Post-Thillo
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 10 filings
Equity
€45,484▼ 14.4%
2024 · €53,145
Total assets
€51,916▼ 40.5%
2024 · €87,276
Net result
-€7,661
2024 · €29,482
Working capital
€45,484▼ 14.1%
2024 · €52,952
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,810
2025
20182025
Net result
-€7,661
2025
lowest quarter of the sector
20182025
Equity
€45,484
▼ 14.4%
2025
middle half of the sector
20182025
Total assets
€51,916
▼ 40.5%
2025
middle half of the sector
20182025
Debt
€6,432
▼ 81.2%
2025
20182025
Working capital
€45,484
▼ 14.1%
2025
middle half of the sector
20182025
Solvency
87.6%
▲ 26.7pp
2025
highest quarter of the sector
20182025
Current ratio
8.07
▲ 5.52
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-14.8%
▼ 48.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€22,653-€21,320▼ 5.9%€22,839▲ 7.1%€25,387▲ 11.2%€19,372▼ 23.7%€22,331▲ 15.3%€38,944▲ 74.4%-€6,810
Net result€18,100-€14,622▼ 19.2%€18,038within the sector's middle half▲ 23.4%€19,619within the sector's middle half▲ 8.8%€13,608within the sector's middle half▼ 30.6%€16,601within the sector's middle half▲ 22.0%€29,482above the sector's middle half▲ 77.6%-€7,661below the sector's middle half
Equity€32,118-€46,740▲ 45.5%€49,063within the sector's middle half▲ 5.0%€50,111within the sector's middle half▲ 2.1%€50,862within the sector's middle half▲ 1.5%€67,464within the sector's middle half▲ 32.6%€53,145within the sector's middle half▼ 21.2%€45,484within the sector's middle half▼ 14.4%
Total assets€42,628-€56,482▲ 32.5%€58,219within the sector's middle half▲ 3.1%€66,357within the sector's middle half▲ 14.0%€72,001within the sector's middle half▲ 8.5%€74,955within the sector's middle half▲ 4.1%€87,276within the sector's middle half▲ 16.4%€51,916within the sector's middle half▼ 40.5%
Debt€10,510-€9,742▼ 7.3%€9,156▼ 6.0%€16,246▲ 77.4%€21,138▲ 30.1%€7,491▼ 64.6%€34,130▲ 356%€6,432▼ 81.2%
Working capital€32,118-€46,740▲ 45.5%€42,950within the sector's middle half▼ 8.1%€46,054within the sector's middle half▲ 7.2%€49,889within the sector's middle half▲ 8.3%€66,880within the sector's middle half▲ 34.1%€52,952within the sector's middle half▼ 20.8%€45,484within the sector's middle half▼ 14.1%
Solvency75.3%-82.8%▲ 7.4pp84.3%above the sector's middle half▲ 1.5pp75.5%above the sector's middle half▼ 8.8pp70.6%within the sector's middle half▼ 4.9pp90.0%above the sector's middle half▲ 19.4pp60.9%within the sector's middle half▼ 29.1pp87.6%above the sector's middle half▲ 26.7pp
Current ratio4.06-5.80▲ 1.745.69above the sector's middle half▼ 0.113.83above the sector's middle half▼ 1.863.36within the sector's middle half▼ 0.479.93above the sector's middle half▲ 6.572.55within the sector's middle half▼ 7.388.07above the sector's middle half▲ 5.52
Return on assets (ROA)42.5%-25.9%▼ 16.6pp31.0%above the sector's middle half▲ 5.1pp29.6%above the sector's middle half▼ 1.4pp18.9%above the sector's middle half▼ 10.7pp22.1%above the sector's middle half▲ 3.2pp33.8%above the sector's middle half▲ 11.6pp-14.8%below the sector's middle half▼ 48.5pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €6,810, after a profit of €38,944 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €51,916
Equity
€45,484 ▼ 14.4%
Debt
€6,432 ▼ 81.2%
Debt's share of the balance-sheet total falls from 39.1% to 12.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€6,616▼
2024 · €39,334
Cash flow
-€7,467▼
2024 · €29,872
Debt to equity
0.14▼
2024 · 0.64
ROE
-16.8%▼
2024 · 55.5%
Interest coverage
-8.25▼
2024 · 40.80
Debt ≤ 1 year
€6,432▼
2024 · €34,130
Income taxes
€307▼
2024 · €8,499
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €836 | €2,057 | €390 | €390 | €390 | €193 | ▼ 50.4% |
| Other operating charges640/8 | - | - | - | €1,223 | €1,700 | €623 | €635 | €655 | ▲ 3.1% |
| Gross operating margin9900 | €23,082 | €22,188 | €24,930 | €28,667 | €21,461 | €23,345 | €39,970 | -€5,961 | - |
| Operating profit (loss)9901 | €22,653 | €21,320 | €22,839 | €25,387 | €19,372 | €22,331 | €38,944 | -€6,810 | - |
| Financial income75/76B | - | - | - | €1 | €0 | €234 | €0 | €258 | ▲ 1,031× |
| Recurring financial income75 | €18 | €10 | €68 | €1 | €0 | €234 | €0 | €258 | ▲ 1,031× |
| Financial charges65/66B | - | - | - | €87 | €174 | €656 | €964 | €802 | ▼ 16.8% |
| Recurring financial charges65 | €52 | €54 | €38 | €87 | €174 | €656 | €964 | €802 | ▼ 16.8% |
| Profit (loss) for the period before taxes9903 | €22,618 | €21,276 | €22,869 | €25,301 | €19,198 | €21,910 | €37,981 | -€7,354 | - |
