Equity
€53,949 from €283,431 in 2018
Equity fell by 81% in 7 years.
TIBAS
Lifetime
15 annual accounts with figures on one time axispeak €686,858 (2016)
€463,926▼ 3.8%
lowest -€112,657 (2023)
-€61,621▼ €129,475
peak €283,431 (2018)
€53,949▼ 53.3%
€722,733▲ 128%
peak 9.5 FTE (2017)
8.3 FTE▲ 36.1%
Board2 names since 2013
1 directorMACY
Owners2 names in the annual accounts
Documentsfilings and deeds
29-06-202632 days before the deadline
2025abbreviated format
Loss of €61,621Staff from 6.1 FTE to 8.3 FTEEquity from €115,570 to €53,949Debts from €316,496 to €722,733Investments €298,291Cash from €62,785 to €7,663
Key points
from the 2025 annual accountsResult
-€61,621 -€61,621
From profit to loss in 2025, after a profit of €67,854 in 2024.
Debts
€722,733 93% of the balance sheet
Financial debts 53%Suppliers 24%Taxes and wages 10%Other 13%
Of this, €459,102 falls due within a year.
Investments
€313,291 4.5 × depreciation
Green is investment, beige is depreciation. Machinery stands 1095.9% higher than in 2024.
Staff
10 employees on 31-12-2025
In 2025, 7 people joined and 5 left.
Position in the sector
-€61,621
Lower net result than 94% of companies in specialised construction. Sector median €26,691 · 9,959 companies.
Checked score
48
Fair
Financially stronger than 11% of micro companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
3.0% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,701 companies (NACE 43, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.6%
01-2025: 2.6%● unchanged vs 12-2024
02-2025: 2.6%● unchanged vs 01-2025
03-2025: 2.6%● unchanged vs 02-2025
04-2025: 2.8%▲ +0.2 percentage points vs 03-2025
05-2025: 2.9%▲ +0.1 percentage points vs 04-2025
06-2025: 2.8%▼ -0.1 percentage points vs 05-2025
07-2025: 1.0%▼ -1.8 percentage points vs 06-2025
08-2025: 1.0%● unchanged vs 07-2025
09-2025: 1.0%● unchanged vs 08-2025
10-2025: 1.0%● unchanged vs 09-2025
11-2025: 1.0%● unchanged vs 10-2025
12-2025: 0.6%▼ -0.4 percentage points vs 11-2025lowest value
01-2026: 0.6%● unchanged vs 12-2025lowest value
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 3.0%▲ +2.4 percentage points vs 06-2026highest value
08-2026: 3.0%● unchanged vs 07-2026
09-2026: 3.0%● unchanged vs 08-2026
10-2026: 3.0%● unchanged vs 09-2026
11-2026: 3.0%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Equity €53,949 (6.9% of total assets)
Loss of €61,621 (financial year 2025)
Sector: Specialised construction activities (NACE 43)
Size: 8.3 FTE, total assets €776,683
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 12% of them on solvency, 12% on liquidity, 14% on profitability and 8% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,037 companies had the same profile as TIBAS has now. Each dot stands for 3 companies, two years later.
93.7%
were still trading
2.9%
stopped another way
2.9%
went bankrupt
Another 0.5% 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 497,447 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.
Credit verdict
Credit of up to €2,500 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.84 (1.23 in 2024), below 1. Short-term debt is 59.1% and cash 1% of total assets. 93.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 9967 sector peers (2025).
