TIVACO
ActiveSummary
TIVACO has been active since 1977 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €9.8m and a net result of €1.1m. Equity is growing by ~10.2% per year across the filed fiscal years. Its solvency ranks better than 91% of 6133 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability74▼-9
Solvency100=
Growth63▲+1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €850,000 at 30 days acceptable
Liquidity ample (current ratio 4.23 against 4.0 in 2023; short-term debt: 13.7% and cash: 41% of total assets), and 14.9% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
85.1%
Return on assets
9.2%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-06-2025, 36 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
36 d early
2023
5 d early
2022
42 d early
2021
19 d late
2020
15 d early
2019
39 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#4 company by equity in Tournai, Wholesale and retail trade sector#5 fastest grower in Tournai, Wholesale and retail trade sector
Turnover
€16.0m▲ 7.3%
2023 · €14.9m
EBIT margin
8.9%▼ 4.4pp
2023 · 13.3%
Net result
€1.1m▼ 27.3%
2023 · €1.5m
Working capital
€5.1m▲ 18.6%
2023 · €4.3m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€13.5m▼ 12.6%€20.0m▲ 47.9%€21.6m▲ 7.8%€14.9m▼ 30.9%€16.0m▲ 7.3%
Operating result€1.6m▲ 136%€3.7m▲ 135%€3.0m▼ 19.5%€2.0m▼ 33.0%€1.4m▼ 28.4%
Net result€1.3mabove the sector's middle half▲ 162%€2.7mabove the sector's middle half▲ 103%€2.2m▼ 18.9%€1.5m▼ 34.1%€1.1mabove the sector's middle half▼ 27.3%
EBIT margin11.6%▲ 7.3pp18.4%▲ 6.8pp13.7%▼ 4.6pp13.3%▼ 0.4pp8.9%▼ 4.4pp
Equity€3.2mwithin the sector's middle half▼ 47.5%€5.9mabove the sector's middle half▲ 85.7%€7.3m▲ 24.6%€8.8m▲ 19.6%€9.8mabove the sector's middle half▲ 12.0%
Total assets€9.8mwithin the sector's middle half▲ 8.0%€9.0mwithin the sector's middle half▼ 8.5%€9.9m▲ 10.1%€10.5m▲ 5.7%€11.6mwithin the sector's middle half▲ 10.4%
Debt€6.6m▲ 118%€3.1m▼ 53.4%€2.6m▼ 17.5%€1.7m▼ 34.2%€1.7m▲ 2.5%
Working capital€1.0mwithin the sector's middle half▼ 70.1%€3.5mabove the sector's middle half▲ 240%€4.2m▲ 21.2%€4.3m▲ 2.2%€5.1mabove the sector's middle half▲ 18.6%
Solvency32.3%within the sector's middle half▼ 34.2pp65.5%above the sector's middle half▲ 33.2pp74.2%▲ 8.6pp83.9%▲ 9.7pp85.1%above the sector's middle half▲ 1.2pp
Current ratio1.18within the sector's middle half▼ 1.802.33within the sector's middle half▲ 1.152.91▲ 0.584.00▲ 1.094.23above the sector's middle half▲ 0.24
Return on assets (ROA)13.7%above the sector's middle half▲ 8.0pp30.4%above the sector's middle half▲ 16.7pp22.4%▼ 8.0pp13.9%▼ 8.4pp9.2%within the sector's middle half▼ 4.8pp
Staff (FTE)20.1within the sector's middle half▲ 2.6%18.8within the sector's middle half▼ 6.5%20.3▲ 8.0%21.6▲ 6.4%22.1within the sector's middle half▲ 2.3%
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2024 is 28% below 2023 and is the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €11.6m
Fixed assets
€4.9m ▲ 3.2%
Current assets
€6.7m ▲ 16.4%
Equity and liabilities €11.6m
Equity
€9.8m ▲ 12.0%
Debt
€1.7m ▲ 2.5%
Debt's share of the balance-sheet total falls from 16.1% to 14.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.7m▼
2023 · €2.1m
Cash flow
€1.3m▼
2023 · €1.6m
Quick ratio
3.67▲
2023 · 3.32
Debt to equity
