THYBATI

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Private limited companyfounded 2009active for 17 yearsRue Basse(J-J) 29, 1350 Orp-Jauche, BelgiumKBO/BCE: BE 0811.128.351

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THYBATIActiveChecked score 65/100

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Financials · financial year 2026, micro format

Annual accounts 2026 filed on 28-10-2026 at the NBB all 17 filings

Turnover

≈ €1.2m

Estimated: probably between €780,000 and €1.7m

EBIT margin

Not included in this filing

Net result

€322▼ 96.8%

2025 · €9,991

Working capital

-€110,656▲ 25.3%

2025 · -€148,102

In the rankings #4 company by total assets in Orp-Jauche, Construction sector #10 company by equity in Orp-Jauche, Construction sector

Multi-year overview

2019 to 2026, 8 financial years

Operating result

€32,955

▼ 5.8% 2026

20192026

Net result

€322

▼ 96.8% 2026

20192026

Equity

€122,060

▲ 0.3% 2026

20192026

Total assets

€1.1m

▲ 55.8% 2026

20192026

Debt

€1.0m

▲ 66.8% 2026

20192026

Working capital

-€110,656

▲ 25.3% 2026

20192026

Solvency

10.7%

▼ 5.9pp 2026

20192026

Current ratio

0.89

▲ 0.14 2026

20192026

Return on assets (ROA)

0.0%

▼ 1.3pp 2026

20192026

Staff (FTE)

▲ 73.9% 2026

20192026

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line20192020202120222023202420252026

Operating result-€0.02m-€0.07m€0.02m▼ 66.4%€0.03m▲ 39.5%€0.004m▼ 88.1%€0.002m▼ 38.9%€0.03m▲ 15×€0.03m▼ 5.8%

Net result-€0.05m-€0.04m€0.01m▼ 66.5%€0.01m▲ 7.9%-€0.01m-€0.01m▲ 2.6%€0.01m€322▼ 96.8%

Equity€0.07m-€0.1m▲ 51.9%€0.1m▲ 11.4%€0.1m▲ 11.1%€0.1m▼ 8.9%€0.1m▼ 9.6%€0.1m▲ 8.9%€0.1m▲ 0.3%

Total assets€1.2m-€0.5m▼ 57.1%€0.6m▲ 13.3%€0.8m▲ 31.9%€0.7m▼ 8.2%€0.6m▼ 9.9%€0.7m▲ 14.5%€1.1m▲ 55.8%

Debt€1.1m-€0.4m▼ 64.0%€0.5m▲ 13.8%€0.6m▲ 37.4%€0.6m▼ 8.0%€0.5m▼ 10.0%€0.6m▲ 15.6%€1.0m▲ 66.8%

Working capital€0.02m-€0.08m▲ 258%€0.1m▲ 59.5%€0.1m▼ 2.9%€0.03m▼ 71.8%-€97-€0.1m▼ 152,930%-€0.1m▲ 25.3%

Solvency6.0%-21.1%▲ 15.1pp20.8%▼ 0.3pp17.5%▼ 3.3pp17.3%▼ 0.1pp17.4%▲ 0.1pp16.6%▼ 0.8pp10.7%▼ 5.9pp

Current ratio1.02-1.20▲ 0.181.31▲ 0.111.21▼ 0.101.06▼ 0.151.00▼ 0.060.76▼ 0.240.89▲ 0.14

Return on assets (ROA)-4.0%-7.2%▲ 11.2pp2.1%▼ 5.1pp1.7%▼ 0.4pp-1.7%▼ 3.4pp-1.8%▼ 0.1pp1.4%▲ 3.2pp0.0%▼ 1.3pp

Staff (FTE)5.4-4.4▼ 18.5%3.6▼ 18.2%3.9▲ 8.3%4.3▲ 10.3%3.5▼ 18.6%2.3▼ 34.3%4▲ 73.9%

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 2026 is 6% lower than in 2025.

The turnover shown is an estimate from the gross margin.

Balance-sheet composition

2026 in colour, 2025 as the grey bar beneath

Assets €1.1m

20.3%

79.7%

Fixed assets €232,717 ▼ 15.1%

Current assets €912,232 ▲ 98.0%

Equity and liabilities €1.1m

11%

89.3%

Equity €122,060 ▲ 0.3%

Debt €1.0m ▲ 66.8%

Debt's share of the balance-sheet total rises from 83.4% to 89.3%. Equity and debt are higher.

