THIBAUTDEWINTER
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 9 filings
Turnover
≈ €810,000
Estimated: probably between €570,000 and €1.2m
Total assets
€783,847▲ 38.2%
2024 · €567,330
Net result
€197,293▼ 8.7%
2024 · €216,159
Working capital
€532,839▲ 68.5%
2024 · €316,149
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€262,505
▼ 9.6%
2025
20182025
Net result
€197,293
▼ 8.7%
2025
highest quarter of the sector
20182025
Equity
€567,581
▲ 53.3%
2025
highest quarter of the sector
20182025
Total assets
€783,847
▲ 38.2%
2025
highest quarter of the sector
20182025
Debt
€216,266
▲ 9.8%
2025
20182025
Working capital
€532,839
▲ 68.5%
2025
highest quarter of the sector
20182025
Solvency
72.4%
▲ 7.1pp
2025
middle half of the sector
20182025
Current ratio
3.83
▲ 0.95
2025
highest quarter of the sector
20182025
Return on assets (ROA)
25.2%
▼ 12.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.4
▲ 20.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€132,185-€30,030▼ 77.3%€127,317▲ 324%€267,898▲ 110%€219,058▼ 18.2%€170,038▼ 22.4%€290,508▲ 70.8%€262,505▼ 9.6%
Net result€91,381-€18,011▼ 80.3%€97,591above the sector's middle half▲ 442%€206,259above the sector's middle half▲ 111%€165,356above the sector's middle half▼ 19.8%€127,666above the sector's middle half▼ 22.8%€216,159above the sector's middle half▲ 69.3%€197,293above the sector's middle half▼ 8.7%
Equity€136,931-€154,129▲ 12.6%€154,129above the sector's middle half=€360,389above the sector's middle half▲ 134%€319,485above the sector's middle half▼ 11.3%€446,319above the sector's middle half▲ 39.7%€370,288above the sector's middle half▼ 17.0%€567,581above the sector's middle half▲ 53.3%
Total assets€256,176-€241,904▼ 5.6%€378,085above the sector's middle half▲ 56.3%€501,107above the sector's middle half▲ 32.5%€442,833above the sector's middle half▼ 11.6%€584,979above the sector's middle half▲ 32.1%€567,330above the sector's middle half▼ 3.0%€783,847above the sector's middle half▲ 38.2%
Debt€119,246-€87,775▼ 26.4%€223,956▲ 155%€140,718▼ 37.2%€123,348▼ 12.3%€138,660▲ 12.4%€197,042▲ 42.1%€216,266▲ 9.8%
Working capital€154,847-€160,220▲ 3.5%€133,378above the sector's middle half▼ 16.8%€290,561above the sector's middle half▲ 118%€270,564above the sector's middle half▼ 6.9%€419,341above the sector's middle half▲ 55.0%€316,149above the sector's middle half▼ 24.6%€532,839above the sector's middle half▲ 68.5%
Solvency53.5%-63.7%▲ 10.3pp40.8%within the sector's middle half▼ 22.9pp71.9%above the sector's middle half▲ 31.2pp72.1%above the sector's middle half▲ 0.2pp76.3%above the sector's middle half▲ 4.2pp65.3%within the sector's middle half▼ 11.0pp72.4%within the sector's middle half▲ 7.1pp
Current ratio3.00-4.48▲ 1.481.67within the sector's middle half▼ 2.813.56within the sector's middle half▲ 1.883.82above the sector's middle half▲ 0.274.77above the sector's middle half▲ 0.952.88within the sector's middle half▼ 1.903.83above the sector's middle half▲ 0.95
Return on assets (ROA)35.7%-7.4%▼ 28.2pp25.8%above the sector's middle half▲ 18.4pp41.2%above the sector's middle half▲ 15.3pp37.3%above the sector's middle half▼ 3.8pp21.8%above the sector's middle half▼ 15.5pp38.1%above the sector's middle half▲ 16.3pp25.2%above the sector's middle half▼ 12.9pp
Staff (FTE)111=1.9▲ 90.0%2▲ 5.3%2.4▲ 20.0%
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 10% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €783,847
Fixed assets
€62,774 ▼ 24.3%
Current assets
€721,072 ▲ 48.9%
Equity and liabilities €783,847
Equity
€567,581 ▲ 53.3%
Debt
€216,266 ▲ 9.8%
Debt's share of the balance-sheet total falls from 34.7% to 27.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€291,042▼
2024 · €316,674
Cash flow
€225,830▼
2024 · €242,325
