Summary
THIMAVA is a financial institution. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.6m and a net result of €231,527. Equity has been growing by about 9.2% per year since 2018. Its solvency ranks better than 45% of 9,754 sector peers (NACE 64, financial year 2025). The company has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 25-07-2008 Normal situation
- Activity
- Activities of holding companies NACE 64210and 1 other
- Establishment unit
- 2.173.442.772 3840 Tongeren-Borgloon, since 08-08-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 18-02-2025
Financial position
Financial institution: outside the modelBankruptcy probability: sector outside the model
Annual accounts 2025
- Profit
- €231,527
- ▲ 17.3%
- Equity
- €2.6m
- ▲ 9.9%
- Total assets
- €5.7m
- ▲ 3.2%
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 days early
2024
9 days early
2023
16 days early
2022
32 days late
2021
6 days early
2020
3 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 25 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 17 filings
Equity
€2.6m▲ 9.9%
2024 · €2.3m
Net result
€231,527▲ 17.3%
2024 · €197,333
Total assets
€5.7m▲ 3.2%
2024 · €5.5m
Solvency
45.2%▲ 2.7pp
2024 · 42.5%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€287,381
▲ 16.9%
2025
20182025
Net result
€231,527
▲ 17.3%
2025
highest quarter of the sector
20182025
Equity
€2.6m
▲ 9.9%
2025
highest quarter of the sector
20182025
Total assets
€5.7m
▲ 3.2%
2025
highest quarter of the sector
20182025
Debt
€3.1m
▼ 1.7%
2025
20182025
Working capital
€605,810
▲ 51.8%
2025
highest quarter of the sector
20182025
Solvency
45.2%
▲ 2.7pp
2025
middle half of the sector
20182025
Current ratio
1.31
▲ 0.11
2025
middle half of the sector
20182025
Return on assets (ROA)
4.1%
▲ 0.5pp
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€0.03m--€0.03m€0.1m€0.2m▲ 90.4%€0.2m▲ 9.5%€0.2m▲ 8.2%€0.2m▲ 4.3%€0.3m▲ 16.9%
Net result€0.05m--€0.05m€0.05mwithin the sector's middle half€0.1mabove the sector's middle half▲ 180%€0.2mabove the sector's middle half▲ 18.3%€0.2mabove the sector's middle half▲ 16.4%€0.2mabove the sector's middle half▼ 2.8%€0.2mabove the sector's middle half▲ 17.3%
Equity€1.6m-€1.6m▼ 3.1%€1.6mabove the sector's middle half▲ 3.4%€1.8mabove the sector's middle half▲ 9.2%€1.9mabove the sector's middle half▲ 9.9%€2.1mabove the sector's middle half▲ 10.5%€2.3mabove the sector's middle half▲ 9.3%€2.6mabove the sector's middle half▲ 9.9%
Total assets€4.4m-€5.0m▲ 12.2%€5.2mabove the sector's middle half▲ 3.9%€5.2mabove the sector's middle half▲ 1.2%€5.2mabove the sector's middle half▼ 0.4%€5.3mabove the sector's middle half▲ 1.1%€5.5mabove the sector's middle half▲ 4.4%€5.7mabove the sector's middle half▲ 3.2%
Debt€2.8m-€3.4m▲ 20.9%€3.6m▲ 4.1%€3.5m▼ 2.4%€3.3m▼ 5.7%€3.1m▼ 4.5%€3.2m▲ 1.1%€3.1m▼ 1.7%
Working capital€1.2m-€0.5m▼ 55.3%€0.3mabove the sector's middle half▼ 45.4%€0.3mabove the sector's middle half▼ 3.2%€0.3mabove the sector's middle half▲ 17.4%€0.4mabove the sector's middle half▲ 25.4%€0.4mabove the sector's middle half▼ 4.7%€0.6mabove the sector's middle half▲ 51.8%
Solvency36.2%-31.3%▼ 5.0pp31.1%within the sector's middle half▼ 0.2pp33.6%within the sector's middle half▲ 2.5pp37.1%within the sector's middle half▲ 3.5pp40.6%within the sector's middle half▲ 3.5pp42.5%within the sector's middle half▲ 1.9pp45.2%within the sector's middle half▲ 2.7pp
Current ratio2.41-1.38▼ 1.021.17within the sector's middle half▼ 0.211.16within the sector's middle half▼ 0.011.18within the sector's middle half▲ 0.021.21within the sector's middle half▲ 0.031.21within the sector's middle half=1.31within the sector's middle half▲ 0.11
Return on assets (ROA)1.2%--1.0%▼ 2.2pp1.0%within the sector's middle half▲ 2.0pp2.8%within the sector's middle half▲ 1.8pp3.4%within the sector's middle half▲ 0.5pp3.9%within the sector's middle half▲ 0.5pp3.6%within the sector's middle half▼ 0.3pp4.1%within the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 17% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.7m
Fixed assets
€3.1m ▼ 1.3%
Current assets
€2.6m ▲ 9.2%
Equity and liabilities €5.7m
Equity
€2.6m ▲ 9.9%
Debt
€3.1m ▼ 1.7%
Debt's share of the balance-sheet total falls from 57.5% to 54.8%. Equity is higher and debt is lower.
