Checked.be
Active
BE 0818.188.664Public limited company
THULA & THULA
Ronseweg 66 ·9700 Oudenaarde, Belgium· 17 yrs active
Sector: Renting and operating of own or leased non-residential real estate, excluding land
(68203)
Conclusion
THULA & THULA has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23.46M and a net result of €17k. Equity is growing by ~19.2% per year across the filed fiscal years. Its solvency ranks better than 95% of 8920 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €23.46M |
| Net result | €17k |
| Staff (FTE) | 1 |
| Better than sector | 95% |
Financial profile
62
/ 100
Strong profile, led by solvency.
All 5 axes are computed from data Checked has read.
Health
65
Profitability
0
Solvency
100
Growth
46
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2009, 17 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
65
/ 100
Healthy
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€1.55M
estimate, not credit advice
Score history
77
2021
73
2022
58
2023
83
2024
65
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 35.00 (≥ 1.5)
+10
Quick ratio
Quick ratio 35.00 (≥ 1.0)
+5
Leverage
Debt/equity 0.02 (< 1.0)
+10
Profitability
ROE 0%
+3
Interest coverage
Interest coverage -1205.8× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 07-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
The figures below are the statutory (non-consolidated) annual accounts. This company also files consolidated accounts; the group figures can differ substantially.
No trend projection for this company: it files both statutory and consolidated annual accounts. The statutory figures above track the parent, and they jump when activities move inside the group, not when the business grows or shrinks. A trend through such a series measures a restructuring, not a business trajectory.
Sector comparison
Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 97.6% | 31.5% | |
| Net result | €17k | €11k | |
| Equity | €23.46M | €330k | |
| Gross operating margin | €-251k | €93k | |
| Staff costs | €60k | €67k |
€198k
0.0%
21-25
€-317k
-206.1%
21-25
€17k
-99.8%
21-25
€37k
-99.6%
21-25
€24.05M
-4.5%
21-25
€23.46M
-2.3%
21-25
€19.83M
-2.9%
21-25
1
0.0%
21-25
€60k
+4.4%
21-25
€8k
-99.2%
21-25
€575k
+475.0%
21-25
€583k
-50.1%
21-25
€583k
-50.1%
21-25
35.00
+89.3%
21-25
35.00
+89.3%
21-25
97.6%
+2.3%
21-25
0.02
-48.9%
21-25
0.1%
-99.8%
21-25
0.1%
-99.8%
21-25
296.3%
-76.9%
21-25
-24.7%
-7.3%
21-25
-1205.76
-276.0%
21-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ | 2022 Δ | 2021 Δ |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | micro schema | full schema | full schema | full schema |
| Revenue | - | - | 0.0% | 0.0% | - |
| EBITDA | -206.1% | -111.5% | -7.3% | - | - |
| Net profit | -99.8% | +1612.4% | -76.9% | +12.3% | - |
| Cash flow | -99.6% | +1566.2% | -76.5% | +10.2% | - |
| Staff costs | +4.4% | +24.1% | +146.7% | - | - |
| Income taxes | -99.2% | +88102.4% | -8.0% | +0.7% | - |
| Dividends | +475.0% | -57.4% | -60.8% | -23.9% | - |
| Total assets | -4.5% | +75.9% | -0.2% | +12.6% | - |
| Equity | -2.3% | +70.6% | +2.6% | +16.5% | - |
| Debt | -50.1% | +381.8% | -61.3% | -35.0% | - |
| of which ≤ 1y | -50.1% | +381.8% | -61.3% | -34.6% | - |
| of which > 1y | - | - | - | - | - |
| Working capital | -2.9% | +228.2% | +4.9% | +25.7% | - |
| Employees (FTE) | 0.0% | +100.0% | +150.0% | - | - |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema, full schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 35.00 | 18.49 | 26.67 | 10.48 | 5.94 |
| Quick ratio | 35.00 | 18.49 | 26.67 | 10.48 | 5.94 |
| Working capital ratio | 82.5% | 81.1% | 43.5% | 41.3% | 37.0% |
| Solvency | 97.6% | 95.4% | 98.3% | 95.6% | 92.5% |
| Debt / equity | 0.02 | 0.05 | 0.02 | 0.05 | 0.08 |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | -1205.76 | -320.71 | -141.99 | -9.12 | 0.23 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | 296.3% | 1282.3% | 1142.3% |
| ROA | 0.1% | 39.9% | 4.1% | 17.7% | 17.7% |
| ROE | 0.1% | 41.8% | 4.2% | 18.5% | 19.2% |
| EBITDA margin | - | - | -24.7% | -23.0% | 0.9% |
| Days sales outstanding | - | - | 0d | 445d | 242d |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €24.05M | €25.19M | €14.32M | €14.35M | €12.75M |
| Fixed assets | 21/28 | €3.63M | €3.59M | €7.85M | €7.79M | €7.07M |
| Tangible fixed assets | 22/27 | €3.63M | €3.59M | €3.42M | €3.36M | €2.64M |
| Financial fixed assets | 28 | - | - | €4.43M | €4.43M | €4.43M |
