TIBO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-01-2026 PDF all 41 filings
Turnover
≈ €630,000
Estimated: probably between €430,000 and €980,000
Total assets
€748,239▲ 4.5%
2024 · €716,147
Net result
€4,577
2024 · -€11,193
Working capital
€215,482▼ 0.5%
2024 · €216,494
In the rankings
#9 oldest company in Torhout, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€18,194
2025
20192025
Net result
€4,577
2025
middle half of the sector
20192025
Equity
€500,914
▲ 0.9%
2025
middle half of the sector
20192025
Total assets
€748,239
▲ 4.5%
2025
middle half of the sector
20192025
Debt
€233,021
▲ 14.0%
2025
20192025
Working capital
€215,482
▼ 0.5%
2025
middle half of the sector
20192025
Solvency
66.9%
▼ 2.4pp
2025
highest quarter of the sector
20192025
Current ratio
1.98
▼ 0.14
2025
middle half of the sector
20192025
Return on assets (ROA)
0.6%
▲ 2.2pp
2025
middle half of the sector
20192025
Staff (FTE)
2
=
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€57,590-€15,866▼ 72.5%€3,922▼ 75.3%€19,726▲ 403%€7,008▼ 64.5%-€1,687€18,194
Net result€26,604-€3,233within the sector's middle half▼ 87.8%-€2,184below the sector's middle half€7,306within the sector's middle half-€2,050below the sector's middle half-€11,193below the sector's middle half▼ 446%€4,577within the sector's middle half
Equity€502,025-€504,457within the sector's middle half▲ 0.5%€502,274within the sector's middle half▼ 0.4%€509,580within the sector's middle half▲ 1.5%€507,530within the sector's middle half▼ 0.4%€496,337within the sector's middle half▼ 2.2%€500,914within the sector's middle half▲ 0.9%
Total assets€780,210-€740,362within the sector's middle half▼ 5.1%€774,094within the sector's middle half▲ 4.6%€755,066within the sector's middle half▼ 2.5%€748,726within the sector's middle half▼ 0.8%€716,147within the sector's middle half▼ 4.4%€748,239within the sector's middle half▲ 4.5%
Debt€256,535-€215,525▼ 16.0%€252,712▲ 17.3%€227,648▼ 9.9%€224,630▼ 1.3%€204,374▼ 9.0%€233,021▲ 14.0%
Working capital€86,289-€125,474within the sector's middle half▲ 45.4%€126,790within the sector's middle half▲ 1.0%€168,615within the sector's middle half▲ 33.0%€203,476within the sector's middle half▲ 20.7%€216,494within the sector's middle half▲ 6.4%€215,482within the sector's middle half▼ 0.5%
Solvency64.3%-68.1%above the sector's middle half▲ 3.8pp64.9%above the sector's middle half▼ 3.3pp67.5%above the sector's middle half▲ 2.6pp67.8%above the sector's middle half▲ 0.3pp69.3%above the sector's middle half▲ 1.5pp66.9%above the sector's middle half▼ 2.4pp
Current ratio1.36-1.62within the sector's middle half▲ 0.261.52within the sector's middle half▼ 0.101.77within the sector's middle half▲ 0.251.94within the sector's middle half▲ 0.172.12within the sector's middle half▲ 0.181.98within the sector's middle half▼ 0.14
Return on assets (ROA)3.4%-0.4%within the sector's middle half▼ 3.0pp-0.3%below the sector's middle half▼ 0.7pp1.0%within the sector's middle half▲ 1.2pp-0.3%below the sector's middle half▼ 1.2pp-1.6%below the sector's middle half▼ 1.3pp0.6%within the sector's middle half▲ 2.2pp
Staff (FTE)3-3within the sector's middle half=3within the sector's middle half=3within the sector's middle half=2.8within the sector's middle half▼ 6.7%2within the sector's middle half▼ 28.6%2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €18,194, after a loss of €1,687 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €748,239
Fixed assets
€312,766 ▲ 2.0%
Current assets
€435,473 ▲ 6.4%
Equity and liabilities €748,239
Equity
€500,914 ▲ 0.9%
Provisions
€14,304 ▼ 7.3%
Debt
€233,021 ▲ 14.0%
Debt's share of the balance-sheet total rises from 28.5% to 31.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€45,859▲
2024 · €24,018
Cash flow
€32,242▲