NBB · sector comparisonPosition among 9967 sector peers
Solvency
better than 10%
← weakest
strongest →
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 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 days early
2024
31 days early
2023
30 days late
2022
20 days early
2021
51 days early
2020
31 days early
2019
15 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 21 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- SOLUSIO 100%score 50equity €803,498 (2025) · 2025 annual accounts of SOLUSIO
- Dry-wall 52.33%score 49equity €18,044 (2025) · 2022 annual accounts of Dry-wall
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0827802453
Appointment: MACY (director)
Permanent representative: Frederik Albert DE BUCK · General meeting of 21-06-2024 · Gazette deed
Registered office moved from Sint-Niklaas to Zwijndrecht
New registered office: Westpoort 37B, 2070 Zwijndrecht · Previous registered office: Nobels-Peelmanstraat 4 bus A, 9100 Sint-Niklaas · Resignation: Dry-Wall BV (director) · Board meeting of 11-10-2023 · Gazette deed
Registered office moved from Tielrode to Sint-Niklaas
New registered office: Nobels-Peelmanstraat 4A, 9100 Sint-Niklaas · Previous registered office: Moortelstraat 27, 9140 Tielrode · Board meeting of 31-08-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TIBAS Beveren-Kruibeke-Zwijndrecht | €776,683 | €463,926 | 6.9% | 8.3 |
| GENPE Heist-op-den-Berg | €760,880 | €506,273 | 26.8% | 7.8 |
| OP 'T EYNDT INTERIEURBOUW Dilsen-Stokkem | €772,694 | €508,463 | 56.9% | 7 |
| D.D.C. CONSTRUCTIONS Bornem | €622,136 | €457,540 | 28.8% | 6.5 |
| BEZETTINGSWERKEN FRANSEN Herentals | €625,941 | €736,379 | 29.3% | 9 |
| LEFEVRE LODE Menen | €844,583 | €601,103 | 31.6% | 8.2 |
| MARTENS BUILDING MANAGEMENT Aalst | €819,173 | €549,269 | 8.8% | 6.9 |
These companies have the same main activity as TIBAS: plastering work (NACE 43310). They are comparable in size and age: total assets between €622,000 and €845,000, founded between 2006 and 2011.
Official details
Source: KBO- Status
- Active since 12-07-2010Normal situation
- Activity
- Plastering workNACE 43310and 3 others
- Joint committees
- 200Auxiliary committee for white-collar workers
- 124Construction · annual accounts 2022
- Establishment unit
- 2.189.842.0092070 Beveren-Kruibeke-Zwijndrecht, since 14-07-2010
- Financial year end
- 31 December
- Peppol
- Reachable since 31-01-2025
Annual accounts 2025
- ≈ €1.3mestimated
- €776,683▲ 79.8%
- Employeeson 31-12-2025
- 10▲ 25.0%
- Filing
- Filed on 29-06-2026, 32 days before the end of the filing period
Insights on TIBAS
TIBAS files the abbreviated format. That format states no turnover. The gross margin rose from €317,301 in 2011 to €463,926 in 2025.
SOLUSIO holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TIBAS
- What is the company number of TIBAS?
- The company number of TIBAS is 0827.802.453. The VAT number is the same number with BE in front: BE 0827.802.453.
- Where is TIBAS based?
- The registered office is at Westpoort 37B, 2070 Beveren-Kruibeke-Zwijndrecht.Company details
- What does TIBAS do?
- According to the KBO register, the main activity is plastering work (NACE 43310).
- What is the legal form of TIBAS?
- TIBAS is a private limited company (BV).
- When was TIBAS founded?
- TIBAS was founded on 12-07-2010.
- Is TIBAS still active?
- Yes, TIBAS is an active enterprise in the KBO register.
- How many employees does TIBAS have?
- TIBAS had an average of 8.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does TIBAS fall under?
- In its 2022 annual accounts, TIBAS states joint committees 200 (Auxiliary committee for white-collar workers) and 124 (Construction).
- What is the turnover of TIBAS?
- The turnover in financial year 2025 is ≈ €1.3m. This figure is estimated from the gross margin of €463,926 and 39 comparable companies (NACE 433). It probably lies between €1.0m and €1.7m. In financial year 2018 turnover was €1.9m.
- Is TIBAS profitable?
- In financial year 2025, TIBAS made a loss of €61,621.
- Where can I find the annual accounts of TIBAS?
- TIBAS filed 15 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TIBAS due?
- TIBAS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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