THAKALI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 3 filings
Turnover
€443,239
EBIT margin
4.6%
Net result
€5,518▲ 935%
2024 · €533
Working capital
€16,983▼ 0.9%
2024 · €17,132
Multi-year overview
2023 to 2025, 3 financial yearsTurnover
no figure
2025
20232025
Operating result
€14,071
▲ 166%
2025
20232025
Net result
€5,518
▲ 935%
2025
middle half of the sector
20232025
EBIT margin
no figure
2025
20232025
Equity
€28,287
▲ 24.2%
2025
middle half of the sector
20232025
Total assets
€72,787
▲ 22.7%
2025
middle half of the sector
20232025
Debt
€44,500
▲ 57.4%
2025
20232025
Working capital
€16,983
▼ 0.9%
2025
middle half of the sector
20232025
Solvency
38.9%
▲ 0.5pp
2025
middle half of the sector
20232025
Current ratio
1.38
▼ 0.22
2025
middle half of the sector
20232025
Return on assets (ROA)
7.6%
▲ 6.7pp
2025
middle half of the sector
20232025
Staff (FTE)
1.7
▼ 22.7%
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Turnover€443,239-
Operating result€20,228-€5,296▼ 73.8%€14,071▲ 166%
Net result€20,235above the sector's middle half-€533within the sector's middle half▼ 97.4%€5,518within the sector's middle half▲ 935%
EBIT margin4.6%-
Equity€22,235within the sector's middle half-€22,768within the sector's middle half▲ 2.4%€28,287within the sector's middle half▲ 24.2%
Total assets€54,538within the sector's middle half-€59,340within the sector's middle half▲ 8.8%€72,787within the sector's middle half▲ 22.7%
Debt€28,480-€28,264▼ 0.8%€44,500▲ 57.4%
Working capital€9,475within the sector's middle half-€17,132within the sector's middle half▲ 80.8%€16,983within the sector's middle half▼ 0.9%
Solvency40.8%within the sector's middle half-38.4%within the sector's middle half▼ 2.4pp38.9%within the sector's middle half▲ 0.5pp
Current ratio1.33within the sector's middle half-1.61within the sector's middle half▲ 0.271.38within the sector's middle half▼ 0.22
Return on assets (ROA)37.1%above the sector's middle half-0.9%within the sector's middle half▼ 36.2pp7.6%within the sector's middle half▲ 6.7pp
Staff (FTE)1.7-2.2▲ 29.4%1.7▼ 22.7%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 166% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72,787
Fixed assets
€11,303 ▼ 18.9%
Current assets
€61,483 ▲ 35.4%
Equity and liabilities €72,787
Equity
€28,287 ▲ 24.2%
Provisions
€0 ▼ 100%
Debt
€44,500 ▲ 57.4%
Debt's share of the balance-sheet total rises from 47.6% to 61.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€16,711▲
2024 · €7,936
Cash flow
€8,158▲
2024 · €3,173
Quick ratio
1.33▼
2024 · 1.56
Debt to equity
1.57▲
2024 · 1.24
ROE
19.5%▲
2024 · 2.3%
Interest coverage
6.67▼
2024 · 8.92
Debt ≤ 1 year
€44,500▲
2024 · €28,264
Income taxes
€6,969▲
2024 · €4,018
Staff costs
€77,338▼
2024 · €155,020
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 3 | 1 |
| full-time | 2 | 2 | 1 |
| part-time | 3 | 1 | 0 |
| in full-time equivalents | 2.6 | 2.1 | 1 |
| Average over the year, in full-time equivalents | 1.2 | 2.2 | 1.7 |
| On a permanent contract | 3 | 3 | 1 |
| Joined | 8 | 1 | 2 |
| Left | 3 | 3 | 4 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Tangible fixed assets | €13,198 | €0 | - |
| Financial fixed assets | €5,250 | - | - |
| Depreciation and write-downs of the year | €1,866 | €2,640 | €2,640 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €443,239 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €277,611 | - | - | - |
| Remuneration, social security and pensions62 | €133,728 | €155,020 | €77,338 | ▼ 50.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,866 | €2,640 | €2,640 | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €3,823 | €4,485 | -€2,226 | - |
