THINCO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-01-2026 PDF all 6 filings
Turnover
≈ €2.1m
Estimated: probably between €1.3m and €3.5m
Total assets
€1.4m▲ 8.1%
2024 · €1.3m
Net result
€235,700▼ 19.2%
2024 · €291,587
Working capital
€893,934▲ 33.1%
2024 · €671,377
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€340,780
▼ 21.8%
2025
20202025
Net result
€235,700
▼ 19.2%
2025
highest quarter of the sector
20202025
Equity
€939,539
▲ 33.5%
2025
middle half of the sector
20202025
Total assets
€1.4m
▲ 8.1%
2025
middle half of the sector
20202025
Debt
€444,831
▼ 22.9%
2025
20202025
Working capital
€893,934
▲ 33.1%
2025
highest quarter of the sector
20202025
Solvency
67.9%
▲ 12.9pp
2025
middle half of the sector
20202025
Current ratio
3.04
▲ 0.81
2025
middle half of the sector
20202025
Return on assets (ROA)
17.0%
▼ 5.7pp
2025
highest quarter of the sector
20202025
Staff (FTE)
1
=
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.06m-€0.08m▲ 49.7%€0.1m▲ 60.4%€0.3m▲ 126%€0.4m▲ 43.4%€0.3m▼ 21.8%
Net result€0.04mabove the sector's middle half-€0.06mabove the sector's middle half▲ 70.5%€0.09mabove the sector's middle half▲ 48.4%€0.2mabove the sector's middle half▲ 131%€0.3mabove the sector's middle half▲ 40.4%€0.2mabove the sector's middle half▼ 19.2%
Equity€0.05mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 126%€0.2mabove the sector's middle half▲ 88.5%€0.4mwithin the sector's middle half▲ 102%€0.7mwithin the sector's middle half▲ 70.7%€0.9mwithin the sector's middle half▲ 33.5%
Total assets€0.5mabove the sector's middle half-€0.5mabove the sector's middle half▲ 12.7%€0.6mabove the sector's middle half▲ 20.4%€1.0mwithin the sector's middle half▲ 49.3%€1.3mwithin the sector's middle half▲ 32.9%€1.4mwithin the sector's middle half▲ 8.1%
Debt€0.4m-€0.4m=€0.4m▲ 3.2%€0.6m▲ 25.1%€0.6m▲ 4.6%€0.4m▼ 22.9%
Working capital€0.05mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 148%€0.2mabove the sector's middle half▲ 73.1%€0.4mwithin the sector's middle half▲ 111%€0.7mwithin the sector's middle half▲ 56.9%€0.9mabove the sector's middle half▲ 33.1%
Solvency10.1%within the sector's middle half-20.2%within the sector's middle half▲ 10.2pp31.7%within the sector's middle half▲ 11.4pp42.8%within the sector's middle half▲ 11.1pp55.0%within the sector's middle half▲ 12.2pp67.9%within the sector's middle half▲ 12.9pp
Current ratio1.11within the sector's middle half-1.29within the sector's middle half▲ 0.181.47within the sector's middle half▲ 0.181.81within the sector's middle half▲ 0.342.23within the sector's middle half▲ 0.423.04within the sector's middle half▲ 0.81
Return on assets (ROA)7.5%within the sector's middle half-11.3%within the sector's middle half▲ 3.8pp13.9%above the sector's middle half▲ 2.6pp21.5%above the sector's middle half▲ 7.6pp22.8%above the sector's middle half▲ 1.2pp17.0%above the sector's middle half▼ 5.7pp
Staff (FTE)0.61within the sector's middle half▲ 66.7%1within the sector's middle half=1within 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 22% lower than in 2024.
