Result
€292,055 €292,055
Back in profit in 2025, after a loss of €101,454 in 2024.
THOEN
Lifetime
19 annual accounts with figures on one time axis, 24 filings since 2002peak €60.1m (2023)
€55.5m▲ 2.0%
lowest -€101,454 (2024)
€292,055▲ €393,509
peak €7.4m (2025)
€7.4m▲ 4.1%
€18.3m▼ 1.6%
peak 46.3 FTE (2016)
36.6 FTE▲ 3.4%
Board4 names since 2019
1 directorSTESTEMAT
Owners3 names in the annual accounts
75%STESTEMAT and 1 other
Documentsfilings and deeds
03-07-202628 days before the deadline
2025financial year
Back to profit: €292,055
Key points
from the 2025 annual accountsDebts
€18.3m 71% of the balance sheet
Financial debts 76%Suppliers 12%Taxes and wages 3%Other 9%
€3.3m of the debts are secured on the company's own assets. In 2021 that was €4.2m.
Investments
€133,024 0.2 × depreciation
Green is investment, beige is depreciation.
Staff
41 employees on 31-12-2025
In 2025, 27 people joined and 25 left. On top of that, 0.8 agency workers worked there on average.
Filings
24 annual accounts since 2002
Seven of the last ten came late. The 2023 accounts came latest: 337 days after the end of the period.
Position in the sector
€7.4m
More equity than 94% of companies in retail trade. Sector median €446,796 · 5,069 companies.
Checked score
66
Healthy
Financially stronger than 37% of small companies in retail trade (NACE 47)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.9% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 3,697 companies (NACE 47, small).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.1%
01-2025: 5.1%▲ +2.0 percentage points vs 12-2024highest value
02-2025: 5.1%● unchanged vs 01-2025highest value
03-2025: 5.1%● unchanged vs 02-2025highest value
04-2025: 4.7%▼ -0.4 percentage points vs 03-2025
05-2025: 4.7%● unchanged vs 04-2025
06-2025: 4.7%● unchanged vs 05-2025
07-2025: 4.7%● unchanged vs 06-2025
08-2025: 2.0%▼ -2.7 percentage points vs 07-2025
09-2025: 2.3%▲ +0.3 percentage points vs 08-2025
10-2025: 2.9%▲ +0.6 percentage points vs 09-2025
11-2025: 2.9%● unchanged vs 10-2025
12-2025: 1.4%▼ -1.5 percentage points vs 11-2025
01-2026: 1.4%● unchanged vs 12-2025
02-2026: 1.4%● unchanged vs 01-2026
03-2026: 1.4%● unchanged vs 02-2026
04-2026: 1.4%● unchanged vs 03-2026
05-2026: 1.3%▼ -0.1 percentage points vs 04-2026
06-2026: 1.4%▲ +0.1 percentage points vs 05-2026
07-2026: 1.4%● unchanged vs 06-2026
08-2026: 0.9%▼ -0.5 percentage points vs 07-2026lowest value
09-2026: 0.9%● unchanged vs 08-2026lowest value
10-2026: 0.9%● unchanged vs 09-2026lowest value
11-2026: 0.9%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.43, cash €209,380
2 of the last 3 accounts late
Size: turnover €55.5m, 36.6 FTE, total assets €25.9m
lowers risk
Founded in 2001
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, small). It does better than 48% of them on solvency, 22% on liquidity, 23% on profitability and 55% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 4,685 companies had the same profile as THOEN has now. Each dot stands for 12 companies, two years later.
97.0%
were still trading
1.9%
stopped another way
1.1%
went bankrupt
That fits the bankruptcy probability of THOEN itself: 0.9% within 12 months.
Test of the method
The method was tested on the 497,447 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 4,685 companies, not a prediction for THOEN. 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.
