THOLA
ActiveSummary
THOLA has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €273,537 and a net result of -€11,295. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 31% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability24▼-1
Solvency37▲+2
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14,000 at 30 days acceptable
Liquidity ample (current ratio 3.55 against 4.47 in 2024; short-term debt: 24.8% and cash: 0.1% of total assets), but 88.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
30 d early
2023
22 d early
2022
20 d early
2021
67 d early
2020
89 d early
2019
15 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 39 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 2 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€11,295
2024 · €6,691
Working capital
€1.5m▼ 24.8%
2024 · €1.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€166,159▲ 136%€82,787▼ 50.2%€67,642▼ 18.3%€55,381▼ 18.1%€33,902▼ 38.8%
Net result€49,948within the sector's middle half-€1,074within the sector's middle half€5,210within the sector's middle half€6,691within the sector's middle half▲ 28.4%-€11,295within the sector's middle half
Equity€274,005within the sector's middle half▲ 22.3%€272,931within the sector's middle half▼ 0.4%€278,141within the sector's middle half▲ 1.9%€284,832within the sector's middle half▲ 2.4%€273,537within the sector's middle half▼ 4.0%
Total assets€3.7mwithin the sector's middle half▼ 13.1%€3.3mwithin the sector's middle half▼ 11.0%€3.0mwithin the sector's middle half▼ 8.4%€2.8mwithin the sector's middle half▼ 7.7%€2.3mwithin the sector's middle half▼ 17.6%
Debt€3.4m▼ 15.1%€3.0m▼ 11.9%€2.8m▼ 9.3%€2.5m▼ 8.7%€2.0m▼ 19.1%
Working capital€2.9mabove the sector's middle half▲ 13.9%€2.7mabove the sector's middle half▼ 8.8%€2.4mabove the sector's middle half▼ 10.8%€1.9mabove the sector's middle half▼ 18.1%€1.5mabove the sector's middle half▼ 24.8%
Solvency7.4%within the sector's middle half▲ 2.1pp8.2%within the sector's middle half▲ 0.9pp9.2%within the sector's middle half▲ 0.9pp10.2%within the sector's middle half▲ 1.0pp11.8%within the sector's middle half▲ 1.7pp
Current ratio5.32above the sector's middle half▲ 1.536.07above the sector's middle half▲ 0.755.40above the sector's middle half▼ 0.674.47above the sector's middle half▼ 0.933.55above the sector's middle half▼ 0.92
Return on assets (ROA)1.3%within the sector's middle half▲ 2.3pp0.0%within the sector's middle half▼ 1.4pp0.2%within the sector's middle half▲ 0.2pp0.2%within the sector's middle half▲ 0.1pp-0.5%within the sector's middle half▼ 0.7pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 39% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.3m
Fixed assets
€280,387 ▼ 8.1%
Current assets
€2.0m ▼ 18.8%
Equity and liabilities €2.3m
Equity
€273,537 ▼ 4.0%
Debt
€2.0m ▼ 19.1%
Debt's share of the balance-sheet total falls from 89.8% to 88.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€58,569▼
2024 · €68,131
Cash flow
€13,372▼
2024 · €19,440
Debt to equity
7.44▼
2024 · 8.84
ROE
-4.1%▼
2024 · 2.3%
Interest coverage
0.75▼
2024 · 0.75
Debt ≤ 1 year
€571,518▲
2024 · €558,520
Debt > 1 year
€1.5m▼
2024 · €2.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,422 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
0.8%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,422 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €72,161 | €0 | - | - | €53 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,718 | €6,121 | €6,080 | €12,750 | €24,667 | ▲ 93.5% |
| Other operating charges640/8 | €63,591 | €61,170 | €67,096 | €69,734 | €71,924 | ▲ 3.1% |
| Gross operating margin9900 | €236,468 | €150,078 | €140,819 | €137,865 | €130,493 | ▼ 5.3% |
| Operating profit (loss)9901 | €166,159 | €82,787 | €67,642 | €55,381 | €33,902 | ▼ 38.8% |
| Financial income75/76B | €13,750 | €17,790 | €40,715 | €41,920 | €32,907 | ▼ 21.5% |
| Recurring financial income75 | €13,750 | €17,790 | €40,715 | €41,920 | €32,907 | ▼ 21.5% |
| Financial charges65/66B | €129,961 | €101,651 | €103,148 | €90,611 | €78,104 | ▼ 13.8% |
| Recurring financial charges65 | €129,961 | €101,651 | €103,148 | €90,611 | €78,104 | ▼ 13.8% |
| Profit (loss) for the period before taxes9903 | €49,948 | -€1,074 | €5,210 | €6,691 | -€11,295 | ▼ 269% |
| Profit (loss) for the period9904 | €49,948 | -€1,074 | €5,210 | €6,691 | -€11,295 | ▼ 269% |
| Profit (loss) for the period to be appropriated9905 | €49,948 | -€1,074 | €5,210 | €6,691 | -€11,295 | ▼ 269% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.7m | €3.3m | €3.0m | €2.8m | €2.3m | ▼ 17.6% |
| Fixed assets21/28 | €144,178 | €138,057 | €131,976 | €305,054 | €280,387 | ▼ 8.1% |
| Tangible fixed assets22/27 | €144,178 | €138,057 | €131,976 | €305,054 | €280,387 | ▼ 8.1% |
| Land and buildings22 | €126,020 | €122,440 | €118,860 | €115,279 | €111,695 | ▼ 3.1% |
| Plant, machinery and equipment23 | €41 | €0 | - | €179,158 | €160,575 | ▼ 10.4% |
| Furniture and vehicles24 | €18,116 | €15,616 | €13,116 | €10,616 | €8,116 | ▼ 23.5% |
| Other tangible fixed assets26 | €0 | - | - | - | - | - |
| Current assets29/58 | €3.6m | €3.2m | €2.9m | €2.5m | €2.0m | ▼ 18.8% |