Key figures and ratios

2026 value · change against 2025

EBITDA

€94,062▲

2025 · €72,911

Cash flow

€61,428▲

2025 · €47,908

Quick ratio

0.21▲

2025 · 0.08

Debt to equity

8.38▲

2025 · 5.04

ROE

0.3%▼

2025 · 8.2%

Interest coverage

10.64▲

2025 · 9.12

Debt ≤ 1 year

€1.0m▲

2025 · €608,905

Income taxes

€23,875▲

2025 · €17,424

Staff costs

€206,421▲

2025 · €131,200

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet

Item	31-03-2022	31-03-2023	31-03-2024	31-03-2025	31-03-2026
Employees at the balance-sheet date	5	4	2	-	4
full-time	5	4	2	-	4
in full-time equivalents	5	4	2	-	4
Average over the year, in full-time equivalents	3.9	4.3	3.5	2.3	4
On a permanent contract	2	4	2	-	4
Joined	3	0	1	-	-
Left	3	1	3	-	-

Source: social balance sheet in the 2022 to 2026 annual accounts

Investments

fixed assets acquired

Item	31-03-2022	31-03-2023	31-03-2024	31-03-2025	31-03-2026
Tangible fixed assets	€48,527	€139,422	€59,208	€297,343	€173,211
Depreciation and write-downs of the year	€34,452	€23,323	€35,739	€37,917	€61,107

Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2026 against 2025 · 46 lines

Balance sheet Code20252026

Assets

Total assets20/58€0.7m€1.1m▲

Fixed assets21/28€0.3m€0.2m▼

Tangible fixed assets22/27€0.3m€0.2m▼

Plant, machinery and equipment23€0.03m€0.05m▲

Furniture and vehicles24€0.2m€0.2m▼

Current assets29/58€0.5m€0.9m▲

Stocks and contracts in progress3€0.4m€0.7m▲

Stocks30/36€0.4m€0.7m▲

Amounts receivable within one year40/41€0.03m€0.2m▲

Trade receivables40€0.03m€0.2m▲

Other amounts receivable41€0.007m€0.007m=

Cash at bank and in hand54/58€0.007m-

Deferred charges and accrued income490/1€0.008m€0.002m▼

Equity and liabilities

Total equity and liabilities10/49€0.7m€1.1m▲

Equity10/15€0.1m€0.1m▲

Contributions10/11€0.02m€0.02m=

Profit (loss) carried forward14€0.1m€0.1m▲

Amounts payable17/49€0.6m€1.0m▲

Amounts payable within one year42/48€0.6m€1.0m▲

Current portion of amounts payable after more than one year42€0.008m-

Financial debts43€0.02m€0.04m▲

Credit institutions430/8€0.02m€0.04m▲

Trade debts44€0.1m€0.2m▲

Suppliers440/4€0.1m€0.2m▲

Taxes, remuneration and social security45€0.1m€0.1m▼

Taxes450/3€0.09m€0.07m▼

Remuneration and social security454/9€0.05m€0.07m▲

Other amounts payable47/48€0.3m€0.7m▲

Accrued charges and deferred income492/3€0.004m-

Income statement Code20252026

Non-recurring operating income76A-€0.006m

Remuneration, social security and pensions62€0.1m€0.2m▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.04m€0.06m▲

Other operating charges640/8€0.03m€0.05m▲

Non-recurring operating charges66A€0.03m€0.06m▲

Gross operating margin9900€0.3m€0.4m▲

Operating profit (loss)9901€0.03m€0.03m▼

Financial income75/76B€413€79▼

Recurring financial income75€413€79▼

Financial charges65/66B€0.008m€0.009m▲

Recurring financial charges65€0.008m€0.009m▲

Profit (loss) for the period before taxes9903€0.03m€0.02m▼

Income taxes67/77€0.02m€0.02m▲

Profit (loss) for the period9904€0.01m€322▼

Profit (loss) for the period to be appropriated9905€0.01m€322▼

Appropriation of the result

Profit (loss) to be appropriated9906€0.1m€0.1m▲

Profit (loss) brought forward from the previous period14P€0.09m€0.1m▲

The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2026 at the NBB, filed on 28-10-2026.

