Third-i
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 12 filings
Turnover
≈ €93,000
Estimated: probably between €58,000 and €120,000
Total assets
€381,998▼ 3.2%
2024 · €394,611
Net result
€32,390
2024 · -€68,211
Working capital
€229,928▲ 1.8%
2024 · €225,760
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€34,653
2025
20182025
Net result
€32,390
2025
middle half of the sector
20182025
Equity
€238,141
▲ 15.7%
2025
highest quarter of the sector
20182025
Total assets
€381,998
▼ 3.2%
2025
highest quarter of the sector
20182025
Debt
€143,856
▼ 23.8%
2025
20182025
Working capital
€229,928
▲ 1.8%
2025
highest quarter of the sector
20182025
Solvency
62.3%
▲ 10.2pp
2025
middle half of the sector
20182025
Current ratio
2.60
▲ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
8.5%
▲ 25.8pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€29,771-€21,966-€36,429€138,254€212,799▲ 53.9%€10,830▼ 94.9%-€67,780€34,653
Net result-€40,831-€14,723-€39,398below the sector's middle half€123,045above the sector's middle half€142,859above the sector's middle half▲ 16.1%€3,782within the sector's middle half▼ 97.4%-€68,211below the sector's middle half€32,390within the sector's middle half
Equity€28,950-€43,673▲ 50.9%€4,276below the sector's middle half▼ 90.2%€127,321within the sector's middle half▲ 30×€270,180above the sector's middle half▲ 112%€273,962above the sector's middle half▲ 1.4%€205,751above the sector's middle half▼ 24.9%€238,141above the sector's middle half▲ 15.7%
Total assets€159,178-€156,879▼ 1.4%€215,102within the sector's middle half▲ 37.1%€419,160above the sector's middle half▲ 94.9%€615,475above the sector's middle half▲ 46.8%€459,470above the sector's middle half▼ 25.3%€394,611above the sector's middle half▼ 14.1%€381,998above the sector's middle half▼ 3.2%
Debt€130,229-€113,206▼ 13.1%€210,826▲ 86.2%€291,839▲ 38.4%€345,295▲ 18.3%€185,508▼ 46.3%€188,860▲ 1.8%€143,856▼ 23.8%
Working capital€79,714-€88,258▲ 10.7%€42,591within the sector's middle half▼ 51.7%€169,699above the sector's middle half▲ 298%€299,923above the sector's middle half▲ 76.7%€300,845above the sector's middle half▲ 0.3%€225,760above the sector's middle half▼ 25.0%€229,928above the sector's middle half▲ 1.8%
Solvency18.2%-27.8%▲ 9.7pp2.0%below the sector's middle half▼ 25.9pp30.4%within the sector's middle half▲ 28.4pp43.9%within the sector's middle half▲ 13.5pp59.6%within the sector's middle half▲ 15.7pp52.1%within the sector's middle half▼ 7.5pp62.3%within the sector's middle half▲ 10.2pp
Current ratio2.10-2.47▲ 0.371.26within the sector's middle half▼ 1.211.70within the sector's middle half▲ 0.431.98within the sector's middle half▲ 0.282.98within the sector's middle half▲ 1.002.41within the sector's middle half▼ 0.572.60within the sector's middle half▲ 0.19
Return on assets (ROA)-25.7%-9.4%▲ 35.0pp-18.3%below the sector's middle half▼ 27.7pp29.4%above the sector's middle half▲ 47.7pp23.2%within the sector's middle half▼ 6.1pp0.8%within the sector's middle half▼ 22.4pp-17.3%below the sector's middle half▼ 18.1pp8.5%within the sector's middle half▲ 25.8pp
Staff (FTE)0.4-1within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 profit of €34,653, after a loss of €67,780 in 2024.
