Summary
Tholin is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €168,643 and a net result of €17,201. Equity is growing by about 51% per year across the filed financial years. Its solvency ranks better than 54% of 6,658 sector peers (NACE 64, financial year 2025). The company has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
Equity
€168,643▲ 11.4%
2024 · €151,442
Net result
€17,201▲ 33.9%
2024 · €12,843
Total assets
€306,882▲ 1.2%
2024 · €303,270
Solvency
55.0%▲ 5.0pp
2024 · 49.9%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 22% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€18,143
2025
Net result€17,201
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€306,882
2025
Equity€168,643
2025
Debt€138,239
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€60,181
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)5.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency55.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.50
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,719-€10,338▲ 501%€36,832▲ 256%€13,452▼ 63.5%€27,213▲ 102%€28,331▲ 4.1%€23,195▼ 18.1%€18,143▼ 21.8%
Net result-€691-€4,240€22,986within the sector's middle half▲ 442%€6,209within the sector's middle half▼ 73.0%€76,956within the sector's middle half▲ 12×€16,500within the sector's middle half▼ 78.6%€12,843within the sector's middle half▼ 22.2%€17,201within the sector's middle half▲ 33.9%
Equity€11,709-€15,949▲ 36.2%€38,935below the sector's middle half▲ 144%€45,144below the sector's middle half▲ 15.9%€122,100below the sector's middle half▲ 170%€138,599below the sector's middle half▲ 13.5%€151,442below the sector's middle half▲ 9.3%€168,643within the sector's middle half▲ 11.4%
Total assets€209,290-€244,549▲ 16.8%€271,980below the sector's middle half▲ 11.2%€237,620below the sector's middle half▼ 12.6%€229,179below the sector's middle half▼ 3.6%€286,656below the sector's middle half▲ 25.1%€303,270below the sector's middle half▲ 5.8%€306,882below the sector's middle half▲ 1.2%
Debt€197,581-€228,599▲ 15.7%€233,045▲ 1.9%€192,476▼ 17.4%€107,080▼ 44.4%€148,057▲ 38.3%€151,828▲ 2.5%€138,239▼ 9.0%
Working capital-€98,747--€127,638▼ 29.3%-€141,257within the sector's middle half▼ 10.7%-€166,860within the sector's middle half▼ 18.1%-€99,966within the sector's middle half▲ 40.1%-€94,810within the sector's middle half▲ 5.2%-€89,598within the sector's middle half▲ 5.5%-€60,181within the sector's middle half▲ 32.8%
Solvency5.6%-6.5%▲ 0.9pp14.3%below the sector's middle half▲ 7.8pp19.0%below the sector's middle half▲ 4.7pp53.3%within the sector's middle half▲ 34.3pp48.4%within the sector's middle half▼ 4.9pp49.9%within the sector's middle half▲ 1.6pp55.0%within the sector's middle half▲ 5.0pp
Current ratio0.01-0.10▲ 0.090.22below the sector's middle half▲ 0.120.06below the sector's middle half▼ 0.160.07below the sector's middle half▲ 0.010.18below the sector's middle half▲ 0.120.24below the sector's middle half▲ 0.050.50within the sector's middle half▲ 0.27
Return on assets (ROA)-0.3%-1.7%▲ 2.1pp8.5%within the sector's middle half▲ 6.7pp2.6%within the sector's middle half▼ 5.8pp33.6%above the sector's middle half▲ 31.0pp5.8%within the sector's middle half▼ 27.8pp4.2%within the sector's middle half▼ 1.5pp5.6%within the sector's middle half▲ 1.4pp
