THB4
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 24 days after the deadline Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00425317.
Annual accounts 2025 filed on 24-08-2026 at the NBB all 9 filings
Turnover
≈ €2.0m
Estimated: probably between €1.7m and €2.2m
EBIT margin
Not included in this filing
Net result
€42,241
2024 · -€31,021
Working capital
€98,630▼ 37.5%
2024 · €157,906
In the rankings
#3 company by equity in Awans, Accommodation and food service sector#6 company by total assets in Awans, Accommodation and food service sector#8 oldest company in Awans, Accommodation and food service sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€89,220
▲ 420%
2025
20182025
Net result
€42,241
2025
middle half of the sector
20182025
Equity
€192,469
▲ 0.8%
2025
middle half of the sector
20182025
Total assets
€619,950
▼ 29.2%
2025
middle half of the sector
20182025
Debt
€424,020
▼ 37.8%
2025
20182025
Working capital
€98,630
▼ 37.5%
2025
middle half of the sector
20182025
Solvency
31.0%
▲ 9.2pp
2025
middle half of the sector
20182025
Current ratio
1.23
▼ 0.04
2025
middle half of the sector
20182025
Return on assets (ROA)
6.8%
▲ 10.4pp
2025
middle half of the sector
20182025
Staff (FTE)
12.5
▼ 41.3%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€87,588-€184,249▲ 110%€40,515▼ 78.0%-€40,172€29,256€130,400▲ 346%€17,149▼ 86.8%€89,220▲ 420%
Net result€44,410-€122,000▲ 175%€27,408above the sector's middle half▼ 77.5%-€55,877below the sector's middle half€5,124within the sector's middle half€117,096above the sector's middle half▲ 23×-€31,021below the sector's middle half€42,241within the sector's middle half
Equity€43,320-€145,850▲ 237%€169,385above the sector's middle half▲ 16.1%€113,507within the sector's middle half▼ 33.0%€118,632within the sector's middle half▲ 4.5%€222,037within the sector's middle half▲ 87.2%€191,015within the sector's middle half▼ 14.0%€192,469within the sector's middle half▲ 0.8%
Total assets€614,646-€694,058▲ 12.9%€757,790above the sector's middle half▲ 9.2%€832,882above the sector's middle half▲ 9.9%€802,542above the sector's middle half▼ 3.6%€818,296within the sector's middle half▲ 2.0%€876,099within the sector's middle half▲ 7.1%€619,950within the sector's middle half▼ 29.2%
Debt€567,866-€544,747▼ 4.1%€584,944▲ 7.4%€715,913▲ 22.4%€680,449▼ 5.0%€592,799▼ 12.9%€681,622▲ 15.0%€424,020▼ 37.8%
Working capital-€162,953--€51,500▲ 68.4%€21,701within the sector's middle half€66,552within the sector's middle half▲ 207%€36,457within the sector's middle half▼ 45.2%€217,197above the sector's middle half▲ 496%€157,906above the sector's middle half▼ 27.3%€98,630within the sector's middle half▼ 37.5%
Solvency7.0%-21.0%▲ 14.0pp22.4%within the sector's middle half▲ 1.3pp13.6%within the sector's middle half▼ 8.7pp14.8%within the sector's middle half▲ 1.2pp27.1%within the sector's middle half▲ 12.4pp21.8%within the sector's middle half▼ 5.3pp31.0%within the sector's middle half▲ 9.2pp
Current ratio0.59-0.88▲ 0.291.06within the sector's middle half▲ 0.181.14within the sector's middle half▲ 0.081.07within the sector's middle half▼ 0.071.53within the sector's middle half▲ 0.461.28within the sector's middle half▼ 0.251.23within the sector's middle half▼ 0.04
