Thuiswest
ActiveSummary
Thuiswest has been active since 1920 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €148.38M and a net result of €-1.88M. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 37% of 4539 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
67
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability54▼-2
Solvency50=
Growth53▲+2
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2M at 30 days acceptable
Liquidity ample (current ratio 1.64 against 1.94 in 2024; short-term debt: 4.9% and cash: 4.1% of total assets), but 75.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four 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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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
24.6%
Return on assets
-0.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
30 d early
2023
7 d late
2022
70 d early
2021
53 d early
2020
75 d early
2019
4 d early
← before the deadline
after the deadline →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€40.78M▲ 11.5%
2024 · €36.57M
2018: €27.55M
2019: €25.37M
2020: €22.90M
2021: €23.14M
2022: €22.95M
2023: €37.31M
2024: €36.57M
2018 → 2025
EBIT margin
-4.9%▼ 5.0pp
2024 · 0.1%
2018: 23.7%
2019: 29.2%
2020: 18.7%
2021: 98.4%
2022: 35.1%
2023: 13.7%
2024: 0.1%
2018 → 2025
Net result
€-1.88M
2024 · €223k
2018: €4.82M
2019: €6.05M
2020: €3.04M
2021: €20.91M
2022: €7.17M
2023: €4.64M
2024: €223k
2018 → 2025
Working capital
€18.93M▼ 26.3%
2024 · €25.69M
2018: €29.96M
2019: €29.52M
2020: €31.68M
2021: €29.35M
2022: €35.38M
2023: €32.08M
2024: €25.69M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€23.14M-€22.95M▼ 0.8%€37.31M▲ 62.6%€36.57M▼ 2.0%€40.78M▲ 11.5%
Equity€129.57M-€136.29M▲ 5.2%€149.73M▲ 9.9%€149.36M▼ 0.2%€148.38M▼ 0.7%
Operating result€22.78M-€8.06M▼ 64.6%€5.09M▼ 36.8%€36k▼ 99.3%€-2.01M
Net result€20.91M-€7.17M▼ 65.7%€4.64M▼ 35.3%€223k▼ 95.2%€-1.88M
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €2.01M after €36k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €603.04M
Fixed assets
€554.74M ▲ 0.8%
Current assets
€48.30M ▼ 9.0%
Equity and liabilities €603.04M
Equity
€148.38M ▼ 0.7%
Provisions
€4.67M ▼ 4.2%
Debt
€450.00M ▲ 0.2%
Debt's share of the balance-sheet total rises from 74.4% to 74.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€12.39M▼
2024 · €13.89M
Cash flow
€12.52M▼
2024 · €14.08M
Current ratio
1.64▼
2024 · 1.94
Quick ratio
1.61▼
2024 · 1.83
Debt to equity
3.03▲
2024 · 3.01
ROE
-1.3%▼
2024 · 0.1%
ROA
-0.3%▼
2024 · 0.0%
Interest coverage
1.43▼
2024 · 1.78
Debt ≤ 1 year
€29.37M▲
2024 · €27.40M
Debt > 1 year
€417.42M▼
2024 · €418.57M
Income taxes
€5k▼
2024 · €62k
Staff costs
€7.60M▲
2024 · €7.26M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 97 lines
Balance sheet
Code20242025
Assets
Total assets20/58€603.41M€603.04M▼
Fixed assets21/28€550.31M€554.74M▲
Intangible fixed assets21€11k€7k▼
Tangible fixed assets22/27€549.22M€553.38M▲
Land and buildings22€524.19M€529.41M▲
Plant, machinery and equipment23€28k€24k▼
Furniture and vehicles24€445k€381k▼
Leasing and similar rights25€1.31M€1.19M▼
Other tangible fixed assets26€261k€261k=
Assets under construction and advance payments27€22.99M€22.12M▼
Financial fixed assets28€1.08M€1.35M▲
Other financial fixed assets284/8€1.08M€1.35M▲
Shares284€1.08M€1.35M▲
Amounts receivable and cash guarantees285/8€3k€3k=
Current assets29/58€53.10M€48.30M▼
Stocks and contracts in progress3€3.04M€1.11M▼
Stocks30/36€3.04M€1.11M▼
Raw materials and consumables30/31€91k€107k▲
Property held for sale35€2.95M€1.00M▼
