THM
ActiveSummary
THM has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€87,566) and a net result of €11,389. Equity is shrinking by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 5% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth43=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.07 against 0.06 in 2024; short-term debt: 610.3% and cash: 0.1% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-510.3%
Return on assets
66.4%
Age of the figures
9 mo
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 28184 sector peers (2025).
NBB · sector comparisonPosition among 28184 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 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
25 d late
2024
29 d late
2023
37 d early
2022
39 d early
2021
51 d early
2020
50 d early
2019
3 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 18 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€51,616▼ 5.7%
2018 · €54,738
EBIT margin
-59.9%▼ 66.4pp
2018 · 6.5%
Net result
€11,389▲ 150%
2024 · €4,556
Working capital
-€97,504▲ 9.9%
2024 · -€108,177
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
Operating result-€14,762▲ 50.2%-€6,687▲ 54.7%-€10,852▼ 62.3%€5,605€12,582▲ 124%
Net result-€15,753▲ 49.7%-€7,205▲ 54.3%-€11,784▼ 63.6%€4,556€11,389▲ 150%
EBIT margin
Equity-€84,522▼ 22.9%-€91,727▼ 8.5%-€103,511▼ 12.8%-€98,955▲ 4.4%-€87,566▲ 11.5%
Total assets€38,263▼ 29.0%€22,962▼ 40.0%€17,149▼ 25.3%€16,226▼ 5.4%€17,160▲ 5.8%
Debt€122,785▲ 0.1%€114,689▼ 6.6%€120,660▲ 5.2%€115,182▼ 4.5%€104,727▼ 9.1%
Working capital-€108,292▼ 0.8%-€103,057▲ 4.8%-€110,421▼ 7.1%-€108,177▲ 2.0%-€97,504▲ 9.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 124% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €17,160
Fixed assets
€9,937 ▲ 7.8%
Current assets
€7,223 ▲ 3.1%
Key figures and ratios
EBITDA
€14,905▲
2024 · €7,326
Cash flow
€13,711▲
2024 · €6,277
Solvency
-510.3%▲
2024 · -609.8%
Current ratio
0.07▲
2024 · 0.06
Quick ratio
0.01▲
2024 · 0.00
Debt to equity
-1.20▼
2024 · -1.16
ROA
66.4%▲
2024 · 28.1%
Interest coverage
17.74▲
2024 · 11.62
Debt ≤ 1 year
€104,727▼
2024 · €115,182
Income taxes
€428▲
2024 · €419
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,639 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.3% 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 3,639 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 | - | - | €95 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,445 | €13,765 | €8,176 | €1,721 | €2,322 | ▲ 34.9% |
| Other operating charges640/8 | €1,169 | €1,160 | €1,297 | €1,404 | €1,461 | ▲ 4.1% |
| Gross operating margin9900 | €852 | €8,238 | -€1,284 | €8,730 | €16,366 | ▲ 87.5% |
| Operating profit (loss)9901 | -€14,762 | -€6,687 | -€10,852 | €5,605 | €12,582 | ▲ 124% |
| Financial income75/76B | - | €47 | - | €0 | €75 | ▲ 107,043% |
| Recurring financial income75 | - | €47 | - | €0 | €75 | ▲ 107,043% |
| Financial charges65/66B | €585 | €160 | €528 | €630 | €840 | ▲ 33.3% |
| Recurring financial charges65 | €585 | €160 | €528 | €630 | €840 | ▲ 33.3% |
| Profit (loss) for the period before taxes9903 | -€15,347 | -€6,800 | -€11,380 | €4,975 | €11,817 | ▲ 138% |
| Income taxes67/77 | €406 | €405 | €404 | €419 | €428 | ▲ 2.3% |
| Profit (loss) for the period9904 | -€15,753 | -€7,205 | -€11,784 | €4,556 | €11,389 | ▲ 150% |
| Profit (loss) for the period to be appropriated9905 | -€15,753 | -€7,205 | -€11,784 | €4,556 | €11,389 | ▲ 150% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €38,263 | €22,962 | €17,149 | €16,226 | €17,160 | ▲ 5.8% |
| Fixed assets21/28 | €24,270 | €11,330 | €7,535 | €9,222 | €9,937 | ▲ 7.8% |
| Tangible fixed assets22/27 | €23,675 | €10,735 | €6,940 | €8,627 | €9,342 | ▲ 8.3% |
| Plant, machinery and equipment23 | €3,545 | €1,498 | €1,004 | €1,455 | €3,908 | ▲ 169% |
| Furniture and vehicles24 | €16,130 | €6,037 | €495 | €1,772 | €1,280 | ▼ 27.8% |
| Other tangible fixed assets26 | €4,000 | €3,200 | €5,440 | €5,399 | €4,154 | ▼ 23.1% |