Return on assets (ROA)7.2%-17.6%▲ 10.4pp3.6%within the sector's middle half▼ 14.0pp-6.7%below the sector's middle half▼ 10.3pp0.6%within the sector's middle half▲ 7.3pp14.3%above the sector's middle half▲ 13.7pp-3.5%within the sector's middle half▼ 17.9pp6.8%within the sector's middle half▲ 10.4pp
Staff (FTE)17.4-12.7▼ 27.0%12.8within the sector's middle half▲ 0.8%23.4above the sector's middle half▲ 82.8%35.6above the sector's middle half▲ 52.1%27.7above the sector's middle half▼ 22.2%21.3above the sector's middle half▼ 23.1%12.5within the sector's middle half▼ 41.3%
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 5.2 times that of 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €619,950
Fixed assets
€97,383 ▼ 33.3%
Current assets
€522,567 ▼ 28.4%
Equity and liabilities €619,950
Equity
€192,469 ▲ 0.8%
Provisions
€3,461 =
Debt
€424,020 ▼ 37.8%
Debt's share of the balance-sheet total falls from 77.8% to 68.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€154,736▲
2024 · €80,649
Cash flow
€107,757▲
2024 · €32,479
Quick ratio
1.21▼
2024 · 1.25
Debt to equity
2.20▼
2024 · 3.57
ROE
21.9%▲
2024 · -16.2%
Interest coverage
3.41▼
2024 · 4.53
Debt ≤ 1 year
€423,937▼
2024 · €572,273
Debt > 1 year
€82▼
2024 · €108,074
Income taxes
€1,647▼
2024 · €30,358
Staff costs
€514,802▼
2024 · €647,603
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 29 | 29 | 13 | 36 | 7 |
| full-time | 29 | 29 | 13 | 11 | 7 |
| part-time | - | - | - | 25 | - |
| in full-time equivalents | 29 | 29 | 13 | - | 7 |
| Average over the year, in full-time equivalents | 23.4 | 35.6 | 27.7 | 21.3 | 12.5 |
| On a permanent contract | 6 | 6 | 6 | 7 | 4 |
| Joined | 51 | 85 | 120 | 69 | 33 |
| Left | 55 | 60 | 133 | 46 | 61 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,836 | €10,256 | €11,868 | €21,217 | €14,090 |
| Financial fixed assets | - | - | - | - | €2,889 |
| Depreciation and write-downs of the year | €63,257 | €61,181 | €62,498 | €63,500 | €65,516 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €400,620 | €625,422 | €597,780 | €647,603 | €514,802 | ▼ 20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68,372 | €64,310 | €67,636 | €63,257 | €61,181 | €62,498 | €63,500 | €65,516 | ▲ 3.2% |
| Other operating charges640/8 | - | - | - | €1,036 | €4,048 | €5,372 | €3,439 | €2,596 | ▼ 24.5% |
| Non-recurring operating charges66A | - | - | - | - | €399 | - | - | €25,910 | - |
| Gross operating margin9900 | €634,371 | €686,859 | €395,273 | €424,741 | €720,306 | €796,049 | €731,692 | €698,044 | ▼ 4.6% |
| Operating profit (loss)9901 | €87,588 | €184,249 | €40,515 | -€40,172 | €29,256 | €130,400 | €17,149 | €89,220 | ▲ 420% |
| Financial income75/76B | - | - | - | €679 | €11 | €8 | €7 | €17 | ▲ 140% |
| Recurring financial income75 | €0 | €1 | €7 | €679 | €11 | €8 | €7 | €17 | ▲ 140% |
| Financial charges65/66B | - | - | - | €17,501 | €24,028 | €9,370 | €17,818 | €45,350 | ▲ 155% |
| Recurring financial charges65 | €21,167 | €11,345 | €12,065 | €17,501 | €24,028 | €9,370 | €17,818 | €45,350 | ▲ 155% |
| Profit (loss) for the period before taxes9903 | €66,421 | €172,905 | €28,457 | -€56,993 | €5,239 | €121,037 | -€663 | €43,888 | - |