Staff (FTE)0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated 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 €306,882
Fixed assets
€245,619 ▼ 10.9%
Current assets
€61,264 ▲ 121%
Equity and liabilities €306,882
Equity
€168,643 ▲ 11.4%
Debt
€138,239 ▼ 9.0%
Debt's share of the balance-sheet total falls from 50.1% to 45.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
10.2%▲
2024 · 8.5%
Debt ≤ 1 year
€121,445▲
2024 · €117,325
Debt > 1 year
€16,795▼
2024 · €34,393
Income taxes
€6,869▼
2024 · €7,381
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €5,500 | €122 | €4,729 | €4,729 | €11,901 | €20,209 | €10,918 | ▼ 46.0% |
| Other operating charges640/8 | - | - | - | €754 | €785 | €961 | €1,046 | €708 | ▼ 32.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €2,401 | - |
| Gross operating margin9900 | €2,568 | €23,340 | €38,415 | €18,935 | €32,727 | €41,193 | €44,451 | €32,169 | ▼ 27.6% |
| Operating profit (loss)9901 | €1,719 | €10,338 | €36,832 | €13,452 | €27,213 | €28,331 | €23,195 | €18,143 | ▼ 21.8% |
| Financial income75/76B | - | - | - | - | €66,000 | €0 | - | €8,393 | - |
| Recurring financial income75 | - | - | - | - | €66,000 | €0 | - | €8,393 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €8,393 | - |
| Financial charges65/66B | - | - | - | €1,945 | €1,021 | €2,802 | €2,971 | €2,465 | ▼ 17.0% |
| Recurring financial charges65 | €2,410 | €3,836 | €2,652 | €1,945 | €1,021 | €2,802 | €2,971 | €2,465 | ▼ 17.0% |
| Profit (loss) for the period before taxes9903 | -€691 | €6,502 | €34,180 | €11,507 | €92,191 | €25,529 | €20,223 | €24,070 | ▲ 19.0% |
| Income taxes67/77 | - | €2,262 | €11,194 | €5,298 | €15,236 | €9,029 | €7,381 | €6,869 | ▼ 6.9% |
| Profit (loss) for the period9904 | -€691 | €4,240 | €22,986 | €6,209 | €76,956 | €16,500 | €12,843 | €17,201 | ▲ 33.9% |
| Profit (loss) for the period to be appropriated9905 | -€691 | €4,240 | €22,986 | €6,209 | €76,956 | €16,500 | €12,843 | €17,201 | ▲ 33.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €209,290 | €244,549 | €271,980 | €237,620 | €229,179 | €286,656 | €303,270 | €306,882 | ▲ 1.2% |
| Fixed assets21/28 | €208,000 | €230,000 | €231,525 | €226,796 | €222,066 | €265,366 | €275,544 | €245,619 | ▼ 10.9% |
| Tangible fixed assets22/27 | - | €22,000 | €23,525 | €18,796 | €14,066 | €57,366 | €67,544 | €37,619 | ▼ 44.3% |
| Furniture and vehicles24 | - | - | - | €18,796 | €14,066 | €57,366 | €67,544 | €37,619 | ▼ 44.3% |
| Financial fixed assets28 | €208,000 | €208,000 | €208,000 | €208,000 | €208,000 | €208,000 | €208,000 | €208,000 | = |
| Current assets29/58 | €1,290 | €14,549 | €40,455 | €10,824 | €7,113 | €21,290 | €27,726 | €61,264 | ▲ 121% |
| Amounts receivable within one year40/41 | - | €13,386 | €31,792 | €9,994 | €6,518 | €6,518 | €27,490 | €30,065 | ▲ 9.4% |
| Trade receivables40 | - | - | - | €6,292 | €6,518 | €6,518 | €26,871 | €28,934 | ▲ 7.7% |
| Other amounts receivable41 | - | - | - | €3,702 | - | - | €619 | €1,131 | ▲ 82.6% |
| Cash at bank and in hand54/58 | €1,290 | €1,163 | €8,664 | €662 | €431 | €3,064 | €236 | €30,365 | ▲ 129× |
| Deferred charges and accrued income490/1 | - | - | - | €168 | €164 | €11,708 | €0 | €833 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €209,290 | €244,549 | €271,980 | €237,620 | €229,179 | €286,656 | €303,270 | €306,882 | ▲ 1.2% |