0.18▼
2023 · 0.19
ROE
10.8%▼
2023 · 16.6%
Interest coverage
117.73▼
2023 · 121.66
Debt ≤ 1 year
€1.6m▲
2023 · €1.4m
Debt > 1 year
€144,538▼
2023 · €244,442
Income taxes
€360,000▼
2023 · €537,008
Staff costs
€1.3m▲
2023 · €1.3m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,129 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,129 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €19.9m | €21.7m | €15.3m | €15.8m | ▲ 3.3% |
| Turnover70 | €13.5m | €20.0m | €21.6m | €14.9m | €16.0m | ▲ 7.3% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | -€160,236 | -€23,366 | €200,698 | -€188,399 | ▼ 194% |
| Other operating income74 | - | €15,975 | €3,339 | €76,944 | €6,416 | ▼ 91.7% |
| Non-recurring operating income76A | - | €18,117 | €113,651 | €125,149 | €1,799 | ▼ 98.6% |
| Operating charges60/66A | - | €16.2m | €18.7m | €13.3m | €14.4m | ▲ 8.0% |
| Goods for resale, raw materials and consumables60 | - | €11.1m | €11.9m | €7.7m | €8.4m | ▲ 9.8% |
| Purchases600/8 | - | €11.2m | €11.8m | €7.6m | €8.5m | ▲ 12.0% |
| Change in stocks: decrease (increase)609 | - | -€125,428 | €114,130 | €57,751 | -€110,343 | ▼ 291% |
| Services and other goods61 | - | €3.9m | €5.5m | €4.2m | €4.4m | ▲ 3.2% |
| Remuneration, social security and pensions62 | - | €1.0m | €1.1m | €1.3m | €1.3m | ▲ 5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.1m | €150,420 | €139,045 | €129,060 | €253,943 | ▲ 96.8% |
| Other operating charges640/8 | - | €34,373 | €26,656 | €32,237 | €28,468 | ▼ 11.7% |
| Non-recurring operating charges66A | - | €155 | - | €12,879 | - | - |
| Operating profit (loss)9901 | €1.6m | €3.7m | €3.0m | €2.0m | €1.4m | ▼ 28.4% |
| Financial income75/76B | - | €17,283 | €27,594 | €31,766 | €16,848 | ▼ 47.0% |
| Recurring financial income75 | €169,622 | €17,283 | €27,594 | €31,766 | €16,848 | ▼ 47.0% |
| Income from current assets751 | - | - | €14,823 | €10,628 | €6,668 | ▼ 37.3% |
| Other financial income752/9 | - | €17,283 | €12,771 | €21,138 | €10,180 | ▼ 51.8% |
| Financial charges65/66B | - | €21,355 | €24,234 | €20,392 | €16,877 | ▼ 17.2% |
| Recurring financial charges65 | €26,822 | €21,355 | €24,234 | €20,392 | €16,877 | ▼ 17.2% |
| Debt charges650 | €20,165 | €16,461 | €16,105 | €17,366 | €14,222 | ▼ 18.1% |
| Other financial charges652/9 | - | €4,894 | €8,129 | €3,026 | €2,655 | ▼ 12.3% |
| Profit (loss) for the period before taxes9903 | €1.7m | €3.7m | €3.0m | €2.0m | €1.4m | ▼ 28.8% |
| Income taxes67/77 | €362,874 | €945,227 | €752,627 | €537,008 | €360,000 | ▼ 33.0% |
| Taxes670/3 | - | €949,558 | €752,627 | €542,386 | €360,000 | ▼ 33.6% |
| Tax adjustments and reversals of tax provisions77 | - | €4,331 | - | €5,378 | - | - |
| Profit (loss) for the period9904 | €1.3m | €2.7m | €2.2m | €1.5m | €1.1m | ▼ 27.3% |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €2.7m | €2.2m | €1.5m | €1.1m | ▼ 27.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9.8m | €9.0m | €9.9m | €10.5m | €11.6m | ▲ 10.4% |
| Fixed assets21/28 | €3.0m | €2.9m | €3.5m | €4.7m | €4.9m | ▲ 3.2% |
| Tangible fixed assets22/27 | €3.0m | €2.9m | €3.5m | €4.7m | €4.9m | ▲ 3.2% |
| Land and buildings22 | - | €1.9m | €1.8m | €1.8m | €1.7m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | €995,393 | €995,055 | €1.1m | €3.1m | ▲ 198% |
