THITEM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 6 filings
Turnover
≈ €4.2m
Estimated: probably between €3.3m and €5.3m
EBIT margin
Not included in this filing
Net result
€666,874▼ 11.6%
2024 · €754,711
Working capital
€539,734▲ 62.9%
2024 · €331,295
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€1.1m
▼ 1.1%
2025
20202025
Net result
€666,874
▼ 11.6%
2025
highest quarter of the sector
20202025
Equity
€627,508
▲ 36.2%
2025
highest quarter of the sector
20202025
Total assets
€3.1m
▲ 40.5%
2025
highest quarter of the sector
20202025
Debt
€2.5m
▲ 41.6%
2025
20202025
Working capital
€539,734
▲ 62.9%
2025
highest quarter of the sector
20202025
Solvency
20.1%
▼ 0.6pp
2025
lowest quarter of the sector
20202025
Current ratio
1.25
▲ 0.04
2025
middle half of the sector
20202025
Return on assets (ROA)
21.4%
▼ 12.6pp
2025
highest quarter of the sector
20202025
Staff (FTE)
6.3
▲ 80.0%
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.1m-€0.02m▼ 86.0%€0.7m▲ 38×€1.0m▲ 50.6%€1.1m▲ 14.0%€1.1m▼ 1.1%
Net result€0.1mabove the sector's middle half--€0.02mbelow the sector's middle half€0.4mabove the sector's middle half€0.7mabove the sector's middle half▲ 49.7%€0.8mabove the sector's middle half▲ 13.1%€0.7mabove the sector's middle half▼ 11.6%
Equity€0.1mabove the sector's middle half-€0.1mwithin the sector's middle half▼ 12.0%€0.6mwithin the sector's middle half▲ 381%€0.5mwithin the sector's middle half▼ 18.7%€0.5mwithin the sector's middle half▲ 1.0%€0.6mabove the sector's middle half▲ 36.2%
Total assets€0.4mabove the sector's middle half-€0.3mwithin the sector's middle half▼ 20.7%€1.1mwithin the sector's middle half▲ 215%€1.9mwithin the sector's middle half▲ 75.2%€2.2mabove the sector's middle half▲ 18.1%€3.1mabove the sector's middle half▲ 40.5%
Debt€0.3m-€0.2m▼ 24.7%€0.5m▲ 129%€1.4m▲ 178%€1.8m▲ 23.6%€2.5m▲ 41.6%
Working capital€0.3mabove the sector's middle half-€0.1mwithin the sector's middle half▼ 65.4%€0.5mabove the sector's middle half▲ 420%€0.4mwithin the sector's middle half▼ 22.6%€0.3mwithin the sector's middle half▼ 19.1%€0.5mabove the sector's middle half▲ 62.9%
Solvency30.9%within the sector's middle half-34.3%within the sector's middle half▲ 3.4pp52.3%within the sector's middle half▲ 18.0pp24.3%within the sector's middle half▼ 28.1pp20.8%below the sector's middle half▼ 3.5pp20.1%below the sector's middle half▼ 0.6pp
Current ratio3.24above the sector's middle half-1.46within the sector's middle half▼ 1.772.04within the sector's middle half▲ 0.581.29within the sector's middle half▼ 0.741.20within the sector's middle half▼ 0.091.25within the sector's middle half▲ 0.04
Return on assets (ROA)28.5%above the sector's middle half--4.7%below the sector's middle half▼ 33.2pp41.6%above the sector's middle half▲ 46.3pp35.5%above the sector's middle half▼ 6.1pp34.0%above the sector's middle half▼ 1.5pp21.4%above the sector's middle half▼ 12.6pp
Staff (FTE)0.2below the sector's middle half1.2below the sector's middle half▲ 500%2.7below the sector's middle half▲ 125%3.5below the sector's middle half▲ 29.6%6.3within the sector's middle half▲ 80.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 1% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets
€388,539 ▲ 44.7%
Current assets
€2.7m ▲ 39.9%
Equity and liabilities €3.1m
Equity