| Income taxes67/77 | €4,519 | €6,655 | €4,832 | €5,682 | €5,590 | €5,308 | €8,499 | €307 | ▼ 96.4% |
| Profit (loss) for the period9904 | €18,100 | €14,622 | €18,038 | €19,619 | €13,608 | €16,601 | €29,482 | -€7,661 | - |
| Profit (loss) for the period to be appropriated9905 | €18,100 | €14,622 | €18,038 | €19,619 | €13,608 | €16,601 | €29,482 | -€7,661 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €42,628 | €56,482 | €58,219 | €66,357 | €72,001 | €74,955 | €87,276 | €51,916 | ▼ 40.5% |
| Fixed assets21/28 | - | - | €6,114 | €4,057 | €973 | €583 | €193 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | €6,114 | €4,057 | €973 | €583 | €193 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €4,057 | €973 | €583 | €193 | €0 | ▼ 100% |
| Current assets29/58 | €42,628 | €56,482 | €52,106 | €62,299 | €71,027 | €74,371 | €87,082 | €51,916 | ▼ 40.4% |
| Amounts receivable within one year40/41 | €17,063 | €12,542 | €9,811 | €10,164 | €11,512 | €18,502 | €16,171 | €17,019 | ▲ 5.2% |
| Trade receivables40 | - | - | - | €10,164 | €11,512 | €9,529 | €15,670 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | - | €8,974 | €501 | €17,019 | ▲ 34× |
| Cash at bank and in hand54/58 | €25,565 | €43,940 | €42,295 | €52,135 | €59,515 | €55,766 | €70,690 | €34,152 | ▼ 51.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €103 | €221 | €746 | ▲ 237% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €42,628 | €56,482 | €58,219 | €66,357 | €72,001 | €74,955 | €87,276 | €51,916 | ▼ 40.5% |
| Equity10/15 | €32,118 | €46,740 | €49,063 | €50,111 | €50,862 | €67,464 | €53,145 | €45,484 | ▼ 14.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €21,860 | €21,860 | €21,860 | €21,860 | €21,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €21,860 | €21,860 | €21,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €17,858 | €12,480 | €14,803 | €15,851 | €16,602 | €33,204 | €32,685 | €25,024 | ▼ 23.4% |
| Amounts payable17/49 | €10,510 | €9,742 | €9,156 | €16,246 | €21,138 | €7,491 | €34,130 | €6,432 | ▼ 81.2% |
| Amounts payable within one year42/48 | €10,510 | €9,742 | €9,156 | €16,246 | €21,138 | €7,491 | €34,130 | €6,432 | ▼ 81.2% |
| Financial debts43 | - | - | - | - | €1,693 | €1,567 | €1,718 | €1,699 | ▼ 1.1% |
| Credit institutions430/8 | - | - | - | - | €1,693 | €1,567 | €1,718 | €1,699 | ▼ 1.1% |
| Trade debts44 | €1,970 | €1,203 | €2,225 | €214 | €1,521 | €838 | €407 | €886 | ▲ 118% |
| Suppliers440/4 | - | - | - | €214 | €1,521 | €838 | €407 | €886 | ▲ 118% |
| Taxes, remuneration and social security45 | - | - | - | €13,676 | €13,964 | €5,086 | €9,792 | €3,848 | ▼ 60.7% |
| Taxes450/3 | - | - | - | €13,676 | €12,212 | €2,666 | €9,792 | €2,357 | ▼ 75.9% |
| Remuneration and social security454/9 | - | - | - | - | €1,752 | €2,421 | €0 | €1,490 | - |
| Other amounts payable47/48 | - | - | - | €2,355 | €3,960 | €0 | €22,214 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,100 | €14,622 | €18,038 | €19,619 | €13,608 | €16,601 | €29,482 | -€7,661 | - |
| + Depreciation and write-downs630 | - | - | €836 | €2,057 | €390 | €390 | €390 | €193 | ▼ 50.4% |
| Operating cash flow (approximation) | €18,100 | €14,622 | €18,874 | €21,676 | €13,998 | €16,991 | €29,872 | -€7,467 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | €2,694 | €0 | €0 | €0 | - |
| Change in cash | - | €18,375 | -€1,646 | €9,841 | €7,380 | -€3,750 | €14,924 | -€36,538 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,805 companies had the same profile as Post-Thillo has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Post-Thillo itself is lower: 0.1% within 12 months. It rests on far more data about Post-Thillo than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,805 companies, not a prediction for Post-Thillo. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00172877 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00141849 | |
| 31-12-2023 | micro format | 20-06-2024 | 2024-00145194 | |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00168780 | |
| 31-12-2021 | micro format | 03-06-2022 | 2022-20045832 | |
| 31-12-2020 | micro format | 11-06-2021 | 2021-19100483 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-19400052 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-28900518 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-55600449 | |
| 31-12-2016 | micro format | 21-08-2017 | 2017-45400522 |