THIENPONT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 32 filings
Turnover
≈ €1.2m
Estimated: probably between €590,000 and €2.1m
Total assets
€607,916▼ 5.2%
2024 · €641,430
Net result
-€27,869▲ 67.5%
2024 · -€85,827
Working capital
€428,917▼ 2.8%
2024 · €441,342
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€37,508
▲ 58.8%
2025
20182025
Net result
-€27,869
▲ 67.5%
2025
lowest quarter of the sector
20182025
Equity
€466,171
▼ 5.6%
2025
middle half of the sector
20182025
Total assets
€607,916
▼ 5.2%
2025
middle half of the sector
20182025
Debt
€141,744
▼ 3.8%
2025
20182025
Working capital
€428,917
▼ 2.8%
2025
middle half of the sector
20182025
Solvency
76.7%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
4.07
▲ 0.08
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-4.6%
▲ 8.8pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
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-€22,941-€18,793€11,324▼ 39.7%€53,879▲ 376%€80,958▲ 50.3%-€9,577-€91,018▼ 850%-€37,508▲ 58.8%
Net result-€19,359-€22,742€8,149within the sector's middle half▼ 64.2%€48,522within the sector's middle half▲ 495%€62,513within the sector's middle half▲ 28.8%€65below the sector's middle half▼ 99.9%-€85,827below the sector's middle half-€27,869below the sector's middle half▲ 67.5%
Equity€467,877-€490,619▲ 4.9%€498,767within the sector's middle half▲ 1.7%€517,289within the sector's middle half▲ 3.7%€579,802within the sector's middle half▲ 12.1%€579,867within the sector's middle half=€494,040within the sector's middle half▼ 14.8%€466,171within the sector's middle half▼ 5.6%
Total assets€600,439-€606,074▲ 0.9%€626,919within the sector's middle half▲ 3.4%€693,278within the sector's middle half▲ 10.6%€778,826within the sector's middle half▲ 12.3%€735,481within the sector's middle half▼ 5.6%€641,430within the sector's middle half▼ 12.8%€607,916within the sector's middle half▼ 5.2%
Debt€132,563-€115,455▼ 12.9%€128,152▲ 11.0%€175,989▲ 37.3%€199,024▲ 13.1%€155,614▼ 21.8%€147,389▼ 5.3%€141,744▼ 3.8%
Working capital€357,544-€395,900▲ 10.7%€421,563within the sector's middle half▲ 6.5%€449,425within the sector's middle half▲ 6.6%€517,347within the sector's middle half▲ 15.1%€514,055within the sector's middle half▼ 0.6%€441,342within the sector's middle half▼ 14.1%€428,917within the sector's middle half▼ 2.8%
Solvency77.9%-81.0%▲ 3.0pp79.6%above the sector's middle half▼ 1.4pp74.6%above the sector's middle half▼ 4.9pp74.4%above the sector's middle half▼ 0.2pp78.8%above the sector's middle half▲ 4.4pp77.0%above the sector's middle half▼ 1.8pp76.7%above the sector's middle half▼ 0.3pp
Current ratio3.76-4.44▲ 0.694.29above the sector's middle half▼ 0.153.64above the sector's middle half▼ 0.653.80above the sector's middle half▲ 0.164.45above the sector's middle half▲ 0.653.99above the sector's middle half▼ 0.464.07above the sector's middle half▲ 0.08
Return on assets (ROA)-3.2%-3.8%▲ 7.0pp1.3%within the sector's middle half▼ 2.5pp7.0%within the sector's middle half▲ 5.7pp8.0%within the sector's middle half▲ 1.0pp0.0%below the sector's middle half▼ 8.0pp-13.4%below the sector's middle half▼ 13.4pp-4.6%below the sector's middle half▲ 8.8pp
Staff (FTE)3-3=3within the sector's middle half=3within the sector's middle half=3within the sector's middle half=3within the sector's middle half=3within the sector's middle half=3within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €37,508, smaller than the loss of €91,018 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €607,916
Fixed assets
€39,411 ▼ 25.2%
Current assets
€568,504 ▼ 3.4%
Equity and liabilities €607,916
Equity
€466,171 ▼ 5.6%
Debt
€141,744 ▼ 3.8%
Debt's share of the balance-sheet total rises from 23.0% to 23.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€24,221▲
2024 · -€71,268
Cash flow
-€14,582▲
2024 · -€66,077
Quick ratio
2.18▲
2024 · 2.06