Credit verdict
Credit of up to €480,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.43 (1.39 in 2024), below the usual 1.5. Short-term debt is 53.9% and cash 0.8% of total assets. 71.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 days early
2024
92 days late
2023
337 days late
2022
88 days late
2021
17 days early
2020
19 days early
2019
3 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 65 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 October (4 of the last 5 accounts filed within 116 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- STESTEMAT 75%score 66equity €8.8m (2025) · 2025 annual accounts of STESTEMAT
- THOEN IMMO 25%score 85equity €962,870 (2025) · 2025 annual accounts of THOEN IMMO
Shares in 1 company, GARAGE ERIC AVAU
Board & ownershipRecent changes
Reappointment: Baker Tilly Bedrijfsrevisoren (statutory auditor)
Permanent representative: François Thoen · General meeting of 06-10-2023 · Gazette deed
Merger: THOEN takes over GARAGE ERIC AVAU
The company holds all the shares of GARAGE ERIC AVAU · General meeting of 09-03-2022 · Gazette deed
Change of role: STESTEMAT, from statutair bestuurder van gewezen besloten vennootschap to enige, niet statutair bestuurder van naamloze vennootschap
Permanent representative: THOEN François · “Het houden van een werkplaats voor het herstellen van motorvoertuigen en koetswerk; Kleinhandel in…” (deed in Dutch) · Legal-form conversion: from private limited company to public limited company · General meeting of 24-12-2021 · Gazette deed
New establishment in Geraardsbergen
Garage Thoen, Herenveld 1
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| THOEN Aalst | €55.5m | 1.9% | 28.5% | 36.6 |
| PC East Flanders Sint-Martens-Latem | €66.3m | 3.7% | 51.5% | 44.1 |
| ANDRE AUTOMOTIVE Asse | €73.4m | 1.4% | 24.7% | 32.5 |
| GREGOIR & C° Dendermonde | €46.5m | 1.2% | 16.3% | 39.6 |
| GREGOIR RV Sint-Martens-Latem | €72.1m | 2.2% | 12.4% | 48.3 |
| GARAGE STEENBEKE Evergem | €42.2m | 3.2% | 63.7% | 43.1 |
| CIAC - GENT Ghent | €36.2m | 1.9% | 26.4% | 34.9 |
Grey: the largest companies of the sector (retail trade (NACE 47)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as THOEN: retail sale of cars and light vans (up to 3.5 tonnes) (NACE 47811). They are comparable in size and age: total assets between €14m and €30m, founded between 1997 and 2002.
Official details
Source: KBO- Status
- Active since 21-11-2001Normal situation
- Activity
- Retail sale of cars and light vans (up to 3.5 tonnes)NACE 47811and 1 other
- Establishment units
- 2.249.341.6119308 Aalst, since 08-01-2016
- 2.325.781.1739500 Geraardsbergen, since 01-01-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2020
Annual accounts 2025
- €25.9m▲ 0.4%
- Employeeson 31-12-2025
- 41▲ 5.1%
- Filing
- Filed on 03-07-2026, 28 days before the end of the filing period
Insights on THOEN
THOEN has existed since 2001. Turnover grew from €21.6m in 2006 to €55.5m in 2025 and staff from 24.9 to 36.6 full-time equivalents.
STESTEMAT holds 75% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about THOEN
- What is the company number of THOEN?
- The company number of THOEN is 0476.117.273. The VAT number is the same number with BE in front: BE 0476.117.273.
- Where is THOEN based?
- The registered office is at Bergemeersenstraat 120, 9300 Aalst.Company details
- What does THOEN do?
- According to the KBO register, the main activity is retail sale of cars and light vans (up to 3.5 tonnes) (NACE 47811).
- What is the legal form of THOEN?
- THOEN is a public limited company (NV).
- When was THOEN founded?
- THOEN was founded on 21-11-2001.
- Is THOEN still active?
- Yes, THOEN is an active enterprise in the KBO register.
- How many employees does THOEN have?
- THOEN had an average of 36.6 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of THOEN?
- The turnover of THOEN was €55.5m in financial year 2025, according to the filed annual accounts.
- Is THOEN profitable?
- In financial year 2025, THOEN made a profit of €292,055.
- Where can I find the annual accounts of THOEN?
- THOEN filed 24 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of THOEN due?
- THOEN must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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