Amounts receivable within one year40/41€3.04M€2.39M▼
Trade receivables40€1.74M€956k▼
Other amounts receivable41€1.30M€1.43M▲
Current investments50/53€20.26M€15.26M▼
Other investments51/53€20.26M€15.26M▼
Cash at bank and in hand54/58€22.00M€24.57M▲
Deferred charges and accrued income490/1€4.76M€4.98M▲
Equity and liabilities
Total equity and liabilities10/49€603.41M€603.04M▼
Equity10/15€149.36M€148.38M▼
Contributions10/11€54k€54k=
Reserves13€123.09M€121.21M▼
Non-distributable reserves130/1€74.72M€73.58M▼
Reserves not available under the articles1311€74.72M€73.58M▼
Tax-exempt reserves132€48.38M€47.63M▼
Investment grants15€26.22M€27.11M▲
Provisions and deferred taxes16€4.87M€4.67M▼
Provisions for liabilities and charges160/5€1.77M€1.55M▼
Major repairs and maintenance162€1.77M€1.55M▼
Deferred taxes168€3.11M€3.12M▲
Amounts payable17/49€449.17M€450.00M▲
Amounts payable after more than one year17€418.57M€417.42M▼
Financial debts170/4€413.72M€412.19M▼
Leasing and similar obligations172€1.41M€1.07M▼
Credit institutions173€412.30M€408.75M▼
Other loans174-€2.38M
Other amounts payable178/9€4.85M€5.23M▲
Amounts payable within one year42/48€27.40M€29.37M▲
Current portion of amounts payable after more than one year42€17.20M€18.59M▲
Trade debts44€4.63M€6.35M▲
Suppliers440/4€4.63M€6.35M▲
Taxes, remuneration and social security45€3.63M€1.54M▼
Taxes450/3€2.76M€562k▼
Remuneration and social security454/9€870k€981k▲
Other amounts payable47/48€1.95M€2.88M▲
Accrued charges and deferred income492/3€3.20M€3.20M=
Income statement
Code20242025
Operating income70/76A€42.54M€44.42M▲
Turnover70€36.57M€40.78M▲
Own construction capitalised72€266k€231k▼
Other operating income74€4.76M€3.23M▼
Non-recurring operating income76A€957k€183k▼
Operating charges60/66A€42.51M€46.43M▲
Goods for resale, raw materials and consumables60€944k€2.07M▲
Purchases600/8€423k€139k▼
Change in stocks: decrease (increase)609€521k€1.93M▲
Services and other goods61€16.02M€18.19M▲
Remuneration, social security and pensions62€7.26M€7.60M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€13.86M€14.40M▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€806k€787k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-117k€-218k▼
Other operating charges640/8€3.28M€3.45M▲
Non-recurring operating charges66A€458k€157k▼
Operating profit (loss)9901€36k€-2.01M▼
Financial income75/76B€8.04M€8.71M▲
Recurring financial income75€8.04M€8.71M▲
Income from current assets751€563k€559k▼
Other financial income752/9€7.47M€8.15M▲
Financial charges65/66B€7.84M€8.64M▲
Recurring financial charges65€7.84M€8.64M▲
Debt charges650€7.82M€8.64M▲
Other financial charges652/9€18k€2k▼
Profit (loss) for the period before taxes9903€232k€-1.94M▼
Transfer from deferred taxes780€85k€85k▲
Transfer to deferred taxes680€32k€16k▼
Income taxes67/77€62k€5k▼
Taxes670/3€62k€10k▼
Tax adjustments and reversals of tax provisions77-€5k
Profit (loss) for the period9904€223k€-1.88M▼
Transfer from tax-exempt reserves789€1.05M€1.06M▲
Transfer to tax-exempt reserves689€599k€311k▼
Profit (loss) for the period to be appropriated9905€675k€-1.13M▼
Appropriation of the result
Profit (loss) to be appropriated9906€675k€-1.13M▼
Transfer from equity791/2-€1.13M
From reserves792-€1.13M
Transfer to equity691/2€673k-
To other reserves6921€673k-
Profit to be distributed694/7€2k-
Return on contributions (dividend)694€2k-
Social balance
Average headcount (FTE)908788.890.9▲
The notes to these accounts (89 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
20-07
State Gazette act