Debt to equity
0.30▲
2024 · 0.30
ROE
-6.0%▲
2024 · -17.4%
Interest coverage
-8.74▲
2024 · -14.24
Debt ≤ 1 year
€139,587▼
2024 · €147,389
Income taxes
€141▲
2024 · €132
Staff costs
€252,341▲
2024 · €244,274
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 | 3 | 3 | 3 | 3 | 3 |
| full-time | 3 | 3 | 3 | 3 | 3 |
| in full-time equivalents | 3 | 3 | 3 | 3 | 3 |
| Average over the year, in full-time equivalents | 3 | 3 | 3 | 3 | 3 |
| On a permanent contract | 3 | 3 | 3 | 3 | 3 |
| Training hours | - | - | 19 | 20 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,625 | €16,859 | €14,420 | - | - |
| Depreciation and write-downs of the year | €16,210 | €13,619 | €18,832 | €19,750 | €13,287 |
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 | - | - | - | €196,052 | €206,030 | €239,492 | €244,274 | €252,341 | ▲ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,467 | €17,972 | €17,972 | €16,210 | €13,619 | €18,832 | €19,750 | €13,287 | ▼ 32.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€1,131 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,678 | €1,997 | €4,012 | €3,051 | €2,361 | ▼ 22.6% |
| Gross operating margin9900 | €191,988 | €233,199 | €213,788 | €267,818 | €302,603 | €251,627 | €176,057 | €230,481 | ▲ 30.9% |
| Operating profit (loss)9901 | -€22,941 | €18,793 | €11,324 | €53,879 | €80,958 | -€9,577 | -€91,018 | -€37,508 | ▲ 58.8% |
| Financial income75/76B | - | - | - | €12,260 | €8,816 | €17,886 | €10,328 | €12,551 | ▲ 21.5% |
| Recurring financial income75 | €12,160 | €12,770 | €4,163 | €12,260 | €8,816 | €17,886 | €10,328 | €12,551 | ▲ 21.5% |
| Financial charges65/66B | - | - | - | €7,120 | €5,333 | €6,061 | €5,005 | €2,771 | ▼ 44.6% |
| Recurring financial charges65 | €8,578 | €5,203 | €6,595 | €7,120 | €5,333 | €6,061 | €5,005 | €2,771 | ▼ 44.6% |
| Profit (loss) for the period before taxes9903 | -€19,359 | €26,360 | €8,891 | €59,019 | €84,442 | €2,247 | -€85,695 | -€27,728 | ▲ 67.6% |
| Income taxes67/77 | - | €3,618 | €743 | €10,497 | €21,929 | €2,182 | €132 | €141 | ▲ 6.8% |
| Profit (loss) for the period9904 | -€19,359 | €22,742 | €8,149 | €48,522 | €62,513 | €65 | -€85,827 | -€27,869 | ▲ 67.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,790 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€19,359 | €22,742 | €8,149 | €67,312 | €62,513 | €65 | -€85,827 | -€27,869 | ▲ 67.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €600,439 | €606,074 | €626,919 | €693,278 | €778,826 | €735,481 | €641,430 | €607,916 | ▼ 5.2% |
| Fixed assets21/28 | €113,148 | €95,176 | €77,205 | €73,620 | €76,860 | €72,448 | €52,698 | €39,411 | ▼ 25.2% |
| Tangible fixed assets22/27 | €110,984 | €93,013 | €75,041 | €71,456 | €74,696 | €70,285 | €50,535 | €37,247 | ▼ 26.3% |
| Land and buildings22 | - | - | - | €27,832 | €25,911 | €23,991 | €22,070 | €20,150 | ▼ 8.7% |
| Furniture and vehicles24 | - | - | - | - | - | €11,733 | €8,128 | €4,523 | ▼ 44.4% |
| Other tangible fixed assets26 | - | - | - | €43,624 | €48,785 | €34,560 | €20,336 | €12,574 | ▼ 38.2% |
| Financial fixed assets28 | €2,164 | €2,164 | €2,164 | €2,164 | €2,164 | €2,164 | €2,164 | €2,164 | = |
| Current assets29/58 | €487,291 | €510,898 | €549,714 | €619,658 | €701,966 | €663,033 | €588,731 | €568,504 | ▼ 3.4% |
| Stocks and contracts in progress3 | €275,888 | €273,701 | €272,329 | €301,391 | €333,636 | €314,327 | €284,981 | €264,457 | ▼ 7.2% |
| Stocks30/36 | - | - | - | €301,391 | €333,636 | €314,327 | €284,981 | €264,457 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €148,360 | €176,171 | €191,466 | €205,845 | €222,910 | €232,791 | €233,131 | €225,775 | ▼ 3.2% |
| Trade receivables40 | - | - | - | €21,469 | €19,497 | €8,074 | €2,697 | €7,512 | ▲ 179% |
| Other amounts receivable41 | - | - | - | €184,376 | €203,413 | €224,717 | €230,434 | €218,263 | ▼ 5.3% |
