Parent and group
- MATEXI GROUP100%
- ABACUS GROUP95.54%
- ABACUS INVEST97.47%
BUT THINES
ActiveSummary
The annual accounts of BUT THINES for financial year 2025 show a net loss of 64% of the equity at the start of that year. The 2025 annual accounts show equity of €11,797 and a net result of -€20,852. Equity has been shrinking by about 5.6% per year since 2020. Its solvency ranks better than 18% of 5,795 sector peers (NACE 68, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.6% (low).
Overview
Official details
Source: KBO- Status
- Active since 08-10-2018 Normal situation
- Activity
- Development of residential building projects NACE 68121
- Establishment unit
- 2.346.261.932 1301 Wavre, since 12-09-2022
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Board
- De Blauwhoeve SRLDirector · permanent representative VAN dE MAELE Ivan
- RisasoNDirector · since 20-03-2024 · permanent representative Rik Neckebroeck
- VAUBANDirector · since 20-03-2024 · permanent representative Gaëtan Hannecart
Shareholders
- MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN100%· score 922025 annual accounts of MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.6%
Annual accounts 2025
- Gross margin
- -€9,737
- ▲ 28.0%
- Loss
- €20,852
- ▼ 21.8%
- Equity
- €11,797
- ▼ 63.9%
- Total assets
- €266,979
- ▼ 3.0%
Score breakdownraises riskCapped at 59: a net loss of at least half of total assets or of the equity at the start of the financial yearLiquidity: current ratio 148.09, cash €704, halvedLoss of €20,852, the second in a row (financial year 2025)lowers riskSector: Real estate activities (NACE 68)Size: total assets €266,979Show the evidence
Checked score
Score 2025
54
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Financially stronger than 27% of micro companies in real estate (NACE 68)
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59. Every signal that counts is listed under Signals.
Financial strength · tick: 2024
Weak
Solvency
29-8
equity 4.4% of total assets
Liquidity
50-4
short-term debt 0.7% · cash 0.3%
Profitability
18+5
return on assets -7.8%
Bankruptcy probability within 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025lowest value
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.4%▲ +0.3 percentage points vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.5%▲ +0.1 percentage points vs 06-2026
08-2026: 0.6%▲ +0.1 percentage points vs 07-2026highest value
09-2026: 0.6%● unchanged vs 08-2026highest value
10-2026: 0.6%● unchanged vs 09-2026
11-2026: 0.6%● unchanged vs 10-2026
Credit of up to €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.
Short-term debt is 0.7% and cash 0.3% of total assets. 95.6% of the assets are financed with debt and provisions.
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 68, micro). It does better than 25% of them on solvency, 53% on liquidity, 19% on profitability and 9% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
212222232425
2021 to 2025 · latest year -€20,852
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 5795 sector peers (2025).
NBB · sector comparisonPosition among 5795 sector peers
Solvency
better than 18%
← 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 13-07-2026, 18 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
18 days early
2024
29 days early
2023
33 days early
2022
38 days early
2022
77 days early
2021
102 days late
2020
467 days late
← 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 53 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% 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 1 July (4 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Key points
Recent changes
- · Gazette deed Permanent representatives: Olivier Lambrecht, Philip Goris and Régis OrtmansReappointment: EY Réviseurs d'Entreprises (Bedrijfsrevisoren) SRL (statutory auditor)
- · Gazette deed 1 director appointed, 1 director resigningResignation: R. Ortmans SRL (director) · Permanent representatives: Régis Ortmans, Martine Rorif and 3 others · Appointment: Martine Rorif SRL (director)
- · Gazette deed 2 directors appointed, 2 directors resigningResignations: Realize SRL (director) and PG Consulting SRL (director) · Permanent representatives: Olivier Lambrecht, Philip Goris and 4 others · Appointments: Vauban SRL (director) and RisasoN SRL (director)
Companies linked to BUT THINES
Comparable companies
These companies have the same main activity as BUT THINES: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €251,000 and €299,000, founded between 2018 and 2019.
| Company | Total assets | Gross margin |
|---|---|---|
| BUT THINES Wavre | €266,979 | -€9,737 |
| ConcrEpal Hamois | €262,635 | -€2,894 |
| QUICKLY PARK Jemeppe-sur-Sambre | €273,118 | -€2,257 |
| KTH DEVELOPMENT Grimbergen | €263,450 | -€18,033 |
| Immobilière André Paquet Florennes | €277,258 | -€33,148 |
| CAVEMAN Waregem | €298,811 | -€18,443 |
| NEXAE BEL CSE Koekelberg | €251,462 | -€18,512 |
Key facts about BUT THINES
- What is the company number of BUT THINES?
- The company number of BUT THINES is 0707.924.905. The VAT number is the same number with BE in front: BE 0707.924.905.
- Where is BUT THINES based?
- The registered office is at Rue de Champles 50, 1301 Wavre.Company details
- What does BUT THINES do?
- According to the KBO register, the main activity is development of residential building projects (NACE 68121).
- What is the legal form of BUT THINES?
- The legal form of BUT THINES is Public limited company (NV).
- When was BUT THINES founded?
- BUT THINES was founded on 08-10-2018.
- Is BUT THINES still active?
- Yes, BUT THINES is an active enterprise in the KBO register.
- What is the turnover of BUT THINES?
- The annual accounts for financial year 2025 state no turnover.Financials
- Is BUT THINES profitable?
- In financial year 2025, BUT THINES made a loss of €20,852.
- Where can I find the annual accounts of BUT THINES?
- BUT THINES filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of BUT THINES due?
- BUT THINES must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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