Key figures and ratios
ROE
9.1%▲
2024 · 8.5%
Debt ≤ 1 year
€1.9m▲
2024 · €1.9m
Debt > 1 year
€1.2m▼
2024 · €1.2m
Income taxes
€75,942▲
2024 · €66,299
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €129,625 | €17,332 | €20,696 | €483,877 | €150,451 |
| Depreciation and write-downs of the year | €155,149 | €158,501 | €156,426 | €181,493 | €190,418 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €50,349 | €31,169 | €4,385 | €9,512 | €51,264 | ▲ 439% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €207,881 | €306,085 | €149,926 | €155,149 | €158,501 | €156,426 | €181,493 | €190,418 | ▲ 4.9% |
| Other operating charges640/8 | - | - | - | €14,797 | €13,524 | €14,635 | €14,864 | €16,818 | ▲ 13.1% |
| Non-recurring operating charges66A | - | - | - | €2,936 | €10,361 | - | €4,483 | - | - |
| Gross operating margin9900 | €237,317 | €281,952 | €308,431 | €371,711 | €400,058 | €406,641 | €446,665 | €494,617 | ▲ 10.7% |
| Operating profit (loss)9901 | €25,651 | -€30,310 | €104,427 | €198,829 | €217,672 | €235,579 | €245,826 | €287,381 | ▲ 16.9% |
| Financial income75/76B | - | - | - | €76,827 | €103,766 | €126,916 | €121,388 | €143,420 | ▲ 18.2% |
| Recurring financial income75 | €64,061 | €64,915 | €65,697 | €76,827 | €103,766 | €126,916 | €121,388 | €143,420 | ▲ 18.2% |
| Financial charges65/66B | - | - | - | €89,519 | €90,192 | €95,295 | €103,580 | €123,331 | ▲ 19.1% |
| Recurring financial charges65 | €65,682 | €92,646 | €99,926 | €89,519 | €90,192 | €95,295 | €103,580 | €123,331 | ▲ 19.1% |
| Profit (loss) for the period before taxes9903 | €59,733 | -€49,646 | €70,198 | €186,137 | €231,247 | €267,200 | €263,633 | €307,469 | ▲ 16.6% |
| Income taxes67/77 | €5,325 | €47 | €17,491 | €38,764 | €56,917 | €64,201 | €66,299 | €75,942 | ▲ 14.5% |
| Profit (loss) for the period9904 | €54,408 | -€49,693 | €52,707 | €147,373 | €174,329 | €202,999 | €197,333 | €231,527 | ▲ 17.3% |
| Profit (loss) for the period to be appropriated9905 | €54,408 | -€49,693 | €52,707 | €147,373 | €174,329 | €202,999 | €197,333 | €231,527 | ▲ 17.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.4m | €5.0m | €5.2m | €5.2m | €5.2m | €5.3m | €5.5m | €5.7m | ▲ 3.2% |
| Fixed assets21/28 | €2.4m | €3.0m | €3.1m | €3.1m | €3.0m | €2.8m | €3.1m | €3.1m | ▼ 1.3% |
| Tangible fixed assets22/27 | €2.4m | €3.0m | €3.1m | €3.1m | €3.0m | €2.8m | €3.1m | €3.1m | ▼ 1.3% |
| Land and buildings22 | - | - | - | €3.1m | €3.0m | €2.8m | €3.1m | €3.0m | ▼ 0.8% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.01m | €0.03m | €0.02m | €0.02m | ▼ 7.8% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.007m | €0.008m | €0.06m | €0.05m | ▼ 21.5% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Current assets29/58 | €2.1m | €1.9m | €2.0m | €2.1m | €2.2m | €2.4m | €2.3m | €2.6m | ▲ 9.2% |
| Amounts receivable within one year40/41 | €0.07m | €0.07m | €0.05m | €0.01m | €0.04m | €0.02m | €0.02m | €0.006m | ▼ 65.5% |
| Trade receivables40 | - | - | - | - | - | €0.001m | €0.002m | €217 | ▼ 88.0% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.04m | €0.02m | €0.02m | €0.006m | ▼ 62.9% |
| Current investments50/53 | €1.8m | €1.8m | €1.9m | €2.0m | €2.1m | €2.3m | €2.3m | €2.5m | ▲ 8.4% |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.03m | €0.1m | €0.03m | €0.05m | €0.04m | €0.07m | ▲ 92.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.003m | €0.002m | €0.002m | ▲ 9.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.4m | €5.0m | €5.2m | €5.2m | €5.2m | €5.3m | €5.5m | €5.7m | ▲ 3.2% |
