TIBAS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 15 filings
Turnover
€1.9m
EBIT margin
6.1%
Net result
-€61,621
2024 · €67,854
Working capital
-€75,339
2024 · €49,562
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€50,849
2025
20182025
Net result
-€61,621
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€53,949
▼ 53.3%
2025
lowest quarter of the sector
20182025
Total assets
€776,683
▲ 79.8%
2025
middle half of the sector
20182025
Debt
€722,733
▲ 128%
2025
20182025
Working capital
-€75,339
2025
lowest quarter of the sector
20182025
Solvency
6.9%
▼ 19.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.84
▼ 0.39
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.9%
▼ 23.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
8.3
▲ 36.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.9m-
Operating result€0.1m--€0.03m-€0.07m▼ 118%€0.06m-€0.09m-€0.1m▼ 21.0%€0.07m-€0.05m
Net result€0.09m--€0.03m-€0.07mbelow the sector's middle half▼ 130%€0.06mwithin the sector's middle half-€0.09mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 22.4%€0.07mwithin the sector's middle half-€0.06mbelow the sector's middle half
EBIT margin6.1%-
Equity€0.3m-€0.3m▼ 10.2%€0.2mwithin the sector's middle half▼ 26.2%€0.3mwithin the sector's middle half▲ 34.5%€0.2mabove the sector's middle half▼ 36.5%€0.05mwithin the sector's middle half▼ 70.2%€0.1mbelow the sector's middle half▲ 142%€0.05mbelow the sector's middle half▼ 53.3%
Total assets€0.3m-€0.4m▲ 33.7%€0.2mbelow the sector's middle half▼ 47.8%€0.3mbelow the sector's middle half▲ 30.1%€0.2mwithin the sector's middle half▼ 34.0%€0.2mwithin the sector's middle half▼ 10.7%€0.4mbelow the sector's middle half▲ 146%€0.8mwithin the sector's middle half▲ 79.8%
Debt€0.04m-€0.2m▲ 311%€0.04m▼ 77.6%€0.05m▲ 10.2%€0.04m▼ 20.2%€0.1m▲ 252%€0.3m▲ 147%€0.7m▲ 128%
Working capital€0.2m-€0.2m▲ 6.3%€0.2mwithin the sector's middle half▼ 26.3%€0.2mwithin the sector's middle half▲ 14.1%€0.1mabove the sector's middle half▼ 42.8%€0.002mbelow the sector's middle half▼ 98.2%€0.05mwithin the sector's middle half▲ 26×-€0.08mbelow the sector's middle half
Solvency86.3%-57.9%▼ 28.4pp82.0%above the sector's middle half▲ 24.0pp84.7%above the sector's middle half▲ 2.8pp81.5%above the sector's middle half▼ 3.2pp27.2%within the sector's middle half▼ 54.4pp26.7%within the sector's middle half▼ 0.4pp6.9%below the sector's middle half▼ 19.8pp
Current ratio5.59-2.20▼ 3.394.90above the sector's middle half▲ 2.705.03above the sector's middle half▲ 0.133.89above the sector's middle half▼ 1.141.01below the sector's middle half▼ 2.871.23within the sector's middle half▲ 0.210.84below the sector's middle half▼ 0.39
Return on assets (ROA)27.5%--6.6%▼ 34.1pp-29.1%below the sector's middle half▼ 22.5pp21.7%above the sector's middle half▲ 50.8pp-46.8%below the sector's middle half▼ 68.5pp-64.1%below the sector's middle half▼ 17.3pp15.7%above the sector's middle half▲ 79.8pp-7.9%below the sector's middle half▼ 23.6pp
Staff (FTE)7.9-8.1▲ 2.5%6.6within the sector's middle half▼ 18.5%6.6within the sector's middle half=6.3▼ 4.5%5.4▼ 14.3%6.1within the sector's middle half▲ 13.0%8.3within the sector's middle half▲ 36.1%
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 2025 is a loss of €50,849, after a profit of €71,910 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €776,683
Fixed assets
€392,919 ▲ 140%
Current assets
€383,763 ▲ 43.1%
Equity and liabilities €776,683
Equity
€53,949 ▼ 53.3%
Debt
€722,733 ▲ 128%
Debt's share of the balance-sheet total rises from 73.3% to 93.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€18,404▼
2024 · €96,944
Cash flow
€7,633▼
2024 · €92,888
Quick ratio
0.75▼
2024 · 1.06
Debt to equity
13.40▲
2024 · 2.74
ROE
-114.2%▼
2024 · 58.7%
Interest coverage
1.29▼
2024 · 17.02
Debt ≤ 1 year
€459,102▲
2024 · €218,623
Debt > 1 year
€263,631▲
2024 · €97,873
Income taxes
€659▲
2024 · €538
Staff costs
€428,490▲
2024 · €380,844
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 7 | 5 | 8 | 10 |
