Checked.be
Active
BE 0816.613.801Private limited company
THIMACO
Kerkdreef 1 ·8791 Waregem, Belgium· 17 yrs active
Sector: Joinery installation
(43320)
Conclusion
THIMACO has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €342k and a net result of €15k. Equity is growing by ~14.3% per year across the filed fiscal years. Its solvency ranks better than 32% of 7448 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €342k |
| Net result | €15k |
| Staff (FTE) | 2 |
| Better than sector | 32% |
Financial profile
59
/ 100
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
51
Profitability
22
Solvency
44
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2009, 17 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
51
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€17k
estimate, not credit advice
Score history
28
2022
56
2023
66
2024
51
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.93 (< 1.0)
-10
Profitability
ROE 4%
+3
Interest coverage
Interest coverage 6.8× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 03-07-2025 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~14.3%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 29.4% | 44.0% | |
| Net result | €15k | €30k | |
| Equity | €342k | €276k | |
| Gross operating margin | €245k | €275k | |
| Staff costs | €141k | €244k |
€94k
-37.0%
22-25
€15k
-75.6%
22-25
€73k
-41.7%
22-25
€1.16M
+1.1%
22-25
€342k
+4.7%
22-25
€-17k
+47.5%
22-25
2
0.0%
22-25
€141k
+8.9%
22-25
€8k
-68.3%
22-25
€822k
-0.3%
22-25
€239k
+19.9%
22-25
€576k
-6.9%
22-25
0.93
+11.1%
22-25
0.75
+6.6%
22-25
29.4%
+3.6%
22-25
2.40
-4.8%
22-25
4.5%
-76.7%
22-25
1.3%
-75.8%
22-25
6.77
-50.0%
22-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ | 2022 Δ |
|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - |
| EBITDA | -37.0% | +29.3% | +165.5% | - |
| Net profit | -75.6% | +43.8% | - | - |
| Cash flow | -41.7% | +30.3% | +182.5% | - |
| Staff costs | +8.9% | -22.4% | +5.2% | - |
| Income taxes | -68.3% | +213.8% | +150.6% | - |
| Dividends | - | - | - | - |
| Total assets | +1.1% | -8.3% | +19.9% | - |
| Equity | +4.7% | +23.8% | +19.8% | - |
| Debt | -0.3% | -16.8% | +19.9% | - |
| of which ≤ 1y | +19.9% | -41.3% | +35.8% | - |
| of which > 1y | -6.9% | -4.4% | +14.9% | - |
| Working capital | +47.5% | +29.6% | -268.9% | - |
| Employees (FTE) | 0.0% | -28.6% | -6.7% | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 0.93 | 0.83 | 0.86 | 0.95 |
| Quick ratio | 0.75 | 0.71 | 0.78 | 0.77 |
| Working capital ratio | -1.5% | -2.9% | -3.7% | -1.2% |
| Solvency | 29.4% | 28.4% | 21.0% | 21.0% |
| Debt / equity | 2.40 | 2.52 | 3.76 | 3.75 |
| Long-term debt ratio | 1.68 | 1.89 | 2.45 | 2.56 |
| Interest coverage | 6.77 | 13.54 | 9.71 | 6.46 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 1.3% | 5.5% | 3.5% | -0.2% |
| ROE | 4.5% | 19.2% | 16.5% | -0.9% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €1.16M | €1.15M | €1.26M | €1.05M |
| Fixed assets | 21/28 | €943k | €986k | €963k | €810k |
| Intangible fixed assets | 21 | €11k | - | - | - |
| Tangible fixed assets | 22/27 | €883k | €937k | €913k | €762k |
| Financial fixed assets | 28 | €49k | €48k | €50k | €48k |
| Current assets | 29/58 | €221k | €166k | €293k | €237k |
| Stocks & contracts in progress | 3 | €41k | €25k | €29k | €44k |
| Amounts receivable within one year | 40/41 | €121k | €105k | €231k | €143k |
| Cash & bank | 54/58 | €59k | €36k | €33k | €49k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.16M | €1.15M | €1.26M | €1.05M |
| Equity | 10/15 | €342k | €327k | €264k | €220k |
| Contributions / capital | 10/11 | €6k | €6k | €6k | €6k |
| Reserves | 13 | €336k | €321k | €258k | €214k |
| Amounts payable | 17/49 | €822k | €825k | €992k | €827k |
| Amounts payable after one year | 17 | €576k | €619k | €648k | €564k |
| Amounts payable within one year | 42/48 | €239k | €199k | €339k | €250k |
| Trade debts payable within one year | 44 | €106k | €64k | €266k | €178k |
| Income statement | |||||
| Gross operating margin | 9900 | €245k | €289k | €285k | €204k |
| Operating result | 9901 | €36k | €87k | €63k | €7k |
| Financial income | 75 | €410 | €288 | €242 | €344 |
| Financial charges | 65 | €14k | €11k | €12k | €7k |
| Result before taxes | 9903 | €23k | €87k | €51k | €1k |
| Income taxes | 67/77 | €8k | €24k | €8k | €3k |
| Net result for the period | 9904 | €15k | €63k | €44k | €-2k |
| Result to be appropriated | 9905 | €15k | €63k | €44k | €11k |
Legal Structure
| NACE primary | Joinery installation(43320) |
| Legal form | Private limited company(610) |
| Incorporation | 29-06-2009 |
| Status | Active |
| Postal code | 8791 |
Establishment units
THIMACO
since 20092.180.547.132
Make-me-up
since 20202.308.373.039
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34006B0335/00C009 | Flanders | 468 m² | - | - |
| 34006A0293/00Y003 | Flanders | 197 m² | 1 · 167 m² | 11.3 m · 2 fl. |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2025
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
28-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Highest result since 2022net €63k ▲43.8%
Operating result €87k, net result €63k, both a record.
2023
26-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Back to profitnet €44k
Net result €44k after one loss-making year.
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2021
29-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2020
12-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 12 days late
2019
24-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
25-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
25-09
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
30-09
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.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
Joinery installation43320Retail sale of cosmetics and toilet articles47750Hairdressing96021Beauty treatment96022Hairdressing and barber services96210Beauty care and other beauty treatments96220
Names & trade names
| Legal nameNL | THIMACO |
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