Turnover and EBIT margin are not published. The 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 €381,998
Fixed assets
€8,213 ▼ 1.6%
Current assets
€373,785 ▼ 3.2%
Equity and liabilities €381,998
Equity
€238,141 ▲ 15.7%
Debt
€143,856 ▼ 23.8%
Debt's share of the balance-sheet total falls from 47.9% to 37.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€37,202▲
2024 · -€63,964
Cash flow
€34,940▲
2024 · -€64,395
Debt to equity
0.60▼
2024 · 0.92
ROE
13.6%▲
2024 · -33.2%
Interest coverage
11.97▲
2024 · -49.43
Debt ≤ 1 year
€143,856▼
2024 · €160,506
Income taxes
€12▼
2024 · €63
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €7,009 | €1,809 | €5,454 | €2,417 |
| Depreciation and write-downs of the year | €4,064 | €4,180 | €4,049 | €3,816 | €2,549 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
European research
1 project · €300,000 EU contributionProgrammes
Projects
Stratification of Obesity Phenotypes to Optimize Future Therapy
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €3,717 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,981 | €3,335 | €4,613 | €4,064 | €4,180 | €4,049 | €3,816 | €2,549 | ▼ 33.2% |
| Other operating charges640/8 | - | - | - | - | €500 | - | €500 | €301 | ▼ 39.8% |
| Gross operating margin9900 | €3,417 | €26,334 | -€15,538 | €146,035 | €217,480 | €14,879 | -€63,464 | €37,503 | - |
| Operating profit (loss)9901 | -€29,771 | €21,966 | -€36,429 | €138,254 | €212,799 | €10,830 | -€67,780 | €34,653 | - |
| Financial income75/76B | - | - | - | €1,495 | €1,952 | €642 | €927 | €857 | ▼ 7.6% |
| Recurring financial income75 | - | €3 | €5 | €19 | €1,952 | €642 | €927 | €857 | ▼ 7.6% |
| Non-recurring financial income76B | - | - | - | €1,476 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,328 | €2,900 | €3,988 | €1,294 | €3,107 | ▲ 140% |
| Recurring financial charges65 | €6,416 | €2,783 | €2,973 | €2,328 | €2,900 | €2,512 | €1,294 | €3,107 | ▲ 140% |
| Non-recurring financial charges66B | - | - | - | - | - | €1,476 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€36,379 | €14,723 | -€39,397 | €137,421 | €211,852 | €7,485 | -€68,148 | €32,402 | - |
| Income taxes67/77 | €4,452 | - | €1 | €14,376 | €68,992 | €3,703 | €63 | €12 | ▼ 81.5% |
| Profit (loss) for the period9904 | -€40,831 | €14,723 | -€39,398 | €123,045 | €142,859 | €3,782 | -€68,211 | €32,390 | - |
| Profit (loss) for the period to be appropriated9905 | -€40,831 | €14,723 | -€39,398 | €123,045 | €142,859 | €3,782 | -€68,211 | €32,390 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €159,178 | €156,879 | €215,102 | €419,160 | €615,475 | €459,470 | €394,611 | €381,998 | ▼ 3.2% |
| Fixed assets21/28 | €7,036 | €8,625 | €10,182 | €6,118 | €8,947 | €6,707 | €8,345 | €8,213 | ▼ 1.6% |
| Tangible fixed assets22/27 | €6,121 | €6,560 | €7,942 | €3,878 | €6,707 | €4,467 | €6,105 | €5,973 | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | €2,255 | €5,550 | €3,776 | €2,300 | €2,809 | ▲ 22.1% |
| Furniture and vehicles24 | - | - | - | €1,623 | €1,157 | €691 | €225 | - | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €3,580 | €3,164 | ▼ 11.6% |
| Financial fixed assets28 | €915 | €2,065 | €2,240 | €2,240 | €2,240 | €2,240 | €2,240 | €2,240 | = |
| Current assets29/58 | €152,143 | €148,254 | €204,920 | €413,041 | €606,528 | €452,763 | €386,266 | €373,785 | ▼ 3.2% |
| Amounts receivable within one year40/41 | €56,792 | €116,987 | €79,880 | €164,427 | €274,217 | €267,496 | €262,261 | €184,849 | ▼ 29.5% |
| Trade receivables40 | - | - | - | €109,775 | €215,458 | €194,667 | €174,382 | €76,330 | ▼ 56.2% |
| Other amounts receivable41 | - | - | - | €54,652 | €58,760 | €72,829 | €87,879 | €108,519 | ▲ 23.5% |
| Cash at bank and in hand54/58 | €94,263 | €28,340 | €120,213 | €248,262 | €332,311 | €183,703 | €122,679 | €188,935 | ▲ 54.0% |
