THIPI
ActiveSummary
THIPI has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €58,460 and a net result of €36,221. Equity is shrinking by ~10.3% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+10
Solvency42▲+11
Growth64▲+13
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity short (current ratio 0.36 against 0.29 in 2024; short-term debt: 52% and cash: 12.8% of total assets), and 82.8% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
17.2%
Return on assets
10.6%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €58,460
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-09-2026, 51 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
51 d late
2024
91 d late
2023
28 d early
2022
32 d late
2021
16 d late
2020
12 d late
2019
11 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 26 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 1 September (5 of the last 5 filed years within 59 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€114,082▲ 12.5%
2021 · €101,430
EBIT margin
2.3%▲ 3.5pp
2021 · -1.2%
Net result
€36,221▲ 243%
2024 · €10,568
Working capital
-€112,947▲ 20.4%
2024 · -€141,914
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€101,430▲ 8.2%€114,082▲ 12.5%
Operating result-€1,181€2,648€1,950▼ 26.4%€17,397▲ 792%€41,759▲ 140%
Net result-€10,669-€3,107▲ 70.9%-€12,046▼ 288%€10,568€36,221▲ 243%
EBIT margin-1.2%▼ 16.1pp2.3%▲ 3.5pp
Equity€26,825▼ 28.5%€23,717▼ 11.6%€11,672▼ 50.8%€22,239▲ 90.5%€58,460▲ 163%
Total assets€470,168▼ 4.2%€414,670▼ 11.8%€379,686▼ 8.4%€362,591▼ 4.5%€340,444▼ 6.1%
Debt€443,343▼ 2.1%€390,953▼ 11.8%€368,015▼ 5.9%€340,352▼ 7.5%€281,983▼ 17.1%
Working capital-€147,597▼ 90.1%-€157,908▼ 7.0%-€162,617▼ 3.0%-€141,914▲ 12.7%-€112,947▲ 20.4%
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 140% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €340,444
Fixed assets
€276,320 ▼ 9.1%
Current assets
€64,124 ▲ 9.2%
Equity and liabilities €340,444
Equity
€58,460 ▲ 163%
Debt
€281,983 ▼ 17.1%
Debt's share of the balance-sheet total falls from 93.9% to 82.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€69,291▲
2024 · €44,931
Cash flow
€63,752▲
2024 · €38,102
Current ratio
0.36▲
2024 · 0.29
Debt to equity
4.82▼
2024 · 15.30
ROE
62.0%▲
2024 · 47.5%
ROA
10.6%▲
2024 · 2.9%
Interest coverage
12.51▲
2024 · 6.58
Debt ≤ 1 year
€177,071▼
2024 · €200,654
Debt > 1 year
€104,510▼
2024 · €130,803
Income taxes
€0▼
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,815 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,662 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% | 1.7% |
| 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 75% 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 3,815 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €101,430 | €114,082 | - | - | - | - |
| Non-recurring operating income76A | - | - | €8,486 | €0 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €48,489 | €57,772 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,234 | €36,734 | €43,617 | €27,534 | €27,531 | = |
| Other operating charges640/8 | €16,888 | €16,928 | €33,493 | €19,846 | €20,481 | ▲ 3.2% |
| Non-recurring operating charges66A | - | - | €126 | €0 | - | - |
| Gross operating margin9900 | €52,941 | €56,310 | €79,186 | €64,778 | €89,772 | ▲ 38.6% |
| Operating profit (loss)9901 | -€1,181 | €2,648 | €1,950 | €17,397 | €41,759 | ▲ 140% |
| Financial income75/76B | €1 | €2,445 | - | €1 | €0 | ▼ 100% |
| Recurring financial income75 | €1 | €2,445 | - | €1 | €0 | ▼ 100% |
| Financial charges65/66B | €9,489 | €8,200 | €13,996 | €6,830 | €5,538 | ▼ 18.9% |
| Recurring financial charges65 | €9,489 | €8,198 | €13,996 | €6,830 | €5,538 | ▼ 18.9% |
| Non-recurring financial charges66B | - | €2 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€10,669 | -€3,107 | -€12,046 | €10,568 | €36,221 | ▲ 243% |
| Income taxes67/77 | - | - | - | €0 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€10,669 | -€3,107 | -€12,046 | €10,568 | €36,221 | ▲ 243% |
| Profit (loss) for the period to be appropriated9905 | -€10,669 | -€3,107 | -€12,046 | €10,568 | €36,221 | ▲ 243% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €470,168 | €414,670 | €379,686 | €362,591 | €340,444 | ▼ 6.1% |
| Fixed assets21/28 | €394,535 | €367,669 | €331,385 | €303,851 | €276,320 | ▼ 9.1% |
| Tangible fixed assets22/27 | €394,535 | €367,669 | €331,385 | €303,851 | €276,320 | ▼ 9.1% |
| Land and buildings22 | €278,193 | €257,950 | €240,416 | €222,881 | €205,347 | ▼ 7.9% |
| Plant, machinery and equipment23 | €115,844 | €109,222 | €90,773 | €80,873 | €70,973 | ▼ 12.2% |
| Furniture and vehicles24 | €498 | €497 | €197 | €97 | €0 | ▼ 100% |
| Current assets29/58 | €75,633 | €47,001 | €48,301 | €58,740 | €64,124 | ▲ 9.2% |