| Furniture and vehicles24 | - | €4,325 | €952 | €2,259 | €1,789 | ▼ 20.8% |
| Other tangible fixed assets26 | - | €5,904 | - | - | - | - |
| Assets under construction and advance payments27 | - | - | €649,407 | €1.9m | - | - |
| Financial fixed assets28 | €5,550 | €5,550 | €5,915 | - | €365 | - |
| Other financial fixed assets284/8 | - | €5,550 | €5,915 | - | €365 | - |
| Amounts receivable and cash guarantees285/8 | - | €5,550 | €5,915 | - | €365 | - |
| Current assets29/58 | €6.8m | €6.1m | €6.4m | €5.7m | €6.7m | ▲ 16.4% |
| Stocks and contracts in progress3 | €996,383 | €961,575 | €824,079 | €967,026 | €888,970 | ▼ 8.1% |
| Stocks30/36 | - | €961,575 | €824,079 | €967,026 | €888,970 | ▼ 8.1% |
| Raw materials and consumables30/31 | - | €319,336 | €205,206 | €147,455 | €257,797 | ▲ 74.8% |
| Work in progress32 | - | €262,986 | €114,346 | €49,988 | €81,138 | ▲ 62.3% |
| Finished goods33 | - | €379,253 | €504,527 | €769,583 | €550,035 | ▼ 28.5% |
| Amounts receivable within one year40/41 | €1.5m | €2.4m | €2.1m | €1.5m | €1.1m | ▼ 31.4% |
| Trade receivables40 | - | €2.3m | €2.0m | €1.3m | €1.0m | ▼ 24.0% |
| Other amounts receivable41 | - | €59,105 | €103,575 | €216,637 | €49,863 | ▼ 77.0% |
| Current investments50/53 | €542,414 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €3.8m | €2.7m | €3.5m | €3.2m | €4.7m | ▲ 46.6% |
| Deferred charges and accrued income490/1 | - | €2,973 | - | - | €1,109 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9.8m | €9.0m | €9.9m | €10.5m | €11.6m | ▲ 10.4% |
| Equity10/15 | €3.2m | €5.9m | €7.3m | €8.8m | €9.8m | ▲ 12.0% |
| Contributions10/11 | €62,500 | €62,500 | €62,500 | €62,500 | €62,500 | = |
| Capital10 | - | €62,500 | - | - | €62,500 | - |
| Issued capital100 | - | €62,500 | - | - | €62,500 | - |
| Reserves13 | €1.7m | €1.7m | €7.0m | €7.0m | €7.0m | = |
| Non-distributable reserves130/1 | - | €12,500 | €12,500 | €12,500 | €12,500 | = |
| Legal reserve130 | - | €12,500 | - | - | €12,500 | - |
| Reserves not available under the articles1311 | - | - | €12,500 | €12,500 | - | - |
| Tax-exempt reserves132 | - | €19,083 | €19,083 | €19,083 | €19,083 | = |
| Distributable reserves133 | - | €1.6m | €7.0m | €7.0m | €7.0m | = |
| Profit (loss) carried forward14 | €1.1m | €3.9m | - | €1.5m | €2.5m | ▲ 72.7% |
| Investment grants15 | - | €291,918 | €279,546 | €258,408 | €248,228 | ▼ 3.9% |
| Amounts payable17/49 | €6.6m | €3.1m | €2.6m | €1.7m | €1.7m | ▲ 2.5% |
| Amounts payable after more than one year17 | €825,087 | €475,015 | €342,909 | €244,442 | €144,538 | ▼ 40.9% |
| Financial debts170/4 | - | €475,015 | €342,909 | €244,442 | €144,538 | ▼ 40.9% |
| Credit institutions173 | - | €475,015 | €342,909 | €244,442 | €144,538 | ▼ 40.9% |
| Amounts payable within one year42/48 | €5.8m | €2.6m | €2.2m | €1.4m | €1.6m | ▲ 9.8% |
| Current portion of amounts payable after more than one year42 | - | €350,072 | €132,106 | €98,467 | €99,904 | ▲ 1.5% |
| Trade debts44 | €917,031 | €1.7m | €1.5m | €1.0m | €1.1m | ▲ 8.2% |
| Suppliers440/4 | - | €1.7m | €1.5m | €1.0m | €1.1m | ▲ 8.2% |
| Taxes, remuneration and social security45 | - | €577,604 | €502,232 | €294,443 | €351,450 | ▲ 19.4% |
| Taxes450/3 | - | €443,098 | €368,443 | €142,268 | €150,029 | ▲ 5.5% |