€627,508 ▲ 36.2%
Debt
€2.5m ▲ 41.6%
Debt's share of the balance-sheet total rises from 79.2% to 79.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.2m▲
2024 · €1.2m
Cash flow
€761,432▼
2024 · €801,551
Quick ratio
1.20▲
2024 · 1.14
Debt to equity
3.97▲
2024 · 3.82
ROE
106.3%▼
2024 · 163.8%
Interest coverage
4.85▼
2024 · 9.75
Debt ≤ 1 year
€2.2m▲
2024 · €1.6m
Debt > 1 year
€247,869▲
2024 · €123,200
Income taxes
€230,371▼
2024 · €250,533
Staff costs
€305,061▲
2024 · €183,847
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | 3 | 5 | 6 |
| full-time | - | 1 | 3 | 5 | 6 |
| part-time | - | 1 | 0 | 0 | 0 |
| in full-time equivalents | - | 1.5 | 3 | 5 | 6 |
| Average over the year, in full-time equivalents | 0.2 | 1.2 | 2.7 | 3.5 | 6.3 |
| On a permanent contract | - | 1 | 1 | 4 | 5 |
| Joined | 4 | 11 | 11 | 13 | 24 |
| Left | 4 | 9 | 10 | 11 | 23 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €24,760 | €21,519 | €59,739 | €238,404 | €293,664 |
| Financial fixed assets | - | - | €124 | €305 | - |
| Depreciation and write-downs of the year | €2,496 | €6,152 | €15,765 | €46,840 | €94,558 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €0.005m | €0.04m | €0.1m | €0.2m | €0.3m | ▲ 65.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €226 | €0.002m | €0.006m | €0.02m | €0.05m | €0.09m | ▲ 102% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.007m | -€0.003m | -€0.004m | €0.02m | - |
| Other operating charges640/8 | - | €0.01m | €0.005m | €0.004m | €0.01m | €0.02m | ▲ 59.1% |
| Gross operating margin9900 | €0.1m | €0.03m | €0.7m | €1.1m | €1.4m | €1.6m | ▲ 14.0% |
| Operating profit (loss)9901 | €0.1m | €0.02m | €0.7m | €1.0m | €1.1m | €1.1m | ▼ 1.1% |
| Financial income75/76B | - | €0.002m | €0.001m | €0.005m | €0.005m | €0.04m | ▲ 690% |
| Recurring financial income75 | - | €0.002m | €0.001m | €0.005m | €0.005m | €0.04m | ▲ 690% |
| Financial charges65/66B | - | €0.004m | €0.001m | €0.09m | €0.1m | €0.2m | ▲ 107% |
| Recurring financial charges65 | €422 | €0.004m | €0.001m | €0.09m | €0.1m | €0.2m | ▲ 107% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.01m | €0.7m | €0.9m | €1.0m | €0.9m | ▼ 10.7% |
| Income taxes67/77 | - | €0.03m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 8.0% |
| Profit (loss) for the period9904 | €0.1m | -€0.02m | €0.4m | €0.7m | €0.8m | €0.7m | ▼ 11.6% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | -€0.02m | €0.4m | €0.7m | €0.8m | €0.7m | ▼ 11.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.4m | €0.3m | €1.1m | €1.9m | €2.2m | €3.1m | ▲ 40.5% |
| Fixed assets21/28 | €0.002m | €0.02m | €0.03m | €0.08m | €0.3m | €0.4m | ▲ 44.7% |
| Tangible fixed assets22/27 | €0.002m | €0.02m | €0.03m | €0.08m | €0.3m | €0.4m | ▲ 44.8% |
| Plant, machinery and equipment23 | - | €0.02m | €0.02m | €0.03m | €0.02m | €0.01m | ▼ 44.3% |
| Furniture and vehicles24 | - | €0.002m | €0.01m | €0.04m | €0.2m | €0.4m | ▲ 81.9% |
| Other tangible fixed assets26 | - | - | - | €0.005m | €0.04m | €0.004m | ▼ 91.1% |
| Financial fixed assets28 | - | - | - | €124 | €429 | €429 | = |
| Current assets29/58 | €0.4m | €0.3m | €1.0m | €1.8m | €2.0m | €2.7m | ▲ 39.9% |
| Stocks and contracts in progress3 | - | €0.03m | €0.04m | €0.08m | €0.1m | €0.1m | ▲ 3.0% |
| Stocks30/36 | - | €0.03m | €0.04m | €0.08m | €0.1m | €0.1m | ▲ 3.0% |