| Equity10/15 | €1.6m | €1.6m | €1.6m | €1.8m | €1.9m | €2.1m | €2.3m | €2.6m | ▲ 9.9% |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.03m | €0.03m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.03m | €0.03m | €0.03m | = |
| Profit (loss) carried forward14 | €1.0m | €0.9m | €1.0m | €1.1m | €1.3m | €1.5m | €1.7m | €1.9m | ▲ 13.7% |
| Amounts payable17/49 | €2.8m | €3.4m | €3.6m | €3.5m | €3.3m | €3.1m | €3.2m | €3.1m | ▼ 1.7% |
| Amounts payable after more than one year17 | €2.0m | €2.0m | €1.8m | €1.7m | €1.4m | €1.1m | €1.2m | €1.2m | ▼ 5.2% |
| Financial debts170/4 | - | - | - | €1.7m | €1.4m | €1.1m | €1.2m | €1.2m | ▼ 5.2% |
| Amounts payable within one year42/48 | €0.9m | €1.4m | €1.7m | €1.8m | €1.9m | €2.0m | €1.9m | €1.9m | ▲ 0.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.7m | €0.6m | ▼ 14.1% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | €0.4m | - | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | €0.4m | - | - | - |
| Trade debts44 | €0.003m | €280 | €0.003m | €0.001m | €0.001m | €0.002m | €0.001m | €274 | ▼ 81.0% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | €274 | ▼ 81.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.003m | €0.002m | €0.001m | €0.004m | ▲ 332% |
| Taxes450/3 | - | - | - | €0.003m | €0.003m | €0.002m | €0.001m | €0.004m | ▲ 332% |
| Other amounts payable47/48 | - | - | - | €1.3m | €1.4m | €1.3m | €1.2m | €1.3m | ▲ 9.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.01m | €0.002m | €0.002m | ▼ 5.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,408 | -€49,693 | €52,707 | €147,373 | €174,329 | €202,999 | €197,333 | €231,527 | ▲ 17.3% |
| + Depreciation and write-downs630 | €207,881 | €306,085 | €149,926 | €155,149 | €158,501 | €156,426 | €181,493 | €190,418 | ▲ 4.9% |
| Operating cash flow (approximation) | €262,289 | €256,391 | €202,633 | €302,522 | €332,830 | €359,425 | €378,826 | €421,945 | ▲ 11.4% |
| Investment in fixed assets (approximation) | - | -€957,634 | -€280,554 | -€129,625 | -€17,332 | -€20,696 | -€483,877 | -€150,451 | ▲ 68.9% |
| Change in cash | - | -€104,683 | -€69,569 | €77,312 | -€85,935 | €25,190 | -€12,747 | €35,142 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00335321 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00293206 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00243694 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00422169 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20216858 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-41700361 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-28200174 | |
| 31-12-2018 | micro format | 12-07-2019 | 2019-31600339 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-38400026 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-37700596 |
Board & ownership
Directors
Directors
1 director, last change in 2023
DEBEUF Patrick
Current
Director (not named in the articles) · appointed in the act of 18-10-2023 · earlier manager, until 18-10-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 27-07-2026
Owners and capital
Capital transactions
Capital over time
- 18-10-2023 Converted to unavailable equity
Mandate history
1 person, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| DEBEUF Patrick |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Algemene vergadering die benoemt bepaalt aantal duur opdracht en indien meerdere bestuurders bevoegdheid, met of zonder beperking van duur”“Kan vertrekvergoeding en/of opzeggingstermijn toekennen, herroepbaar ad nutum bij besluit algemene vergadering”
Articles of association, deed of 18-10-2023 (in Dutch)
Network & group
THIMAVA shares no director with another company.