Debt to equity
0.38▼
2024 · 0.53
ROE
34.8%▼
2024 · 58.4%
Interest coverage
79.38▲
2024 · 70.93
Debt ≤ 1 year
€188,233▲
2024 · €168,266
Debt > 1 year
€25,000=
2024 · €25,000
Income taxes
€61,550▼
2024 · €69,891
Staff costs
€112,396▲
2024 · €86,330
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 | 1 | 1 | 2 | 2 | 3 |
| full-time | 1 | 1 | 2 | 2 | 3 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 2 | 2 | 3 |
| Average over the year, in full-time equivalents | 1 | 1 | 1.9 | 2 | 2.4 |
| On a permanent contract | 1 | 1 | 2 | 2 | 3 |
| Joined | - | - | 2 | - | 2 |
| Left | - | - | 1 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €82,869 | €13,858 | €14,741 | €58,698 | €8,055 |
| Financial fixed assets | - | €195 | €230 | - | €450 |
| Depreciation and write-downs of the year | €22,945 | €34,573 | €36,826 | €26,166 | €28,537 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €23,941 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €40,824 | €43,286 | €80,910 | €86,330 | €112,396 | ▲ 30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,420 | €27,800 | €23,260 | €22,945 | €34,573 | €36,826 | €26,166 | €28,537 | ▲ 9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1,986 | - |
| Other operating charges640/8 | - | - | - | €1,551 | €2,480 | €2,334 | €2,537 | €3,284 | ▲ 29.4% |
| Non-recurring operating charges66A | - | - | - | €0 | - | - | - | €109 | - |
| Gross operating margin9900 | €153,791 | €90,368 | €185,703 | €333,218 | €299,398 | €290,108 | €405,542 | €408,816 | ▲ 0.8% |
| Operating profit (loss)9901 | €132,185 | €30,030 | €127,317 | €267,898 | €219,058 | €170,038 | €290,508 | €262,505 | ▼ 9.6% |
| Financial income75/76B | - | - | - | €15 | €0 | €1 | €7 | €4 | ▼ 42.4% |
| Recurring financial income75 | €181 | €1 | €2 | €15 | €0 | €1 | €7 | €4 | ▼ 42.4% |
| Financial charges65/66B | - | - | - | €2,088 | €2,489 | €3,130 | €4,465 | €3,667 | ▼ 17.9% |
| Recurring financial charges65 | €1,489 | €1,483 | €1,387 | €2,088 | €2,489 | €3,130 | €4,465 | €3,667 | ▼ 17.9% |
| Profit (loss) for the period before taxes9903 | €130,877 | €28,547 | €125,932 | €265,825 | €216,569 | €166,909 | €286,050 | €258,842 | ▼ 9.5% |
| Income taxes67/77 | €39,496 | €10,537 | €28,340 | €59,565 | €51,213 | €39,243 | €69,891 | €61,550 | ▼ 11.9% |
| Profit (loss) for the period9904 | €91,381 | €18,011 | €97,591 | €206,259 | €165,356 | €127,666 | €216,159 | €197,293 | ▼ 8.7% |
| Profit (loss) for the period to be appropriated9905 | €91,381 | €18,011 | €97,591 | €206,259 | €165,356 | €127,666 | €216,159 | €197,293 | ▼ 8.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €256,176 | €241,904 | €378,085 | €501,107 | €442,833 | €584,979 | €567,330 | €783,847 | ▲ 38.2% |
| Fixed assets21/28 | €23,858 | €35,685 | €46,939 | €96,916 | €76,396 | €54,541 | €82,915 | €62,774 | ▼ 24.3% |
| Intangible fixed assets21 | €961 | €658 | €558 | €458 | €358 | €258 | €158 | €58 | ▼ 63.2% |
| Tangible fixed assets22/27 | €22,897 | €34,816 | €46,171 | €96,397 | €75,782 | €53,798 | €82,271 | €61,781 | ▼ 24.9% |
| Plant, machinery and equipment23 | - | - | - | €16,658 | €20,796 | €25,117 | €25,012 | €21,470 | ▼ 14.2% |
| Furniture and vehicles24 | - | - | - | €79,739 | €54,986 | €28,681 | €57,259 | €40,311 | ▼ 29.6% |
| Financial fixed assets28 | - | €210 | €210 | €60 | €255 | €485 | €485 | €935 | ▲ 92.8% |
| Current assets29/58 | €232,318 | €206,220 | €331,146 | €404,191 | €366,437 | €530,438 | €484,415 | €721,072 | ▲ 48.9% |
| Amounts receivable within one year40/41 | €105,417 | €54,661 | €106,048 | €195,543 | €250,285 | €134,608 | €225,626 | €262,879 | ▲ 16.5% |
| Trade receivables40 | - | - | - | €194,669 | €244,352 | €112,202 | €223,797 | €260,514 | ▲ 16.4% |