Capital & shares · Statutes amendment · RestructuringStatutes amendment · Demerger · Share issue16 facts ▸
State Gazette act
Capital & shares · Statutes amendment · Restructuring
Statutes amendment · Demerger · Share issue16 facts ▸
- General meeting, 09-06-2026
- Statutes amendment
- Statutes amendment
- Demerger, partiele splitsing door overneming, 128
- Share issue, 128, Eerste partiële splitsing (Woonmaatschappij IJZER EN ZEE)
- Accounting effect, 01-01-2026
- Demerger, partiele splitsing door overneming, 128
- Share issue, 128, Tweede partiële splitsing (ONS ONDERDAK)
- Accounting effect, 01-01-2026
- Demerger, partiele splitsing door overneming, 128
- Share issue, 128, Derde partiële splitsing (WOONSTART)
- Accounting effect, 01-01-2026
- +4 further facts in this act
72.5% of this act was read; anything after the cut is not in this list.Read the act at the Belgisch Staatsblad ↗
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-1.88M ▼944%
Net result drops to €-1.88M, the lowest in the series.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
07-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 7 days late
2023
22-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €20.91M ▲587%
Operating result €22.78M, net result €20.91M, both a record.
17-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €100MEq €106.24M ▲6.3%
2 profitable years in a row build equity to €106.24M.
20-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
24-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
23-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
35 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Roeselare · 1 establishment unit since 1920
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.
Groenestraat 2248800 RoeselareGround area
8,795 m²
Building footprint
2,422 m²
Parcel 36504D0629/00G000, Flanders. Linked by address, not a title deed.
1 establishment unit
Thuiswest
since 19202.209.823.514
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36504D0629/00G000 | Flanders | 8,795 m² | 1 · 2,422 m² | - |
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.
Structure & network
Acquisitions and mergers
3 transactionsSplit off to:ONS ONDERDAK
Split off to:WOONMAATSCHAPPIJ IJZER EN ZEE
Split off to:WOONSTART
Public money · subsidies and aid
Flemish government
2022 to 2025 · 25 entries · 46,499,689 EUR awarded · 44,964,558 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 7 | 13,266,044 EUR | 11,549,428 EUR |
| 2024 | 7 | 10,873,269 EUR | 11,025,344 EUR |
| 2023 | 5 | 11,277,021 EUR | 10,952,772 EUR |
| 2022 | 6 | 11,083,355 EUR | 11,437,014 EUR |
Schemes
Tussenkomst FS3 aan initiatiefnemers
Subsidie voor sloop en infrastructuurwerken
Gewestelijke sociale correctie (GSC)
Subsidie Vlaams Klimaatfonds
Subsidie voor het uitvoeren van innovatieve bouwprojecten in sociale huisvesting
Show 6 more
Restauratiepremie
Tegemoetkoming aan woonmaatschappijen voor het verschil tussen erfpachtcanon en de reële huurprijs en forfaitaire tegemoetkoming voor leegstand en wanbetaling
Fusieondersteuning voor woonmaatschappijen
Individueel Maatwerk
Erkenning en subsidiëring lokale diensteneconomie-onderneming (stopgezet)
Vlaams opleidingsverlof (VOV)
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Of 206 companies in sector 68202 we hold annual accounts for 190. 115 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded03-09-1920
Fiscal year end31-12
Activities, NACEBEL 2025
68202Real estate activities
Sources
Crossroads Bank for EnterprisesNational Bank · 50 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.