THIBELO
Open bankruptcyAre you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Liège, Liège division
- Declared bankrupt
- 8 September 2025
- Supervising judge
- Jean-Yves Eischen
- Official Gazette
- 12-09-2025 (pdf) ↗search the document for 2025/136390
Deadlines
- Appeal or third-party opposition until
- passed on 27 September 2025Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 8 October 2025art. XX.104 and XX.155 CEL
- First verification report
- passed on 23 October 2025Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- passed on 8 September 2026Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curators
- Edouard FranckRue Des Augustins 32, 4000 Liege 1edouard.franck@henry-mersch.be
- Laurent WinkinRue Des Augustins 32, 4000 Liege 1- mersch.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€44,246
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 10-07-2025, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2024
21 d early
2023
13 d early
2022
4 d early
2021
31 d late
2020
1 d early
2019
91 d late
2018
6 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 11 days after 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
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Are there other customers at risk in your own list?Process a list How is the Wholesale of non-electrical household articles sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema
Turnover
€0
2021 · €0
EBIT margin
Not included in this filing
Net result
-€45,873▲ 36.3%
2023 · -€71,976
Working capital
-€44,234▼ 407%
2023 · -€8,726
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€0€0€0
Operating result€15,386▲ 94.7%-€159,205-€69,329▲ 56.5%-€63,959▲ 7.7%-€50,890▲ 20.4%
Net result€245within the sector's middle half▼ 91.4%-€165,694below the sector's middle half-€75,331below the sector's middle half▲ 54.5%-€71,976below the sector's middle half▲ 4.5%-€45,873below the sector's middle half▲ 36.3%
Equity€377,430above the sector's middle half▲ 0.1%€211,737above the sector's middle half▼ 43.9%€136,406within the sector's middle half▼ 35.6%€1,626below the sector's middle half▼ 98.8%-€44,246below the sector's middle half
Total assets€480,605above the sector's middle half▼ 39.4%€302,308within the sector's middle half▼ 37.1%€215,283within the sector's middle half▼ 28.8%€75,129within the sector's middle half▼ 65.1%€20,093below the sector's middle half▼ 73.3%
Debt€103,174▼ 75.2%€90,571▼ 12.2%€78,877▼ 12.9%€73,503▼ 6.8%€64,339▼ 12.5%
Working capital€347,145above the sector's middle half▼ 27.0%€185,491above the sector's middle half▼ 46.6%€116,300above the sector's middle half▼ 37.3%-€8,726below the sector's middle half-€44,234below the sector's middle half▼ 407%
Solvency78.5%above the sector's middle half▲ 31.0pp70.0%above the sector's middle half▼ 8.5pp63.4%within the sector's middle half▼ 6.7pp2.2%below the sector's middle half▼ 61.2pp-220.2%below the sector's middle half▼ 222.4pp
Current ratio5.36above the sector's middle half▲ 2.373.32above the sector's middle half▼ 2.032.49within the sector's middle half▼ 0.840.88below the sector's middle half▼ 1.610.31below the sector's middle half▼ 0.57
Return on assets (ROA)0.1%within the sector's middle half▼ 0.3pp-54.8%below the sector's middle half▼ 54.9pp-35.0%below the sector's middle half▲ 19.8pp-95.8%below the sector's middle half▼ 60.8pp-228.3%below the sector's middle half▼ 132.5pp
Staff (FTE)2within the sector's middle half▼ 37.5%
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 stays negative: a loss of €50,890 in 2024 against €63,959 in 2023; the loss shrinks.
Key figures and ratios
EBITDA
-€40,512▲
2023 · -€53,581
Cash flow
-€35,495▲
2023 · -€61,598
Interest coverage
-250.43▼
2023 · -36.59
Debt ≤ 1 year
€64,326▼
2023 · €73,478
Income taxes
-€5,178▼
2023 · €6,746
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €0 | €0 | €0 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €0 | €0 | €58,877 | - | - |
| Remuneration, social security and pensions62 | - | €61 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,582 | €16,358 | €16,245 | €10,378 | €10,378 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€738 | €250 | -€4,050 | - | - |
| Other operating charges640/8 | - | €18,801 | €2,325 | €1,178 | €1,312 | ▲ 11.4% |
| Gross operating margin9900 | €88,491 | -€124,722 | -€50,509 | -€56,453 | -€39,199 | ▲ 30.6% |
| Operating profit (loss)9901 | €15,386 | -€159,205 | -€69,329 | -€63,959 | -€50,890 | ▲ 20.4% |
| Financial income75/76B | - | €122 | €0 | €193 | €1 | ▼ 99.6% |
| Recurring financial income75 | €1,137 | €122 | €0 | €193 | €1 | ▼ 99.6% |
| Financial charges65/66B | - | €2,057 | €1,693 | €1,464 | €162 | ▼ 89.0% |
| Recurring financial charges65 | €5,423 | €2,057 | €1,693 | €1,464 | €162 | ▼ 89.0% |
| Profit (loss) for the period before taxes9903 | €11,100 | -€161,140 | -€71,021 | -€65,230 | -€51,051 | ▲ 21.7% |
| Income taxes67/77 | €10,856 | €4,554 | €4,309 | €6,746 | -€5,178 | ▼ 177% |
| Profit (loss) for the period9904 | €245 | -€165,694 | -€75,331 | -€71,976 | -€45,873 | ▲ 36.3% |