| Other amounts receivable41 | - | - | - | €874 | €5,933 | €22,406 | €1,829 | €2,365 | ▲ 29.3% |
| Cash at bank and in hand54/58 | €124,540 | €148,847 | €222,275 | €205,980 | €112,087 | €391,268 | €252,632 | €457,505 | ▲ 81.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,668 | €4,065 | €4,562 | €6,158 | €688 | ▼ 88.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €256,176 | €241,904 | €378,085 | €501,107 | €442,833 | €584,979 | €567,330 | €783,847 | ▲ 38.2% |
| Equity10/15 | €136,931 | €154,129 | €154,129 | €360,389 | €319,485 | €446,319 | €370,288 | €567,581 | ▲ 53.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €118,331 | €135,529 | €135,529 | €341,789 | €300,885 | €427,719 | €351,688 | €548,981 | ▲ 56.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €339,929 | €299,025 | €425,859 | €349,828 | €548,981 | ▲ 56.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €119,246 | €87,775 | €223,956 | €140,718 | €123,348 | €138,660 | €197,042 | €216,266 | ▲ 9.8% |
| Amounts payable after more than one year17 | €40,560 | €40,560 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Other amounts payable178/9 | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Amounts payable within one year42/48 | €77,471 | €46,000 | €197,768 | €113,630 | €95,873 | €111,096 | €168,266 | €188,233 | ▲ 11.9% |
| Financial debts43 | - | - | - | €347 | €433 | €552 | €551 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €347 | €433 | €552 | €551 | €0 | ▼ 100% |
| Trade debts44 | €2,465 | €8,249 | €12,801 | €24,074 | €12,055 | €23,605 | €22,917 | €12,233 | ▼ 46.6% |
| Suppliers440/4 | - | - | - | €24,074 | €12,055 | €23,605 | €22,917 | €12,233 | ▼ 46.6% |
| Taxes, remuneration and social security45 | - | - | - | €49,499 | €42,891 | €46,025 | €102,585 | €129,347 | ▲ 26.1% |
| Taxes450/3 | - | - | - | €38,642 | €32,138 | €26,841 | €75,033 | €101,411 | ▲ 35.2% |
| Remuneration and social security454/9 | - | - | - | €10,857 | €10,752 | €19,185 | €27,552 | €27,936 | ▲ 1.4% |
| Other amounts payable47/48 | - | - | - | €39,711 | €40,495 | €40,914 | €42,214 | €46,654 | ▲ 10.5% |
| Accrued charges and deferred income492/3 | - | - | - | €2,088 | €2,474 | €2,564 | €3,776 | €3,033 | ▼ 19.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €91,381 | €18,011 | €97,591 | €206,259 | €165,356 | €127,666 | €216,159 | €197,293 | ▼ 8.7% |
| + Depreciation and write-downs630 | €19,420 | €27,800 | €23,260 | €22,945 | €34,573 | €36,826 | €26,166 | €28,537 | ▲ 9.1% |
| Operating cash flow (approximation) | €110,801 | €45,810 | €120,852 | €229,205 | €199,930 | €164,492 | €242,325 | €225,830 | ▼ 6.8% |
| Investment in fixed assets (approximation) | - | -€39,626 | -€34,515 | -€72,922 | -€14,053 | -€14,971 | -€54,540 | -€8,397 | ▲ 84.6% |
| Change in cash | - | €24,307 | €73,428 | -€16,295 | -€93,893 | €279,181 | -€138,636 | €204,873 | - |
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, 34,693 companies had the same profile as THIBAUTDEWINTER has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of THIBAUTDEWINTER itself: < 0.1% 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 34,693 companies, not a prediction for THIBAUTDEWINTER. 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 | micro format | 30-06-2026 | 2026-00220726 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00216596 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00218788 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00202408 | |
| 31-12-2021 | micro format | 20-07-2022 | 2022-20204977 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37900281 | |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26800040 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-47300029 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-54200198 |