Large changes and their cause
- 2023 Net result +131% on 2022. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or 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 €1.4m
Fixed assets
€51,942 ▼ 18.1%
Current assets
€1.3m ▲ 9.4%
Equity and liabilities €1.4m
Equity
€939,539 ▲ 33.5%
Debt
€444,831 ▼ 22.9%
Debt's share of the balance-sheet total falls from 45.0% to 32.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€357,546▼
2024 · €448,563
Cash flow
€252,467▼
2024 · €304,403
Quick ratio
0.42▼
2024 · 0.49
Debt to equity
0.47▼
2024 · 0.82
ROE
25.1%▼
2024 · 41.4%
Interest coverage
53.58▼
2024 · 63.64
Debt ≤ 1 year
€438,493▼
2024 · €546,088
Debt > 1 year
€6,337▼
2024 · €27,417
Income taxes
€104,582▼
2024 · €138,518
Staff costs
€46,299▲
2024 · €44,383
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 0.6 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
| Joined | 1 | - | 0 | 0 |
| Left | 0 | - | 0 | 0 |
| Training hours | - | - | 0 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,618 | €1,107 | €66,365 | €5,305 |
| Depreciation and write-downs of the year | €2,767 | €3,050 | €12,816 | €16,766 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €405 awarded · €405 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €405 |
| 2023 | 1 | €405 | €0 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €19,513 | €36,765 | €44,383 | €46,299 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €231 | €301 | €2,767 | €3,050 | €12,816 | €16,766 | ▲ 30.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €6,432 | - |
| Other operating charges640/8 | - | - | €17,936 | €389 | €673 | €494 | ▼ 26.7% |
| Gross operating margin9900 | €56,410 | €84,062 | €174,392 | €343,981 | €493,620 | €410,771 | ▼ 16.8% |
| Operating profit (loss)9901 | €55,879 | €83,661 | €134,177 | €303,777 | €435,747 | €340,780 | ▼ 21.8% |
| Financial income75/76B | - | - | €279 | €29 | €1,408 | €6,176 | ▲ 339% |
| Recurring financial income75 | €60 | €40 | €279 | €29 | €1,408 | €246 | ▼ 82.5% |
| Non-recurring financial income76B | - | - | - | - | - | €5,930 | - |
| Financial charges65/66B | - | - | €2,099 | €2,867 | €7,049 | €6,674 | ▼ 5.3% |
| Recurring financial charges65 | €543 | €489 | €2,099 | €2,867 | €7,049 | €6,674 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | €55,397 | €83,212 | €132,357 | €300,939 | €430,106 | €340,282 | ▼ 20.9% |
| Income taxes67/77 | €19,867 | €22,643 | €42,493 | €93,250 | €138,518 | €104,582 | ▼ 24.5% |
| Profit (loss) for the period9904 | €35,530 | €60,570 | €89,864 | €207,688 | €291,587 | €235,700 | ▼ 19.2% |
| Profit (loss) for the period to be appropriated9905 | €35,530 | €60,570 | €89,864 | €207,688 | €291,587 | €235,700 | ▼ 19.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.5m | €0.5m | €0.6m | €1.0m | €1.3m | €1.4m | ▲ 8.1% |
| Formation expenses20 | €0.001m | €462 | €288 | €115 | €0 | - | - |
| Fixed assets21/28 | - | €0.01m | €0.01m | €0.01m | €0.06m | €0.05m | ▼ 18.1% |
| Tangible fixed assets22/27 | - | €0.01m | €0.01m | €0.01m | €0.06m | €0.05m | ▼ 18.1% |
| Plant, machinery and equipment23 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 2.2% |
| Furniture and vehicles24 | - | - | - | - | €0.05m | €0.04m | ▼ 23.3% |
| Current assets29/58 | €0.5m | €0.5m | €0.6m | €1.0m | €1.2m | €1.3m | ▲ 9.4% |
| Stocks and contracts in progress3 | €0.4m | €0.4m | €0.4m | €0.8m | €1.0m | €1.1m | ▲ 20.6% |
| Stocks30/36 | - | - | €0.4m | €0.8m | €1.0m | €1.1m | ▲ 20.6% |