| Remuneration and social security454/9 | - | €134,506 | €133,789 | €152,175 | €201,421 | ▲ 32.4% |
| Other amounts payable47/48 | - | - | €37,500 | €37,500 | €37,500 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €2.7m | €2.2m | €1.5m | €1.1m | ▼ 27.3% |
| + Depreciation and write-downs630 | €1.1m | €150,420 | €139,045 | €129,060 | €253,943 | ▲ 96.8% |
| Operating cash flow (approximation) | €2.5m | €2.9m | €2.4m | €1.6m | €1.3m | ▼ 17.2% |
| Investment in fixed assets (approximation) | - | -€59,452 | -€720,166 | -€1.4m | -€403,320 | ▲ 70.7% |
| Change in cash | - | -€1.1m | €738,096 | -€254,320 | €1.5m | ▲ 692% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
06-07
State Gazette act
Reappointment: Molenhof Ter Droogte (director)Power of attorney5 facts ▸
State Gazette act
Reappointment: Molenhof Ter Droogte (director)
Power of attorney5 facts ▸
- General meeting, 15-06-2026
- Director reappointment, Molenhof Ter Droogte (director)
- Power of attorney, Stéphane Bertouille
- Power of attorney, Valentine Pacco
- Power of attorney, Marie-Capucine Michelot
2025
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · unclassified schema
2023
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · unclassified schema
2022
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 19 days late
2021
31-12
Financial
Highest result since 2018net €2.7m ▲103%
Operating result €3.7m, net result €2.7m, both a record.
31-12
Financial
Equity above €5mEq €5.9m ▲85.7%
4 profitable years in a row build equity to €5.9m.
16-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 39 days late
2019
31-12
Financial
Weakest financial yearnet €513,011 ▼41.8%
Net result drops to €513,011, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 24 days late
2016
30-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 15 acts read
About the unread acts
Of the 15 Belgian State Gazette acts we know for this company, 1 has been read. The other 14 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
Molenhof Ter Droogte
CurrentDirector · since 15-06-2026 · Private limited company · perm. rep.: Thibaut Debode
Permanent representatives 1
Thibaut Debode
CurrentPermanent representative · since 15-06-2026 · for Molenhof Ter Droogte
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
14 of this company's 15 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2008
Ground area
3.3 ha
Building footprint
9,477 m²
Volume, LiDAR
74,905 m³
Parcel 57008D0178/00F000, Wallonia · tallest building 11.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
TIVACO
since 20082.173.244.022
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57008D0178/00F000 | Wallonia | 3.3 ha | 1 · 9,477 m² | 11.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Molenhof Ter Droogte |
|
Structure & network
Connections & network
1 current directorThe group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
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Identification & contact
Identification
Legal formPublic limited company
Founded25-10-1977
Fiscal year end31-12
Activities, NACEBEL 2025
46869Wholesale trade
46872Wholesale trade
43310Plastering work
E-invoicing
Not found in the Peppol register
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.