THIRD UNCLE
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 28-09-2026 at the NBB all 19 filings
Turnover
≈ €180,000
Estimated: probably between €120,000 and €300,000
Total assets
€710,961▼ 5.6%
2025 · €752,911
Net result
-€2,090
2025 · €20,614
Working capital
-€191,541▼ 8.3%
2025 · -€176,838
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€12,886
▼ 78.7%
2026
20192026
Net result
-€2,090
2026
20192026
Equity
€228,750
▼ 0.9%
2026
20192026
Total assets
€710,961
▼ 5.6%
2026
20192026
Debt
€482,211
▼ 7.6%
2026
20192026
Working capital
-€191,541
▼ 8.3%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.03m-€0.05m▲ 56.3%€0.04m▼ 25.7%€0.04m▲ 12.0%€0.08m▲ 89.0%€0.009m▼ 89.2%€0.06m▲ 600%€0.01m▼ 78.7%
Net result€0.009m-€0.02m▲ 170%€0.01m▼ 50.0%€0.01m▲ 3.8%€0.03m▲ 126%-€0.03m€0.02m-€0.002m
Equity€0.2m-€0.2m▲ 14.5%€0.2m▲ 4.2%€0.2m▲ 6.3%€0.2m▲ 13.5%€0.2m▼ 12.6%€0.2m▲ 9.8%€0.2m▼ 0.9%
Total assets€1.1m-€1.1m▼ 1.5%€1.0m▼ 2.1%€1.0m▼ 0.6%€1.0m▼ 5.1%€0.9m▼ 5.8%€0.8m▼ 17.7%€0.7m▼ 5.6%
Debt€0.9m-€0.9m▼ 4.4%€0.8m▼ 3.5%€0.8m▼ 2.3%€0.7m▼ 10.0%€0.7m▼ 3.5%€0.5m▼ 25.9%€0.5m▼ 7.6%
Working capital-€0.2m--€0.2m▲ 1.4%-€0.2m▼ 14.4%-€0.3m▼ 8.4%-€0.2m▲ 4.7%-€0.3m▼ 16.7%-€0.2m▲ 36.9%-€0.2m▼ 8.3%
The operating result for 2026 is 79% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €710,961
Fixed assets
€700,066 ▼ 5.0%
Current assets
€10,895 ▼ 31.1%
Equity and liabilities €710,961
Equity
€228,750 ▼ 0.9%
Debt
€482,211 ▼ 7.6%
Debt's share of the balance-sheet total falls from 69.3% to 67.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€49,844▼
2025 · €98,049
Cash flow
€34,868▼
2025 · €58,231
Current ratio
0.05▼
2025 · 0.08
Debt to equity
2.11▼
2025 · 2.26
ROE
-0.9%▼
2025 · 8.9%
ROA
-0.3%▼
2025 · 2.7%
Interest coverage
3.33▲
2025 · 2.59
Debt ≤ 1 year
€202,436▲
2025 · €192,644
Debt > 1 year
€226,964▼
2025 · €277,558
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,846 | €4,348 | €8,384 | - | - |
| Depreciation and write-downs of the year | €38,586 | €40,859 | €41,641 | €37,617 | €36,958 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €72,512 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,744 | €35,913 | €35,888 | €38,586 | €40,859 | €41,641 | €37,617 | €36,958 | ▼ 1.8% |
| Other operating charges640/8 | - | - | - | €7,702 | €7,839 | €8,634 | €9,518 | €8,575 | ▼ 9.9% |
| Gross operating margin9900 | €74,678 | €93,735 | €81,242 | €88,544 | €128,546 | €58,911 | €107,567 | €58,419 | ▼ 45.7% |
| Operating profit (loss)9901 | €32,507 | €50,803 | €37,732 | €42,256 | €79,849 | €8,636 | €60,432 | €12,886 | ▼ 78.7% |
| Financial income75/76B | - | - | - | - | €8 | - | - | - | - |
| Recurring financial income75 | - | - | - | - | €8 | - | - | - | - |
| Financial charges65/66B | - | - | - | €24,472 | €31,698 | €43,177 | €37,818 | €14,976 | ▼ 60.4% |
| Recurring financial charges65 | €17,493 | €15,654 | €21,410 | €24,472 | €31,698 | €43,177 | €37,818 | €14,976 | ▼ 60.4% |
| Profit (loss) for the period before taxes9903 | €15,014 | €35,149 | €16,322 | €17,784 | €48,158 | -€34,542 | €22,614 | -€2,090 | - |
| Income taxes67/77 | €6,027 | €10,864 | €4,169 | €5,164 | €19,618 | -€4,113 | €2,000 | - | - |
| Profit (loss) for the period9904 | €8,987 | €24,285 | €12,153 | €12,620 | €28,540 | -€30,428 | €20,614 | -€2,090 | - |
| Profit (loss) for the period to be appropriated9905 | €8,987 | €24,285 | €12,153 | €12,620 | €28,540 | -€30,428 | €20,614 | -€2,090 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 5.6% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.7m | €0.7m | ▼ 5.0% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.7m | €0.7m | ▼ 5.0% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €0.9m | €0.7m | €0.7m | ▼ 3.8% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.009m | €0.008m | €0.007m | €0.006m | ▼ 13.8% |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.05m | €0.05m | €0.03m | €0.03m | ▼ 27.2% |