| Amounts receivable after more than one year29 | €2.6m | €2.4m | €2.6m | €2.2m | €1.7m | ▼ 20.9% |
| Other amounts receivable291 | €2.6m | €2.4m | €2.6m | €2.2m | €1.7m | ▼ 20.9% |
| Amounts receivable within one year40/41 | €907,283 | €805,559 | €313,654 | €314,859 | €305,845 | ▼ 2.9% |
| Trade receivables40 | €628,273 | €525,105 | €11,250 | €11,250 | €11,250 | = |
| Other amounts receivable41 | €279,011 | €280,454 | €302,404 | €303,609 | €294,595 | ▼ 3.0% |
| Cash at bank and in hand54/58 | €69,731 | €12,877 | €37,636 | €9,134 | €3,064 | ▼ 66.5% |
| Deferred charges and accrued income490/1 | €719 | €102 | €821 | €103 | €204 | ▲ 98.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.7m | €3.3m | €3.0m | €2.8m | €2.3m | ▼ 17.6% |
| Equity10/15 | €274,005 | €272,931 | €278,141 | €284,832 | €273,537 | ▼ 4.0% |
| Contributions10/11 | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Non-distributable reserves130/1 | €4,000 | €4,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | €4,000 | €4,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | €4,000 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | €20,005 | €18,931 | €24,141 | €30,832 | €19,537 | ▼ 36.6% |
| Amounts payable17/49 | €3.4m | €3.0m | €2.8m | €2.5m | €2.0m | ▼ 19.1% |
| Amounts payable after more than one year17 | €2.8m | €2.5m | €2.2m | €2.0m | €1.5m | ▼ 25.3% |
| Financial debts170/4 | €2.3m | €2.0m | €1.8m | €1.5m | €1.2m | ▼ 17.6% |
| Other amounts payable178/9 | €492,535 | €502,968 | €464,434 | €464,434 | €232,217 | ▼ 50.0% |
| Amounts payable within one year42/48 | €672,056 | €522,569 | €537,253 | €558,520 | €571,518 | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | €253,706 | €255,273 | €257,567 | €260,626 | €262,643 | ▲ 0.8% |
| Financial debts43 | €156,000 | €0 | - | - | - | - |
| Credit institutions430/8 | €156,000 | €0 | - | - | - | - |
| Trade debts44 | €4,576 | €6,491 | €2,348 | €4,611 | €2,285 | ▼ 50.5% |
| Suppliers440/4 | €4,576 | €6,491 | €2,348 | €4,611 | €2,285 | ▼ 50.5% |
| Other amounts payable47/48 | €257,774 | €260,805 | €277,338 | €293,283 | €306,591 | ▲ 4.5% |
| Accrued charges and deferred income492/3 | €13,994 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €49,948 | -€1,074 | €5,210 | €6,691 | -€11,295 | ▼ 269% |
| + Depreciation and write-downs630 | €6,718 | €6,121 | €6,080 | €12,750 | €24,667 | ▲ 93.5% |
| Operating cash flow (approximation) | €56,667 | €5,047 | €11,290 | €19,440 | €13,372 | ▼ 31.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€185,827 | €0 | ▲ 100% |
| Change in cash | - | -€56,854 | €24,759 | -€28,501 | -€6,070 | ▲ 78.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
30-03
State Gazette act
Resignation: SRL ITALO (non-statutory director)Permanent representative: Thomas OSTYN · Appointment: SRL ETOMA (non-statutory director) · Director discharge7 facts ▸
State Gazette act
Resignation: SRL ITALO (non-statutory director)
Permanent representative: Thomas OSTYN · Appointment: SRL ETOMA (non-statutory director) · Director discharge7 facts ▸
- General meeting, 22/01/2026
- Director resignation, SRL ITALO (non-statutory director)
- Director discharge, SRL ITALO
- Permanent representative, Thomas OSTYN
- Director appointment, SRL ETOMA (non-statutory director)
- Mandate compensation, SRL ETOMA
- Permanent representative, Thomas OSTYN
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €5,210
Net result €5,210 after one loss-making year.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €49,948
Net result €49,948 after 3 loss-making years.
03-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Weakest financial yearnet -€42,281
Net result drops to -€42,281, the lowest in the series; recovery starts the following year.
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
16-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 22 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 58 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Board 1
SRL ETOMA
CurrentNon-statutory director · since 01-01-2026 · Legal entity · perm. rep.: Thomas OSTYN
Permanent representatives 1
Thomas OSTYN
CurrentPermanent representative · since 01-01-2026 · for SRL ETOMA
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Mouscron
Ground area
7,623 m²
Building footprint
1,899 m²
Parcel 54003T0535/00A000, Wallonia. Linked by address, not a title deed.
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54003T0535/00A000 | Wallonia | 7,623 m² | 1 · 1,899 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
2 people since 2026, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| SRL ETOMA |
|
| SRL ITALO |
|
Structure & network
Owners and holdings
1 ownerChain of control
- ITALO
- THOLA
Highest known parent: ITALO. The sources do not say who stands above it.
Owners 1
- ITALOparentSourceaccounts ITALO 202599.9%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
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Of 9,146 companies in sector 68201 we hold annual accounts for 6,775. 4,939 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-02-2010
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0823326892
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.