THAICO

Active

Private limited companyfounded 199926 yrs activeSint-Bonifaasstraat 7, 1050 Elsene, BelgiumKBO/BCE: BE 0468.799.020

The computed 12-month bankruptcy probability of THAICO is 5.0% (elevated). The 2024 annual accounts show equity of €272k and a net result of €11k. Equity is growing by ~8.6% per year across the filed fiscal years. Its solvency ranks better than 57% of 1763 sector peers (fiscal year 2024). The company has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2024

45 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability63▲+17

Solvency56▲+4

Growth59▼-9

Track record100

Bankruptcy probability, 12 months

5.0% Elevated

0%0.5%1.5%4%10%≥ 25%

Credit up to €12k at 30 days only on tighter terms

Liquidity short (current ratio 0.95 against 0.81 in 2023; short-term debt: 56.7% and cash: 9% of total assets), and 69% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 56

Relative position

BE, all sectors

reference

Sector 56

higher

← fewer bankruptcies more bankruptcies →

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Filed more than 90 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-10-2025, 92 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

92 d late

2023

92 d late

2022

61 d late

2021

60 d late

2020

27 d late

2019

96 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

€2.29M▼ 23.9%

2023 · €3.00M

2018: €1.16M 2019: €2.57M 2020: €2.58M 2021: €3.00M 2022: €3.70M 2023: €3.00M

2018 → 2024

EBIT margin

1.1%▲ 3.7pp

2023 · -2.6%

2018: 7.7% 2019: 11.0% 2020: 3.7% 2021: 1.7% 2022: 1.1% 2023: -2.6%

2018 → 2024

Net result

€11k

2023 · €-99k

2018: €73k 2019: €221k 2020: €59k 2021: €21k 2022: €29k 2023: €-99k

2018 → 2024

Working capital

€-25k▲ 75.8%

2023 · €-105k

2018: €-299k 2019: €-404k 2020: €-334k 2021: €-270k 2022: €-158k 2023: €-105k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Turnover€2.58M-€3.00M▲ 16.1%€3.70M▲ 23.5%€3.00M▼ 18.8%€2.29M▼ 23.9%

Equity€311k-€331k▲ 6.7%€360k▲ 8.6%€261k▼ 27.5%€272k▲ 4.2%

Operating result€96k-€52k▼ 46.2%€41k▼ 20.8%€-78k€26k

Net result€59k-€21k▼ 64.9%€29k▲ 38.2%€-99k€11k

Result per fiscal year

Operating resultNet result

The operating result returns to profit in 2024: €26k after a loss of €78k in 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €878k

46.2%

53.8%

Fixed assets €405k▼ 24.1%

Current assets €473k▲ 8.2%

Equity and liabilities €878k

31.0%

69.0%

Equity €272k▲ 4.2%

Debt €606k▼ 14.6%

The debt ratio falls from 73.1% to 69.0%. Equity is higher and debt is lower.

