Thru
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 25 filings
Turnover
€5.7m▲ 35×
2024 · €164,286
EBIT margin
12.4%▲ 9.5pp
2024 · 2.9%
Net result
€678,510
2024 · -€52,084
Working capital
€686,915
2024 · -€82,997
In the rankings
#2 company by total assets in Edegem, Administrative and support services sector#4 company by equity in Edegem, Administrative and support services sector#6 oldest company in Edegem, Administrative and support services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€5.7m
▲ 35×
2025
20182025
Operating result
€701,300
▲ 148×
2025
20182025
Net result
€678,510
2025
highest quarter of the sector
20182025
EBIT margin
12.4%
▲ 9.5pp
2025
20182025
Equity
€595,513
2025
middle half of the sector
20182025
Total assets
€2.0m
▲ 42×
2025
middle half of the sector
20182025
Debt
€1.4m
▲ 945%
2025
20182025
Working capital
€686,915
2025
middle half of the sector
20182025
Solvency
30.5%
▲ 206.9pp
2025
middle half of the sector
20182025
Current ratio
1.56
▲ 1.20
2025
middle half of the sector
20182025
Return on assets (ROA)
34.7%
▲ 145.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.9
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.3m-€0.2m▼ 34.5%€0.3m▲ 44.0%€1.0m▲ 212%€1.0m▲ 3.8%€2.4m▲ 128%€0.2m▼ 93.1%€5.7m▲ 35×
Operating result-€0.2m--€0.09m▲ 46.2%-€0.1m▼ 51.4%-€0.03m▲ 74.7%-€0.2m▼ 364%€0.05m€0.005m▼ 90.5%€0.7m▲ 148×
Net result-€0.2m--€0.1m▲ 34.9%-€0.2mbelow the sector's middle half▼ 39.6%-€0.09mbelow the sector's middle half▲ 51.4%-€0.2mbelow the sector's middle half▼ 155%-€0.04mbelow the sector's middle half▲ 80.0%-€0.05mbelow the sector's middle half▼ 18.9%€0.7mabove the sector's middle half
EBIT margin-48.3%--39.7%▲ 8.6pp-41.8%▼ 2.1pp-3.4%▲ 38.4pp-15.1%▼ 11.7pp2.1%▲ 17.2pp2.9%▲ 0.8pp12.4%▲ 9.5pp
Equity-€0.8m--€0.9m▼ 16.8%-€1.1mbelow the sector's middle half▼ 20.1%-€1.1mbelow the sector's middle half▼ 8.1%-€1.4mbelow the sector's middle half▼ 19.2%-€1.4mbelow the sector's middle half▼ 3.2%-€0.08mbelow the sector's middle half▲ 94.1%€0.6mwithin the sector's middle half
Total assets€0.5m-€0.1m▼ 74.3%€0.2mbelow the sector's middle half▲ 50.0%€0.2mbelow the sector's middle half▲ 19.5%€0.3mbelow the sector's middle half▲ 23.2%€0.6mwithin the sector's middle half▲ 107%€0.05mbelow the sector's middle half▼ 92.0%€2.0mwithin the sector's middle half▲ 42×
Debt€1.3m-€1.0m▼ 19.5%€1.2m▲ 23.9%€1.4m▲ 9.9%€1.6m▲ 19.9%€2.0m▲ 21.2%€0.1m▼ 93.5%€1.4m▲ 945%
Working capital-€0.8m--€0.9m▼ 17.2%-€1.1mbelow the sector's middle half▼ 20.1%-€1.1mbelow the sector's middle half▼ 7.8%-€1.3mbelow the sector's middle half▼ 18.2%-€1.3mbelow the sector's middle half▲ 0.4%-€0.08mbelow the sector's middle half▲ 93.8%€0.7mwithin the sector's middle half
Solvency-151.0%--685.7%▼ 534.8pp-548.9%below the sector's middle half▲ 136.8pp-496.8%below the sector's middle half▲ 52.2pp-480.4%below the sector's middle half▲ 16.4pp-239.1%below the sector's middle half▲ 241.3pp-176.5%below the sector's middle half▲ 62.6pp30.5%within the sector's middle half▲ 206.9pp
Current ratio0.40-0.13▼ 0.270.15below the sector's middle half▲ 0.030.17below the sector's middle half▲ 0.010.17below the sector's middle half▲ 0.010.30below the sector's middle half▲ 0.130.36below the sector's middle half▲ 0.061.56within the sector's middle half▲ 1.20
Return on assets (ROA)-39.0%--98.7%▼ 59.7pp-91.9%below the sector's middle half▲ 6.8pp-37.3%below the sector's middle half▲ 54.5pp-77.3%below the sector's middle half▼ 40.0pp-7.4%below the sector's middle half▲ 69.9pp-110.7%below the sector's middle half▼ 103.3pp34.7%above the sector's middle half▲ 145.5pp
Staff (FTE)0.9below the sector's middle half1.5within the sector's middle half▲ 66.7%2.5within the sector's middle half▲ 66.7%2.9within the sector's middle half▲ 16.0%0.9below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 148 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Turnover +3,351% on 2024. The accounts now follow the full format, last year the abbreviated format.
