THSM
ActiveThe computed 12-month bankruptcy probability of THSM is 2.7% (moderate). The 2025 annual accounts show equity of €4k and a net result of €5k. Its solvency ranks better than 26% of 27358 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
76
/ 100
Excellent▲ +48 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency39▲+6
Growth78
Stability94
Bankruptcy probability, 12 months
2.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.07 against 0.41 in 2024), and 75.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 11-03-2026, 50 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
50 d early
2024
29 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
13-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€4k
2024 · €-693
2024: €-693
2024 → 2025
Total assets
€16k▼ 34.9%
2024 · €25k
2024: €25k
2024 → 2025
Net result
€5k
2024 · €-4k
2024: €-4k
2024 → 2025
Working capital
€837
2024 · €-15k
2024: €-15k
2024 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20242025Trend
Equity€-693-€4k
Operating result€-4k-€6k
Net result€-4k-€5k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €6k after a loss of €4k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €16k
Fixed assets
€3k▼ 78.4%
Current assets
€13k▲ 28.5%
Equity and liabilities €16k
Equity
€4k
Debt
€12k
Debt finances 75.1% of the balance-sheet total.
Key figures and ratios
EBITDA
€7k▲
2024 · €2k
Cash flow
€6k▲
2024 · €2k
Solvency
24.9%▲
2024 · -2.8%
Current ratio
1.07▲
2024 · 0.41
Quick ratio
1.07▲
2024 · 0.41
Debt / equity
3.02
ROE
117.2%
ROA
29.1%▲
2024 · -14.8%
Interest coverage
47.70▲
2024 · 35.05
Debt
€12k▼
2024 · €26k
Debt ≤ 1 year
€12k▼
2024 · €25k
Income taxes
€917▲
2024 · €32
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€25k€16k▼
Fixed assets21/28€15k€3k▼
Tangible fixed assets22/27€15k€3k▼
Plant, machinery and equipment23-€1k
Furniture and vehicles24€15k€2k▼
Current assets29/58€10k€13k▲
Amounts receivable within one year40/41€8k€7k▼
Trade receivables40€8k€7k▼
Cash at bank and in hand54/58€2k€6k▲
Equity and liabilities
Total equity and liabilities10/49€25k€16k▼
Equity10/15€-693€4k▲
Contributions10/11€3k€3k=
Reserves13-€1k
Distributable reserves133-€1k
Profit (loss) carried forward14€-4k€0▲
Amounts payable17/49€26k€12k▼
Amounts payable within one year42/48€25k€12k▼
Trade debts44€4k€1k▼
Suppliers440/4€4k€1k▼
Taxes, remuneration and social security45€2k€2k▼
Taxes450/3€2k€2k▼
Other amounts payable47/48€19k€10k▼
Accrued charges and deferred income492/3€602€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€920▼
Other operating charges640/8€235€12k▲
Gross operating margin9900€3k€19k▲
Operating profit (loss)9901€-4k€6k▲
Financial income75/76B€15€8▼
Recurring financial income75€15€8▼
Financial charges65/66B€66€140▲
Recurring financial charges65€66€140▲
Profit (loss) for the period before taxes9903€-4k€6k▲
Income taxes67/77€32€917▲
Profit (loss) for the period9904€-4k€5k▲
Profit (loss) for the period to be appropriated9905€-4k€5k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-4k€1k▲
Profit (loss) brought forward from the previous period14P-€-4k
Transfer to equity691/2-€1k
To other reserves6921-€1k
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Back to profitnet €5k
Net result €5k after one loss-making year.
30-09
Financial
Liquidity triplescurrent ratio 1.07
Current ratio from 0.41 to 1.07; short-term debt falls from €25k to €12k.
01-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is 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, Waregem · 1 establishment unit since 2023
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Pontstraat 698791 WaregemGround area
213 m²
Building footprint
88 m²
Volume, LiDAR
108 m³
Parcel 34006A0043/00P005, Flanders · tallest building 6.6 m. Linked by address, not a title deed.
1 establishment unit
THSM
since 20232.348.182.730
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34006A0043/00P005 | Flanders | 213 m² | 1 · 88 m² | 6.6 m |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 420 EUR awarded · 420 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 420 EUR | 420 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Legal Entity Identifier
98450027H89948963A07
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GOLDFISH
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Of 8,397 companies in sector 43120 we hold annual accounts for 3,204. 830 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded17-07-2023
Fiscal year end30-09
Activities, NACEBEL
43120Site preparation
43240Other construction installation
43299Specialised construction activities
43990Other specialised construction activities
43999Specialised construction activities
77210Renting and leasing of sports and recreation goods
82990Other business support services
90029Arts creation and performing arts activities
90399Other support activities for arts and performing arts
Sources
Crossroads Bank for EnterprisesNational Bank · 2 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.