Key figures and ratios

2024 value · change against 2023

EBITDA

€157k▲

2023 · €55k

Cash flow

€142k▲

2023 · €34k

Solvency

31.0%▲

2023 · 26.9%

Current ratio

0.95▲

2023 · 0.81

Quick ratio

0.59▲

2023 · 0.48

Debt / equity

2.23▼

2023 · 2.72

ROE

4.0%▲

2023 · -37.8%

ROA

1.2%▲

2023 · -10.2%

Interest coverage

9.79▲

2023 · 7.10

Debt

€606k▼

2023 · €710k

Debt ≤ 1 year

€498k▼

2023 · €542k

Debt > 1 year

€108k▼

2023 · €168k

Income taxes

€223▼

2023 · €13k

Staff costs

€743k▼

2023 · €1.03M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€971k€878k▼

Fixed assets21/28€534k€405k▼

Intangible fixed assets21€143k€114k▼

Tangible fixed assets22/27€379k€279k▼

Plant, machinery and equipment23€304k€227k▼

Furniture and vehicles24€75k€52k▼

Financial fixed assets28€12k€12k=

Current assets29/58€437k€473k▲

Stocks and contracts in progress3€178k€179k▲

Stocks30/36€178k€179k▲

Amounts receivable within one year40/41€165k€207k▲

Trade receivables40€125k€125k=

Other amounts receivable41€40k€83k▲

Current investments50/53€6k€6k=

Cash at bank and in hand54/58€86k€79k▼

Deferred charges and accrued income490/1€1k€1k=

Equity and liabilities

Total equity and liabilities10/49€971k€878k▼

Equity10/15€261k€272k▲

Contributions10/11€19k€19k=

Capital10€19k€19k=

Issued capital100€19k€19k=

Reserves13€35k€35k=

Non-distributable reserves130/1€2k€2k=

Legal reserve130€2k€2k=

Tax-exempt reserves132€33k€33k=

Profit (loss) carried forward14€207k€218k▲

Amounts payable17/49€710k€606k▼

Amounts payable after more than one year17€168k€108k▼

Financial debts170/4€168k€108k▼

Amounts payable within one year42/48€542k€498k▼

Current portion of amounts payable after more than one year42€109k€95k▼

Trade debts44€28k€37k▲

Suppliers440/4€28k€37k▲

Taxes, remuneration and social security45€211k€180k▼

Taxes450/3€29k€24k▼

Remuneration and social security454/9€181k€157k▼

Other amounts payable47/48€194k€186k▼

Income statement Code20232024

Turnover70€3.00M€2.29M▼

Non-recurring operating income76A€93k-

Goods, raw materials, services and sundry goods60/61€2.00M€1.38M▼

Remuneration, social security and pensions62€1.03M€743k▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€133k€131k▼

Other operating charges640/8€10k€10k▼

Non-recurring operating charges66A-€38

Gross operating margin9900€1.09M€911k▼

Operating profit (loss)9901€-78k€26k▲

Financial income75/76B€20€1k▲

Recurring financial income75€20€1k▲

Financial charges65/66B€8k€16k▲

Recurring financial charges65€8k€16k▲

Profit (loss) for the period before taxes9903€-86k€11k▲

Income taxes67/77€13k€223▼

Profit (loss) for the period9904€-99k€11k▲

Profit (loss) for the period to be appropriated9905€-99k€11k▲

Appropriation of the result

Profit (loss) to be appropriated9906€207k€218k▲

Profit (loss) brought forward from the previous period14P€306k€207k▼

Social balance

Average headcount (FTE)908727.919.5▼

The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 14Financial 4Filings 10

2025

31-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 92 days late

2024

31-12

Financial Back to profitnet €11k

Net result €11k after one loss-making year.

31-10

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 92 days late

2023

31-12

Financial Weakest financial yearnet €-99k ▼446%

Net result drops to €-99k, the lowest in the series; recovery starts the following year.

30-09

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 61 days late

2022

29-09

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 60 days late

2021

27-08

NBB filing Annual accounts filed

fiscal year 2020 · micro schema · 27 days late

2020

04-11

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 96 days late

2019

31-12

Financial Highest result since 2018net €221k ▲202%

Operating result €282k, net result €221k, both a record.

31-12

Financial Equity above €200kEq €252k ▲92.2%

2 profitable years in a row build equity to €252k.

31-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 31 days late

2018

20-08

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 20 days late

2017

05-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

31-08

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 31 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

5 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.

Location & real-estate footprint

Registered office, Elsene · 5 establishment units since 2000

establishment approximate All 5 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Sint-Bonifaasstraat 71050 Elsene

Ground area

8,469 m²

Building footprint

6,878 m²

Volume, LiDAR

275,795 m³

5 parcels, Brussels · tallest building 73.1 m, ±15 floors. Linked by address, not a title deed.

5 establishment units

Sint-Bonifaasstraat 7, 1050 Elsene

NACE 52421

since 20002.093.727.875

JAP

Xavier De Buestraat 41, 1180 UkkelRetail sale of clothing and accessories for women, men, children and babies (general range)

since 20192.288.680.851

PARVIS

Sint-Pietersvoorplein 3, 1180 UkkelLimited-service restaurants

since 20192.292.340.325

BAILLI

Baljuwstraat 104, 1050 ElseneLimited-service restaurants

since 20192.292.340.226

JAP 2

Bisschopsstraat 30, 1000 BrusselRetail sale of clothing and accessories for women, men, children and babies (general range)

since 20212.325.866.196

5 parcels

Brussels 5 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21802B0487/00H000indicative	Brussels	7,877 m²	1 · 6,512 m²	73.1 m · 15 fl.
21447B0216/00K005	Brussels	283 m²	1 · 195 m²	20.7 m · 3 fl.
21009A0642/00E000	Brussels	150 m²	1 · 104 m²	22.9 m · 6 fl.
21016B0034/00F016	Brussels	99 m²	1 · 67 m²	16.3 m · 5 fl.
21016B0028/00P003	Brussels	61 m²	-	-