THEMA
ActiveSummary
THEMA has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €95,572. Equity is growing by ~10.2% per year across the filed fiscal years. Its solvency ranks better than 83% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-26
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €160,000 at 30 days acceptable
Liquidity ample (current ratio 4.12 against 3.28 in 2024; short-term debt: 13.3% and cash: 21.2% of total assets), and 14% of the assets are financed with debt.
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Signals
Five 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
86%
Return on assets
4.5%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
35 d early
2023
15 d early
2022
55 d early
2021
53 d early
2020
52 d early
2019
51 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 41 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · 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 monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€1.8m▲ 5.5%
2024 · €1.7m
Total assets
€2.1m▲ 1.9%
2024 · €2.1m
Net result
€95,572▼ 92.6%
2024 · €1.3m
Working capital
€891,424▲ 14.2%
2024 · €780,441
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€44,316€24,375▼ 45.0%€128,073▲ 425%€1.4m▲ 991%€152,343▼ 89.1%
Net result€36,219€14,862▼ 59.0%€63,382▲ 326%€1.3m▲ 1,929%€95,572▼ 92.6%
Equity€382,943▲ 10.4%€397,805▲ 3.9%€461,188▲ 15.9%€1.7m▲ 279%€1.8m▲ 5.5%
Total assets€458,331▲ 12.5%€1.3m▲ 179%€1.2m▼ 5.8%€2.1m▲ 74.6%€2.1m▲ 1.9%
Debt€75,388▲ 24.0%€880,635▲ 1,068%€743,603▼ 15.6%€356,682▼ 52.0%€300,815▼ 15.7%
Working capital€93,728▲ 439%-€693,296-€657,601▲ 5.1%€780,441€891,424▲ 14.2%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 89% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.1m
Fixed assets
€966,684 ▼ 1.5%
Current assets
€1.2m ▲ 4.8%
Equity and liabilities €2.1m
Equity
€1.8m ▲ 5.5%
Debt
€300,815 ▼ 15.7%
Debt's share of the balance-sheet total falls from 17.0% to 14.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€216,894▼
2024 · €1.5m
Cash flow
€160,124▼
2024 · €1.3m
Current ratio
4.12▲
2024 · 3.28
Debt to equity
0.16▼
2024 · 0.20
ROE
5.2%▼
2024 · 73.6%
ROA
4.5%▼
2024 · 61.1%
Interest coverage
11.54▼
2024 · 33.68
Debt ≤ 1 year
€285,665▼
2024 · €342,507
Income taxes
€58,599▼
2024 · €67,694
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,684 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 14,684 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1.2m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €56,926 | €57,143 | €68,675 | €62,875 | €64,551 | ▲ 2.7% |
| Other operating charges640/8 | €3,248 | €3,352 | €4,375 | €11,453 | €4,776 | ▼ 58.3% |
| Non-recurring operating charges66A | - | €62 | - | €3,285 | - | - |
| Gross operating margin9900 | €104,490 | €84,932 | €201,123 | €1.5m | €221,670 | ▼ 85.0% |
| Operating profit (loss)9901 | €44,316 | €24,375 | €128,073 | €1.4m | €152,343 | ▼ 89.1% |
| Financial income75/76B | - | €0 | €0 | €9 | €20,631 | ▲ 226,360% |
| Recurring financial income75 | - | €0 | €0 | €9 | €20,631 | ▲ 226,360% |
| Financial charges65/66B | €800 | €927 | €38,146 | €43,356 | €18,802 | ▼ 56.6% |
| Recurring financial charges65 | €800 | €927 | €38,146 | €43,356 | €18,802 | ▼ 56.6% |
| Profit (loss) for the period before taxes9903 | €43,516 | €23,447 | €89,928 | €1.4m | €154,172 | ▼ 88.6% |
| Income taxes67/77 | €7,297 | €8,585 | €26,545 | €67,694 | €58,599 | ▼ 13.4% |
| Profit (loss) for the period9904 | €36,219 | €14,862 | €63,382 | €1.3m | €95,572 | ▼ 92.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €33,142 | €20,878 | ▼ 37.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €1.2m | - | - |
| Profit (loss) for the period to be appropriated9905 | €36,219 | €14,862 | €63,382 | €143,878 | €116,450 | ▼ 19.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €458,331 | €1.3m | €1.2m | €2.1m | €2.1m | ▲ 1.9% |
| Fixed assets21/28 | €292,765 | €1.1m | €1.1m | €981,120 | €966,684 | ▼ 1.5% |
| Tangible fixed assets22/27 | €292,435 | €1.1m | €1.1m | €980,790 | €966,354 | ▼ 1.5% |
| Land and buildings22 | €165,221 | €986,842 | €955,271 | €842,874 | €868,749 | ▲ 3.1% |
| Plant, machinery and equipment23 | €7,559 | €6,561 | €33,431 | €29,695 | €25,960 | ▼ 12.6% |
| Furniture and vehicles24 | €22,785 | €19,305 | €66,840 | €61,606 | €41,371 | ▼ 32.8% |
