THING
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-08-2026 at the NBB all 7 filings
Turnover
≈ €230,000
Estimated: probably between €180,000 and €290,000
Total assets
€670,394▲ 0.4%
2024 · €667,673
Net result
€78,319▼ 13.9%
2024 · €90,911
Working capital
€216,949▲ 58.4%
2024 · €136,990
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€108,437
▼ 20.1%
2025
20192025
Net result
€78,319
▼ 13.9%
2025
middle half of the sector
20192025
Equity
€430,518
▲ 17.6%
2025
middle half of the sector
20192025
Total assets
€670,394
▲ 0.4%
2025
middle half of the sector
20192025
Debt
€239,876
▼ 20.5%
2025
20192025
Working capital
€216,949
▲ 58.4%
2025
middle half of the sector
20192025
Solvency
64.2%
▲ 9.4pp
2025
middle half of the sector
20192025
Current ratio
2.98
▲ 1.14
2025
middle half of the sector
20192025
Return on assets (ROA)
11.7%
▼ 1.9pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€97,920-€42,641▼ 56.5%€55,416▲ 30.0%€77,511▲ 39.9%€54,393▼ 29.8%€135,756▲ 150%€108,437▼ 20.1%
Net result€97,841-€36,493within the sector's middle half▼ 62.7%€49,784within the sector's middle half▲ 36.4%€54,620within the sector's middle half▲ 9.7%€37,750within the sector's middle half▼ 30.9%€90,911within the sector's middle half▲ 141%€78,319within the sector's middle half▼ 13.9%
Equity€104,041-€125,534within the sector's middle half▲ 20.7%€175,317within the sector's middle half▲ 39.7%€229,938within the sector's middle half▲ 31.2%€280,088within the sector's middle half▲ 21.8%€365,999within the sector's middle half▲ 30.7%€430,518within the sector's middle half▲ 17.6%
Total assets€121,750-€193,175within the sector's middle half▲ 58.7%€412,436within the sector's middle half▲ 114%€475,505within the sector's middle half▲ 15.3%€542,390within the sector's middle half▲ 14.1%€667,673within the sector's middle half▲ 23.1%€670,394within the sector's middle half▲ 0.4%
Debt€17,709-€67,641▲ 282%€237,118▲ 251%€245,567▲ 3.6%€262,303▲ 6.8%€301,674▲ 15.0%€239,876▼ 20.5%
Working capital-€11,499-€32,654within the sector's middle half€29,529within the sector's middle half▼ 9.6%€39,330within the sector's middle half▲ 33.2%€46,237within the sector's middle half▲ 17.6%€136,990within the sector's middle half▲ 196%€216,949within the sector's middle half▲ 58.4%
Solvency85.5%-65.0%within the sector's middle half▼ 20.5pp42.5%within the sector's middle half▼ 22.5pp48.4%within the sector's middle half▲ 5.8pp51.6%within the sector's middle half▲ 3.3pp54.8%within the sector's middle half▲ 3.2pp64.2%within the sector's middle half▲ 9.4pp
Current ratio0.35-1.78within the sector's middle half▲ 1.431.48within the sector's middle half▼ 0.301.49within the sector's middle half▲ 0.011.41within the sector's middle half▼ 0.081.84within the sector's middle half▲ 0.432.98within the sector's middle half▲ 1.14
Return on assets (ROA)80.4%-18.9%within the sector's middle half▼ 61.5pp12.1%within the sector's middle half▼ 6.8pp11.5%within the sector's middle half▼ 0.6pp7.0%within the sector's middle half▼ 4.5pp13.6%within the sector's middle half▲ 6.7pp11.7%within the sector's middle half▼ 1.9pp
Staff (FTE)0.4below the sector's middle half0.3within the sector's middle half▼ 25.0%0within the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 20% lower than in 2024.
