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THUIN EQUILIS

Active
Private limited companyfounded 2021active for 4 yearsDrève Richelle 161/D, 1410 Waterloo, BelgiumKBO/BCE: BE 0777.985.431

Financials · financial year 2025, full format

Annual accounts 2025 filed on 08-07-2026 at the NBB all 5 filings

Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€12,368▼ 17.2%
2024 · -€10,550
Working capital
€784,670▲ 4.4%
2024 · €751,258
Multi-year overview
2022 to 2025, 4 financial years
Operating result
-€11,739
▼ 18.2% 2025
20222025
Net result
-€12,368
▼ 17.2% 2025
middle half of the sector
20222025
Equity
-€21,952
▼ 129% 2025
lowest quarter of the sector
20222025
Total assets
€789,637
▲ 4.3% 2025
lowest quarter of the sector
20222025
Debt
€811,589
▲ 5.9% 2025
20222025
Working capital
€784,670
▲ 4.4% 2025
middle half of the sector
20222025
Solvency
-2.8%
▼ 1.5pp 2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-1.6%
▼ 0.2pp 2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line2022202320242025
Operating result-€6,841--€11,253▼ 64.5%-€9,934▲ 11.7%-€11,739▼ 18.2%
Net result-€7,184--€11,851within the sector's middle half▼ 65.0%-€10,550▲ 11.0%-€12,368within the sector's middle half▼ 17.2%
Equity€12,816-€965below the sector's middle half▼ 92.5%-€9,585-€21,952below the sector's middle half▼ 129%
Total assets€693,146-€722,970below the sector's middle half▲ 4.3%€756,929▲ 4.7%€789,637below the sector's middle half▲ 4.3%
Debt€680,330-€722,005▲ 6.1%€766,514▲ 6.2%€811,589▲ 5.9%
Working capital€689,776-€718,093within the sector's middle half▲ 4.1%€751,258▲ 4.6%€784,670within the sector's middle half▲ 4.4%
Solvency1.8%-0.1%below the sector's middle half▼ 1.7pp-1.3%▼ 1.4pp-2.8%below the sector's middle half▼ 1.5pp
Return on assets (ROA)-1.0%--1.6%within the sector's middle half▼ 0.6pp-1.4%▲ 0.2pp-1.6%below the sector's middle half▼ 0.2pp
above within below The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €11,739, larger than the loss of €9,934 in 2024. It is the lowest result since 2022.

Key figures and ratios
2025 value · change against 2024
Quick ratio
1.55▼
2024 · 2.06
Debt ≤ 1 year
€4,967▼
2024 · €5,671
Debt > 1 year
€806,622▲
2024 · €760,843
A ratio outside any meaningful range has been withheld (balance sheet total €789,637, equity -€21,952).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Auditor

fees
Item2022202320242025
Fee for the audit€3,300€3,932€4,316€4,446

Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 32 lines
Balance sheet Code20242025
Assets
Total assets20/58€756,929€789,637▲
Current assets29/58€756,929€789,637▲
Stocks and contracts in progress3€745,255€781,936▲
Contracts in progress37€745,255€781,936▲
Amounts receivable within one year40/41€1,423€3,404▲
Other amounts receivable41€1,423€3,404▲
Cash at bank and in hand54/58€10,251€4,297▼
Equity and liabilities
Total equity and liabilities10/49€756,929€789,637▲
Equity10/15-€9,585-€21,952▼
Contributions10/11€20,000€20,000=
Profit (loss) carried forward14-€29,585-€41,952▼
Amounts payable17/49€766,514€811,589▲
Amounts payable after more than one year17€760,843€806,622▲
Other amounts payable178/9€760,843€806,622▲
Amounts payable within one year42/48€5,671€4,967▼
Trade debts44€5,671€4,967▼
Suppliers440/4€5,671€4,967▼
Income statement Code20242025
Operating income70/76A€3,867€901▼
Change in stocks of work in progress, finished goods and contracts in progress71€3,867€901▼
Operating charges60/66A€13,801€12,640▼
Services and other goods61€13,524€12,355▼
Other operating charges640/8€277€285▲
Operating profit (loss)9901-€9,934-€11,739▼
Financial charges65/66B€616€629▲
Recurring financial charges65€616€629▲
Debt charges650-€0
Other financial charges652/9€616€628▲
Profit (loss) for the period before taxes9903-€10,550-€12,368▼
Profit (loss) for the period9904-€10,550-€12,368▼
Profit (loss) for the period to be appropriated9905-€10,550-€12,368▼
Appropriation of the result
Profit (loss) to be appropriated9906-€29,585-€41,952▼
Profit (loss) brought forward from the previous period14P-€19,035-€29,585▼

The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 08-07-2026.

