Third-i (0543.637.884): financials and annual accounts

Third-i

Brussels ·KBO/BCE: BE 0543.637.884

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Balance sheet: assets
Total assets`20/58`	381,998	394,611	459,470	615,475	419,160	215,102	156,879	159,178	291,316	319,680	244,804	66,667
Fixed assets`21/28`	8,213	8,345	6,707	8,947	6,118	10,182	8,625	7,036	123,491	129,893	126,498	41,322
Tangible fixed assets`22/27`	5,973	6,105	4,467	6,707	3,878	7,942	6,560	6,121	121,426	127,828	124,558	41,322
Land and buildings`22`	-	-	-	-	-	-	-	-	112,325	116,126	119,928	41,322
Plant, machinery and equipment`23`	2,809	2,300	3,776	5,550	2,255	5,553	2,516	-	904	2,927	2,240	-
Furniture and vehicles`24`	-	225	691	1,157	1,623	2,089	3,053	4,289	5,525	6,761	1,790	-
Other tangible fixed assets`26`	3,164	3,580	-	-	-	300	991	1,832	2,673	2,013	600	-
Financial fixed assets`28`	2,240	2,240	2,240	2,240	2,240	2,240	2,065	915	2,065	2,065	1,940	-
Current assets`29/58`	373,785	386,266	452,763	606,528	413,041	204,920	148,254	152,143	167,825	189,786	118,306	25,345
Amounts receivable within one year`40/41`	184,849	262,261	267,496	274,217	164,427	79,880	116,987	56,792	151,829	121,382	97,387	17,949
Trade receivables`40`	76,330	174,382	194,667	215,458	109,775	44,082	74,896	52,285	60,559	78,512	77,233	15,164
Other amounts receivable`41`	108,519	87,879	72,829	58,760	54,652	35,798	42,091	4,507	91,270	42,870	20,154	2,785
Cash at bank and in hand`54/58`	188,935	122,679	183,703	332,311	248,262	120,213	28,340	94,263	14,560	63,585	18,896	7,291
Deferred charges and accrued income`490/1`	-	1,326	1,563	-	352	4,826	2,927	1,088	1,436	4,819	2,023	105
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	381,998	394,611	459,470	615,475	419,160	215,102	156,879	159,178	291,316	319,680	244,804	66,667
Equity`10/15`	238,141	205,751	273,962	270,180	127,321	4,276	43,673	28,950	69,781	117,809	85,374	55,872
Contributions`10/11`	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000	47,000
Issued capital`100`	-	-	-	-	-	-	47,000	47,000	47,000	47,000	47,000	47,000
Reserves`13`	226,962	226,962	226,962	223,180	80,321	38,374	38,374	38,374	38,374	38,374	38,374	8,872
Non-distributable reserves`130/1`	4,700	4,700	4,700	4,700	4,700	4,700	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	4,700	4,700	4,700	4,700	4,700	4,700
Reserves not available under the articles`1311`	4,700	4,700	4,700	4,700	4,700	4,700	-	-	-	-	-	-
Distributable reserves`133`	222,262	222,262	222,262	218,480	75,621	33,674	33,674	33,674	33,674	33,674	33,674	4,172
Profit (loss) carried forward`14`	-35,821	-68,211	-	-	-	-81,098	-41,700	-56,424	-15,593	32,435	-	-
Amounts payable`17/49`	143,856	188,860	185,508	345,295	291,839	210,826	113,206	130,229	221,535	201,871	159,430	10,795
Amounts payable after more than one year`17`	-	28,354	33,590	38,690	48,497	48,497	53,210	57,800	62,272	66,627	70,686	-
Financial debts`170/4`	-	28,354	33,590	38,690	48,497	48,497	53,210	57,800	62,272	66,627	70,686	-
Amounts payable within one year`42/48`	143,856	160,506	151,918	306,605	243,342	162,329	59,996	72,428	159,264	135,244	88,744	10,795
Current portion of amounts payable after more than one year`42`	28,354	4,278	5,100	4,968	-	4,713	4,593	7,268	14,737	4,242	4,314	-
Financial debts`43`	-	-	1,362	-	1,297	1,529	-	873	23,377	-	-	-
Credit institutions`430/8`	-	-	1,362	-	1,297	1,529	-	873	23,377	-	-	-
Trade debts`44`	40,696	75,800	34,427	17,704	83,276	53,034	44,253	49,882	74,698	25,537	35,667	-
Suppliers`440/4`	40,696	75,800	34,427	17,704	83,276	53,034	44,253	49,882	74,698	25,537	35,667	-
Advances received on contracts in progress`46`	-	-	-	155,886	63,000	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	6,912	3,513	28,205	37,806	5,527	12,812	11,150	11,572	16,298	64,038	26,921	7,828
Taxes`450/3`	6,912	3,513	28,205	37,806	5,527	12,812	11,150	11,572	6,827	55,737	26,921	7,828
Remuneration and social security`454/9`	-	-	-	-	-	-	-	-	9,471	8,300	-	-
Other amounts payable`47/48`	67,895	76,915	82,823	90,241	90,241	90,241	-	2,833	30,154	41,428	21,842	2,967
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	561	-	-	-	-
Gross operating margin`9900`	37,503	-63,464	14,879	217,480	146,035	-15,538	26,334	3,417	50,279	182,396	53,830	17,256