| Equity10/15 | €11,709 | €15,949 | €38,935 | €45,144 | €122,100 | €138,599 | €151,442 | €168,643 | ▲ 11.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | - | €3,549 | €26,535 | €32,744 | €109,700 | €126,199 | €139,042 | €156,243 | ▲ 12.4% |
| Non-distributable reserves130/1 | - | - | - | €250 | €250 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €250 | €250 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €32,494 | €109,450 | €126,199 | €139,042 | €156,243 | ▲ 12.4% |
| Profit (loss) carried forward14 | -€691 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €197,581 | €228,599 | €233,045 | €192,476 | €107,080 | €148,057 | €151,828 | €138,239 | ▼ 9.0% |
| Amounts payable after more than one year17 | €97,544 | €86,413 | €50,733 | €14,192 | - | €31,957 | €34,393 | €16,795 | ▼ 51.2% |
| Financial debts170/4 | - | - | - | €14,192 | - | €31,957 | €34,393 | €16,795 | ▼ 51.2% |
| Amounts payable within one year42/48 | €100,037 | €142,186 | €181,712 | €177,684 | €107,080 | €116,100 | €117,325 | €121,445 | ▲ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €39,541 | €15,495 | €21,071 | €27,277 | €20,300 | ▼ 25.6% |
| Trade debts44 | - | €3,725 | €20,004 | €1,995 | - | €398 | €2,439 | €2,693 | ▲ 10.4% |
| Suppliers440/4 | - | - | - | €1,995 | - | €398 | €2,439 | €2,693 | ▲ 10.4% |
| Taxes, remuneration and social security45 | - | - | - | €167 | €11,402 | €12,432 | €732 | €333 | ▼ 54.5% |
| Taxes450/3 | - | - | - | €167 | €11,402 | €12,432 | €167 | €333 | ▲ 100% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €565 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €135,981 | €80,182 | €82,199 | €86,876 | €98,118 | ▲ 12.9% |
| Accrued charges and deferred income492/3 | - | - | - | €600 | - | - | €111 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€691 | €4,240 | €22,986 | €6,209 | €76,956 | €16,500 | €12,843 | €17,201 | ▲ 33.9% |
| + Depreciation and write-downs630 | - | €5,500 | €122 | €4,729 | €4,729 | €11,901 | €20,209 | €10,918 | ▼ 46.0% |
| Operating cash flow (approximation) | -€691 | €9,740 | €23,108 | €10,938 | €81,685 | €28,400 | €33,052 | €28,119 | ▼ 14.9% |
| Investment in fixed assets (approximation) | - | -€27,500 | -€1,647 | €0 | €0 | -€55,200 | -€30,388 | €19,008 | - |
| Change in cash | - | -€128 | €7,501 | -€8,001 | -€231 | €2,633 | -€2,828 | €30,129 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00283022 |
| 31-12-2024 | abbreviated format | 11-07-2025 | 2025-00264673 |
| 31-12-2023 | abbreviated format | 22-07-2024 | 2024-00286190 |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00244582 |
| 31-12-2021 | abbreviated format | 08-08-2022 | 2022-20275381 |
| 31-12-2020 | abbreviated format | 24-08-2021 | 2021-52500476 |
| 31-12-2019 | abbreviated format | 24-09-2020 | 2020-55400089 |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-45500514 |
Similar companies · same sector, comparable size
Icsonviva
BE 0803.415.564
Deinze · equity €168,647
SBR Experts
BE 0717.611.938
Begijnendijk · equity €168,735
LE.CON
BE 0775.470.557
Genk · equity €168,736
BelgianCows
BE 0805.970.525
Maasmechelen · equity €168,538
KyNy Future+
BE 0504.929.441
Deinze · equity €168,774
Of the 24,457 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,095. 13,618 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.