Line2022202320242025Change
Operating income70/76A€135,421€61,003€3,867€901▼ 76.7%
Change in stocks of work in progress, finished goods and contracts in progress71€135,421€61,003€3,867€901▼ 76.7%
Operating charges60/66A€142,262€72,255€13,801€12,640▼ 8.4%
Services and other goods61€119,558€71,990€13,524€12,355▼ 8.6%
Other operating charges640/8€22,703€266€277€285▲ 3.1%
Operating profit (loss)9901-€6,841-€11,253-€9,934-€11,739▼ 18.2%
Financial charges65/66B€343€598€616€629▲ 2.1%
Recurring financial charges65€343€598€616€629▲ 2.1%
Debt charges650---€0-
Other financial charges652/9€343€598€616€628▲ 2.1%
Profit (loss) for the period before taxes9903-€7,184-€11,851-€10,550-€12,368▼ 17.2%
Profit (loss) for the period9904-€7,184-€11,851-€10,550-€12,368▼ 17.2%
Profit (loss) for the period to be appropriated9905-€7,184-€11,851-€10,550-€12,368▼ 17.2%
Line2022202320242025Change
Assets
Total assets20/58€693,146€722,970€756,929€789,637▲ 4.3%
Current assets29/58€693,146€722,970€756,929€789,637▲ 4.3%
Stocks and contracts in progress3€596,502€697,674€745,255€781,936▲ 4.9%
Contracts in progress37€596,502€697,674€745,255€781,936▲ 4.9%
Amounts receivable within one year40/41€24,458€6,178€1,423€3,404▲ 139%
Trade receivables40€175----
Other amounts receivable41€24,283€6,178€1,423€3,404▲ 139%
Cash at bank and in hand54/58€72,185€19,119€10,251€4,297▼ 58.1%
Equity and liabilities
Total equity and liabilities10/49€693,146€722,970€756,929€789,637▲ 4.3%
Equity10/15€12,816€965-€9,585-€21,952▼ 129%
Contributions10/11€20,000€20,000€20,000€20,000=
Profit (loss) carried forward14-€7,184-€19,035-€29,585-€41,952▼ 41.8%
Amounts payable17/49€680,330€722,005€766,514€811,589▲ 5.9%
Amounts payable after more than one year17€676,959€717,128€760,843€806,622▲ 6.0%
Other amounts payable178/9€676,959€717,128€760,843€806,622▲ 6.0%
Amounts payable within one year42/48€3,370€4,877€5,671€4,967▼ 12.4%
Trade debts44€3,370€4,877€5,671€4,967▼ 12.4%
Suppliers440/4€3,370€4,877€5,671€4,967▼ 12.4%
Line2022202320242025Change
Profit (loss) for the period9904-€7,184-€11,851-€10,550-€12,368▼ 17.2%
Operating cash flow (approximation)-€7,184-€11,851-€10,550-€12,368▼ 17.2%
Change in cash--€53,067-€8,868-€5,954▲ 32.9%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 1,251 companies had the same profile as THUIN EQUILIS has now. Two years later, 96.6% were still going and 1.0% had gone bankrupt.

  • Small
  • 2 to 5 years old
  • negative equity
  • a small loss
96.6% was still going
2.1% stopped otherwise
1.0% went bankrupt

Another 0.3% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of THUIN EQUILIS itself: 0.8% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 1,251 companies, not a prediction for THUIN EQUILIS. 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 (5)
Financial year Type Filed Reference Document
31-12-2025 full format 08-07-2026 2026-00280845 PDF
31-12-2024 unclassified schema 07-07-2025 2025-00249762 PDF
31-12-2023 full format 11-09-2024 2024-00460056 PDF
31-12-2023 unclassified schema 24-07-2024 2024-00284295 PDF
31-12-2022 unclassified schema 03-07-2023 2023-00198773 PDF

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