2024 · €14,513
Quick ratio
1.29▲
2024 · 1.28
Debt to equity
0.47▲
2024 · 0.41
ROE
0.9%▲
2024 · -2.3%
Interest coverage
3.40▲
2024 · 1.97
Debt ≤ 1 year
€219,991▲
2024 · €192,886
Income taxes
€2,488▲
2024 · €0
Staff costs
€123,655▲
2024 · €112,325
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 2 |
| full-time | 3 | 2 | 2 | 2 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 3 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 3 | 2.8 | 2 | 2 |
| On a permanent contract | 3 | 2 | 2 | 2 |
| Joined | - | 0 | - | 0 |
| Left | - | 1 | - | 0 |
| Training hours | 12 | 10 | 10 | 10 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €8,379 | - | €3,704 | €33,017 |
| Financial fixed assets | €4,720 | €9,080 | €9,460 | €5,900 |
| Depreciation and write-downs of the year | €38,756 | €39,214 | €25,705 | €27,665 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €120 awarded · €120 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €120,653 | €130,253 | €112,325 | €123,655 | ▲ 10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €39,032 | €37,495 | €38,896 | €38,756 | €39,214 | €25,705 | €27,665 | ▲ 7.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €7,820 | €8,574 | €8,250 | €8,184 | ▼ 0.8% |
| Gross operating margin9900 | €251,317 | €178,800 | €199,564 | €186,955 | €185,049 | €144,593 | €177,697 | ▲ 22.9% |
| Operating profit (loss)9901 | €57,590 | €15,866 | €3,922 | €19,726 | €7,008 | -€1,687 | €18,194 | - |
| Financial income75/76B | - | - | - | €771 | €1,340 | €1,573 | €1,234 | ▼ 21.5% |
| Recurring financial income75 | €5,219 | €1,218 | €1,516 | €771 | €1,340 | €1,573 | €1,234 | ▼ 21.5% |
| Financial charges65/66B | - | - | - | €9,732 | €10,160 | €12,209 | €13,494 | ▲ 10.5% |
| Recurring financial charges65 | €29,432 | €11,990 | €8,547 | €9,732 | €10,160 | €12,209 | €13,494 | ▲ 10.5% |
| Profit (loss) for the period before taxes9903 | €33,377 | €5,093 | -€3,109 | €10,766 | -€1,812 | -€12,324 | €5,934 | - |
| Transfer from deferred taxes780 | - | - | - | €1,271 | €1,271 | €1,131 | €1,131 | = |
| Income taxes67/77 | €7,344 | €3,131 | €346 | €4,730 | €1,509 | €0 | €2,488 | - |
| Profit (loss) for the period9904 | €26,604 | €3,233 | -€2,184 | €7,306 | -€2,050 | -€11,193 | €4,577 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €3,822 | €3,822 | €3,262 | €3,262 | = |
| Profit (loss) for the period to be appropriated9905 | €27,626 | €7,054 | €1,638 | €11,128 | €1,771 | -€7,931 | €7,839 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €780,210 | €740,362 | €774,094 | €755,066 | €748,726 | €716,147 | €748,239 | ▲ 4.5% |
| Fixed assets21/28 | €451,962 | €411,627 | €402,505 | €367,048 | €329,589 | €306,766 | €312,766 | ▲ 2.0% |
| Tangible fixed assets22/27 | €435,831 | €402,892 | €383,596 | €353,219 | €314,005 | €292,004 | €297,356 | ▲ 1.8% |
| Land and buildings22 | - | - | - | €318,687 | €299,078 | €279,468 | €259,859 | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €9,305 | €6,482 | €7,400 | €5,340 | ▼ 27.8% |
| Furniture and vehicles24 | - | - | - | €25,226 | €8,445 | €5,136 | €32,157 | ▲ 526% |
| Financial fixed assets28 | €16,131 | €8,735 | €18,909 | €13,829 | €15,584 | €14,762 | €15,410 | ▲ 4.4% |
| Current assets29/58 | €328,249 | €328,735 | €371,589 | €388,018 | €419,137 | €409,380 | €435,473 | ▲ 6.4% |
| Stocks and contracts in progress3 | €160,700 | €146,300 | €155,195 | €236,478 | €118,915 | €161,932 | €152,343 | ▼ 5.9% |
| Stocks30/36 | - | - | - | €236,478 | €118,915 | €161,932 | €152,343 | ▼ 5.9% |
| Amounts receivable within one year40/41 | €128,649 | €83,200 | €138,675 | €97,212 | €245,582 | €143,051 | €183,659 | ▲ 28.4% |
| Trade receivables40 | - | - | - | €91,195 | €239,637 | €127,818 | €174,053 | ▲ 36.2% |