- 2024 Equity +94% on 2023. Capital increase of €1,375,000 (Official Gazette 27-09-2024).
- 2024 Total assets -92% on 2023. Capital reduction of €1,375,000 (Official Gazette 27-09-2024).
Balance-sheet composition
Assets €2.0m
Fixed assets
€46,991
Current assets
€1.9m
Equity and liabilities €2.0m
Equity
€595,513
Provisions
€482
Debt
€1.4m
Debt's share of the balance-sheet total is 69.5%.
Key figures and ratios
EBITDA
€747,071▲
2024 · €5,150
Cash flow
€724,281▲
2024 · -€51,683
Debt to equity
2.28
ROE
113.9%
Interest coverage
51.20▲
2024 · 0.08
Debt ≤ 1 year
€1.2m▲
2024 · €130,026
Income taxes
€8,200
Customer credit
122 days▲
2024 · 1 day
Supplier credit
72 days▲
2024 · 11 days
Staff costs
€117,789
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 2 | 1 |
| full-time | 2 | 3 | 2 | 1 |
| in full-time equivalents | 2 | 3 | 2 | 1 |
| Average over the year, in full-time equivalents | 1.5 | 2.5 | 2.9 | 0.9 |
| On a permanent contract | 2 | 3 | 2 | 1 |
| Joined | 1 | 1 | 0 | 1 |
| Left | 0 | 0 | 1 | 0 |
| Training hours | 8 | 8 | - | 47 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,323 | €1,766 | €717 | - | €92,762 |
| Depreciation and write-downs of the year | €708 | €1,269 | €2,010 | €401 | €45,771 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0.3m | €0.2m | €0.3m | €1.0m | €1.0m | €2.4m | €0.2m | €5.7m | ▲ 35× |
| Non-recurring operating income76A | - | - | - | €0.05m | €0.03m | €0.06m | €0.03m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1.0m | €1.1m | €2.2m | €0.2m | €4.8m | ▲ 26× |
| Remuneration, social security and pensions62 | - | - | - | €0.09m | €0.2m | €0.2m | - | €0.1m | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | €401 | €0.05m | ▲ 114× |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €482 | - |
| Other operating charges640/8 | - | - | - | €0.001m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 18.0% |
| Gross operating margin9900 | -€0.2m | -€0.08m | -€0.08m | €0.06m | €0.01m | €0.3m | €0.006m | €0.9m | ▲ 136× |
| Operating profit (loss)9901 | -€0.2m | -€0.09m | -€0.1m | -€0.03m | -€0.2m | €0.05m | €0.005m | €0.7m | ▲ 148× |
| Financial income75/76B | - | - | - | €243 | €0.001m | €0.002m | €0.004m | - | - |
| Recurring financial income75 | - | - | - | €243 | €0.001m | €0.002m | €0.004m | - | - |
| Financial charges65/66B | - | - | - | €0.05m | €0.06m | €0.09m | €0.06m | €0.01m | ▼ 76.0% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.04m | €0.05m | €0.06m | €0.09m | €0.06m | €0.01m | ▼ 76.0% |
| Profit (loss) for the period before taxes9903 | -€0.2m | -€0.1m | -€0.2m | -€0.09m | -€0.2m | -€0.04m | -€0.05m | €0.7m | - |
| Income taxes67/77 | - | - | €240 | €413 | -€14 | €0.001m | - | €0.008m | - |
| Profit (loss) for the period9904 | -€0.2m | -€0.1m | -€0.2m | -€0.09m | -€0.2m | -€0.04m | -€0.05m | €0.7m | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €0.03m | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.1m | -€0.2m | -€0.09m | -€0.3m | -€0.04m | -€0.05m | €0.7m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.1m | €0.2m | €0.2m | €0.3m | €0.6m | €0.05m | €2.0m | ▲ 42× |
| Fixed assets21/28 | €0.001m | €0.001m | €0.001m | €0.003m | €0.003m | €0.002m | - | €0.05m | - |
| Tangible fixed assets22/27 | €0.001m | €0.001m | €0.001m | €0.003m | €0.003m | €0.002m | - | €0.05m | - |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.003m | €0.002m | - | €0.05m | - |
| Current assets29/58 | €0.5m | €0.1m | €0.2m | €0.2m | €0.3m | €0.6m | €0.05m | €1.9m | ▲ 41× |
