THIVO
ActiveSummary
THIVO has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €353,311 and a net result of €34,823. Equity is growing by ~38% per year across the filed fiscal years. Its solvency ranks better than 87% of 7081 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-8
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 9.37 against 10.18 in 2024; short-term debt: 10.6% and cash: 15.4% of total assets), and 10.6% 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 · 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
89.4%
Return on assets
8.8%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 15-09-2025, 46 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
46 d early
2024
41 d early
2023
55 d early
2022
112 d early
2021
62 d early
2020
65 d early
2019
104 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 69 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close27-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€353,311▲ 10.9%
2024 · €318,488
Total assets
€395,387▲ 11.9%
2024 · €353,189
Net result
€34,823▼ 51.6%
2024 · €71,969
Working capital
€352,034▲ 10.5%
2024 · €318,488
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
Operating result€112,619▲ 129%€82,326▼ 26.9%€104,343▲ 26.7%€92,435▼ 11.4%€38,668▼ 58.2%
Net result€77,563▲ 114%€60,051▼ 22.6%€77,195▲ 28.5%€71,969▼ 6.8%€34,823▼ 51.6%
Equity€109,272▲ 245%€169,324▲ 55.0%€246,518▲ 45.6%€318,488▲ 29.2%€353,311▲ 10.9%
Total assets€162,115▲ 114%€209,933▲ 29.5%€309,012▲ 47.2%€353,189▲ 14.3%€395,387▲ 11.9%
Debt€52,842▲ 20.4%€40,609▼ 23.2%€62,494▲ 53.9%€34,701▼ 44.5%€42,076▲ 21.3%
Working capital€109,272▲ 245%€169,324▲ 55.0%€246,518▲ 45.6%€318,488▲ 29.2%€352,034▲ 10.5%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 58% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €395,387
Fixed assets
€1,277
Current assets
€394,110
Equity and liabilities €395,387
Equity
€353,311 ▲ 10.9%
Debt
€42,076 ▲ 21.3%
Debt's share of the balance-sheet total rises from 9.8% to 10.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€39,049
Cash flow
€35,204
Current ratio
9.37▼
2024 · 10.18
Debt to equity
0.12▲
2024 · 0.11
ROE
9.9%▼
2024 · 22.6%
ROA
8.8%▼
2024 · 20.4%
Interest coverage
31.84
Debt ≤ 1 year
€42,076▲
2024 · €34,701
Income taxes
€15,455▼
2024 · €31,007
Staff costs
€0▼
2024 · €13
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% 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 34,672 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €1,906 | €902 | €13 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €380 | - |
| Other operating charges640/8 | - | €882 | €653 | €856 | €1,066 | ▲ 24.6% |
| Gross operating margin9900 | €117,613 | €85,114 | €105,898 | €93,304 | €40,114 | ▼ 57.0% |
| Operating profit (loss)9901 | €112,619 | €82,326 | €104,343 | €92,435 | €38,668 | ▼ 58.2% |
| Financial income75/76B | - | €5,306 | €7,049 | €11,646 | €12,836 | ▲ 10.2% |
| Recurring financial income75 | €2,368 | €5,306 | €7,049 | €11,646 | €12,836 | ▲ 10.2% |
| Financial charges65/66B | - | €333 | €823 | €1,105 | €1,227 | ▲ 11.0% |
| Recurring financial charges65 | €818 | €333 | €823 | €1,105 | €1,227 | ▲ 11.0% |
| Profit (loss) for the period before taxes9903 | €114,170 | €87,299 | €110,569 | €102,977 | €50,278 | ▼ 51.2% |
| Income taxes67/77 | €36,607 | €27,248 | €33,374 | €31,007 | €15,455 | ▼ 50.2% |
| Profit (loss) for the period9904 | €77,563 | €60,051 | €77,195 | €71,969 | €34,823 | ▼ 51.6% |
| Profit (loss) for the period to be appropriated9905 | €77,563 | €60,051 | €77,195 | €71,969 | €34,823 | ▼ 51.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €162,115 | €209,933 | €309,012 | €353,189 | €395,387 | ▲ 11.9% |
| Fixed assets21/28 | - | - | - | - | €1,277 | - |
| Tangible fixed assets22/27 | - | - | - | - | €1,277 | - |
| Furniture and vehicles24 | - | - | - | - | €1,277 | - |
| Current assets29/58 | €162,115 | €209,933 | €309,012 | €353,189 | €394,110 | ▲ 11.6% |
| Amounts receivable after more than one year29 | - | €120,500 | €120,500 | €120,500 | €120,500 | = |
| Other amounts receivable291 | - | €120,500 | €120,500 | €120,500 | €120,500 | = |
| Amounts receivable within one year40/41 | €32,471 | €76,895 | €124,821 | €186,196 | €197,897 | ▲ 6.3% |