| Income taxes67/77 | €22,011 | €50,905 | €1,049 | -€1,116 | €114 | €3,941 | €30,358 | €1,647 | ▼ 94.6% |
| Profit (loss) for the period9904 | €44,410 | €122,000 | €27,408 | -€55,877 | €5,124 | €117,096 | -€31,021 | €42,241 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €37,380 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €44,410 | €84,620 | €27,408 | -€55,877 | €5,124 | €154,476 | -€31,021 | €42,241 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €614,646 | €694,058 | €757,790 | €832,882 | €802,542 | €818,296 | €876,099 | €619,950 | ▼ 29.2% |
| Fixed assets21/28 | €384,202 | €328,779 | €346,509 | €290,087 | €238,833 | €188,203 | €145,920 | €97,383 | ▼ 33.3% |
| Intangible fixed assets21 | €14,750 | €12,750 | €10,750 | €8,750 | €6,750 | €4,750 | €2,750 | €750 | ▼ 72.7% |
| Tangible fixed assets22/27 | €369,122 | €315,699 | €335,429 | €281,007 | €232,083 | €183,453 | €143,170 | €93,743 | ▼ 34.5% |
| Plant, machinery and equipment23 | - | - | - | €8,165 | €11,212 | €15,254 | €774 | €2,910 | ▲ 276% |
| Furniture and vehicles24 | - | - | - | - | - | - | €20,045 | €14,907 | ▼ 25.6% |
| Other tangible fixed assets26 | - | - | - | €272,843 | €220,871 | €168,199 | €122,350 | €75,926 | ▼ 37.9% |
| Financial fixed assets28 | €330 | €330 | €330 | €330 | - | - | - | €2,889 | - |
| Current assets29/58 | €230,445 | €365,278 | €411,281 | €542,794 | €563,709 | €630,093 | €730,179 | €522,567 | ▼ 28.4% |
| Stocks and contracts in progress3 | €10,862 | €14,293 | €9,448 | €16,231 | €10,674 | €10,713 | €12,151 | €10,595 | ▼ 12.8% |
| Stocks30/36 | - | - | - | €16,231 | €10,674 | €10,713 | €12,151 | €10,595 | ▼ 12.8% |
| Amounts receivable within one year40/41 | €168,705 | €262,287 | €366,323 | €437,370 | €478,827 | €529,278 | €637,059 | €474,422 | ▼ 25.5% |
| Trade receivables40 | - | - | - | €392,470 | €433,742 | €498,078 | €605,407 | €443,070 | ▼ 26.8% |
| Other amounts receivable41 | - | - | - | €44,900 | €45,085 | €31,200 | €31,653 | €31,353 | ▼ 0.9% |
| Cash at bank and in hand54/58 | €40,941 | €69,306 | €28,094 | €69,159 | €49,690 | €70,124 | €67,219 | €35,355 | ▼ 47.4% |
| Deferred charges and accrued income490/1 | - | - | - | €20,033 | €24,518 | €19,977 | €13,750 | €2,195 | ▼ 84.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €614,646 | €694,058 | €757,790 | €832,882 | €802,542 | €818,296 | €876,099 | €619,950 | ▼ 29.2% |
| Equity10/15 | €43,320 | €145,850 | €169,385 | €113,507 | €118,632 | €222,037 | €191,015 | €192,469 | ▲ 0.8% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Capital10 | - | - | - | €30,000 | €30,000 | - | - | - | - |
| Issued capital100 | - | - | - | €30,000 | €30,000 | - | - | - | - |
| Reserves13 | €9,721 | €47,101 | €47,101 | €47,101 | €47,101 | €9,721 | €9,721 | €9,721 | = |
| Non-distributable reserves130/1 | - | - | - | €3,000 | €3,000 | €3,000 | - | - | - |
| Legal reserve130 | - | - | - | €3,000 | €3,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €3,000 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €44,101 | €44,101 | €6,721 | €6,721 | €6,721 | = |
| Distributable reserves133 | - | - | - | - | - | - | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €3,599 | €68,748 | €92,283 | €36,406 | €41,530 | €182,315 | €151,294 | €152,748 | ▲ 1.0% |