| Amounts receivable within one year40/41 | €0.5m | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | €0.001m | €1.9m | ▲ 3,310× |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.4m | - | €1.9m | - |
| Other amounts receivable41 | - | - | - | €0.009m | €0.002m | - | €0.001m | €0.002m | ▲ 247% |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.01m | €0.02m | €0.05m | €0.04m | €0.04m | €0.005m | ▼ 85.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.03m | €0.1m | €0.008m | €0.009m | ▲ 16.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.1m | €0.2m | €0.2m | €0.3m | €0.6m | €0.05m | €2.0m | ▲ 42× |
| Equity10/15 | -€0.8m | -€0.9m | -€1.1m | -€1.1m | -€1.4m | -€1.4m | -€0.08m | €0.6m | - |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.04m | €0.04m | €0.04m | €0.5m | ▲ 15× |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.006m | ▲ 210% |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.006m | ▲ 210% |
| Tax-exempt reserves132 | - | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €0.5m | - |
| Profit (loss) carried forward14 | -€0.8m | -€0.9m | -€1.1m | -€1.2m | -€1.5m | -€1.5m | -€0.2m | €0.001m | - |
| Provisions and deferred taxes16 | - | - | - | - | - | - | - | €482 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | - | €482 | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | - | €482 | - |
| Amounts payable17/49 | €1.3m | €1.0m | €1.2m | €1.4m | €1.6m | €2.0m | €0.1m | €1.4m | ▲ 945% |
| Amounts payable within one year42/48 | €1.2m | €1.0m | €1.2m | €1.4m | €1.6m | €1.9m | €0.1m | €1.2m | ▲ 839% |
| Trade debts44 | €0.4m | €0.06m | €0.1m | €0.1m | €0.2m | €0.1m | €0.005m | €0.9m | ▲ 178× |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.1m | €0.005m | €0.9m | ▲ 178× |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.02m | €0.05m | €0.001m | €0.04m | ▲ 78× |
| Taxes450/3 | - | - | - | €0.001m | €400 | €0.03m | €0.001m | €0.03m | ▲ 57× |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.01m | - | €0.01m | - |
| Other amounts payable47/48 | - | - | - | €1.2m | €1.4m | €1.8m | €0.1m | €0.2m | ▲ 86.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.02m | €0.06m | - | €0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€194,751 | -€126,697 | -€176,916 | -€85,920 | -€219,200 | -€43,801 | -€52,084 | €678,510 | - |
| + Depreciation and write-downs630 | €1,372 | €800 | €803 | €708 | €1,269 | €2,010 | €401 | €45,771 | ▲ 114× |
| Operating cash flow (approximation) | -€193,379 | -€125,897 | -€176,113 | -€85,212 | -€217,931 | -€41,791 | -€51,683 | €724,281 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,207 | -€2,323 | -€1,766 | -€717 | - | - | - |
| Change in cash | - | -€31 | €1,572 | €3,228 | €33,241 | -€8,095 | -€2,424 | -€32,986 | ▼ 1,261% |
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, 31,368 companies had the same profile as Thru has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Thru itself: 0.2% 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 31,368 companies, not a prediction for Thru. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-07-2026 | 2026-00344565 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00249516 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00263531 | |
| 31-12-2022 | abbreviated format | 01-08-2023 | 2023-00302044 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20233466 | |
| 31-12-2020 | abbreviated format | 13-07-2021 | 2021-34700121 | |
| 31-12-2019 | abbreviated format | 09-07-2020 | 2020-28400125 | |
| 31-12-2018 | abbreviated format | 20-06-2019 | 2019-21200046 | |
| 31-12-2017 | abbreviated format | 23-07-2018 | 2018-37100492 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-28300064 |