THEODORE

Active Cooperative companyfounded 2010active for 16 yearsThéodore Verhaegenstraat 158, 1060 Sint-Gillis (bij-Brussel)KBO/BCE: BE 0828.297.747 #2 company by equity in Saint-Gilles, Arts, sports and recreation sector

THEODORE

Financial year 2025

Follow Report Compare

Annual accounts 2025

full format, filed on 16-12-2025, 46 days before the deadline

€1.2m

▲ 1.7%

-€80,428

▼ €60,827

€123,030

▼ 28.7%

€151,750

▼ 23.7%

57.1%

▼ 0.6 percentage points

1.44

▼ 0.13

The turnover shown is an estimate from the gross margin.

Turnover ≈ €2.0m. Estimated: probably between €1.4m and €3.4m.

Amounts without an identifiable currency are taken as euros.

In the rankings #2 company by equity in Saint-Gilles, Arts, sports and recreation sector #3 company by total assets in Saint-Gilles, Arts, sports and recreation sector #6 company by staff growth in the Brussels-Capital Region, Sports and recreation sector

Money flows

no detail for 2025

Balance sheet

balance sheet total €3.6m on 30-06-2025

What the company ownsHow it is paid for

in €m

in euro

Position in the sector

Compare with sector

57.1%

Higher than 70% of 519 companies in 2025.

1.44

Higher than 51% of 509 companies in 2025.

-1.4%

Higher than 31% of 514 companies in 2025.

THEODORE Middle half of the sector 80% of the sector Full accounts in sports and recreation (NACE 93)

Net result: bottom quarter · Equity: top quarter · Balance sheet total: middle half · Working capital: middle half · Staff: top quarter

Staff

€27,267

Staff costs divided by the average number of full-time equivalents.

+2 people

people who joined people who left

In 2025, 205 people joined and 203 left.