| Transfer from tax-exempt reserves789 | - | - | €15,000 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €245 | -€165,694 | -€60,331 | -€71,976 | -€45,873 | ▲ 36.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €480,605 | €302,308 | €215,283 | €75,129 | €20,093 | ▼ 73.3% |
| Fixed assets21/28 | €53,749 | €37,001 | €20,756 | €10,378 | €0 | ▼ 100% |
| Intangible fixed assets21 | €50,183 | €35,373 | €20,756 | €10,378 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €3,176 | €1,627 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | €1,627 | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0 | - | - |
| Financial fixed assets28 | €390 | €0 | - | - | - | - |
| Current assets29/58 | €426,856 | €265,307 | €194,527 | €64,752 | €20,093 | ▼ 69.0% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €102,650 | €161,965 | €68,366 | €13,846 | €6,053 | ▼ 56.3% |
| Trade receivables40 | - | €9,978 | €0 | - | - | - |
| Other amounts receivable41 | - | €151,987 | €68,366 | €13,846 | €6,053 | ▼ 56.3% |
| Current investments50/53 | €224,884 | €99,746 | €124,494 | €49,886 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €98,402 | €2,103 | €1,328 | €1,020 | €14,039 | ▲ 1,277% |
| Deferred charges and accrued income490/1 | - | €1,493 | €339 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €480,605 | €302,308 | €215,283 | €75,129 | €20,093 | ▼ 73.3% |
| Equity10/15 | €377,430 | €211,737 | €136,406 | €1,626 | -€44,246 | ▼ 2,821% |
| Contributions10/11 | - | €186,404 | €186,404 | €123,600 | €123,600 | = |
| Reserves13 | €186,259 | €186,259 | €171,259 | €171,259 | €171,259 | = |
| Non-distributable reserves130/1 | - | €19,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €19,860 | €0 | - | - | - |
| Tax-exempt reserves132 | - | €15,000 | €0 | - | - | - |
| Distributable reserves133 | - | €151,399 | €171,259 | €171,259 | €171,259 | = |
| Profit (loss) carried forward14 | €4,768 | -€160,926 | -€221,256 | -€293,233 | -€339,105 | ▼ 15.6% |
| Amounts payable17/49 | €103,174 | €90,571 | €78,877 | €73,503 | €64,339 | ▼ 12.5% |
| Amounts payable after more than one year17 | €23,209 | €10,611 | €0 | - | - | - |
| Financial debts170/4 | - | €10,611 | €0 | - | - | - |
| Amounts payable within one year42/48 | €79,711 | €79,816 | €78,227 | €73,478 | €64,326 | ▼ 12.5% |
| Current portion of amounts payable after more than one year42 | - | €12,597 | €10,611 | €0 | - | - |
| Trade debts44 | €67,107 | €62,187 | €62,623 | €68,230 | €64,326 | ▼ 5.7% |
| Suppliers440/4 | - | €62,187 | €62,623 | €68,230 | €64,326 | ▼ 5.7% |
| Taxes, remuneration and social security45 | - | €4,554 | €3,750 | €5,248 | €0 | ▼ 100% |
| Taxes450/3 | - | €4,554 | €3,750 | €5,248 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | €477 | €1,243 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | €144 | €650 | €26 | €13 | ▼ 49.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €245 | -€165,694 | -€75,331 | -€71,976 | -€45,873 | ▲ 36.3% |
| + Depreciation and write-downs630 | €16,582 | €16,358 | €16,245 | €10,378 | €10,378 | = |
| Operating cash flow (approximation) | €16,826 | -€149,335 | -€59,085 | -€61,598 | -€35,495 | ▲ 42.4% |
| Investment in fixed assets (approximation) | - | €390 | €0 | €0 | €0 | - |
| Change in cash | - | -€96,299 | -€775 | -€308 | €13,020 | ▲ 4,322% |
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
2025
12-09
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Liège · event 08-09-2025
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Weakest financial yearnet -€165,694
Net result drops to -€165,694, the lowest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
2019
31-12
Financial
Highest result since 2018net €2,833 ▲67.6%
Net result €2,833, the highest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
14-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 45 days late
2016
28-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 9 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Sprimont · 1 establishment unit since 1987
Ground area
9,337 m²
Building footprint
1,484 m²
Volume, LiDAR
7,299 m³
2 parcels, Wallonia · tallest building 6.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue du Têris 21, 4100 Seraing
since 1987unit no. 2.031.079.040
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62028C0785/00P000 | Wallonia | 6,110 m² | 1 · 291 m² | 5.9 m · 1 fl. |
| 62353D0354/00K002 | Wallonia | 3,227 m² | 1 · 1,194 m² | 6.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | EDOUARD FRANCK Rue Des Augustins 32, 4000 Liege 1 |
08-09-2025 → present |
| Curator | LAURENT WINKIN Rue Des Augustins 32, 4000 Liege 1- mersch.be |
08-09-2025 → present |
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MÖNCHENGLADBACH
This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 679 companies in this sector we hold annual accounts for 532. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded02-01-1987
Fiscal year end31-12
Activities, NACEBEL 2025
46494Wholesale of non-electrical household articles
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.