | €93,851 | €90,029 | €87,556 | ▼ 2.7% |
| Stocks and contracts in progress3 | €32,945 | €36,255 | €32,400 | €21,800 | €17,100 | ▼ 21.6% |
| Stocks30/36 | - | €36,255 | €32,400 | €21,800 | €17,100 | ▼ 21.6% |
| Amounts receivable within one year40/41 | €5,438 | €34,808 | €37,029 | €8,611 | €41,977 | ▲ 387% |
| Trade receivables40 | - | €34,808 | €37,029 | €8,611 | €41,977 | ▲ 387% |
| Other amounts receivable41 | - | - | - | €0 | - | - |
| Cash at bank and in hand54/58 | €16,403 | €9,955 | €24,423 | €47,724 | €28,479 | ▼ 40.3% |
| Deferred charges and accrued income490/1 | - | - | - | €11,894 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.5m | €2.4m | €2.7m | €2.7m | €2.8m | ▲ 3.7% |
| Equity10/15 | €33,694 | €56,896 | €27,816 | €87,965 | €163,170 | ▲ 85.5% |
| Contributions10/11 | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Profit (loss) carried forward14 | -€116,306 | -€93,104 | -€122,184 | -€62,035 | €13,170 | ▲ 121% |
| Amounts payable17/49 | €2.4m | €2.3m | €2.7m | €2.6m | €2.6m | ▲ 0.9% |
| Amounts payable after more than one year17 | €1.9m | €2.2m | €2.5m | €2.4m | €2.4m | ▼ 0.6% |
| Financial debts170/4 | - | €2.2m | €2.5m | €2.4m | €2.4m | ▼ 0.6% |
| Amounts payable within one year42/48 | €572,771 | €152,199 | €190,069 | €188,111 | €226,343 | ▲ 20.3% |
| Current portion of amounts payable after more than one year42 | - | €87,234 | €109,808 | €116,010 | €120,426 | ▲ 3.8% |
| Trade debts44 | €48,448 | €47,182 | €55,196 | €57,542 | €77,691 | ▲ 35.0% |
| Suppliers440/4 | - | €47,182 | €55,196 | €57,542 | €77,691 | ▲ 35.0% |
| Taxes, remuneration and social security45 | - | €9,541 | €16,822 | €13,817 | €17,484 | ▲ 26.5% |
| Taxes450/3 | - | €9,541 | €16,822 | €13,817 | €17,484 | ▲ 26.5% |
| Other amounts payable47/48 | - | €8,243 | €8,243 | €743 | €10,743 | ▲ 1,346% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,768 | €23,202 | -€29,080 | €60,149 | €75,205 | ▲ 25.0% |
| + Depreciation and write-downs630 | €73,174 | €76,649 | €138,662 | €73,473 | €85,003 | ▲ 15.7% |
| Operating cash flow (approximation) | €74,942 | €99,850 | €109,582 | €133,622 | €160,208 | ▲ 19.9% |
| Investment in fixed assets (approximation) | - | -€30,139 | -€472,976 | -€27,283 | -€186,013 | ▼ 582% |
| Change in cash | - | -€6,448 | €14,468 | €23,301 | -€19,245 | ▼ 183% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Highest result since 2019net €75,205 ▲25%
Operating result €145,605, net result €75,205, both a record.
30-06
Financial
Equity above €150,000Eq €163,170 ▲85.5%
2 profitable years in a row build equity to €163,170.
23-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Back to profitnet €60,149
Net result €60,149 after one loss-making year.
23-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Weakest financial yearnet -€29,080
Net result drops to -€29,080, the lowest in the series; recovery starts the following year.
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
24-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Back to profitnet €1,768
Net result €1,768 after one loss-making year.
29-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
13-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
03-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
05-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
22-12
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.
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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Directors · office · real estate
Directors
4 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, Deinze · 1 establishment unit since 2013
Ground area
4,062 m²
Building footprint
990 m²
Volume, LiDAR
1,269 m³
2 parcels, Flanders · tallest building 10.2 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Westkouter
since 20132.217.144.935
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44011A0333/00E002 | Flanders | 3,394 m² | 1 · 813 m² | 0.1 m |
| 44011A0417/00S000 | Flanders | 668 m² | 1 · 177 m² | 10.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteDeinze2.217.144.935
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Of 903 companies in sector 96301 we hold annual accounts for 612. 521 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-12-2012
Fiscal year end30-06
Activities, NACEBEL 2025
96301Funeral services
56210Event catering
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0508955337
Also
9925:BE0508955337
Registered
24-11-2023
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.