THIANI
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 15-10-2025 PDF all 36 filings
Turnover
≈ €910,000
Estimated: probably between €780,000 and €1.1m
Total assets
€772,066▼ 8.2%
2023 · €841,157
Net result
-€12,503
2023 · €22,623
Working capital
-€231,618▼ 189%
2023 · -€80,237
In the rankings
#2 oldest company in Tubize, Accommodation and food service sector#3 company by total assets in Tubize, Accommodation and food service sector
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€7,603
▼ 86.0%
2024
20182024
Net result
-€12,503
2024
lowest quarter of the sector
20182024
Equity
-€24,896
2024
lowest quarter of the sector
20182024
Total assets
€772,066
▼ 8.2%
2024
highest quarter of the sector
20182024
Debt
€796,962
▲ 5.8%
2024
20182024
Working capital
-€231,618
▼ 189%
2024
lowest quarter of the sector
20182024
Solvency
-3.2%
▼ 13.6pp
2024
middle half of the sector
20182024
Current ratio
0.32
▼ 0.41
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-1.6%
▼ 4.3pp
2024
middle half of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€11,485-€31,734€28,276▼ 10.9%€87,081▲ 208%€60,191▼ 30.9%€54,236▼ 9.9%€7,603▼ 86.0%
Net result-€21,626-€14,268€21,464above the sector's middle half▲ 50.4%€69,160above the sector's middle half▲ 222%€43,044above the sector's middle half▼ 37.8%€22,623above the sector's middle half▼ 47.4%-€12,503below the sector's middle half
Equity€5,504-€19,772▲ 259%€22,781within the sector's middle half▲ 15.2%€56,941within the sector's middle half▲ 150%€64,985within the sector's middle half▲ 14.1%€87,608above the sector's middle half▲ 34.8%-€24,896below the sector's middle half
Total assets€390,430-€753,361▲ 93.0%€692,622above the sector's middle half▼ 8.1%€797,206above the sector's middle half▲ 15.1%€734,285above the sector's middle half▼ 7.9%€841,157above the sector's middle half▲ 14.6%€772,066above the sector's middle half▼ 8.2%
Debt€384,926-€733,589▲ 90.6%€669,841▼ 8.7%€740,265▲ 10.5%€669,300▼ 9.6%€753,549▲ 12.6%€796,962▲ 5.8%
Working capital-€71,410--€117,372▼ 64.4%-€100,232below the sector's middle half▲ 14.6%-€74,893below the sector's middle half▲ 25.3%-€108,331below the sector's middle half▼ 44.6%-€80,237below the sector's middle half▲ 25.9%-€231,618below the sector's middle half▼ 189%
Solvency1.4%-2.6%▲ 1.2pp3.3%within the sector's middle half▲ 0.7pp7.1%within the sector's middle half▲ 3.9pp8.9%within the sector's middle half▲ 1.7pp10.4%within the sector's middle half▲ 1.6pp-3.2%within the sector's middle half▼ 13.6pp
Current ratio0.40-0.47▲ 0.070.35below the sector's middle half▼ 0.120.71within the sector's middle half▲ 0.360.52within the sector's middle half▼ 0.190.73within the sector's middle half▲ 0.220.32below the sector's middle half▼ 0.41
Return on assets (ROA)-5.5%-1.9%▲ 7.4pp3.1%within the sector's middle half▲ 1.2pp8.7%within the sector's middle half▲ 5.6pp5.9%within the sector's middle half▼ 2.8pp2.7%within the sector's middle half▼ 3.2pp-1.6%within the sector's middle half▼ 4.3pp
Staff (FTE)5.1-4.6▼ 9.8%4.6above the sector's middle half=5▲ 8.7%7▲ 40.0%10▲ 42.9%
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 2024 is 86% lower than in 2023 and the lowest since 2020. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €772,066
Fixed assets
€664,774 ▲ 6.6%
Current assets
€107,292 ▼ 50.7%
Equity and liabilities
Equity-€24,896
Debt€796,962
Equity is negative. Debt (€796,962) exceeds the balance-sheet total (€772,066).
