Checked.be
Active
BE 0736.577.121Public limited company
THERMO TECHNIC CONSTRUCT
Route de Wallonie (G.) 4 ·7011 Mons, Belgium· 6 yrs active
Sector: General construction of residential buildings
(41001)
Conclusion
THERMO TECHNIC CONSTRUCT has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €190k and a net result of €6k. Equity is growing by ~9.8% per year across the filed fiscal years. Its solvency ranks better than 36% of 52 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €190k |
| Net result | €6k |
| Staff (FTE) | 18.5 |
| Better than sector | 36% |
Financial profile
52
/ 100
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
Health
56
Profitability
16
Solvency
36
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
More than 3 years active
Founded in 2019, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
56
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€11k
estimate, not credit advice
Score history
68
2022
63
2023
56
2024
56
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 1.22 (≥ 1.0)
+5
Leverage
Debt/equity 3.44 (> 3.0)
-10
Profitability
ROE 3%
+3
Interest coverage
Interest coverage 4.5× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 20-07-2026 with the NBB · fiscal year 2025 · full schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~9.8%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 41, Construction of residential and non-residential buildings · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 22.5% | 32.8% | |
| Net result | €6k | €24k | |
| Equity | €190k | €72k | |
| Gross operating margin | €1.11M | €50k | |
| Total assets | €845k | €409k |
€123k
-6.2%
22-25
€6k
-64.1%
22-25
€86k
-3.3%
22-25
€845k
-19.1%
22-25
€190k
+3.2%
22-25
€120k
-3.2%
22-25
19
-1.6%
22-25
€977k
-2.6%
22-25
€12k
-32.6%
22-25
€655k
-23.8%
22-25
€551k
-20.1%
22-25
€103k
-39.1%
22-25
1.22
+3.2%
22-25
0.63
-17.2%
22-25
22.5%
+27.5%
22-25
3.44
-26.2%
22-25
3.1%
-65.2%
22-25
0.7%
-55.6%
22-25
4.50
+9.1%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Deposit | full schema | full schema | full schema | full schema |
| Revenue | - | - | - | - |
| EBITDA | €123k | €132k | €124k | €104k |
| Net profit | €6k | €16k | €32k | €48k |
| Cash flow | €86k | €89k | €84k | €86k |
| Staff costs | €977k | €1.00M | €899k | €544k |
| Income taxes | €12k | €18k | €27k | €10k |
| Dividends | - | - | - | - |
| Total assets | €845k | €1.04M | €1.02M | €711k |
| Equity | €190k | €184k | €168k | €136k |
| Debt | €655k | €860k | €848k | €575k |
| of which ≤ 1y | €551k | €690k | €665k | €463k |
| of which > 1y | €103k | €169k | €183k | €112k |
| Working capital | €120k | €124k | €130k | €70k |
| Employees (FTE) | 18.5 | 18.8 | 15.8 | 11.2 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 1.22 | 1.18 | 1.20 | 1.15 |
| Quick ratio | 0.63 | 0.76 | 0.99 | 1.02 |
| Working capital ratio | 14.2% | 11.9% | 12.8% | 9.8% |
| Solvency | 22.5% | 17.7% | 16.5% | 19.1% |
| Debt / equity | 3.44 | 4.66 | 5.05 | 4.23 |
| Long-term debt ratio | 0.54 | 0.92 | 1.09 | 0.82 |
| Interest coverage | 4.50 | 4.12 | 7.57 | 12.93 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 0.7% | 1.6% | 3.2% | 6.7% |
| ROE | 3.1% | 8.9% | 19.1% | 35.0% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €845k | €1.04M | €1.02M | €711k |
| Fixed assets | 21/28 | €174k | €230k | €221k | €178k |
| Tangible fixed assets | 22/27 | €156k | €217k | €210k | €170k |
| Financial fixed assets | 28 | €18k | €13k | €11k | €9k |
| Current assets | 29/58 | €671k | €814k | €795k | €533k |
| Stocks & contracts in progress | 3 | €325k | €291k | €140k | €62k |
| Amounts receivable within one year | 40/41 | €192k | €502k | €370k | €209k |
| Cash & bank | 54/58 | €136k | - | €213k | €245k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €845k | €1.04M | €1.02M | €711k |
| Equity | 10/15 | €190k | €184k | €168k | €136k |
| Contributions / capital | 10/11 | €62k | €62k | €62k | €50k |
| Reserves | 13 | €54k | €48k | €32k | - |
| Accumulated profits (losses) | 14 | €74k | €74k | €74k | €86k |
| Amounts payable | 17/49 | €655k | €860k | €848k | €575k |
| Amounts payable after one year | 17 | €103k | €169k | €183k | €112k |
| Amounts payable within one year | 42/48 | €551k | €690k | €665k | €463k |
| Trade debts payable within one year | 44 | €173k | €245k | €328k | €109k |
| Income statement | |||||
| Gross operating margin | 9900 | €1.11M | €1.14M | €1.03M | €653k |
| Operating result | 9901 | €43k | €59k | €72k | €65k |
| Financial income | 75 | €2k | €716 | €633 | €257 |
| Financial charges | 65 | €27k | €32k | €16k | €8k |
| Result before taxes | 9903 | €18k | €35k | €60k | €57k |
| Income taxes | 67/77 | €12k | €18k | €27k | €10k |
| Net result for the period | 9904 | €6k | €16k | €32k | €48k |
| Result to be appropriated | 9905 | €6k | €16k | €32k | €48k |
Legal Structure
| NACE primary | General construction of residential buildings(41001) |
| Legal form | Public limited company(014) |
| Incorporation | 18-10-2019 |
| Status | Active |
| Postal code | 7011 |
Establishment units
THERMO TECHNIC CONSTRUCT
since 20192.295.182.029
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53030D0160/00N000 | Wallonia | 4.0 ha | 1 · 4.5 ha | 15.1 m · 4 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €6k ▼64.1%
Net result drops to €6k, the lowest in the series.
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
08-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 8 days late
12-03
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2023
31-12
Financial
Equity above €150kEq €168k ▲23.6%
2 profitable years in a row build equity to €168k.
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
13-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
General construction of residential buildings41001Installation of electric heating, air conditioning, cooling and ventilation43222General electrical installation work43211Plumbing work43221Roofing work43410Activities of building architects71111
Names & trade names
| Legal nameFR | THERMO TECHNIC CONSTRUCT |
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