TUH PropCo Brussels

Active

Public limited companyfounded 198442 yrs activeAdolphe Maxlaan 107, 1000 Brussel, BelgiumKBO/BCE: BE 0427.006.569

TUH PropCo Brussels has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-2.12M) and a net result of €-296k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 8% of 4502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

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Checked score

Score 2025

45 / 100

Fair▲ +38 vs 2024

The score combines four axes. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability70▼-30

Solvency67▲+34

Growth58▲+26

Stability100

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

No credit on open account

Liquidity ample (current ratio 7.78 against 0.22 in 2024), but equity is negative.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

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

−lowers risk+raises risk○neutral

Higher-failure-rate region

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

KBO · registered office

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 →

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

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

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 2025

Solvency, return and age of the figures

Solvency

-15.1%

Return on assets

-2.1%

Age of the figures

8 mo

Negative equity

Equity is negative for financial year 2025: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

NBB · annual accounts 2025

Equity per financial year

18192021222425

2018 to 2025 · latest year -€2.1M

Filed after the deadline

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 10 filings

Deviation from the deadline

2025

28 d late

2024

127 d late

2022

24 d early

2021

31 d late

2020

89 d late

2019

119 d late

2018

98 d early

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

15-09-2026 today31-12-2026 close31-07-2027 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 2025, full schema

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

€-296k▲ 62.7%

2024 · €-794k

2018: €-609k 2019: €-50k 2020: €-243k 2021: €-326k 2022: €-595k 2024: €-794k

2018 → 2025

Working capital

€3.88M

2024 · €-7.06M

2018: €-3.43M 2019: €-3.37M 2020: €-3.56M 2021: €184k 2022: €-2k 2024: €-7.06M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220242025Trend

Equity€415k-€90k▼ 78.4%€-506k€-1.83M▼ 261%€-2.12M▼ 16.2%

Operating result€237k-€240k▲ 1.5%€161k▼ 33.0%€141k▼ 12.2%€572k▲ 305%

Net result€-243k-€-326k▼ 34.0%€-595k▼ 82.7%€-794k▼ 33.4%€-296k▲ 62.7%

Result per fiscal year

Operating resultNet result

The operating result recovers in 2025; 2025 is 305% above 2024 and is the highest year so far.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €14.04M

68.3%

31.7%

Fixed assets €9.59M▼ 1.9%

Current assets €4.45M▲ 119%

Key figures and ratios

2025 value · change against 2024

EBITDA

€771k▲

2024 · €342k

Cash flow

€-96k▲

2024 · €-593k

Solvency

-15.1%▲

2024 · -15.5%

Current ratio

7.78▲

2024 · 0.22

Quick ratio

7.78▲

2024 · 0.22

Debt / equity

-7.62▼

2024 · -7.47

ROE

13.9%▼

2024 · 43.5%

ROA

-2.1%▲

2024 · -6.7%

Interest coverage

0.89▲

2024 · 0.35

Debt

€16.16M▲

2024 · €13.63M

Debt ≤ 1 year

€572k▼

2024 · €9.09M

Debt > 1 year

€15.59M▲

2024 · €4.54M

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€11.81M€14.04M▲

Fixed assets21/28€9.78M€9.59M▼

Tangible fixed assets22/27€9.78M€9.59M▼

Land and buildings22€9.51M€3.93M▼

Plant, machinery and equipment23€254k€0▼

Other tangible fixed assets26-€5.65M

Assets under construction and advance payments27€8k€12k▲

Current assets29/58€2.03M€4.45M▲

Amounts receivable within one year40/41€2.03M€4.38M▲

Trade receivables40€0-

Other amounts receivable41€2.03M€4.38M▲

Cash at bank and in hand54/58€5k€72k▲

Equity and liabilities

Total equity and liabilities10/49€11.81M€14.04M▲

Equity10/15€-1.83M€-2.12M▼

Contributions10/11€943k€943k=

Capital10€943k€943k=

Issued capital100€943k€943k=

Revaluation surpluses12€2.89M€2.89M=

Reserves13€453k€432k▼

Non-distributable reserves130/1€83k€83k=

Legal reserve130€83k€83k=

Tax-exempt reserves132€351k€330k▼

Distributable reserves133€18k€18k=

Profit (loss) carried forward14€-6.11M€-6.39M▼

Amounts payable17/49€13.63M€16.16M▲

Amounts payable after more than one year17€4.54M€15.59M▲

Financial debts170/4€4.54M€15.59M▲

Amounts payable within one year42/48€9.09M€572k▼

Trade debts44€8k€1k▼

Suppliers440/4€8k€1k▼

Other amounts payable47/48€9.09M€571k▼

Accrued charges and deferred income492/3€0-

Income statement Code20242025

Non-recurring operating income76A€118k€0▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€201k€199k▼

Other operating charges640/8€64k€95k▲

Non-recurring operating charges66A€79k€0▼

Gross operating margin9900€486k€867k▲

Operating profit (loss)9901€141k€572k▲

Financial income75/76B€53k€255▼

Recurring financial income75€53k€255▼

Financial charges65/66B€988k€868k▼

Recurring financial charges65€988k€868k▼

Profit (loss) for the period before taxes9903€-794k€-296k▲

Profit (loss) for the period9904€-794k€-296k▲

Transfer from tax-exempt reserves789€31k€21k▼

Profit (loss) for the period to be appropriated9905€-763k€-275k▲

Appropriation of the result

Profit (loss) to be appropriated9906€-6.11M€-6.39M▼

Profit (loss) brought forward from the previous period14P€-5.35M€-6.11M▼

Social balance

Average headcount (FTE)90870.00.0=

The notes to these accounts (13 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 13Financial 3Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

28-08

NBB filing Annual accounts filed

fiscal year 2025 · full schema · 28 days late

2025

31-12

Financial Liquidity times 35current ratio 7.78

Current ratio from 0.22 to 7.78; short-term debt falls from €9.09M to €572k.

05-12

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema · 127 days late

2024

31-12

Financial Weakest financial yearnet €-794k

Net result drops to €-794k, the lowest in the series; recovery starts the following year.

2023

07-07

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

31-08

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema · 31 days late

2021

31-12

Financial Liquidity times 8current ratio 1.28

Current ratio from 0.16 to 1.28; short-term debt falls from €4.22M to €657k.

28-10

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 89 days late

2020

27-11

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 119 days late

2019

24-04

NBB filing Annual accounts filed

fiscal year 2018 · full schema

11-02

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 195 days late

2017

12-07

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

29-09

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 60 days late

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

Directors · office · real estate

Directors

no sitting director, no change since 2025

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

17-12-2025 Eric van Lambalgen: Resigned as Director

20-02-2025 EBELING Jan Theodoor Antonio: Resigned as Director

09-02-2021 Daniel Metcalfe: Resigned as Director

09-02-2021 Lucas Drewes: Resigned as Director

26-04-2019 Assael Levy: Resigned as Director

26-04-2019 Mathilda Danon: Resigned as Director

24-06-2003 Jean Thiry: Resigned as Director

24-06-2003 Jean Thiry: Resigned as Managing director

Location & real-estate footprint

Registered office, Brussel · 1 establishment unit since 1984

establishment The establishment unit on the map

Cannot be placed on the map