| Amounts receivable within one year40/41 | - | - | - | €2,968 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €2,968 | €0 | ▼ 100% |
| Current investments50/53 | €100 | €80 | €80 | €43 | €43 | = |
| Cash at bank and in hand54/58 | €23,965 | €2,182 | €18,478 | €32,141 | €43,591 | ▲ 35.6% |
| Deferred charges and accrued income490/1 | €51,568 | €44,739 | €29,743 | €23,588 | €20,490 | ▼ 13.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €470,168 | €414,670 | €379,686 | €362,591 | €340,444 | ▼ 6.1% |
| Equity10/15 | €26,825 | €23,717 | €11,672 | €22,239 | €58,460 | ▲ 163% |
| Contributions10/11 | €175,200 | €175,200 | €175,200 | €175,200 | €175,200 | = |
| Capital10 | €175,200 | €175,200 | - | €175,200 | €175,200 | = |
| Issued capital100 | €175,200 | €175,200 | - | €175,200 | €175,200 | = |
| Outside capital11 | - | - | €175,200 | - | - | - |
| Other1109/19 | - | - | €175,200 | - | - | - |
| Profit (loss) carried forward14 | -€148,375 | -€151,483 | -€163,528 | -€152,961 | -€116,740 | ▲ 23.7% |
| Amounts payable17/49 | €443,343 | €390,953 | €368,015 | €340,352 | €281,983 | ▼ 17.1% |
| Amounts payable after more than one year17 | €220,113 | €186,044 | €157,097 | €130,803 | €104,510 | ▼ 20.1% |
| Financial debts170/4 | €220,113 | €186,044 | €157,097 | €130,803 | €104,510 | ▼ 20.1% |
| Amounts payable within one year42/48 | €223,230 | €204,909 | €210,918 | €200,654 | €177,071 | ▼ 11.8% |
| Current portion of amounts payable after more than one year42 | €34,069 | €34,068 | €26,293 | €26,294 | €26,294 | = |
| Trade debts44 | €15,692 | €21,047 | €36,483 | €33,430 | €29,275 | ▼ 12.4% |
| Suppliers440/4 | €15,692 | €21,047 | €36,483 | €33,430 | €29,275 | ▼ 12.4% |
| Other amounts payable47/48 | €173,469 | €149,794 | €148,142 | €140,930 | €121,502 | ▼ 13.8% |
| Accrued charges and deferred income492/3 | - | - | - | €8,894 | €402 | ▼ 95.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,669 | -€3,107 | -€12,046 | €10,568 | €36,221 | ▲ 243% |
| + Depreciation and write-downs630 | €37,234 | €36,734 | €43,617 | €27,534 | €27,531 | = |
| Operating cash flow (approximation) | €26,565 | €33,627 | €31,572 | €38,102 | €63,752 | ▲ 67.3% |
| Investment in fixed assets (approximation) | - | -€9,868 | -€7,334 | €0 | €0 | - |
| Change in cash | - | -€21,783 | €16,296 | €13,663 | €11,450 | ▼ 16.2% |
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
20-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 51 days late
2025
31-12
Financial
Highest result since 2018net €36,221 ▲243%
Operating result €41,759, net result €36,221, both a record.
30-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 91 days late
2024
31-12
Financial
Back to profitnet €10,568
Net result €10,568 after 3 loss-making years.
03-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet -€12,046
Net result drops to -€12,046, the lowest in the series; recovery starts the following year.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 32 days late
2022
16-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 16 days late
2021
12-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 12 days late
2020
31-12
Financial
Back to profitnet €3,297
Net result €3,297 after one loss-making year.
11-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 11 days late
2019
09-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 9 days late
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
09-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 9 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Liège · 1 establishment unit since 2003
Ground area
159 m²
Building footprint
53 m²
Parcel 62815C0144/00D004, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue de Fexhe 49, 4000 Liège
since 20032.131.757.320
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62815C0144/00D004 | Wallonia | 159 m² | 1 · 53 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPublic limited company
Founded18-02-2003
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0479581361
Registered
31-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
4 convocationsOrdinary general meeting
- Rapport du ÇA - Approbation des comptes annuels - Affectation des Résultats - Désignation et confirmation des pouvoirs desadministrateurs - Divers.
General meeting
Contrôle de la gestion quotidienne - Analyse et commentaires du nouveau bail - Divers.
Ordinary general meeting
Agenda
Rapport du Conseil d’Administration Approbation des comptes annuels Affectation des résultats Décharge Administrateur Désignation et confirmation des pouvoirs des administrateurs. Divers.
Ordinary general meeting
Agenda
- Rapport du conseil d’administration. - Approbation des comptes annuels. - Affectation des résultats. - Décharge administrateur. - Désignation et confirmation des pouvoirs des administrateurs. - Divers.