| full-time | 6 | 6 | 4 | 7 | 10 |
| part-time | 1 | 1 | 1 | 1 | 0 |
| in full-time equivalents | 6.6 | 6.3 | 4.8 | 7.8 | 10 |
| Average over the year, in full-time equivalents | 6.6 | 6.3 | 5.4 | 6.1 | 8.3 |
| On a permanent contract | 6 | 7 | 5 | 8 | 10 |
| Joined | 2 | - | 0 | 4 | 7 |
| Left | 3 | - | 1 | 1 | 5 |
| Training hours | - | - | - | - | 16 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €49,692 | - | €3,950 | €142,839 | €208,291 |
| Intangible fixed assets | - | - | - | - | €105,000 |
| Financial fixed assets | €5 | - | €3,675 | - | €0 |
| Depreciation and write-downs of the year | €7,697 | €13,429 | €11,158 | €25,034 | €69,254 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €5,060 awarded · €5,060 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,250 | €2,250 |
| 2022 | 1 | €2,810 | €2,810 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.9m | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €413 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.04m | €0.04m | €0.02m | €0.008m | €0.01m | €0.01m | €0.03m | €0.07m | ▲ 177% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.01m | €0.01m | €0.004m | €0.005m | ▲ 23.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.01m | - |
| Gross operating margin9900 | €0.6m | €0.5m | €0.3m | €0.4m | €0.3m | €0.3m | €0.5m | €0.5m | ▼ 3.8% |
| Operating profit (loss)9901 | €0.1m | -€0.03m | -€0.07m | €0.06m | -€0.09m | -€0.1m | €0.07m | -€0.05m | - |
| Financial income75/76B | - | - | - | €0.003m | €0.003m | €0.001m | €0.002m | €0.004m | ▲ 89.8% |
| Recurring financial income75 | €0.004m | €0.004m | €0.002m | €0.003m | €0.003m | €0.001m | €0.002m | €0.004m | ▲ 89.8% |
| Financial charges65/66B | - | - | - | €274 | €0.001m | €267 | €0.006m | €0.01m | ▲ 150% |
| Recurring financial charges65 | €278 | €0.001m | €0.001m | €274 | €0.001m | €267 | €0.006m | €0.01m | ▲ 150% |
| Profit (loss) for the period before taxes9903 | €0.1m | -€0.03m | -€0.07m | €0.07m | -€0.09m | -€0.1m | €0.07m | -€0.06m | - |
| Income taxes67/77 | €0.03m | €492 | €351 | €411 | €0.001m | €468 | €0.001m | €0.001m | ▲ 22.6% |
| Profit (loss) for the period9904 | €0.09m | -€0.03m | -€0.07m | €0.06m | -€0.09m | -€0.1m | €0.07m | -€0.06m | - |
| Profit (loss) for the period to be appropriated9905 | €0.09m | -€0.03m | -€0.07m | €0.06m | -€0.09m | -€0.1m | €0.07m | -€0.06m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €328,367 | €439,120 | €229,066 | €297,972 | €196,720 | €175,664 | €432,066 | €776,683 | ▲ 79.8% |
| Fixed assets21/28 | €78,072 | €39,153 | €26,787 | €68,788 | €55,359 | €45,826 | €163,882 | €392,919 | ▲ 140% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €98,499 | - |
| Tangible fixed assets22/27 | €78,022 | €39,103 | €20,742 | €62,738 | €49,309 | €42,101 | €159,907 | €290,445 | ▲ 81.6% |
| Plant, machinery and equipment23 | - | - | - | €2,734 | €2,033 | €5,089 | €5,679 | €67,921 | ▲ 12× |
| Furniture and vehicles24 | - | - | - | €40,211 | €29,680 | €21,614 | €19,120 | €57,277 | ▲ 200% |
| Leasing and similar rights25 | - | - | - | - | - | - | €121,906 | €154,243 | ▲ 26.5% |
| Other tangible fixed assets26 | - | - | - | €19,793 | €17,596 | €15,398 | €13,201 | €11,004 | ▼ 16.6% |
| Financial fixed assets28 | €50 | €50 | €6,045 | €6,050 | €6,050 | €3,725 | €3,975 | €3,975 | = |
| Current assets29/58 | €250,294 | €399,967 | €202,279 | €229,184 | €141,361 | €129,837 | €268,184 | €383,763 | ▲ 43.1% |
| Stocks and contracts in progress3 | €53,240 | €73,490 | €48,423 | €64,686 | €55,763 | €37,959 | €36,462 | €40,218 | ▲ 10.3% |
| Stocks30/36 | - | - | - | €64,686 | €55,763 | €37,959 | €36,462 | €40,218 | ▲ 10.3% |
| Amounts receivable within one year40/41 | €135,973 | €189,818 | €104,514 | €103,924 | €64,873 | €80,826 | €150,658 | €320,953 | ▲ 113% |
| Trade receivables40 | - | - | - | €57,969 | €45,524 | €71,687 | €136,424 | €94,820 | ▼ 30.5% |
| Other amounts receivable41 | - | - | - | €45,955 | €19,349 | €9,139 | €14,235 | €226,134 | ▲ 16× |