| Amounts receivable within one year40/41 | €0.04m | €0.05m | €0.04m | €0.02m | €0.05m | €0.05m | ▲ 2.3% |
| Trade receivables40 | - | - | €0.03m | €0.02m | €0.05m | €0.05m | ▼ 3.4% |
| Other amounts receivable41 | - | - | €0.007m | €0.003m | €0.004m | €0.007m | ▲ 67.0% |
| Cash at bank and in hand54/58 | €0.06m | €0.05m | €0.2m | €0.1m | €0.2m | €0.1m | ▼ 38.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.002m | €0.002m | ▲ 4.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.6m | €1.0m | €1.3m | €1.4m | ▲ 8.1% |
| Equity10/15 | €0.05m | €0.1m | €0.2m | €0.4m | €0.7m | €0.9m | ▲ 33.5% |
| Contributions10/11 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.04m | €0.1m | €0.2m | €0.4m | €0.7m | €0.9m | ▲ 34.5% |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €0.002m | €0.002m | €0 | - | - |
| Distributable reserves133 | - | - | €0.2m | €0.4m | €0.7m | €0.9m | ▲ 34.5% |
| Amounts payable17/49 | €0.4m | €0.4m | €0.4m | €0.6m | €0.6m | €0.4m | ▼ 22.9% |
| Amounts payable after more than one year17 | - | €0.02m | €0.01m | €0.03m | €0.03m | €0.006m | ▼ 76.9% |
| Financial debts170/4 | - | - | €0.01m | €0.03m | €0.03m | €0.006m | ▼ 76.9% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 19.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.02m | €0.04m | €0.04m | €0.02m | ▼ 40.3% |
| Financial debts43 | - | - | €0.007m | €0.02m | €0.02m | €0.1m | ▲ 780% |
| Credit institutions430/8 | - | - | €0.007m | €0.02m | €0.02m | €0.1m | ▲ 780% |
| Trade debts44 | €0.01m | €0.02m | €0.02m | €0.007m | €0.008m | €0.01m | ▲ 27.3% |
| Suppliers440/4 | - | - | €0.02m | €0.007m | €0.008m | €0.01m | ▲ 27.3% |
| Advances received on contracts in progress46 | - | - | €0.002m | €0.005m | €0.005m | €0.002m | ▼ 68.2% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.07m | €0.06m | €0.04m | ▼ 34.4% |
| Taxes450/3 | - | - | €0.02m | €0.06m | €0.05m | €0.04m | ▼ 34.5% |
| Remuneration and social security454/9 | - | - | €0.003m | €0.006m | €0.01m | €0.006m | ▼ 33.8% |
| Other amounts payable47/48 | - | - | €0.4m | €0.4m | €0.4m | €0.2m | ▼ 48.5% |
| Accrued charges and deferred income492/3 | - | - | €0 | - | €0.004m | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,530 | €60,570 | €89,864 | €207,688 | €291,587 | €235,700 | ▼ 19.2% |
| + Depreciation and write-downs630 | €231 | €301 | €2,767 | €3,050 | €12,816 | €16,766 | ▲ 30.8% |
| Operating cash flow (approximation) | €35,761 | €60,871 | €92,630 | €210,738 | €304,403 | €252,467 | ▼ 17.1% |
| Investment in fixed assets (approximation) | - | - | -€1,791 | -€1,280 | -€66,480 | -€5,305 | ▲ 92.0% |
| Change in cash | - | -€10,548 | €133,619 | -€72,948 | €100,935 | -€82,138 | - |
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, 26,972 companies had the same profile as THINCO has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of THINCO itself is lower: 0.2% within 12 months. It rests on far more data about THINCO than the profile alone.
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 26,972 companies, not a prediction for THINCO. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 29-01-2026 | 2026-00018656 | |
| 30-06-2024 | abbreviated format | 10-01-2025 | 2025-00003223 | |
| 30-06-2023 | abbreviated format | 10-01-2024 | 2024-00000522 | |
| 30-06-2022 | micro format | 06-01-2023 | 2023-20555507 | |
| 30-06-2021 | micro format | 27-01-2022 | 2022-02800129 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-03100274 |