| Provisions and deferred taxes16 | €3,461 | €3,461 | €3,461 | €3,461 | €3,461 | €3,461 | €3,461 | €3,461 | = |
| Deferred taxes168 | - | - | - | €3,461 | €3,461 | €3,461 | €3,461 | €3,461 | = |
| Amounts payable17/49 | €567,866 | €544,747 | €584,944 | €715,913 | €680,449 | €592,799 | €681,622 | €424,020 | ▼ 37.8% |
| Amounts payable after more than one year17 | €170,284 | €122,278 | €183,069 | €208,349 | €143,197 | €168,353 | €108,074 | €82 | ▼ 99.9% |
| Financial debts170/4 | - | - | - | €208,349 | €143,197 | €168,353 | €108,074 | €82 | ▼ 99.9% |
| Amounts payable within one year42/48 | €393,398 | €416,779 | €389,580 | €476,242 | €527,253 | €412,896 | €572,273 | €423,937 | ▼ 25.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €103,924 | €112,235 | €74,906 | €69,954 | €23,624 | ▼ 66.2% |
| Trade debts44 | €124,594 | €98,746 | €80,021 | €227,821 | €289,270 | €267,961 | €407,812 | €291,301 | ▼ 28.6% |
| Suppliers440/4 | - | - | - | €227,821 | €289,270 | €267,961 | €407,812 | €291,301 | ▼ 28.6% |
| Taxes, remuneration and social security45 | - | - | - | €88,769 | €54,623 | €56,337 | €94,507 | €68,225 | ▼ 27.8% |
| Taxes450/3 | - | - | - | €35,656 | €19,280 | €25,623 | €23,133 | €19,705 | ▼ 14.8% |
| Remuneration and social security454/9 | - | - | - | €53,113 | €35,342 | €30,714 | €71,374 | €48,520 | ▼ 32.0% |
| Other amounts payable47/48 | - | - | - | €55,728 | €71,124 | €13,691 | €0 | €40,787 | - |
| Accrued charges and deferred income492/3 | - | - | - | €31,322 | €10,000 | €11,549 | €1,275 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €44,410 | €122,000 | €27,408 | -€55,877 | €5,124 | €117,096 | -€31,021 | €42,241 | - |
| + Depreciation and write-downs630 | €68,372 | €64,310 | €67,636 | €63,257 | €61,181 | €62,498 | €63,500 | €65,516 | ▲ 3.2% |
| Operating cash flow (approximation) | €112,782 | €186,310 | €95,044 | €7,380 | €66,305 | €179,594 | €32,479 | €107,757 | ▲ 232% |
| Investment in fixed assets (approximation) | - | -€8,888 | -€85,365 | -€6,836 | -€9,926 | -€11,868 | -€21,217 | -€16,979 | ▲ 20.0% |
| Change in cash | - | €28,365 | -€41,212 | €41,066 | -€19,470 | €20,435 | -€2,906 | -€31,864 | ▼ 997% |
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, 17,811 companies had the same profile as THB4 has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
The bankruptcy probability of THB4 itself is higher: 1.0% within 12 months. It rests on far more data about THB4 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 17,811 companies, not a prediction for THB4. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-08-2026 | 2026-00425317 | |
| 31-12-2024 | full format | 14-08-2025 | 2025-00378065 | |
| 31-12-2023 | full format | 16-08-2024 | 2024-00353868 | |
| 31-12-2022 | full format | 29-07-2023 | 2023-00304840 | |
| 31-12-2021 | full format | 01-07-2022 | 2022-20126523 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-60400022 | |
| 31-12-2019 | full format | 07-07-2020 | 2020-27500176 | |
| 31-12-2018 | full format | 28-08-2019 | 2019-60900143 | |
| 31-12-2017 | full format | 30-09-2018 | 2018-68200007 |