Line	2019	2020	2021	2022	2023	2024	2025	2026	Change
Non-recurring operating income76A	-	-	-	€6,777	€40,000	€68,806	-	€5,639	-
Remuneration, social security and pensions62	-	-	-	€142,787	€144,594	€136,526	€131,200	€206,421	▲ 57.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€42,253	€34,179	€34,144	€34,452	€23,323	€35,739	€37,917	€61,107	▲ 61.2%
Other operating charges640/8	-	-	-	€36,609	€18,364	€25,452	€33,708	€45,187	▲ 34.1%
Non-recurring operating charges66A	-	-	-	€5,569	€23,513	€11,694	€31,689	€62,854	▲ 98.3%
Gross operating margin9900	€268,996	€282,013	€156,186	€251,062	€213,555	€211,710	€269,508	€408,524	▲ 51.6%
Operating profit (loss)9901	-€21,819	€67,495	€22,678	€31,645	€3,760	€2,299	€34,994	€32,955	▼ 5.8%
Financial income75/76B	-	-	-	€86	€99	€43	€413	€79	▼ 80.9%
Recurring financial income75	€41	€80	€68	€86	€99	€43	€413	€79	▼ 80.9%
Financial charges65/66B	-	-	-	€11,829	€11,674	€10,151	€7,992	€8,838	▲ 10.6%
Recurring financial charges65	€26,233	€26,920	€8,299	€11,829	€11,674	€10,151	€7,992	€8,838	▲ 10.6%
Profit (loss) for the period before taxes9903	-€48,011	€40,655	€14,447	€19,902	-€7,815	-€7,809	€27,415	€24,196	▼ 11.7%
Income taxes67/77	€446	€3,209	€1,903	€6,368	€4,302	€3,990	€17,424	€23,875	▲ 37.0%
Profit (loss) for the period9904	-€48,457	€37,446	€12,545	€13,535	-€12,117	-€11,799	€9,991	€322	▼ 96.8%
Profit (loss) for the period to be appropriated9905	-€48,457	€37,446	€12,545	€13,535	-€12,117	-€11,799	€9,991	€322	▼ 96.8%

Line	2019	2020	2021	2022	2023	2024	2025	2026	Change
Assets
Total assets20/58	€1.2m	€0.5m	€0.6m	€0.8m	€0.7m	€0.6m	€0.7m	€1.1m	▲ 55.8%
Fixed assets21/28	€0.08m	€0.06m	€0.07m	€0.09m	€0.1m	€0.1m	€0.3m	€0.2m	▼ 15.1%
Intangible fixed assets21	€0.001m	€0.001m	€471	-	-	-	-	-	-
Tangible fixed assets22/27	€0.08m	€0.05m	€0.07m	€0.09m	€0.1m	€0.1m	€0.3m	€0.2m	▼ 15.1%
Plant, machinery and equipment23	-	-	-	€0.02m	€0.04m	€0.04m	€0.03m	€0.05m	▲ 31.4%
Furniture and vehicles24	-	-	-	€0.07m	€0.08m	€0.08m	€0.2m	€0.2m	▼ 21.8%
Financial fixed assets28	€0.001m	€0.001m	€0.001m	€0.001m	€0.001m	€0.001m	-	-	-
Current assets29/58	€1.1m	€0.5m	€0.5m	€0.7m	€0.6m	€0.5m	€0.5m	€0.9m	▲ 98.0%
Stocks and contracts in progress3	€0.9m	€0.3m	€0.4m	€0.6m	€0.5m	€0.5m	€0.4m	€0.7m	▲ 69.4%
Stocks30/36	-	-	-	€0.6m	€0.5m	€0.5m	€0.4m	€0.7m	▲ 69.4%
Amounts receivable within one year40/41	€0.2m	€0.1m	€0.07m	€0.06m	€0.1m	€0.04m	€0.03m	€0.2m	▲ 550%
Trade receivables40	-	-	-	€0.05m	€0.09m	€0.04m	€0.03m	€0.2m	▲ 698%
Other amounts receivable41	-	-	-	€0.01m	€0.02m	€0.006m	€0.007m	€0.007m	=
Cash at bank and in hand54/58	€0.01m	€0.008m	€0.02m	€0.02m	€0.002m	€0.01m	€0.007m	-	-
Deferred charges and accrued income490/1	-	-	-	€0.008m	€0.009m	€0.003m	€0.008m	€0.002m	▼ 70.8%
Equity and liabilities
Total equity and liabilities10/49	€1.2m	€0.5m	€0.6m	€0.8m	€0.7m	€0.6m	€0.7m	€1.1m	▲ 55.8%
Equity10/15	€0.07m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	▲ 0.3%
Contributions10/11	€0.02m	€0.02m	-	€0.02m	€0.02m	€0.02m	€0.02m	€0.02m	=
Reserves13	€0.002m	€0.002m	€0.002m	€0.002m	€0.002m	-	-	-	-
Non-distributable reserves130/1	-	-	-	€0.002m	€0.002m	-	-	-	-
Reserves not available under the articles1311	-	-	-	€0.002m	€0.002m	-	-	-	-
Profit (loss) carried forward14	€0.05m	€0.09m	€0.1m	€0.1m	€0.1m	€0.09m	€0.1m	€0.1m	▲ 0.3%
Amounts payable17/49	€1.1m	€0.4m	€0.5m	€0.6m	€0.6m	€0.5m	€0.6m	€1.0m	▲ 66.8%
Amounts payable after more than one year17	€0.03m	€0.02m	€0.07m	€0.07m	€0.03m	€0.008m	-	-	-
Financial debts170/4	-	-	-	€0.07m	€0.03m	€0.008m	-	-	-
Amounts payable within one year42/48	€1.1m	€0.4m	€0.4m	€0.6m	€0.6m	€0.5m	€0.6m	€1.0m	▲ 68.0%
Current portion of amounts payable after more than one year42	-	-	-	€0.05m	€0.04m	€0.02m	€0.008m	-	-
Financial debts43	-	-	-	€0.02m	€0.03m	€0.03m	€0.02m	€0.04m	▲ 87.5%
Credit institutions430/8	-	-	-	€0.02m	€0.03m	€0.03m	€0.02m	€0.04m	▲ 87.5%
Trade debts44	€0.1m	€0.1m	€0.09m	€0.1m	€0.2m	€0.1m	€0.1m	€0.2m	▲ 18.2%
Suppliers440/4	-	-	-	€0.1m	€0.2m	€0.1m	€0.1m	€0.2m	▲ 18.2%
Advances received on contracts in progress46	-	-	-	€0.01m	-	-	-	-	-
Taxes, remuneration and social security45	-	-	-	€0.1m	€0.1m	€0.1m	€0.1m	€0.1m	▼ 0.4%
Taxes450/3	-	-	-	€0.07m	€0.09m	€0.07m	€0.09m	€0.07m	▼ 23.3%
Remuneration and social security454/9	-	-	-	€0.04m	€0.05m	€0.05m	€0.05m	€0.07m	▲ 40.6%
Other amounts payable47/48	-	-	-	€0.3m	€0.2m	€0.2m	€0.3m	€0.7m	▲ 127%
Accrued charges and deferred income492/3	-	-	-	-	€12	€0.001m	€0.004m	-	-