| Other operating charges640/8 | €8,560 | €6,353 | €6,016 | ▼ 5.3% |
| Gross operating margin9900 | €168,204 | €173,793 | €97,839 | ▼ 43.7% |
| Operating profit (loss)9901 | €20,228 | €5,296 | €14,071 | ▲ 166% |
| Financial income75/76B | - | €145 | €923 | ▲ 536% |
| Recurring financial income75 | - | €145 | €923 | ▲ 536% |
| Financial charges65/66B | -€7 | €889 | €2,507 | ▲ 182% |
| Recurring financial charges65 | -€7 | €889 | €2,507 | ▲ 182% |
| Profit (loss) for the period before taxes9903 | €20,235 | €4,551 | €12,488 | ▲ 174% |
| Income taxes67/77 | - | €4,018 | €6,969 | ▲ 73.5% |
| Profit (loss) for the period9904 | €20,235 | €533 | €5,518 | ▲ 935% |
| Profit (loss) for the period to be appropriated9905 | €20,235 | €533 | €5,518 | ▲ 935% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €54,538 | €59,340 | €72,787 | ▲ 22.7% |
| Fixed assets21/28 | €16,583 | €13,943 | €11,303 | ▼ 18.9% |
| Tangible fixed assets22/27 | €11,333 | €8,693 | €6,053 | ▼ 30.4% |
| Land and buildings22 | €723 | €503 | €283 | ▼ 43.7% |
| Plant, machinery and equipment23 | €8,172 | €6,351 | €4,529 | ▼ 28.7% |
| Furniture and vehicles24 | €2,437 | €1,839 | €1,241 | ▼ 32.5% |
| Financial fixed assets28 | €5,250 | €5,250 | €5,250 | = |
| Current assets29/58 | €37,955 | €45,397 | €61,483 | ▲ 35.4% |
| Stocks and contracts in progress3 | €1,193 | €1,407 | €2,471 | ▲ 75.6% |
| Stocks30/36 | €1,193 | €1,407 | €2,471 | ▲ 75.6% |
| Amounts receivable within one year40/41 | €0 | €5,166 | €16,597 | ▲ 221% |
| Other amounts receivable41 | €0 | €5,166 | €16,597 | ▲ 221% |
| Cash at bank and in hand54/58 | €36,762 | €38,823 | €42,415 | ▲ 9.3% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €54,538 | €59,340 | €72,787 | ▲ 22.7% |
| Equity10/15 | €22,235 | €22,768 | €28,287 | ▲ 24.2% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | €20,235 | €26,287 | ▲ 29.9% |
| Distributable reserves133 | - | €20,235 | €26,287 | ▲ 29.9% |
| Profit (loss) carried forward14 | €20,235 | €533 | €0 | ▼ 100% |
| Provisions and deferred taxes16 | €3,823 | €8,307 | - | - |
| Provisions for liabilities and charges160/5 | €3,823 | €8,307 | - | - |
| Other liabilities and charges164/5 | €3,823 | €8,307 | - | - |
| Amounts payable17/49 | €28,480 | €28,264 | €44,500 | ▲ 57.4% |
| Amounts payable within one year42/48 | €28,480 | €28,264 | €44,500 | ▲ 57.4% |
| Trade debts44 | €16,218 | €12,342 | €11,586 | ▼ 6.1% |
| Suppliers440/4 | €16,218 | €12,342 | €11,586 | ▼ 6.1% |
| Taxes, remuneration and social security45 | €12,263 | €15,922 | €32,914 | ▲ 107% |
| Taxes450/3 | €6,570 | €5,735 | €20,160 | ▲ 252% |
| Remuneration and social security454/9 | €5,692 | €10,187 | €12,754 | ▲ 25.2% |
| Other amounts payable47/48 | €0 | - | - | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,235 | €533 | €5,518 | ▲ 935% |
| + Depreciation and write-downs630 | €1,866 | €2,640 | €2,640 | = |
| Operating cash flow (approximation) | €22,100 | €3,173 | €8,158 | ▲ 157% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - |
| Change in cash | - | €2,061 | €3,592 | ▲ 74.2% |
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, 26,972 companies had the same profile as THAKALI has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THAKALI itself: 1.0% within 12 months.
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 26,972 companies, not a prediction for THAKALI. 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.