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 €670,394
Fixed assets
€343,914 ▼ 6.4%
Current assets
€326,480 ▲ 8.7%
Equity and liabilities €670,394
Equity
€430,518 ▲ 17.6%
Debt
€239,876 ▼ 20.5%
Debt's share of the balance-sheet total falls from 45.2% to 35.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€139,182▼
2024 · €164,586
Cash flow
€109,064▼
2024 · €119,741
Debt to equity
0.56▼
2024 · 0.82
ROE
18.2%▼
2024 · 24.8%
Interest coverage
42.28▼
2024 · 43.90
Debt ≤ 1 year
€109,532▼
2024 · €163,339
Debt > 1 year
€127,844▼
2024 · €135,835
Income taxes
€30,890▼
2024 · €44,993
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 |
|---|---|---|
| Average over the year, in full-time equivalents | 0.4 | 0.3 |
| Joined | 1 | - |
| Left | 1 | - |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €175,719 | €161,952 | €156,782 | €135,835 |
| Mortgages, amount registered | €90,000 | €71,500 | €71,500 | €71,500 | €71,500 |
| Mortgage mandates | €85,000 | - | - | - | - |
| Carrying value of the mortgaged assets | €282,407 | €323,039 | €352,366 | €345,292 | €331,729 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €211,383 | €50,677 | €52,695 | €10,632 | €7,314 |
| Depreciation and write-downs of the year | €8,729 | €15,777 | €23,087 | €28,830 | €30,744 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €18,576 | €9,630 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,915 | - | €8,729 | €15,777 | €23,087 | €28,830 | €30,744 | ▲ 6.6% |
| Other operating charges640/8 | - | - | €1,727 | €780 | €1,871 | €1,285 | €1,816 | ▲ 41.3% |
| Gross operating margin9900 | €106,562 | €43,716 | €65,872 | €112,644 | €88,980 | €165,871 | €140,998 | ▼ 15.0% |
| Operating profit (loss)9901 | €97,920 | €42,641 | €55,416 | €77,511 | €54,393 | €135,756 | €108,437 | ▼ 20.1% |
| Financial income75/76B | - | - | €0 | €648 | €383 | €3,897 | €4,064 | ▲ 4.3% |
| Recurring financial income75 | €0 | €30 | €0 | €648 | €383 | €3,897 | €4,064 | ▲ 4.3% |
| Financial charges65/66B | - | - | €2,903 | €4,277 | €3,658 | €3,749 | €3,292 | ▼ 12.2% |
| Recurring financial charges65 | €79 | €828 | €2,903 | €4,277 | €3,658 | €3,749 | €3,292 | ▼ 12.2% |
| Profit (loss) for the period before taxes9903 | €97,841 | €41,844 | €52,513 | €73,882 | €51,119 | €135,904 | €109,209 | ▼ 19.6% |
| Income taxes67/77 | - | €5,350 | €2,729 | €19,262 | €13,369 | €44,993 | €30,890 | ▼ 31.3% |
| Profit (loss) for the period9904 | €97,841 | €36,493 | €49,784 | €54,620 | €37,750 | €90,911 | €78,319 | ▼ 13.9% |
| Profit (loss) for the period to be appropriated9905 | €97,841 | €36,493 | €49,784 | €54,620 | €37,750 | €90,911 | €78,319 | ▼ 13.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €121,750 | €193,175 | €412,436 | €475,505 | €542,390 | €667,673 | €670,394 | ▲ 0.4% |
| Fixed assets21/28 | €115,539 | €118,505 | €321,159 | €356,059 | €384,292 | €367,344 | €343,914 | ▼ 6.4% |
| Tangible fixed assets22/27 | €113,539 | €116,505 | €319,159 | €354,059 | €383,667 | €366,719 | €343,289 | ▼ 6.4% |
| Land and buildings22 | - | - | €282,407 | €323,039 | €352,366 | €345,292 | €331,729 | ▼ 3.9% |
| Plant, machinery and equipment23 | - | - | - | €2,252 | €1,848 | €561 | €2,437 | ▲ 334% |
| Furniture and vehicles24 | - | - | €1,640 | €28,768 | €29,454 | €19,451 | €8,002 | ▼ 58.9% |
| Other tangible fixed assets26 | - | - | - | - | - | €1,415 | €1,121 | ▼ 20.8% |
| Assets under construction and advance payments27 | - | - | €35,113 | - | - | - | - | - |
| Financial fixed assets28 | €2,000 | €2,000 | €2,000 | €2,000 | €625 | €625 | €625 | = |
| Current assets29/58 | €6,210 | €74,670 | €91,277 | €119,446 | €158,098 | €300,329 | €326,480 | ▲ 8.7% |