| Deferred charges and accrued income490/1 | - | - | - | €352 | - | €1,563 | €1,326 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €159,178 | €156,879 | €215,102 | €419,160 | €615,475 | €459,470 | €394,611 | €381,998 | ▼ 3.2% |
| Equity10/15 | €28,950 | €43,673 | €4,276 | €127,321 | €270,180 | €273,962 | €205,751 | €238,141 | ▲ 15.7% |
| Contributions10/11 | €47,000 | €47,000 | - | €47,000 | €47,000 | €47,000 | €47,000 | €47,000 | = |
| Reserves13 | €38,374 | €38,374 | €38,374 | €80,321 | €223,180 | €226,962 | €226,962 | €226,962 | = |
| Non-distributable reserves130/1 | - | - | - | €4,700 | €4,700 | €4,700 | €4,700 | €4,700 | = |
| Reserves not available under the articles1311 | - | - | - | €4,700 | €4,700 | €4,700 | €4,700 | €4,700 | = |
| Distributable reserves133 | - | - | - | €75,621 | €218,480 | €222,262 | €222,262 | €222,262 | = |
| Profit (loss) carried forward14 | -€56,424 | -€41,700 | -€81,098 | - | - | - | -€68,211 | -€35,821 | ▲ 47.5% |
| Amounts payable17/49 | €130,229 | €113,206 | €210,826 | €291,839 | €345,295 | €185,508 | €188,860 | €143,856 | ▼ 23.8% |
| Amounts payable after more than one year17 | €57,800 | €53,210 | €48,497 | €48,497 | €38,690 | €33,590 | €28,354 | - | - |
| Financial debts170/4 | - | - | - | €48,497 | €38,690 | €33,590 | €28,354 | - | - |
| Amounts payable within one year42/48 | €72,428 | €59,996 | €162,329 | €243,342 | €306,605 | €151,918 | €160,506 | €143,856 | ▼ 10.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €4,968 | €5,100 | €4,278 | €28,354 | ▲ 563% |
| Financial debts43 | - | - | - | €1,297 | - | €1,362 | - | - | - |
| Credit institutions430/8 | - | - | - | €1,297 | - | €1,362 | - | - | - |
| Trade debts44 | €49,882 | €44,253 | €53,034 | €83,276 | €17,704 | €34,427 | €75,800 | €40,696 | ▼ 46.3% |
| Suppliers440/4 | - | - | - | €83,276 | €17,704 | €34,427 | €75,800 | €40,696 | ▼ 46.3% |
| Advances received on contracts in progress46 | - | - | - | €63,000 | €155,886 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,527 | €37,806 | €28,205 | €3,513 | €6,912 | ▲ 96.7% |
| Taxes450/3 | - | - | - | €5,527 | €37,806 | €28,205 | €3,513 | €6,912 | ▲ 96.7% |
| Other amounts payable47/48 | - | - | - | €90,241 | €90,241 | €82,823 | €76,915 | €67,895 | ▼ 11.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,831 | €14,723 | -€39,398 | €123,045 | €142,859 | €3,782 | -€68,211 | €32,390 | - |
| + Depreciation and write-downs630 | €2,981 | €3,335 | €4,613 | €4,064 | €4,180 | €4,049 | €3,816 | €2,549 | ▼ 33.2% |
| Operating cash flow (approximation) | -€37,851 | €18,059 | -€34,785 | €127,109 | €147,040 | €7,831 | -€64,395 | €34,940 | - |
| Investment in fixed assets (approximation) | - | -€4,925 | -€6,169 | €0 | -€7,009 | -€1,809 | -€5,454 | -€2,417 | ▲ 55.7% |
| Change in cash | - | -€65,923 | €91,873 | €128,048 | €84,049 | -€148,608 | -€61,024 | €66,256 | - |
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, 34,693 companies had the same profile as Third-i has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Third-i 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 34,693 companies, not a prediction for Third-i. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 07-07-2026 | 2026-00261582 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00337180 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00302795 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00390916 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20346874 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56000544 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-65000441 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-36500138 | |
| 31-12-2017 | micro format | 28-09-2018 | 2018-65500071 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-63900063 |