| Amounts receivable within one year40/41 | €0.4m | €0.2m | €0.6m | €0.8m | €1.4m | €2.2m | ▲ 59.8% |
| Trade receivables40 | - | €0.1m | €0.6m | €0.8m | €1.2m | €1.6m | ▲ 31.9% |
| Other amounts receivable41 | - | €0.04m | €0.06m | €0.08m | €0.2m | €0.6m | ▲ 274% |
| Cash at bank and in hand54/58 | €0.07m | €0.1m | €0.3m | €0.9m | €0.4m | €0.3m | ▼ 24.1% |
| Deferred charges and accrued income490/1 | - | €0.001m | €0.009m | €0.003m | €0.002m | €0.05m | ▲ 22× |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.4m | €0.3m | €1.1m | €1.9m | €2.2m | €3.1m | ▲ 40.5% |
| Equity10/15 | €0.1m | €0.1m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 36.2% |
| Contributions10/11 | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Distributable reserves133 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0 | €0.005m | €0.2m | ▲ 36× |
| Amounts payable17/49 | €0.3m | €0.2m | €0.5m | €1.4m | €1.8m | €2.5m | ▲ 41.6% |
| Amounts payable after more than one year17 | - | €0.002m | €0 | €0.03m | €0.1m | €0.2m | ▲ 101% |
| Financial debts170/4 | - | €0.002m | €0 | €0.03m | €0.1m | €0.2m | ▲ 101% |
| Amounts payable within one year42/48 | €0.1m | €0.2m | €0.5m | €1.4m | €1.6m | €2.2m | ▲ 35.2% |
| Current portion of amounts payable after more than one year42 | - | €0.005m | €0.002m | €0.009m | €0.05m | €0.1m | ▲ 144% |
| Trade debts44 | €0.1m | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 24.5% |
| Suppliers440/4 | - | €0.1m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 24.5% |
| Advances received on contracts in progress46 | - | - | €0.05m | €0.06m | €0.1m | €0.3m | ▲ 138% |
| Taxes, remuneration and social security45 | - | €0.07m | €0.2m | €0.3m | €0.1m | €0.2m | ▲ 86.5% |
| Taxes450/3 | - | €0.06m | €0.2m | €0.3m | €0.08m | €0.2m | ▲ 98.5% |
| Remuneration and social security454/9 | - | €0.006m | €0.004m | €0.03m | €0.02m | €0.03m | ▲ 37.5% |
| Other amounts payable47/48 | - | €0.02m | €0.01m | €0.8m | €1.0m | €1.4m | ▲ 35.4% |
| Accrued charges and deferred income492/3 | - | €0 | €0.001m | €0 | €0.02m | €0.05m | ▲ 231% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €122,443 | -€15,852 | €445,922 | €667,505 | €754,711 | €666,874 | ▼ 11.6% |
| + Depreciation and write-downs630 | €226 | €2,496 | €6,152 | €15,765 | €46,840 | €94,558 | ▲ 102% |
| Operating cash flow (approximation) | €122,669 | -€13,356 | €452,075 | €683,270 | €801,551 | €761,432 | ▼ 5.0% |
| Investment in fixed assets (approximation) | - | -€17,469 | -€21,519 | -€59,863 | -€238,709 | -€214,562 | ▲ 10.1% |
| Change in cash | - | €37,895 | €236,837 | €543,085 | -€443,645 | -€107,829 | ▲ 75.7% |
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, 6,713 companies had the same profile as THITEM has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THITEM itself: 1.7% 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 6,713 companies, not a prediction for THITEM. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00326152 | |
| 31-12-2024 | full format | 31-08-2025 | 2025-00459465 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00438659 | |
| 31-12-2022 | full format | 15-06-2023 | 2023-00144380 | |
| 31-12-2021 | full format | 28-10-2022 | 2022-20515964 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-63700600 |