| Current investments50/53 | €278 | €278 | €278 | €278 | €278 | €278 | €278 | €278 | = |
| Cash at bank and in hand54/58 | €61,149 | €60,098 | €85,641 | €111,122 | €143,810 | €115,636 | €67,729 | €71,431 | ▲ 5.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,023 | €1,331 | - | €2,612 | €6,562 | ▲ 151% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €600,439 | €606,074 | €626,919 | €693,278 | €778,826 | €735,481 | €641,430 | €607,916 | ▼ 5.2% |
| Equity10/15 | €467,877 | €490,619 | €498,767 | €517,289 | €579,802 | €579,867 | €494,040 | €466,171 | ▼ 5.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €440,649 | €470,649 | €480,175 | €498,697 | €561,210 | €561,275 | €475,448 | €447,579 | ▼ 5.9% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Other1319 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €496,838 | €559,351 | €561,275 | €475,448 | €447,579 | ▼ 5.9% |
| Profit (loss) carried forward14 | €8,635 | €1,378 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €132,563 | €115,455 | €128,152 | €175,989 | €199,024 | €155,614 | €147,389 | €141,744 | ▼ 3.8% |
| Amounts payable after more than one year17 | €2,815 | - | - | €4,738 | €11,050 | €6,636 | - | - | - |
| Financial debts170/4 | - | - | - | €4,738 | €11,050 | €6,636 | - | - | - |
| Amounts payable within one year42/48 | €129,748 | €114,998 | €128,152 | €170,233 | €184,619 | €148,978 | €147,389 | €139,587 | ▼ 5.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,738 | €9,328 | €13,226 | €6,636 | - | - |
| Financial debts43 | - | - | - | - | €12,514 | €15,000 | €5,063 | - | - |
| Credit institutions430/8 | - | - | - | - | €12,514 | €15,000 | €5,063 | - | - |
| Trade debts44 | €59,326 | €51,105 | €60,335 | €55,043 | €77,025 | €50,962 | €61,320 | €61,157 | ▼ 0.3% |
| Suppliers440/4 | - | - | - | €55,043 | €77,025 | €50,962 | €61,320 | €61,157 | ▼ 0.3% |
| Taxes, remuneration and social security45 | - | - | - | €40,505 | €44,538 | €34,928 | €38,821 | €41,892 | ▲ 7.9% |
| Taxes450/3 | - | - | - | €22,255 | €24,035 | €15,054 | €16,245 | €18,068 | ▲ 11.2% |
| Remuneration and social security454/9 | - | - | - | €18,250 | €20,503 | €19,875 | €22,576 | €23,824 | ▲ 5.5% |
| Other amounts payable47/48 | - | - | - | €70,948 | €41,214 | €34,862 | €35,549 | €36,539 | ▲ 2.8% |
| Accrued charges and deferred income492/3 | - | - | - | €1,017 | €3,355 | - | - | €2,157 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,359 | €22,742 | €8,149 | €48,522 | €62,513 | €65 | -€85,827 | -€27,869 | ▲ 67.5% |
| + Depreciation and write-downs630 | €19,467 | €17,972 | €17,972 | €16,210 | €13,619 | €18,832 | €19,750 | €13,287 | ▼ 32.7% |
| Operating cash flow (approximation) | €107 | €40,714 | €26,120 | €64,732 | €76,131 | €18,897 | -€66,077 | -€14,582 | ▲ 77.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€12,625 | -€16,859 | -€14,420 | €0 | €0 | - |
| Change in cash | - | -€1,051 | €25,543 | €25,481 | €32,688 | -€28,174 | -€47,907 | €3,702 | - |
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, 12,322 companies had the same profile as THIENPONT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THIENPONT 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 12,322 companies, not a prediction for THIENPONT. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00240267 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00181055 | |
| 31-12-2023 | abbreviated format | 02-07-2024 | 2024-00194909 | |
| 31-12-2022 | abbreviated format | 07-07-2023 | 2023-00213640 | |
| 31-12-2021 | abbreviated format | 08-08-2022 | 2022-20277526 | |
| 31-12-2020 | abbreviated format | 20-05-2021 | 2021-14800011 | |
| 31-12-2019 | abbreviated format | 24-08-2020 | 2020-45800453 | |
| 31-12-2018 | abbreviated format | 24-05-2019 | 2019-14800189 | |
| 31-12-2017 | abbreviated format | 23-05-2018 | 2018-13500057 | |
| 31-12-2016 | abbreviated format | 07-07-2017 | 2017-29100101 |