Companies at the same address
2 other companiesConnections & network
1 current directorThe network starts from the directors of THIMAVA. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
27-07
micro format · 4 days before the deadline
2025
31-12
Financial
Highest result from 2018 to 2025net €231,527 ▲17.3%
The operating result of €287,381 and the net result of €231,527 are both a record.
22-07
micro format · 9 days before the deadline
2024
15-07
micro format · 16 days before the deadline
2023
31-12
Financial
Equity above €2mequity €2.1m ▲10.5%
After 4 profitable years in a row, equity reaches €2.1m.
18-10
Gazette deed
Change of role: DEBEUF Patrick, from manager to directorAmendment of the articles · Capital conversion · Reserve release14 points ▸
Gazette deed
Change of role: DEBEUF Patrick, from manager to director
Amendment of the articles · Capital conversion · Reserve release14 points ▸
- General meeting, 26-09-2023
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “opheffing, statutair onbeschikbare eigen vermogensrekening aangelegd bij toepassing artikel 39,§2,tweede lid wet 23-03-2019” (deed in Dutch)
- Other provision, “kennisname verslag bestuursorgaan”, 01-08-2023 (deed in Dutch)
- Purpose change
- Kind of shares, “op naam met volgnummer, beschikbare eigen vermogensrekening tenzij algemene vergadering op ogenblik van inbreng uitdrukkelijk anders beslist” (deed in Dutch)
- Director resignation, DEBEUF Patrick (manager)
- Director appointment, DEBEUF Patrick (director (not named in the articles))
- Other provision, “geen verbodsbepaling mandaat, niet getroffen door enige verbodsbepaling voor uitoefening mandaat” (deed in Dutch)
- Director discharge, DEBEUF Patrick
- Registered office clause, “Mellenstraat 50,3840 Borgloon” (deed in Dutch)
- The act holds 2 more points.
01-09
micro format · 32 days late
2022
25-07
micro format · 6 days before the deadline
2021
28-07
micro format · 3 days before the deadline
2020
31-12
Financial
Back to profitnet €52,707
The net result is €52,707, after one loss-making year.
08-07
micro format · 23 days before the deadline
2019
31-12
Financial
Weakest financial yearnet -€49,693
The net result drops to -€49,693, the lowest from 2018 to 2025. It recovers the following year.
Show earlier events
12-07
micro format · 19 days before the deadline
2018
27-07
micro format · 4 days before the deadline
2017
31-07
micro format · on the deadline day
2008
20-08
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
THIMAVA in Dutch
Enterprise number
0899.715.085
LEI code
967600HLH0VFBDXUNA27
live in the LEI register
Legal form
Private limited company
Status
Active, normale toestand
Founded
25-07-2008
Entity type
Legal entity
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaamse Gewest”
deed of 18-10-2023 (in Dutch)Registered office and establishments
Registered office
Mellenstraat 50, 3840 Tongeren-Borgloon, Belgium
Establishment unit
Thimava, Mellenstraat 50, 3840 Tongeren-Borgloon since 08-08-2008 · unit number 2.173.442.77286910 Medical imaging and medical laboratories
Activities
NACEBEL 202564210
Activities of holding companies main activity
68201
Renting and operating of own or leased residential real estate, excluding social housing
Codes under NACEBEL 2008
64200
Holdings main activity
68201
Real estate activities
Invoicing and payment
VAT number
BE 0899.715.085
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Last Friday of June at 16:00
deed of 18-10-2023 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
8,452 m²
Building footprint
193 m²
Building volume
1,363 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 73016A0686/00A000 | Flanders | 8,452 m² | 1 · 193 m² | 10.5 m · 3 |