| Amounts receivable within one year40/41 | €4,996 | €49,679 | €43,078 | €54,629 | €92,813 | €210,302 | €226,814 | ▲ 7.9% |
| Trade receivables40 | - | - | €31,611 | €9,629 | €39,141 | €141,935 | €84,972 | ▼ 40.1% |
| Other amounts receivable41 | - | - | €11,467 | €45,000 | €53,672 | €68,367 | €141,842 | ▲ 107% |
| Cash at bank and in hand54/58 | €1,214 | €24,956 | €47,995 | €63,971 | €64,844 | €86,212 | €95,365 | ▲ 10.6% |
| Deferred charges and accrued income490/1 | - | - | €203 | €845 | €441 | €3,815 | €4,302 | ▲ 12.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €121,750 | €193,175 | €412,436 | €475,505 | €542,390 | €667,673 | €670,394 | ▲ 0.4% |
| Equity10/15 | €104,041 | €125,534 | €175,317 | €229,938 | €280,088 | €365,999 | €430,518 | ▲ 17.6% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €119,334 | €169,117 | €223,738 | €261,488 | €347,399 | €411,918 | ▲ 18.6% |
| Distributable reserves133 | - | - | €169,117 | €223,738 | €261,488 | €347,399 | €411,918 | ▲ 18.6% |
| Profit (loss) carried forward14 | €97,841 | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €17,709 | €67,641 | €237,118 | €245,567 | €262,303 | €301,674 | €239,876 | ▼ 20.5% |
| Amounts payable after more than one year17 | - | €25,625 | €175,371 | €161,952 | €147,941 | €135,835 | €127,844 | ▼ 5.9% |
| Financial debts170/4 | - | - | €175,371 | €161,952 | €147,941 | €135,835 | €127,844 | ▼ 5.9% |
| Amounts payable within one year42/48 | €17,709 | €42,016 | €61,748 | €80,115 | €111,861 | €163,339 | €109,532 | ▼ 32.9% |
| Current portion of amounts payable after more than one year42 | - | - | €13,532 | €13,767 | €14,011 | €20,947 | €7,991 | ▼ 61.9% |
| Financial debts43 | - | - | - | - | - | - | €14,681 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €14,681 | - |
| Trade debts44 | €12,838 | €9,391 | €34,717 | €33,373 | €59,424 | €87,586 | €30,327 | ▼ 65.4% |
| Suppliers440/4 | - | - | €34,717 | €33,373 | €59,424 | €87,586 | €30,327 | ▼ 65.4% |
| Taxes, remuneration and social security45 | - | - | €13,499 | €25,349 | €34,536 | €46,266 | €36,807 | ▼ 20.4% |
| Taxes450/3 | - | - | €13,499 | €25,316 | €31,018 | €46,266 | €36,807 | ▼ 20.4% |
| Remuneration and social security454/9 | - | - | - | €33 | €3,519 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €7,626 | €3,890 | €8,540 | €19,726 | ▲ 131% |
| Accrued charges and deferred income492/3 | - | - | - | €3,500 | €2,500 | €2,500 | €2,500 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €97,841 | €36,493 | €49,784 | €54,620 | €37,750 | €90,911 | €78,319 | ▼ 13.9% |
| + Depreciation and write-downs630 | €7,915 | - | €8,729 | €15,777 | €23,087 | €28,830 | €30,744 | ▲ 6.6% |
| Operating cash flow (approximation) | €105,755 | €36,493 | €58,513 | €70,397 | €60,837 | €119,741 | €109,064 | ▼ 8.9% |
| Investment in fixed assets (approximation) | - | -€2,966 | -€211,383 | -€50,677 | -€51,320 | -€11,882 | -€7,314 | ▲ 38.4% |
| Change in cash | - | €23,742 | €23,039 | €15,976 | €873 | €21,368 | €9,152 | ▼ 57.2% |
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, 6,782 companies had the same profile as THING has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of THING 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 6,782 companies, not a prediction for THING. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-08-2026 | 2026-00389749 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00439978 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00429669 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00385448 | |
| 31-12-2021 | micro format | 30-11-2022 | 2022-20527942 | |
| 31-12-2020 | micro format | 06-09-2021 | 2021-66500092 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-73300258 |