Line	2019	2020	2021	2022	2023	2024	2025	2026	Change
Profit (loss) for the period9904	-€48,457	€37,446	€12,545	€13,535	-€12,117	-€11,799	€9,991	€322	▼ 96.8%
+ Depreciation and write-downs630	€42,253	€34,179	€34,144	€34,452	€23,323	€35,739	€37,917	€61,107	▲ 61.2%
Operating cash flow (approximation)	-€6,204	€71,625	€46,689	€47,986	€11,206	€23,940	€47,908	€61,428	▲ 28.2%
Investment in fixed assets (approximation)	-	-€5,427	-€48,372	-€50,921	-€57,409	-€35,910	-€191,125	-€19,796	▲ 89.6%
Change in cash	-	-€1,982	€15,145	-€1,556	-€20,214	€8,350	-€3,257	-	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 4,508 companies had the same profile as THYBATI has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.

Micro
10 to 20 years old
solvency 10 to 30%
a profit under 5% of the balance sheet

96.9% was still going

1.6% stopped otherwise

1.4% went bankrupt

That fits the bankruptcy probability of THYBATI itself: 1.0% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 4,508 companies, not a prediction for THYBATI. 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.

Latest 10 of 17 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-03-2026	micro format	28-10-2026	2026-00570586	PDF
31-03-2025	micro format	30-10-2025	2025-00553869	PDF
31-03-2024	micro format	04-11-2024	2024-00527981	PDF
31-03-2023	micro format	13-10-2023	2023-00488847	PDF
31-03-2022	micro format	23-09-2022	2022-20449580	PDF
31-03-2021	micro format	23-09-2021	2021-68200248	PDF
31-03-2020	micro format	04-11-2020	2020-68800496	PDF
31-03-2019	full format	05-10-2019	2019-69000450	PDF
31-03-2018	full format	21-08-2018	2018-47900227	PDF
31-03-2017	full format	17-08-2017	2017-45800096	PDF

Show all 17 filings

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