| Trade receivables40 | - | €19,167 | €41,565 | €48,891 | €770 | ▼ 98.4% |
| Other amounts receivable41 | - | €57,727 | €83,256 | €137,305 | €197,127 | ▲ 43.6% |
| Cash at bank and in hand54/58 | €27,693 | €7,544 | €55,270 | €35,004 | €60,842 | ▲ 73.8% |
| Deferred charges and accrued income490/1 | - | €4,994 | €8,421 | €11,489 | €14,871 | ▲ 29.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €162,115 | €209,933 | €309,012 | €353,189 | €395,387 | ▲ 11.9% |
| Equity10/15 | €109,272 | €169,324 | €246,518 | €318,488 | €353,311 | ▲ 10.9% |
| Contributions10/11 | - | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Reserves13 | €102,272 | €162,324 | €239,518 | €311,488 | €346,311 | ▲ 11.2% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €160,464 | €237,658 | €309,628 | €344,451 | ▲ 11.2% |
| Profit (loss) carried forward14 | -€11,533 | - | - | - | - | - |
| Amounts payable17/49 | €52,842 | €40,609 | €62,494 | €34,701 | €42,076 | ▲ 21.3% |
| Amounts payable within one year42/48 | €52,842 | €40,609 | €62,494 | €34,701 | €42,076 | ▲ 21.3% |
| Financial debts43 | - | - | €14,699 | €14,725 | €17,645 | ▲ 19.8% |
| Credit institutions430/8 | - | - | €14,699 | €14,725 | €17,645 | ▲ 19.8% |
| Trade debts44 | €3,936 | - | €26,152 | €1,594 | €7,232 | ▲ 354% |
| Suppliers440/4 | - | - | €26,152 | €1,594 | €7,232 | ▲ 354% |
| Taxes, remuneration and social security45 | - | €40,609 | €21,642 | €18,383 | €17,199 | ▼ 6.4% |
| Taxes450/3 | - | €40,609 | €21,642 | €18,383 | €13,449 | ▼ 26.8% |
| Remuneration and social security454/9 | - | - | - | - | €3,750 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €77,563 | €60,051 | €77,195 | €71,969 | €34,823 | ▼ 51.6% |
| + Depreciation and write-downs630 | - | - | - | - | €380 | - |
| Operating cash flow (approximation) | €77,563 | €60,051 | €77,195 | €71,969 | €35,204 | ▼ 51.1% |
| Change in cash | - | -€20,149 | €47,727 | -€20,266 | €25,838 | ▲ 227% |
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
2025
15-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
20-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Liquidity doublescurrent ratio 10.18
Current ratio from 4.94 to 10.18; short-term debt falls from €62,494 to €34,701.
2023
06-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Equity above €200,000Eq €246,518 ▲45.6%
4 profitable years in a row build equity to €246,518.
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Equity above €150,000Eq €169,324 ▲55%
3 profitable years in a row build equity to €169,324.
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-03
Financial
Highest result since 2019net €77,563 ▲114%
Operating result €112,619, net result €77,563, both a record.
31-03
Financial
Equity above €100,000Eq €109,272 ▲245%
2 profitable years in a row build equity to €109,272.
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Back to profitnet €36,243
Net result €36,243 after one loss-making year.
Show earlier events
31-03
Financial
Liquidity times 8current ratio 1.72
Current ratio from 0.22 to 1.72.
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
22-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
07-10
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 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, Sint-Truiden · 1 establishment unit since 2011
Ground area
2,580 m²
Building footprint
132 m²
Volume, LiDAR
816 m³
Parcel 71061B0225/00D000, Flanders · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Wilderenlaan 76, 3803 Sint-Truiden
since 20112.202.962.644
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71061B0225/00D000 | Flanders | 2,580 m² | 1 · 132 m² | 9.2 m · 2 fl. |
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.
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Of 9,864 companies in sector 73110 we hold annual accounts for 3,752. 2,436 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 (pre-2019)
Founded27-09-2011
Fiscal year end31-03
Activities, NACEBEL 2025
73110Advertising agencies
46190Agents in non-specialised wholesale trade
73200Market research and public opinion polling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0839636552
Also
9925:BE0839636552
Registered
03-03-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.