| Other tangible fixed assets26 | €96,871 | €79,354 | €64,207 | €46,615 | €30,274 | ▼ 35.1% |
| Financial fixed assets28 | €330 | €330 | €330 | €330 | €330 | = |
| Current assets29/58 | €165,566 | €186,048 | €84,712 | €1.1m | €1.2m | ▲ 4.8% |
| Amounts receivable within one year40/41 | €30,388 | €40,598 | €24,052 | €85,957 | €49,310 | ▼ 42.6% |
| Trade receivables40 | €10,791 | €19,175 | €24,052 | €85,957 | €49,310 | ▼ 42.6% |
| Other amounts receivable41 | €19,597 | €21,424 | - | - | - | - |
| Current investments50/53 | - | - | - | €800,000 | €650,000 | ▼ 18.8% |
| Cash at bank and in hand54/58 | €131,737 | €128,283 | €27,424 | €194,537 | €454,382 | ▲ 134% |
| Deferred charges and accrued income490/1 | €3,441 | €17,167 | €33,236 | €42,454 | €23,398 | ▼ 44.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €458,331 | €1.3m | €1.2m | €2.1m | €2.1m | ▲ 1.9% |
| Equity10/15 | €382,943 | €397,805 | €461,188 | €1.7m | €1.8m | ▲ 5.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €39,624 | €54,124 | €117,124 | €1.4m | €1.5m | ▲ 6.8% |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | - | - | - | €1.1m | €1.1m | ▼ 1.8% |
| Distributable reserves133 | €37,765 | €52,265 | €115,265 | €258,265 | €374,265 | ▲ 44.9% |
| Profit (loss) carried forward14 | €324,727 | €325,089 | €325,471 | €326,350 | €326,800 | ▲ 0.1% |
| Amounts payable17/49 | €75,388 | €880,635 | €743,603 | €356,682 | €300,815 | ▼ 15.7% |
| Amounts payable after more than one year17 | €1,290 | €1,290 | €1,290 | - | - | - |
| Other amounts payable178/9 | €1,290 | €1,290 | €1,290 | - | - | - |
| Amounts payable within one year42/48 | €71,838 | €879,345 | €742,313 | €342,507 | €285,665 | ▼ 16.6% |
| Current portion of amounts payable after more than one year42 | - | €550,000 | - | - | - | - |
| Trade debts44 | €29,690 | €21,176 | €43,555 | €78,295 | €10,712 | ▼ 86.3% |
| Suppliers440/4 | €29,690 | €21,176 | €43,555 | €78,295 | €10,712 | ▼ 86.3% |
| Taxes, remuneration and social security45 | €2,060 | €6,682 | €30,129 | €65,608 | €72,063 | ▲ 9.8% |
| Taxes450/3 | - | €4,767 | €28,214 | €63,113 | €72,063 | ▲ 14.2% |
| Remuneration and social security454/9 | €2,060 | €1,915 | €1,915 | €2,495 | - | - |
| Other amounts payable47/48 | €40,089 | €301,487 | €668,629 | €198,605 | €202,890 | ▲ 2.2% |
| Accrued charges and deferred income492/3 | €2,260 | - | - | €14,175 | €15,150 | ▲ 6.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,219 | €14,862 | €63,382 | €1.3m | €95,572 | ▼ 92.6% |
| + Depreciation and write-downs630 | €56,926 | €57,143 | €68,675 | €62,875 | €64,551 | ▲ 2.7% |
| Operating cash flow (approximation) | €93,146 | €72,006 | €132,057 | €1.3m | €160,124 | ▼ 88.1% |
| Investment in fixed assets (approximation) | - | -€856,770 | -€96,362 | €76,083 | -€50,115 | ▼ 166% |
| Change in cash | - | -€3,455 | -€100,858 | €167,113 | €259,845 | ▲ 55.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €1.3m ▲1,929%
Operating result €1.4m, net result €1.3m, both a record.
31-12
Financial
Liquidity times 29current ratio 3.28
Current ratio from 0.11 to 3.28; short-term debt falls from €742,313 to €342,507.
31-12
Financial
Equity above €1mEq €1.7m ▲279%
4 profitable years in a row build equity to €1.7m.
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €36,219
Net result €36,219 after one loss-making year.
09-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€20,937
Net result drops to -€20,937, the lowest in the series; recovery starts the following year.
10-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
28-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-05
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are 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, Elsene · 1 establishment unit since 1997
Ground area
459 m²
Building footprint
128 m²
Volume, LiDAR
1,772 m³
Parcel 21443C0244/00K005, Brussels · tallest building 19.0 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Burgemeestersstraat 36, 1050 Elsene
since 19972.046.841.243
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21443C0244/00K005 | Brussels | 459 m² | 1 · 128 m² | 19.0 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 21,111 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-11-1989
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439147803
Registered
02-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.