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Balance sheet: assets
`20/58`	3.6m	3.8m	3.9m	3.2m	2.7m	1.6m	1.7m	1.9m	1.8m	1.8m	1.7m	1.4m	1.3m	847,167	697,661
`20`	-	-	-	-	0	0	0	0	-	0	541	1,536	1,607	2,363	-
`21/28`	2.7m	2.8m	2.9m	2.6m	2.2m	1.4m	1.5m	1.5m	1.5m	1.4m	1.4m	1.2m	1.2m	535,184	389,362
`21`	15,934	21,348	13,693	18,659	12,881	8,418	12,204	11,760	-	-	-	-	-	-	-
`22/27`	2.6m	2.8m	2.8m	2.6m	2.1m	1.4m	1.5m	1.5m	1.5m	1.4m	1.4m	1.2m	1.2m	532,822	389,362
`22`	2.6m	2.7m	2.7m	2.5m	2.1m	260,918	270,463	280,007	289,552	299,096	308,641	318,185	367,170	372,616	389,362
`23`	60,643	78,567	70,183	47,827	35,452	1.2m	1.2m	1.2m	1.2m	1.1m	1.1m	869,616	767,594	157,265	-
`24`	15,206	25,941	31,691	16,684	7,388	8,371	9,146	17,050	17,902	27,212	32,203	28,978	19,510	2,940	-
`26`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`27`	-	-	-	-	0	0	0	0	-	-	-	5,451	-	-	-
`28`	7,354	4,854	4,854	1,244	720	720	720	720	585	615	115	1,115	115	-	-
`29/58`	913,372	950,451	1.0m	562,587	537,134	182,574	199,279	329,498	316,840	357,321	267,483	163,572	141,947	311,982	308,300
`29`	-	-	-	-	-	-	-	-	-	-	-	-	5,451	189,017	287,536
`290`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`291`	-	-	-	-	0	0	0	0	-	-	-	-	5,451	189,017	287,536
`3`	25,404	25,965	25,803	23,927	16,277	23,529	22,879	20,655	14,020	17,166	16,843	12,716	5,751	-	-
`30/36`	25,404	25,965	25,803	23,927	16,277	23,529	22,879	20,655	14,020	17,166	16,843	12,716	5,751	-	-
`37`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`40/41`	201,332	291,693	164,507	133,474	57,570	26,063	36,958	93,557	36,742	41,014	154,393	70,922	18,363	-	2,171
`40`	194,866	287,349	154,944	126,126	53,112	23,575	35,216	60,800	30,422	12,464	40,656	9,688	18,363	-	-
`41`	6,466	4,343	9,563	7,348	4,459	2,488	1,742	32,757	6,320	28,550	113,737	61,234	-	-	2,171
`50/53`	0	306,000	-	-	0	0	0	0	-	-	-	-	-	-	-
`54/58`	677,316	318,899	836,344	400,601	458,660	129,685	137,053	214,690	263,722	293,636	96,247	79,338	109,703	122,965	18,593
`490/1`	9,320	7,895	5,557	4,585	4,627	3,297	2,389	595	2,356	5,506	-	595	2,680	-	-
Balance sheet: equity and liabilities
`10/49`	3.6m	3.8m	3.9m	3.2m	2.7m	1.6m	1.7m	1.9m	1.8m	1.8m	1.7m	1.4m	1.3m	847,167	697,661
`10/15`	2.0m	2.2m	2.2m	1.7m	1.6m	934,118	955,580	964,191	965,835	881,295	775,137	533,612	363,504	160,819	74,586
`10/11`	989,034	1.0m	1.0m	1.0m	1.0m	0	479,044	484,044	519,044	493,444	479,125	349,995	220,895	225,000	100,000
`100`	-	-	-	-	-	0	621,644	626,644	661,644	636,044	621,725	492,595	318,495	300,000	100,000
`101`	-	-	-	-	-	0	142,600	142,600	142,600	142,600	142,600	142,600	97,600	75,000	-
`11`	-	-	-	-	-	472,044	0	0	-	-	-	-	-	-	-
`1100/10`	-	-	-	-	-	472,044	0	0	-	-	-	-	-	-	-
`12`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`13`	2,454	2,454	2,454	2,454	2,454	2,454	2,454	1,573	-	-	-	-	-	-	-
`130/1`	2,454	2,454	2,454	2,454	2,454	2,454	-	-	-	-	-	-	-	-	-
`130`	-	-	-	-	-	0	2,454	1,573	-	-	-	-	-	-	-
`1311`	2,454	2,454	2,454	2,454	2,454	-	-	-	-	-	-	-	-	-	-
`1312`	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-
`1313`	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-
`1319`	-	-	-	-	0	2,454	0	0	-	-	-	-	-	-	-
`132`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`133`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`14`	653,938	705,646	699,050	326,892	230,800	161,000	176,135	159,395	129,516	63,347	-43,034	-57,622	-62,537	-64,181	-25,414
`15`	392,807	449,085	437,145	356,663	313,460	298,620	297,946	319,179	317,275	324,505	339,047	241,239	205,146	-	-
`16`	-	-	107,500	167,500	-	-	-	-	-	-	-	-	-	-	-
`160/5`	-	-	107,500	167,500	0	0	0	0	-	-	-	-	-	-	-
`160`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`161`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`162`	-	-	107,500	167,500	0	0	0	0	-	-	-	-	-	-	-
`163`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`164/5`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`168`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`17/49`	1.5m	1.6m	1.6m	1.3m	1.1m	698,347	712,248	903,352	814,137	877,234	925,149	854,841	934,438	686,348	623,075
`17`	893,720	978,583	1.1m	929,379	941,006	495,094	462,330	630,000	454,338	472,197	500,449	584,370	558,621	431,336	623,075
`170/4`	893,720	978,583	1.1m	929,379	941,006	495,094	462,330	630,000	454,338	472,197	500,449	584,370	558,621	431,336	442,000
`175`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`176`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`178/9`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	181,075
`42/48`	635,179	607,906	552,294	367,955	176,134	203,252	249,918	273,352	359,799	405,037	424,700	270,471	353,082	255,012	-
`42`	84,863	82,186	79,610	77,132	67,725	25,887	45,008	45,016	39,595	28,951	26,971	-	27,513	16,115	-
`43`	0	564	1,232	207	99	76	-	-	-	1,004	-	-	-	-	-
`430/8`	0	564	1,232	207	99	76	0	0	-	1,004	-	-	-	-	-
`439`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`44`	125,332	118,402	225,055	137,064	59,474	33,415	33,662	59,192	22,108	42,327	11,477	37,465	48,681	73,548	-
`440/4`	125,332	118,402	225,055	137,064	59,474	33,415	33,662	59,192	22,108	42,327	11,477	37,465	48,681	73,548	-
`441`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`46`	283,110	211,744	54,733	49,760	36,211	56,063	65,328	42,286	61,572	74,383	69,107	-	-	-	-
`45`	139,902	193,038	189,691	99,952	8,785	40,798	60,878	83,071	56,709	43,557	4,956	4,477	4,264	-	-
`450/3`	23,439	42,239	44,282	54,537	294	19,634	26,099	37,243	24,575	5,449	2,016	4,477	2,656	-	-