| Financial fixed assets28 | €595 | €595 | €595 | €595 | €595 | = |
| Current assets29/58 | €13,993 | €11,632 | €9,614 | €7,004 | €7,223 | ▲ 3.1% |
| Stocks and contracts in progress3 | €12,320 | €9,132 | €8,068 | €6,993 | €6,084 | ▼ 13.0% |
| Stocks30/36 | €12,320 | €9,132 | €8,068 | €6,993 | €6,084 | ▼ 13.0% |
| Amounts receivable within one year40/41 | €1,220 | - | €1,535 | €0 | €1,128 | - |
| Trade receivables40 | €1,220 | - | €1,535 | €0 | €1,128 | - |
| Cash at bank and in hand54/58 | €453 | €2,500 | €11 | €11 | €11 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €38,263 | €22,962 | €17,149 | €16,226 | €17,160 | ▲ 5.8% |
| Equity10/15 | -€84,522 | -€91,727 | -€103,511 | -€98,955 | -€87,566 | ▲ 11.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €28,971 | €28,971 | €28,971 | €28,971 | €28,971 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €27,111 | €27,111 | €28,971 | €28,971 | €28,971 | = |
| Profit (loss) carried forward14 | -€119,693 | -€126,898 | -€138,682 | -€134,126 | -€122,738 | ▲ 8.5% |
| Amounts payable17/49 | €122,785 | €114,689 | €120,660 | €115,182 | €104,727 | ▼ 9.1% |
| Amounts payable within one year42/48 | €122,285 | €114,689 | €120,035 | €115,182 | €104,727 | ▼ 9.1% |
| Financial debts43 | - | - | €6,839 | €5,567 | €5,336 | ▼ 4.2% |
| Credit institutions430/8 | - | - | €6,839 | €5,567 | €5,336 | ▼ 4.2% |
| Trade debts44 | €1,071 | €2,666 | €510 | €1,903 | €2,030 | ▲ 6.7% |
| Suppliers440/4 | €1,071 | €2,666 | €510 | €1,903 | €2,030 | ▲ 6.7% |
| Advances received on contracts in progress46 | - | - | - | €1,768 | €1,768 | = |
| Taxes, remuneration and social security45 | €801 | €1,166 | €1,733 | €3,369 | €3,307 | ▼ 1.8% |
| Taxes450/3 | €801 | €1,166 | €733 | €369 | €1,307 | ▲ 255% |
| Remuneration and social security454/9 | - | - | €1,000 | €3,000 | €2,000 | ▼ 33.3% |
| Other amounts payable47/48 | €120,413 | €110,857 | €110,952 | €102,574 | €92,285 | ▼ 10.0% |
| Accrued charges and deferred income492/3 | €500 | - | €625 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,753 | -€7,205 | -€11,784 | €4,556 | €11,389 | ▲ 150% |
| + Depreciation and write-downs630 | €14,445 | €13,765 | €8,176 | €1,721 | €2,322 | ▲ 34.9% |
| Operating cash flow (approximation) | -€1,308 | €6,560 | -€3,609 | €6,277 | €13,711 | ▲ 118% |
| Investment in fixed assets (approximation) | - | -€825 | -€4,380 | -€3,408 | -€3,037 | ▲ 10.9% |
| Change in cash | - | €2,047 | -€2,489 | €0 | €0 | - |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Highest result since 2018net €11,389 ▲150%
Operating result €12,582, net result €11,389, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Back to profitnet €4,556
Net result €4,556 after 5 loss-making years.
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
11-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€32,678
Net result drops to -€32,678, the lowest in the series; recovery starts the following year.
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2017
28-06
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, Lier · 1 establishment unit since 2010
Ground area
326 m²
Building footprint
345 m²
Volume, LiDAR
1,772 m³
Parcel 12019E0033/00Y003, Flanders · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
THM
since 20102.191.065.001
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12019E0033/00Y003 | Flanders | 326 m² | 1 · 345 m² | 8.4 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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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 7,043 companies in sector 43221 we hold annual accounts for 3,473. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-08-2010
Fiscal year end31-12
Trade name NL
DecoCementtegels
Activities, NACEBEL 2025
43221Plumbing work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0828544009
Also
9925:BE0828544009
Registered
28-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.