THRONE
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 14-09-2026 at the NBB all 6 filings
Turnover
≈ €220,000
Estimated: probably between €190,000 and €260,000
EBIT margin
Not included in this filing
Net result
€82,486▲ 29.5%
2025 · €63,699
Working capital
-€51,378▼ 49.2%
2025 · -€34,446
Multi-year overview
2021 to 2026, 6 financial yearsOperating result
€106,010
▲ 26.5%
2026
20212026
Net result
€82,486
▲ 29.5%
2026
20212026
Equity
€3,000
=
2026
20212026
Total assets
€144,365
▲ 22.9%
2026
20212026
Debt
€141,365
▲ 23.5%
2026
20212026
Working capital
-€51,378
▼ 49.2%
2026
20212026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120222023202420252026
Operating result€29,173-€76,396▲ 162%€89,749▲ 17.5%€85,945▼ 4.2%€83,795▼ 2.5%€106,010▲ 26.5%
Net result€21,401-€58,405▲ 173%€69,080▲ 18.3%€65,222▼ 5.6%€63,699▼ 2.3%€82,486▲ 29.5%
Equity€24,401-€82,806▲ 239%€151,886▲ 83.4%€3,000▼ 98.0%€3,000=€3,000=
Total assets€60,001-€109,631▲ 82.7%€165,361▲ 50.8%€135,784▼ 17.9%€117,488▼ 13.5%€144,365▲ 22.9%
Debt€35,601-€26,825▼ 24.6%€13,475▼ 49.8%€132,784▲ 885%€114,488▼ 13.8%€141,365▲ 23.5%
Working capital€10,989-€61,490▲ 460%€136,173▲ 121%-€35,958-€34,446▲ 4.2%-€51,378▼ 49.2%
The operating result for 2026 is 27% higher than in 2025 and the highest since 2021. It is a recovery after the fall in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €144,365
Fixed assets
€84,195 ▲ 36.1%
Current assets
€60,170 ▲ 8.2%
Equity and liabilities €144,365
Equity
€3,000 =
Debt
€141,365 ▲ 23.5%
Debt's share of the balance-sheet total rises from 97.4% to 97.9%. Debt is higher.
Key figures and ratios
EBITDA
€129,535▲
2025 · €106,443
Cash flow
€106,011▲
2025 · €86,346
Current ratio
0.54▼
2025 · 0.62
Debt to equity
47.12▲
2025 · 38.16
ROA
57.1%▲
2025 · 54.2%
Interest coverage
49.57▲
2025 · 40.96
Debt ≤ 1 year
€111,548▲
2025 · €90,075
Debt > 1 year
€29,817▲
2025 · €24,413
Income taxes
€20,986▲
2025 · €17,536
A ratio outside any meaningful range has been withheld (balance sheet total €144,365, equity €3,000).
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 | €3,750 | - | €84,125 | €2,606 | €49,216 |
| Depreciation and write-downs of the year | €4,908 | €5,602 | €17,938 | €22,648 | €23,525 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €7,777 | - |
| Remuneration, social security and pensions62 | - | €8,542 | €8,428 | €7,148 | €7,879 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,426 | €4,908 | €5,602 | €17,938 | €22,648 | €23,525 | ▲ 3.9% |
| Other operating charges640/8 | - | €297 | €422 | €4,062 | €989 | €1,943 | ▲ 96.6% |
| Gross operating margin9900 | €31,020 | €90,143 | €104,201 | €115,093 | €115,310 | €131,479 | ▲ 14.0% |
| Operating profit (loss)9901 | €29,173 | €76,396 | €89,749 | €85,945 | €83,795 | €106,010 | ▲ 26.5% |
| Financial income75/76B | - | €0 | - | €203 | €38 | €75 | ▲ 97.7% |
| Recurring financial income75 | - | €0 | - | €203 | €38 | €75 | ▲ 97.7% |
| Financial charges65/66B | - | €1,386 | €1,048 | €2,719 | €2,599 | €2,613 | ▲ 0.6% |
| Recurring financial charges65 | €1,001 | €1,386 | €1,048 | €2,719 | €2,599 | €2,613 | ▲ 0.6% |
| Profit (loss) for the period before taxes9903 | €28,172 | €75,010 | €88,700 | €83,429 | €81,234 | €103,472 | ▲ 27.4% |
| Income taxes67/77 | €6,771 | €16,605 | €19,620 | €18,207 | €17,536 | €20,986 | ▲ 19.7% |
| Profit (loss) for the period9904 | €21,401 | €58,405 | €69,080 | €65,222 | €63,699 | €82,486 | ▲ 29.5% |
| Profit (loss) for the period to be appropriated9905 | €21,401 | €58,405 | €69,080 | €65,222 | €63,699 | €82,486 | ▲ 29.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €60,001 | €109,631 | €165,361 | €135,784 | €117,488 | €144,365 | ▲ 22.9% |