`454/9`	116,463	150,799	145,409	45,415	8,491	21,164	34,779	45,828	32,135	38,109	2,940	-	1,608	-	-
`47/48`	1,972	1,972	1,972	3,840	3,840	47,014	45,042	43,788	179,815	214,815	312,190	228,528	272,624	165,349	-
`492/3`	-	-	-	-	0	0	0	0	-	-	-	-	22,736	-	-
Income statement
`70`	-	-	-	-	-	-	-	0	-	-	600,729	403,745	128,086	32,764	17,764
`76A`	-	-	-	-	0	0	0	0	-	-	2,787	19,434	-	-	-
`9900`	1.2m	1.2m	1.4m	785,971	234,595	411,687	600,726	572,241	529,834	492,523	321,543	171,773	64,119	-1,626	-362
`60/61`	-	-	-	-	-	-	-	0	-	-	-	-	63,967	34,360	18,126
`62`	1.0m	1.1m	924,915	359,521	45,871	333,107	481,044	440,740	401,475	309,245	213,602	86,683	3,847	695	361
`630`	203,458	192,194	167,375	143,701	101,376	87,801	87,647	87,988	75,400	62,921	57,352	73,513	39,083	20,032	14,383
`631/4`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`635/8`	0	-107,500	-60,000	167,500	0	0	0	0	-	-	-	-	-	-	-
`640/8`	15,063	13,214	11,601	12,831	10,583	6,988	9,063	8,669	15,157	7,881	7,596	5,702	430	569	89
`649`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`66A`	-	-	-	-	0	0	0	0	-	6,975	14,402	1,565	613	-	-
`9901`	-80,428	-19,601	364,096	102,418	76,765	-16,210	22,971	34,844	37,802	112,477	42,994	5,875	20,758	-22,922	-15,194
`75/76B`	60,497	58,167	47,438	32,990	27,039	23,162	21,340	20,966	52,669	26,046	12,525	12,884	11,513	46	20
`75`	60,497	58,167	47,438	32,990	27,039	23,162	21,340	20,966	52,669	26,046	12,525	12,884	11,513	46	20
`76B`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`65/66B`	31,662	31,971	39,375	39,316	34,004	22,088	26,689	24,359	24,549	23,212	29,317	29,087	27,461	13,424	9,474
`65`	31,662	31,971	39,375	39,316	34,004	22,088	26,689	24,359	24,549	23,212	29,317	29,087	27,461	13,424	9,474
`66B`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`9903`	-51,593	6,595	372,159	96,091	69,800	-15,135	17,622	31,451	65,923	108,336	14,588	7,541	4,198	-36,301	-24,649
`67/77`	114	-	-	-	0	0	0	0	-247	1,955	-	2,626	2,554	2,467	765
`9904`	-51,707	6,595	372,159	96,091	69,800	-15,135	17,622	31,451	66,169	106,381	14,588	4,915	1,644	-38,768	-25,414
`789`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`689`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`9905`	-51,707	6,595	372,159	96,091	69,800	-15,135	17,622	31,451	66,169	106,381	14,588	4,915	1,644	-38,768	-25,414
Appropriation of the result
`9906`	653,938	705,646	699,050	326,892	230,800	161,000	177,016	160,967	129,516	63,347	-43,034	-57,622	-62,537	-64,181	-25,414
`14P`	705,646	699,050	326,892	230,800	-	-	-	-	-	-	-	-	-	-	-
`791/2`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	881	1,573	-	-	-	-	-	-	-
`691`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`6920`	-	-	-	-	0	0	881	1,573	-	-	-	-	-	-	-
`6921`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`694`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`695`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
`696`	-	-	-	-	0	0	0	0	-	-	-	-	-	-	-
Social balance sheet
`9087`	38.4	40.2	38.4	27	7	38.9	38.9	43.9	41.4	32.3	24.7	0	-	-	-
Hours worked`1013`	43,734	47,557	44,142	21,030	1,827	17,584	28,926	26,721	24,492	20,379	13,475	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 23 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 16-12-2025.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
30-06-2025	full format	16-12-2025	2025-00583802	PDF
30-06-2024	full format	19-01-2025	2025-00008461	PDF
30-06-2023	full format	21-12-2023	2023-00537914	PDF
30-06-2022	full format	30-01-2023	2023-00021214	PDF
30-06-2021	full format	31-12-2021	2021-82500352	PDF
30-06-2020	full format	06-01-2021	2021-00400136	PDF
30-06-2019	full format	31-01-2020	2020-04600210	PDF
30-06-2018	full format	25-01-2019	2019-02300106	PDF
30-06-2017	full format	25-01-2018	2018-02200497	PDF
30-06-2016	full format	13-01-2017	2017-01100454	PDF
30-06-2015	full format	21-12-2015	2015-69900031	PDF
30-06-2014	full format	04-12-2014	2014-68600473	PDF
30-06-2013	full format	28-02-2014	2014-05400018	PDF
30-06-2012	full format	29-01-2013	2013-02300241	PDF
30-06-2011	full format	30-11-2011	2011-62400138	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
123,030	172,593	531,471	246,118	178,141	71,592	110,619	122,832	113,203	175,398	100,346	79,388	59,841	-2,890	-812
151,750	198,789	539,533	239,792	171,175	72,666	105,269	119,439	141,570	169,302	71,939	78,428	40,728	-18,735	-11,031
54,352	136,795	406,121	623,985	811,168	69,144	18,151	168,685	137,354	19,189	270,870	142,470	660,650	163,492	403,744
358,417	-517,446	435,743	-58,059	328,975	-7,368	-77,638	-49,032	-29,914	197,389	16,908	-30,365	-13,262	104,372	-
278,192	342,546	479,917	194,633	361,000	-20,678	-50,639	56,146	-42,959	-47,716	-157,218	-106,899	-211,135	56,970	-
-	-	-	-	-	-	-	-	-	-	7.2%	1.5%	16.2%	-70.0%	-85.5%
57.1%	57.8%	55.8%	54.0%	58.6%	57.2%	57.3%	51.6%	54.3%	50.1%	45.6%	38.4%	28.0%	19.0%	10.7%
1.44	1.56	1.87	1.53	3.05	0.90	0.80	1.21	0.88	0.88	0.63	0.60	0.40	1.22	-
1.40	1.52	1.82	1.46	2.96	0.78	0.71	1.13	0.84	0.84	0.59	0.56	0.39	1.22	-
0.75	0.73	0.74	0.75	0.71	0.75	0.75	0.94	0.84	1.00	1.19	1.60	2.57	4.27	8.35
-2.5%	0.3%	17.1%	5.6%	4.4%	-1.6%	1.8%	3.3%	6.9%	12.1%	1.9%	0.9%	0.5%	-24.1%	-34.1%
-1.4%	0.2%	9.6%	3.0%	2.6%	-0.9%	1.1%	1.7%	3.7%	6.0%	0.9%	0.4%	0.1%	-4.6%	-3.6%
3.89	5.40	13.50	6.26	-	-	-	-	-	-	-	-	-	-	-
-	-	-	-	-	-	-	-	-	-	25 days	9 days	52 days	-	45 days
-	-	-	-	-	-	-	-	-	-	-	-	278 days	781 days	-

