THING (0720.642.692): financials and annual accounts

THING

Ghent ·KBO/BCE: BE 0720.642.692

Line	2025	2024	2023	2022	2021	2020	2019
Balance sheet: assets
Total assets`20/58`	670,394	667,673	542,390	475,505	412,436	193,175	121,750
Fixed assets`21/28`	343,914	367,344	384,292	356,059	321,159	118,505	115,539
Tangible fixed assets`22/27`	343,289	366,719	383,667	354,059	319,159	116,505	113,539
Land and buildings`22`	331,729	345,292	352,366	323,039	282,407	77,558	77,558
Plant, machinery and equipment`23`	2,437	561	1,848	2,252	-	-	-
Furniture and vehicles`24`	8,002	19,451	29,454	28,768	1,640	-	-
Other tangible fixed assets`26`	1,121	1,415	-	-	-	-	-
Assets under construction and advance payments`27`	-	-	-	-	35,113	38,947	35,982
Financial fixed assets`28`	625	625	625	2,000	2,000	2,000	2,000
Current assets`29/58`	326,480	300,329	158,098	119,446	91,277	74,670	6,210
Amounts receivable within one year`40/41`	226,814	210,302	92,813	54,629	43,078	49,679	4,996
Trade receivables`40`	84,972	141,935	39,141	9,629	31,611	48,284	-
Other amounts receivable`41`	141,842	68,367	53,672	45,000	11,467	1,395	4,996
Cash at bank and in hand`54/58`	95,365	86,212	64,844	63,971	47,995	24,956	1,214
Deferred charges and accrued income`490/1`	4,302	3,815	441	845	203	34	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	670,394	667,673	542,390	475,505	412,436	193,175	121,750
Equity`10/15`	430,518	365,999	280,088	229,938	175,317	125,534	104,041
Contributions`10/11`	18,600	18,600	18,600	6,200	6,200	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,600
Uncalled capital`101`	-	-	-	-	-	-	12,400
Reserves`13`	411,918	347,399	261,488	223,738	169,117	119,334	-
Distributable reserves`133`	411,918	347,399	261,488	223,738	169,117	119,334	-
Profit (loss) carried forward`14`	0	0	-	-	-	-	97,841
Amounts payable`17/49`	239,876	301,674	262,303	245,567	237,118	67,641	17,709
Amounts payable after more than one year`17`	127,844	135,835	147,941	161,952	175,371	25,625	-
Financial debts`170/4`	127,844	135,835	147,941	161,952	175,371	25,625	-
Amounts payable within one year`42/48`	109,532	163,339	111,861	80,115	61,748	42,016	17,709
Current portion of amounts payable after more than one year`42`	7,991	20,947	14,011	13,767	13,532	4,601	-
Financial debts`43`	14,681	-	-	-	-	-	-
Credit institutions`430/8`	14,681	-	-	-	-	-	-
Trade debts`44`	30,327	87,586	59,424	33,373	34,717	9,391	12,838
Suppliers`440/4`	30,327	87,586	59,424	33,373	34,717	9,391	12,838
Taxes, remuneration and social security`45`	36,807	46,266	34,536	25,349	13,499	7,555	-
Taxes`450/3`	36,807	46,266	31,018	25,316	13,499	7,555	-
Remuneration and social security`454/9`	-	0	3,519	33	-	-	-
Other amounts payable`47/48`	19,726	8,540	3,890	7,626	-	20,469	4,871
Accrued charges and deferred income`492/3`	2,500	2,500	2,500	3,500	-	-	-
Income statement
Gross operating margin`9900`	140,998	165,871	88,980	112,644	65,872	43,716	106,562
Remuneration, social security and pensions`62`	-	0	9,630	18,576	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	30,744	28,830	23,087	15,777	8,729	-	7,915
Other operating charges`640/8`	1,816	1,285	1,871	780	1,727	1,075	728
Operating profit (loss)`9901`	108,437	135,756	54,393	77,511	55,416	42,641	97,920
Financial income`75/76B`	4,064	3,897	383	648	0	30	0
Recurring financial income`75`	4,064	3,897	383	648	0	30	0
Financial charges`65/66B`	3,292	3,749	3,658	4,277	2,903	828	79
Recurring financial charges`65`	3,292	3,749	3,658	4,277	2,903	828	79
Profit (loss) for the period before taxes`9903`	109,209	135,904	51,119	73,882	52,513	41,844	97,841
Income taxes`67/77`	30,890	44,993	13,369	19,262	2,729	5,350	-
Profit (loss) for the period`9904`	78,319	90,911	37,750	54,620	49,784	36,493	97,841
Profit (loss) for the period to be appropriated`9905`	78,319	90,911	37,750	54,620	49,784	36,493	97,841
Appropriation of the result
Profit (loss) to be appropriated`9906`	78,319	90,911	37,750	54,620	49,784	134,334	97,841
Transfer to equity`691/2`	64,519	85,911	37,750	54,620	49,784	119,334	-
To other reserves`6921`	64,519	85,911	37,750	54,620	49,784	119,334	-
Profit to be distributed`694/7`	13,800	5,000	-	-	-	15,000	-
Return on contributions (dividend)`694`	-	-	-	-	-	15,000	-
Directors or managers`695`	13,800	5,000	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	-	0	0.3	0.4	-	-	-
Hours worked`1013`	-	-	570	820	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	10-08-2026	2026-00389749	PDF
31-12-2024	abbreviated format	29-08-2025	2025-00439978	PDF
31-12-2023	abbreviated format	30-08-2024	2024-00429669	PDF
31-12-2022	abbreviated format	31-08-2023	2023-00385448	PDF
31-12-2021	micro format	30-11-2022	2022-20527942	PDF
31-12-2020	micro format	06-09-2021	2021-66500092	PDF
31-12-2019	micro format	30-11-2020	2020-73300258	PDF

Line	2025	2024	2023	2022	2021	2020	2019
EBITDA	139,182	164,586	77,480	93,288	64,145	-	105,834
Cash flow	109,064	119,741	60,837	70,397	58,513	-	105,755
Investment in fixed assets	7,314	10,632	52,695	50,677	211,383	2,966	123,454
Change in cash	9,152	21,368	873	15,976	23,039	23,742	-
Working capital	216,949	136,990	46,237	39,330	29,529	32,654	-11,499
Solvency	64.2%	54.8%	51.6%	48.4%	42.5%	65.0%	85.5%
Current ratio	2.98	1.84	1.41	1.49	1.48	1.78	0.35
Debt to equity	0.56	0.82	0.94	1.07	1.35	0.54	0.17
ROE	18.2%	24.8%	13.5%	23.8%	28.4%	29.1%	94.0%
ROA	11.7%	13.6%	7.0%	11.5%	12.1%	18.9%	80.4%
Interest coverage	42.28	43.90	21.18	21.81	22.09	-	-

Item	31-12-2023	31-12-2022
Average over the year, in full-time equivalents	0.3	0.4
Joined	-	1
Left	-	1

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€135,835	€156,782	€161,952	€175,719	-
Mortgages, amount registered	€71,500	€71,500	€71,500	€71,500	€90,000
Mortgage mandates	-	-	-	-	€85,000
Carrying value of the mortgaged assets	€331,729	€345,292	€352,366	€323,039	€282,407

THING

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency64.2%

Current ratio2.98

Return on assets11.7%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on THING

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€7,314	€10,632	€52,695	€50,677	€211,383
Depreciation and write-downs of the year	€30,744	€28,830	€23,087	€15,777	€8,729