| Fixed assets21/28 | €22,474 | €21,316 | €15,714 | €81,901 | €61,859 | €84,195 | ▲ 36.1% |
| Tangible fixed assets22/27 | €22,474 | €21,316 | €15,714 | €81,901 | €61,859 | €84,195 | ▲ 36.1% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,367 | - |
| Furniture and vehicles24 | - | €21,316 | €15,714 | €81,901 | €61,859 | €82,829 | ▲ 33.9% |
| Current assets29/58 | €37,528 | €88,315 | €149,647 | €53,883 | €55,629 | €60,170 | ▲ 8.2% |
| Amounts receivable within one year40/41 | €16,121 | €37,607 | €42,265 | €32,267 | €16,177 | €94 | ▼ 99.4% |
| Trade receivables40 | - | €35,735 | €41,627 | €29,861 | €14,718 | - | - |
| Other amounts receivable41 | - | €1,873 | €639 | €2,406 | €1,459 | €94 | ▼ 93.5% |
| Cash at bank and in hand54/58 | €21,407 | €50,708 | €107,382 | €17,941 | €35,914 | €56,316 | ▲ 56.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,675 | €3,538 | €3,759 | ▲ 6.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €60,001 | €109,631 | €165,361 | €135,784 | €117,488 | €144,365 | ▲ 22.9% |
| Equity10/15 | €24,401 | €82,806 | €151,886 | €3,000 | €3,000 | €3,000 | = |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €21,401 | €79,806 | €148,886 | - | - | - | - |
| Amounts payable17/49 | €35,601 | €26,825 | €13,475 | €132,784 | €114,488 | €141,365 | ▲ 23.5% |
| Amounts payable after more than one year17 | €9,063 | - | - | €42,943 | €24,413 | €29,817 | ▲ 22.1% |
| Financial debts170/4 | - | - | - | €42,943 | €24,413 | €29,817 | ▲ 22.1% |
| Amounts payable within one year42/48 | €26,538 | €26,825 | €13,475 | €89,841 | €90,075 | €111,548 | ▲ 23.8% |
| Current portion of amounts payable after more than one year42 | - | €9,063 | - | €17,684 | €18,530 | €29,097 | ▲ 57.0% |
| Trade debts44 | €3,129 | €3,860 | €3,044 | €1,659 | €2,247 | €4,163 | ▲ 85.3% |
| Suppliers440/4 | - | €3,860 | €3,044 | €1,659 | €2,247 | €4,163 | ▲ 85.3% |
| Taxes, remuneration and social security45 | - | €5,955 | €5,970 | €11,133 | €10,905 | €32,182 | ▲ 195% |
| Taxes450/3 | - | €5,955 | €5,970 | €11,133 | €10,905 | €32,182 | ▲ 195% |
| Other amounts payable47/48 | - | €7,948 | €4,461 | €59,364 | €58,393 | €46,106 | ▼ 21.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,401 | €58,405 | €69,080 | €65,222 | €63,699 | €82,486 | ▲ 29.5% |
| + Depreciation and write-downs630 | €1,426 | €4,908 | €5,602 | €17,938 | €22,648 | €23,525 | ▲ 3.9% |
| Operating cash flow (approximation) | €22,827 | €63,313 | €74,683 | €83,160 | €86,346 | €106,011 | ▲ 22.8% |
| Investment in fixed assets (approximation) | - | -€3,750 | €0 | -€84,125 | -€2,606 | -€45,862 | ▼ 1,660% |
| Change in cash | - | €29,301 | €56,674 | -€89,441 | €17,973 | €20,402 | ▲ 13.5% |
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, 2,153 companies had the same profile as THRONE has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of THRONE itself is lower: 0.1% within 12 months. It rests on far more data about THRONE than the profile alone.
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 2,153 companies, not a prediction for THRONE. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 14-09-2026 | 2026-00511847 | |
| 30-06-2025 | unclassified schema | 23-09-2025 | 2025-00498389 | |
| 30-06-2024 | unclassified schema | 09-09-2024 | 2024-00456261 | |
| 30-06-2023 | unclassified schema | 27-10-2023 | 2023-00494135 | |
| 30-06-2022 | unclassified schema | 07-11-2022 | 2022-20515073 | |
| 30-06-2021 | unclassified schema | 03-11-2021 | 2021-76300203 |