| Financial fixed assets28 | €80 | €80 | €80 | €80 | €80 | €80 | €80 | - | - |
| Current assets29/58 | €0.02m | €0.04m | €0.03m | €0.05m | €0.03m | €0.008m | €0.02m | €0.01m | ▼ 31.1% |
| Amounts receivable within one year40/41 | €0.001m | €0.001m | €0.001m | €0.03m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Trade receivables40 | - | - | - | €0.03m | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Cash at bank and in hand54/58 | €0.01m | €0.03m | €0.03m | €0.01m | €0.03m | €0.004m | €0.01m | €0.007m | ▼ 39.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | - | €0.003m | €0.003m | €0.003m | ▼ 12.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | ▼ 5.6% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 0.9% |
| Contributions10/11 | €0.09m | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Reserves13 | €0.009m | €0.009m | €0.02m | €0.03m | €0.06m | €0.06m | €0.08m | €0.08m | = |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Reserves not available under the articles1311 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Distributable reserves133 | - | - | - | €0.02m | €0.05m | €0.05m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | €0.07m | €0.1m | €0.09m | €0.09m | €0.09m | €0.06m | €0.06m | €0.06m | ▼ 3.2% |
| Amounts payable17/49 | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.5m | €0.5m | ▼ 7.6% |
| Amounts payable after more than one year17 | €0.7m | €0.6m | €0.6m | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 18.2% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 18.2% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.05m | €0.05m | ▲ 6.8% |
| Financial debts43 | - | - | - | €448 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €448 | - | - | - | - | - |
| Trade debts44 | €0.007m | €0.004m | €0.009m | €0.03m | €0.004m | €0.007m | €0.003m | €0.003m | ▼ 6.8% |
| Suppliers440/4 | - | - | - | €0.03m | €0.004m | €0.007m | €0.003m | €0.003m | ▼ 6.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.02m | - | €0.002m | - | - |
| Taxes450/3 | - | - | - | €0.005m | €0.02m | - | €0.002m | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▲ 6.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.04m | €0.05m | €0.05m | ▲ 1.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,987 | €24,285 | €12,153 | €12,620 | €28,540 | -€30,428 | €20,614 | -€2,090 | - |
| + Depreciation and write-downs630 | €34,744 | €35,913 | €35,888 | €38,586 | €40,859 | €41,641 | €37,617 | €36,958 | ▼ 1.8% |
| Operating cash flow (approximation) | €43,731 | €60,198 | €48,041 | €51,206 | €69,399 | €11,213 | €58,231 | €34,868 | ▼ 40.1% |
| Investment in fixed assets (approximation) | - | -€764 | -€22,003 | -€14,846 | -€4,349 | -€8,384 | €131,803 | €81 | ▼ 99.9% |
| Change in cash | - | €19,796 | -€8,682 | -€13,656 | €17,699 | -€26,061 | €7,635 | -€4,502 | - |
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, 2,686 companies had the same profile as THIRD UNCLE has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THIRD UNCLE itself: 0.4% 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 2,686 companies, not a prediction for THIRD UNCLE. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 28-09-2026 | 2026-00542536 | |
| 30-06-2025 | micro format | 05-11-2025 | 2025-00562581 | |
| 30-06-2024 | micro format | 24-12-2024 | 2024-00627966 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00025007 | |
| 30-06-2022 | micro format | 27-12-2022 | 2022-20549056 | |
| 30-06-2021 | micro format | 17-11-2021 | 2021-77700211 | |
| 30-06-2020 | micro format | 25-01-2021 | 2021-01700017 | |
| 30-06-2019 | micro format | 29-10-2019 | 2019-71900420 | |
| 30-06-2018 | micro format | 21-12-2018 | 2018-75700160 | |
| 30-06-2017 | full format | 29-01-2018 | 2018-02900309 |