Remuneration, social security and pensions`62`	-	-	-	-	3,717	11,496	-	28,835	86,424	106,736	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	2,549	3,816	4,049	4,180	4,064	4,613	3,335	2,981	7,902	7,602	5,911	4,154
Other operating charges`640/8`	301	500	-	500	-	4,783	1,033	1,372	1,004	-	1,901	473
Operating profit (loss)`9901`	34,653	-67,780	10,830	212,799	138,254	-36,429	21,966	-29,771	-45,051	68,058	46,018	12,629
Financial income`75/76B`	857	927	642	1,952	1,495	5	3	-	1	2,365	913	172
Recurring financial income`75`	857	927	642	1,952	19	5	3	-	1	2,365	913	172
Non-recurring financial income`76B`	-	-	-	-	1,476	-	-	-	-	-	-	-
Financial charges`65/66B`	3,107	1,294	3,988	2,900	2,328	2,973	7,246	6,608	2,996	3,120	979	42
Recurring financial charges`65`	3,107	1,294	2,512	2,900	2,328	2,973	2,783	6,416	2,996	3,120	979	42
Non-recurring financial charges`66B`	-	-	1,476	-	-	-	4,463	192	-	-	-	-
Profit (loss) for the period before taxes`9903`	32,402	-68,148	7,485	211,852	137,421	-39,397	14,723	-36,379	-48,045	67,303	45,952	12,759
Income taxes`67/77`	12	63	3,703	68,992	14,376	1	-	4,452	-17	14,867	16,450	3,887
Profit (loss) for the period`9904`	32,390	-68,211	3,782	142,859	123,045	-39,398	14,723	-40,831	-48,028	52,435	29,502	8,872
Profit (loss) for the period to be appropriated`9905`	32,390	-68,211	3,782	142,859	123,045	-39,398	14,723	-40,831	-48,028	52,435	29,502	8,872
Appropriation of the result
Profit (loss) to be appropriated`9906`	-35,821	-68,211	3,782	142,859	41,947	-81,098	-41,700	-56,424	-15,593	52,435	29,502	8,872
Profit (loss) brought forward from the previous period`14P`	-68,211	-	-	-	-81,098	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	3,782	142,859	41,947	-	-	-	-	-	29,502	8,872
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	4,700
To other reserves`6921`	-	-	3,782	142,859	41,947	-	-	-	-	-	29,502	4,172
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	20,000	-	-
Directors or managers`695`	-	-	-	-	-	-	-	-	-	20,000	-	-
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	1	-	0.4	2	1.8	-	-
Hours worked`1013`	-	-	-	-	-	374	-	816	3,252	3,268	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	07-07-2026	2026-00261582	PDF
31-12-2024	micro format	31-07-2025	2025-00337180	PDF
31-12-2023	micro format	30-07-2024	2024-00302795	PDF
31-12-2022	micro format	31-08-2023	2023-00390916	PDF
31-12-2021	micro format	30-08-2022	2022-20346874	PDF
31-12-2020	micro format	30-08-2021	2021-56000544	PDF
31-12-2019	micro format	30-10-2020	2020-65000441	PDF
31-12-2018	micro format	24-07-2019	2019-36500138	PDF
31-12-2017	micro format	28-09-2018	2018-65500071	PDF
31-12-2016	micro format	26-09-2017	2017-63900063	PDF
31-12-2015	abbreviated format	30-09-2016	2016-62500155	PDF
31-12-2014	abbreviated format	28-05-2015	2015-13600183	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
EBITDA	37,202	-63,964	14,879	216,980	142,318	-31,816	25,301	-26,790	-37,149	75,660	51,929	16,783
Cash flow	34,940	-64,395	7,831	147,040	127,109	-34,785	18,059	-37,851	-40,126	60,037	35,413	13,026
Investment in fixed assets (approximation)	2,417	5,454	1,809	7,009	0	6,169	4,925	-113,475	1,500	10,997	91,087	43,101
Change in cash	66,256	-61,024	-148,608	84,049	128,048	91,873	-65,923	79,703	-49,025	44,689	11,605	-
Working capital	229,928	225,760	300,845	299,923	169,699	42,591	88,258	79,714	8,562	54,542	29,562	14,550
Solvency	62.3%	52.1%	59.6%	43.9%	30.4%	2.0%	27.8%	18.2%	24.0%	36.9%	34.9%	83.8%
Current ratio	2.60	2.41	2.98	1.98	1.70	1.26	2.47	2.10	1.05	1.40	1.33	2.35
Debt to equity	0.60	0.92	0.68	1.28	2.29	49.31	2.59	4.50	3.17	1.71	1.87	0.19
ROE	13.6%	-33.2%	1.4%	52.9%	96.6%	-921.4%	33.7%	-141.0%	-68.8%	44.5%	34.6%	15.9%
ROA	8.5%	-17.3%	0.8%	23.2%	29.4%	-18.3%	9.4%	-25.7%	-16.5%	16.4%	12.1%	13.3%
Interest coverage	11.97	-49.43	5.92	74.83	61.13	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€2,417	€5,454	€1,809	€7,009	-
Depreciation and write-downs of the year	€2,549	€3,816	€4,049	€4,180	€4,064

Third-i

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency62.3%

Current ratio2.60

Return on assets8.5%

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Subsidies and aid

European Union 1 project, €300,000 EU contribution

Projects

Key figures and ratios

Investments

Insights on Third-i

Next steps