Key figures and ratios
EBITDA
€59,448▼
2023 · €94,571
Cash flow
€39,342▼
2023 · €62,957
Quick ratio
0.29▼
2023 · 0.71
Interest coverage
2.89▼
2023 · 6.96
Debt ≤ 1 year
€338,910▲
2023 · €297,753
Debt > 1 year
€458,052▲
2023 · €455,796
Staff costs
€316,426▲
2023 · €265,884
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | - | - | - |
| full-time | 5 | - | - | - |
| in full-time equivalents | 5 | - | - | - |
| Average over the year, in full-time equivalents | 5 | 7 | 10 | - |
| On a permanent contract | 5 | 5 | 20 | 20 |
| Joined | 3 | 11 | 11 | 11 |
| Left | 4 | 5 | 5 | 5 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €18,206 | €38,808 | €44,760 | €92,978 |
| Depreciation and write-downs of the year | €34,149 | €33,477 | €40,335 | €51,845 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €47,762 | €264,375 | €265,884 | €316,426 | ▲ 19.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,143 | €45,188 | €37,637 | €34,149 | €33,477 | €40,335 | €51,845 | ▲ 28.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €3,700 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €3,712 | €19,901 | €5,266 | €3,563 | ▼ 32.3% |
| Non-recurring operating charges66A | - | - | - | - | €750 | - | - | - |
| Gross operating margin9900 | €155,582 | €219,797 | €158,338 | €176,403 | €378,694 | €365,720 | €379,437 | ▲ 3.8% |
| Operating profit (loss)9901 | -€11,485 | €31,734 | €28,276 | €87,081 | €60,191 | €54,236 | €7,603 | ▼ 86.0% |
| Financial income75/76B | - | - | - | €10,542 | €4,212 | €130 | €457 | ▲ 252% |
| Recurring financial income75 | €453 | €51 | €12,316 | €10,542 | €4,212 | €130 | €457 | ▲ 252% |
| Financial charges65/66B | - | - | - | €15,154 | €14,614 | €13,585 | €20,564 | ▲ 51.4% |
| Recurring financial charges65 | €10,170 | €13,717 | €15,440 | €15,154 | €14,614 | €13,585 | €20,564 | ▲ 51.4% |
| Profit (loss) for the period before taxes9903 | -€21,202 | €18,068 | €25,152 | €82,469 | €49,789 | €40,781 | -€12,503 | - |
| Income taxes67/77 | €425 | €3,800 | €3,688 | €13,309 | €6,745 | €18,158 | - | - |
| Profit (loss) for the period9904 | -€21,626 | €14,268 | €21,464 | €69,160 | €43,044 | €22,623 | -€12,503 | - |
| Profit (loss) for the period to be appropriated9905 | -€21,626 | €14,268 | €21,464 | €69,160 | €43,044 | €22,623 | -€12,503 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €390,430 | €753,361 | €692,622 | €797,206 | €734,285 | €841,157 | €772,066 | ▼ 8.2% |
| Fixed assets21/28 | €342,524 | €649,672 | €638,005 | €614,635 | €619,215 | €623,641 | €664,774 | ▲ 6.6% |
| Intangible fixed assets21 | - | - | €12,164 | €9,164 | €6,164 | €3,164 | €164 | ▼ 94.8% |
| Tangible fixed assets22/27 | €342,194 | €649,342 | €625,511 | €605,141 | €612,721 | €620,147 | €664,280 | ▲ 7.1% |
| Land and buildings22 | - | - | - | €581,080 | €558,888 | €536,695 | €514,503 | ▼ 4.1% |
| Plant, machinery and equipment23 | - | - | - | €3,098 | €4,193 | €1,808 | €457 | ▼ 74.8% |
| Furniture and vehicles24 | - | - | - | €5,858 | €32,288 | €24,620 | €43,521 | ▲ 76.8% |
| Other tangible fixed assets26 | - | - | - | €15,105 | €17,353 | €57,024 | €105,800 | ▲ 85.5% |
| Financial fixed assets28 | €330 | €330 | €330 | €330 | €330 | €330 | €330 | = |
| Current assets29/58 | €47,905 | €103,689 | €54,617 | €182,571 | €115,070 | €217,516 | €107,292 | ▼ 50.7% |
| Stocks and contracts in progress3 | €1,670 | €1,670 | - | €17,125 | €12,808 | €6,365 | €10,477 | ▲ 64.6% |
| Stocks30/36 | - | - | - | €17,125 | €12,808 | €6,365 | €10,477 | ▲ 64.6% |
| Amounts receivable within one year40/41 | €8,814 | €18,338 | €21,812 | €123,003 | €57,523 | €88,981 | €9,269 | ▼ 89.6% |
| Trade receivables40 | - | - | - | €104,176 | €1,029 | €5,394 | €3,464 | ▼ 35.8% |
| Other amounts receivable41 | - | - | - | €18,827 | €56,494 | €83,587 | €5,805 | ▼ 93.1% |
