THO-CONSTRUCT
ActiveTHO-CONSTRUCT has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €349k and a net result of €-188k. Equity is growing by ~7.2% per year across the filed fiscal years. Its solvency ranks better than 37% of 14079 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
48
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability29▼-48
Solvency39▼-48
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16k at 30 days acceptable
Liquidity short (current ratio 0.06 against 1.86 in 2024; short-term debt: 56.4% and cash: 2.1% of total assets), and 85.7% of the assets are financed with debt.
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
14.3%
Return on assets
-7.7%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 31-01-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
3 d early
2023
1 d early
2022
5 d early
2021
on the day
2020
28 d late
2019
25 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close23-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€349k▼ 34.9%
2024 · €537k
2019: €371k
2020: €384k
2021: €354k
2022: €449k
2023: €482k
2024: €537k
2019 → 2025
Total assets
€2.45M▲ 182%
2024 · €868k
2019: €681k
2020: €929k
2021: €883k
2022: €847k
2023: €945k
2024: €868k
2019 → 2025
Net result
€-188k
2024 · €55k
2019: €94k
2020: €63k
2021: €60k
2022: €95k
2023: €111k
2024: €55k
2019 → 2025
Working capital
€-1.30M
2024 · €137k
2019: €141k
2020: €137k
2021: €59k
2022: €120k
2023: €123k
2024: €137k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€354k-€449k▲ 26.7%€482k▲ 7.5%€537k▲ 11.4%€349k▼ 34.9%
Operating result€87k-€142k▲ 63.1%€167k▲ 17.2%€78k▼ 53.2%€-142k
Net result€60k-€95k▲ 57.3%€111k▲ 17.3%€55k▼ 50.5%€-188k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €142k after €78k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.45M
Fixed assets
€2.36M▲ 313%
Current assets
€85k▼ 71.2%
Equity and liabilities €2.45M
Equity
€349k▼ 34.9%
Debt
€2.10M▲ 535%
The debt ratio rises from 38.1% to 85.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€107k▲
2024 · €101k
Cash flow
€62k▼
2024 · €78k
Solvency
14.3%▼
2024 · 61.9%
Current ratio
0.06▼
2024 · 1.86
Quick ratio
0.06▼
2024 · 1.86
Debt / equity
6.01▲
2024 · 0.62
ROE
-53.7%▼
2024 · 10.2%
ROA
-7.7%▼
2024 · 6.3%
Interest coverage
2.36▼
2024 · 13.42
Debt
€2.10M▲
2024 · €331k
Debt ≤ 1 year
€1.38M▲
2024 · €159k
Debt > 1 year
€696k▲
2024 · €169k
Income taxes
€383▼
2024 · €17k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€868k€2.45M▲
Fixed assets21/28€572k€2.36M▲
Tangible fixed assets22/27€572k€2.36M▲
Land and buildings22€570k€2.36M▲
Plant, machinery and equipment23€1k€4k▲
Furniture and vehicles24€659€1k▲
Current assets29/58€296k€85k▼
Amounts receivable within one year40/41€211k€27k▼
Trade receivables40€211k€27k▼
Other amounts receivable41€67€67=
Cash at bank and in hand54/58€79k€52k▼
Deferred charges and accrued income490/1€6k€6k▲
Equity and liabilities
Total equity and liabilities10/49€868k€2.45M▲
Equity10/15€537k€349k▼
Contributions10/11€19k€19k=
Reserves13€463k€463k=
Non-distributable reserves130/1€0€2k▲
Reserves not available under the articles1311€0€2k▲
Distributable reserves133€463k€461k▼
Profit (loss) carried forward14€56k€-132k▼
Amounts payable17/49€331k€2.10M▲
Amounts payable after more than one year17€169k€696k▲
Financial debts170/4€169k€696k▲
Amounts payable within one year42/48€159k€1.38M▲
Current portion of amounts payable after more than one year42€60k€96k▲
Financial debts43-€700k
Credit institutions430/8-€700k
Trade debts44€30k€8k▼
Suppliers440/4€30k€8k▼
Taxes, remuneration and social security45€28k€10k▼
Taxes450/3€28k€10k▼
Other amounts payable47/48€41k€566k▲
Accrued charges and deferred income492/3€2k€22k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€23k€249k▲
Other operating charges640/8€3k€5k▲
Gross operating margin9900€105k€112k▲
Operating profit (loss)9901€78k€-142k▼
Financial income75/76B€888€314▼
Recurring financial income75€888€314▼
Financial charges65/66B€8k€45k▲
Recurring financial charges65€8k€45k▲
Profit (loss) for the period before taxes9903€72k€-187k▼
Income taxes67/77€17k€383▼
Profit (loss) for the period9904€55k€-188k▼
Profit (loss) for the period to be appropriated9905€55k€-188k▼
Appropriation of the result
Profit (loss) to be appropriated9906€56k€-132k▼
Profit (loss) brought forward from the previous period14P€852€56k▲
Transfer from equity791/2€0-
Transfer to equity691/2€0-
To other reserves6921€0-
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Weakest financial yearnet €-188k ▼441%
Net result drops to €-188k, the lowest in the series.
28-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Equity above €500kEq €537k ▲11.4%
6 profitable years in a row build equity to €537k.
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Highest result since 2019net €111k ▲17.3%
Operating result €167k, net result €111k, both a record.
26-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
25-07
State Gazette act
Board meeting · Director appointment
Permanent representative · Director resignation
07-07
State Gazette act
Board meeting · Director resignation
Permanent representative · Statutes amendment
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
28-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 28 days late
2020
25-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 25 days late
2019
26-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 26 days late
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2015
02-07
State Gazette act
General meeting · Board meeting
Director resignation · Permanent representative
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is 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, Diksmuide · 1 establishment unit since 2006
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.
Steenmolenbeekwegel(W) 28600 DiksmuideGround area
1,025 m²
Building footprint
190 m²
Volume, LiDAR
1,070 m³
Parcel 32026A0424/00C000, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Tho-Construct
since 20062.153.037.239
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 32026A0424/00C000 | Flanders | 1,025 m² | 1 · 190 m² | 8.5 m · 2 fl. |
Linked by address, not proof of ownership
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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 5,052 EUR awarded · 5,052 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 5,052 EUR | 5,052 EUR |
Schemes
Individueel Maatwerk
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Of 11,750 companies in sector 68310 we hold annual accounts for 6,908. 4,864 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded16-03-2006
Fiscal year end30-06
Activities, NACEBEL
68310Real estate agency activities
68311Real estate activities
70311
68201Renting and operating of own or leased residential real estate, excluding social housing
Sources
Crossroads Bank for EnterprisesNational Bank · 19 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
1 entryPhone:051511137