| Other amounts receivable41 | - | - | - | €6,017 | €5,945 | €15,232 | €9,607 | ▼ 36.9% |
| Cash at bank and in hand54/58 | €33,029 | €91,217 | €75,409 | €51,245 | €51,761 | €101,542 | €99,326 | ▼ 2.2% |
| Deferred charges and accrued income490/1 | - | - | - | €3,084 | €2,878 | €2,856 | €145 | ▼ 94.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €780,210 | €740,362 | €774,094 | €755,066 | €748,726 | €716,147 | €748,239 | ▲ 4.5% |
| Equity10/15 | €502,025 | €504,457 | €502,274 | €509,580 | €507,530 | €496,337 | €500,914 | ▲ 0.9% |
| Contributions10/11 | €348,681 | €348,681 | - | €348,681 | €348,681 | €348,681 | €348,681 | = |
| Reserves13 | €141,333 | €144,566 | €153,592 | €160,899 | €158,848 | €147,656 | €152,233 | ▲ 3.1% |
| Non-distributable reserves130/1 | - | - | - | €10,628 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,628 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €51,591 | €47,769 | €44,508 | €41,246 | ▼ 7.3% |
| Distributable reserves133 | - | - | - | €98,680 | €111,079 | €103,148 | €110,987 | ▲ 7.6% |
| Profit (loss) carried forward14 | €12,011 | €11,211 | €0 | - | - | - | - | - |
| Provisions and deferred taxes16 | €21,651 | €20,380 | €19,109 | €17,838 | €16,566 | €15,435 | €14,304 | ▼ 7.3% |
| Deferred taxes168 | - | - | - | €17,838 | €16,566 | €15,435 | €14,304 | ▼ 7.3% |
| Amounts payable17/49 | €256,535 | €215,525 | €252,712 | €227,648 | €224,630 | €204,374 | €233,021 | ▲ 14.0% |
| Amounts payable within one year42/48 | €241,959 | €203,261 | €244,799 | €219,403 | €215,661 | €192,886 | €219,991 | ▲ 14.1% |
| Trade debts44 | €47,747 | €13,557 | €21,766 | €25,682 | €25,909 | €22,897 | €29,496 | ▲ 28.8% |
| Suppliers440/4 | - | - | - | €25,682 | €25,909 | €22,897 | €29,496 | ▲ 28.8% |
| Taxes, remuneration and social security45 | - | - | - | €7,829 | €12,800 | €5,374 | €7,537 | ▲ 40.3% |
| Taxes450/3 | - | - | - | €3,730 | €8,666 | €1,221 | €499 | ▼ 59.1% |
| Remuneration and social security454/9 | - | - | - | €4,099 | €4,134 | €4,153 | €7,038 | ▲ 69.5% |
| Other amounts payable47/48 | - | - | - | €185,892 | €176,952 | €164,616 | €182,958 | ▲ 11.1% |
| Accrued charges and deferred income492/3 | - | - | - | €8,245 | €8,969 | €11,488 | €13,030 | ▲ 13.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,604 | €3,233 | -€2,184 | €7,306 | -€2,050 | -€11,193 | €4,577 | - |
| + Depreciation and write-downs630 | €39,032 | €37,495 | €38,896 | €38,756 | €39,214 | €25,705 | €27,665 | ▲ 7.6% |
| Operating cash flow (approximation) | €65,636 | €40,727 | €36,713 | €46,062 | €37,163 | €14,513 | €32,242 | ▲ 122% |
| Investment in fixed assets (approximation) | - | €2,840 | -€29,774 | -€3,299 | -€1,755 | -€2,882 | -€33,665 | ▼ 1,068% |
| Change in cash | - | €58,188 | -€15,808 | -€24,165 | €517 | €49,780 | -€2,216 | - |
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, 17,041 companies had the same profile as TIBO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TIBO itself: 0.1% 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 17,041 companies, not a prediction for TIBO. 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 41 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 30-01-2026 | 2026-00022052 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00018233 | |
| 30-06-2023 | abbreviated format | 29-01-2024 | 2024-00009372 | |
| 30-06-2022 | abbreviated format | 27-01-2023 | 2023-00005782 | |
| 30-06-2021 | abbreviated format | 30-11-2021 | 2021-79000003 | |
| 30-06-2020 | abbreviated format | 23-12-2020 | 2020-77000009 | |
| 30-06-2019 | abbreviated format | 29-11-2019 | 2019-74700126 | |
| 30-06-2018 | micro format | 03-12-2018 | 2018-73500521 | |
| 30-06-2017 | abbreviated format | 08-12-2017 | 2017-71600101 | |
| 30-06-2016 | abbreviated format | 24-11-2016 | 2016-68500060 |