| Cash at bank and in hand54/58 | €37,421 | €48,376 | €32,805 | €42,307 | €44,739 | €122,170 | €87,547 | ▼ 28.3% |
| Deferred charges and accrued income490/1 | - | - | - | €136 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €390,430 | €753,361 | €692,622 | €797,206 | €734,285 | €841,157 | €772,066 | ▼ 8.2% |
| Equity10/15 | €5,504 | €19,772 | €22,781 | €56,941 | €64,985 | €87,608 | -€24,896 | - |
| Contributions10/11 | €117,831 | €117,831 | €117,831 | €117,831 | €117,831 | €117,831 | €17,831 | ▼ 84.9% |
| Capital10 | - | - | - | €117,831 | - | - | - | - |
| Issued capital100 | - | - | - | €117,831 | - | - | - | - |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | - | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€114,186 | -€99,918 | -€96,909 | -€62,749 | -€54,705 | -€32,082 | -€44,586 | ▼ 39.0% |
| Amounts payable17/49 | €384,926 | €733,589 | €669,841 | €740,265 | €669,300 | €753,549 | €796,962 | ▲ 5.8% |
| Amounts payable after more than one year17 | €265,611 | €512,528 | €494,172 | €467,192 | €445,900 | €455,796 | €458,052 | ▲ 0.5% |
| Financial debts170/4 | - | - | - | €467,192 | €445,900 | €455,796 | €458,052 | ▲ 0.5% |
| Amounts payable within one year42/48 | €119,315 | €221,061 | €154,849 | €257,464 | €223,401 | €297,753 | €338,910 | ▲ 13.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €47,117 | €53,841 | €52,243 | €67,145 | ▲ 28.5% |
| Trade debts44 | €40,385 | €78,732 | €41,127 | €98,701 | €80,210 | €152,951 | €129,620 | ▼ 15.3% |
| Suppliers440/4 | - | - | - | €98,701 | €80,210 | €152,951 | €129,620 | ▼ 15.3% |
| Taxes, remuneration and social security45 | - | - | - | €75,709 | €89,350 | €92,560 | €142,146 | ▲ 53.6% |
| Taxes450/3 | - | - | - | €33,232 | €32,724 | €28,864 | €38,354 | ▲ 32.9% |
| Remuneration and social security454/9 | - | - | - | €42,477 | €56,626 | €63,695 | €103,792 | ▲ 63.0% |
| Other amounts payable47/48 | - | - | - | €35,936 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €15,610 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,626 | €14,268 | €21,464 | €69,160 | €43,044 | €22,623 | -€12,503 | - |
| + Depreciation and write-downs630 | €23,143 | €45,188 | €37,637 | €34,149 | €33,477 | €40,335 | €51,845 | ▲ 28.5% |
| Operating cash flow (approximation) | €1,517 | €59,456 | €59,101 | €103,309 | €76,521 | €62,957 | €39,342 | ▼ 37.5% |
| Investment in fixed assets (approximation) | - | -€352,336 | -€25,969 | -€10,779 | -€38,058 | -€44,760 | -€92,978 | ▼ 108% |
| Change in cash | - | €10,956 | -€15,571 | €9,502 | €2,432 | €77,431 | -€34,623 | - |
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, 1,242 companies had the same profile as THIANI has now. Two years later, 92.8% were still going and 1.9% had gone bankrupt.
- Small
- 20 years or older
- negative equity
- a small loss
92.8%
was still going
4.0%
stopped otherwise
1.9%
went bankrupt
Another 1.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THIANI itself: 2.1% 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 1,242 companies, not a prediction for THIANI. 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.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 15-10-2025 | 2025-00542999 | |
| 31-12-2023 | micro format | 12-09-2024 | 2024-00463113 | |
| 31-12-2022 | micro format | 14-09-2023 | 2023-00446189 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20453110 | |
| 31-12-2020 | micro format | 28-12-2021 | 2021-82200413 | |
| 31-12-2019 | micro format | 16-11-2020 | 2020-70600095 | |
| 31-12-2018 | micro format | 22-09-2020 | 2020-55800430 | |
| 31-12-2017 | micro format | 01-10-2018 | 2018-68100021 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-57300367 | |
| 31-12-2015 | full format | 06-10-2016 | 2016-65200520 |