EBIT margin: not included in this filing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item	30-06-2025	30-06-2024	30-06-2023	30-06-2022
Employees at the balance-sheet date	79	77	83	73
full-time	10	11	10	4
part-time	69	66	73	69
in full-time equivalents	42.9	44	45.9	36
	38.4	40.2	38.4	27
On a permanent contract	12	15	12	12
Joined	205	220	288	151
Left	203	226	278	101

Source: social balance sheet in the 2022 to 2025 annual accounts

Investments

fixed assets acquired

Item	30-06-2025	30-06-2024	30-06-2023	30-06-2022
Tangible fixed assets	€50,382	€123,565	€402,511	€611,561
Intangible fixed assets	€1,470	€13,230	-	€11,900
Financial fixed assets	€2,500	-	€3,610	€524
	€203,458	€192,194	€167,375	€143,701

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on THEODORE

The operating result for 2025 is a loss of €80,428, larger than the loss of €19,601 in 2024. It is the lowest result since 2011.

Debt's share of the balance-sheet total rises from 42.2% to 42.9%. Equity and debt are lower.

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency57.1%

Current ratio1.44

Return on assets-1.4%

Staff

Staff cost per FTE€27,267

Joined and left+2 people

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Investments

Insights on THEODORE

Next steps

in €m

in euro

57.1%

1.44

-1.4%

€27,267

+2 people