| Cash at bank and in hand54/58 | €33,965 | €40,886 | €33,496 | €53,081 | €16,637 | €6,392 | €62,785 | €7,663 | ▼ 87.8% |
| Deferred charges and accrued income490/1 | - | - | - | €7,494 | €4,088 | €4,661 | €18,278 | €14,929 | ▼ 18.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €328,367 | €439,120 | €229,066 | €297,972 | €196,720 | €175,664 | €432,066 | €776,683 | ▲ 79.8% |
| Equity10/15 | €283,431 | €254,451 | €187,729 | €252,422 | €160,373 | €47,716 | €115,570 | €53,949 | ▼ 53.3% |
| Contributions10/11 | €43,000 | €43,000 | - | €43,000 | €43,000 | €43,000 | €43,000 | €43,000 | = |
| Reserves13 | €240,431 | €211,451 | €144,729 | €209,422 | €117,373 | €4,716 | €72,570 | €10,949 | ▼ 84.9% |
| Non-distributable reserves130/1 | - | - | - | €4,300 | €4,300 | €4,300 | €4,300 | €4,300 | = |
| Reserves not available under the articles1311 | - | - | - | €4,300 | €4,300 | €4,300 | €4,300 | €4,300 | = |
| Distributable reserves133 | - | - | - | €205,122 | €113,073 | €416 | €68,270 | €6,649 | ▼ 90.3% |
| Amounts payable17/49 | €44,935 | €184,669 | €41,337 | €45,550 | €36,346 | €127,948 | €316,496 | €722,733 | ▲ 128% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €97,873 | €263,631 | ▲ 169% |
| Financial debts170/4 | - | - | - | - | - | - | €97,873 | €263,631 | ▲ 169% |
| Amounts payable within one year42/48 | €44,785 | €181,553 | €41,275 | €45,550 | €36,346 | €127,948 | €218,623 | €459,102 | ▲ 110% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €37,888 | €91,671 | ▲ 142% |
| Financial debts43 | - | - | - | - | - | - | - | €121,395 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €121,395 | - |
| Trade debts44 | €38,147 | €117,900 | €11,605 | €25,720 | €6,982 | €83,497 | €95,425 | €171,118 | ▲ 79.3% |
| Suppliers440/4 | - | - | - | €25,720 | €6,982 | €82,452 | €95,425 | €171,118 | ▲ 79.3% |
| Bills of exchange payable441 | - | - | - | - | - | €1,045 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €19,576 | €28,784 | €27,451 | €75,310 | €74,918 | ▼ 0.5% |
| Taxes450/3 | - | - | - | €84 | €7,204 | €8,462 | €6,740 | €9,834 | ▲ 45.9% |
| Remuneration and social security454/9 | - | - | - | €19,491 | €21,580 | €18,989 | €68,570 | €65,083 | ▼ 5.1% |
| Other amounts payable47/48 | - | - | - | €255 | €580 | €17,000 | €10,000 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €90,272 | -€28,981 | -€66,722 | €64,693 | -€92,048 | -€112,657 | €67,854 | -€61,621 | - |
| + Depreciation and write-downs630 | €41,043 | €36,743 | €21,594 | €7,697 | €13,429 | €11,158 | €25,034 | €69,254 | ▲ 177% |
| Operating cash flow (approximation) | €131,315 | €7,762 | -€45,128 | €72,390 | -€78,620 | -€101,500 | €92,888 | €7,633 | ▼ 91.8% |
| Investment in fixed assets (approximation) | - | €2,176 | -€9,229 | -€49,697 | €0 | -€1,625 | -€143,089 | -€298,291 | ▼ 108% |
| Change in cash | - | €6,921 | -€7,390 | €19,585 | -€36,443 | -€10,246 | €56,394 | -€55,122 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,037 companies had the same profile as TIBAS has now. Two years later, 93.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
93.8%
was still going
2.9%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TIBAS itself: 3.0% 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.
| 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 1,037 companies, not a prediction for TIBAS. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00213831 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00196453 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00409582 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00230478 | |
| 31-12-2021 | abbreviated format | 10-06-2022 | 2022-20062227 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-28400578 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-31500333 | |
| 31-12-2018 | abbreviated format | 14-06-2019 | 2019-18700526 | |
| 31-12-2017 | micro format | 14-06-2018 | 2018-18700188 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-27700150 |