| Current assets | 29/58 | €20.41M | €21.60M | €6.47M | €6.56M | €5.68M |
| Amounts receivable within one year | 40/41 | €945k | €3.80M | €983k | €241k | €131k |
| Investments | 50/53 | €13.50M | €5.50M | €4.00M | - | - |
| Cash & bank | 54/58 | €2.29M | €7.91M | €1.41M | €6.24M | €5.46M |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €24.05M | €25.19M | €14.32M | €14.35M | €12.75M |
| Equity | 10/15 | €23.46M | €24.02M | €14.08M | €13.73M | €11.79M |
| Contributions / capital | 10/11 | €372k | €372k | €372k | €372k | €372k |
| Reserves | 13 | €10.39M | €10.39M | €443k | €443k | €443k |
| Accumulated profits (losses) | 14 | €12.70M | €13.26M | €13.26M | €12.91M | €10.97M |
| Amounts payable | 17/49 | €583k | €1.17M | €242k | €626k | €963k |
| Amounts payable within one year | 42/48 | €583k | €1.17M | €242k | €626k | €957k |
| Trade debts payable within one year | 44 | €3k | €21k | €4k | €19k | €108k |
| Income statement | ||||||
| Turnover | 70 | - | - | €198k | €198k | €198k |
| Gross operating margin | 9900 | €-251k | €-41k | - | - | - |
| Operating result | 9901 | €-337k | €-119k | €-66k | €-80k | €-71k |
| Financial income | 75 | €363k | €11.18M | €654k | €2.63M | €2.34M |
| Financial charges | 65 | €263 | €323 | €345 | €6k | €8k |
| Result before taxes | 9903 | €25k | €11.06M | €588k | €2.54M | €2.26M |
| Income taxes | 67/77 | €8k | €1.01M | €1k | €1k | €1k |
| Net result for the period | 9904 | €17k | €10.05M | €587k | €2.54M | €2.26M |
| Result to be appropriated | 9905 | €17k | €10.05M | €587k | €2.54M | €2.26M |
Directors & mandates
Current directors & mandates
-
Callebert Helena MichikoDirectorState Gazette act 25016803 (31-01-2025)Current31-01-2025 → present
Permanent representatives (1)
These people represent a legal-person director (a management company, for instance). They hold no board mandate of their own and do not count as directors.
-
Sorris-SorrisPrivate limited companyPermanent representative· perm. rep.: Marc CallebertState Gazette act 25016803 (31-01-2025)Permanent representative31-01-2025 → present
Former directors (2)
-
Callebert Marc HendrikDirectorState Gazette act 25016803 (31-01-2025)Former- → 31-01-2025
-
Sorris-SorrisPrivate limited companyDirector· perm. rep.: Cauwelier GretaState Gazette act 25016803 (31-01-2025)Former- → 31-01-2025
Legal Structure
| NACE primary | Renting and operating of own or leased non-residential real estate, excluding land(68203) |
| Legal form | Public limited company(014) |
| Incorporation | 01-09-2009 |
| Status | Active |
| Postal code | 9700 |
Establishment units
THULA & THULA
since 20092.181.036.090
THULA & THULA
since 20222.332.677.576
Real-estate footprint
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45507A0345/00D002 | Flanders | 5,184 m² | 1 · 2,873 m² | 15.6 m · 4 fl. |
| 45021A1722/00A000 | Flanders | 520 m² | - | - |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €17k ▼99.8%
Net result drops to €17k, the lowest in the series.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-01
State Gazette act
Registered-office change
Liesbeth Muller
2024
31-12
Financial
Highest result since 2021net €10.05M ▲1612%
Net result €10.05M, the highest in the series.
12-11
State Gazette act
Miscellaneous
proposal
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity triplescurrent ratio 26.67
Current ratio from 10.48 to 26.67; short-term debt falls from €626k to €242k.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · consolidated
2019
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · consolidated
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
Address history · 1
31-01-2025
Registered-office move
All acts · 2
updated 1 year ago
2025
31-01-2025 Registered office moved
Notary:
Liesbeth Muller · Waasmunster
Technical details
{
"events": [
{
"kind": "zetel_transfer",
"seat_type": "siege_social",
"new_address": null,
"old_address": {
"raw": "Kerkplein 5 9667 Horebeke",
"city": "Horebeke",
"region": "vlaams_gewest",
"street": "Kerkplein",
"country": "BE",
"postcode": "9667",
"box_number": null,
"street_number": "5",
"locality_suffix": "Horebeke"
},
"effective_date": "2025-01-16",
"evidence_quote": "",
"region_changed": false,
"is_statute_change": true,
"nationality_change": false,
"old_address_source": "header_volledig_adres",
"statute_clause_text": null,
"statute_article_number": null,
"effective_date_qualifier": "absolute",
"statutaire_vs_werkelijke": "statutaire",
"linguistic_region_changed": false,
"court_jurisdiction_changed": false,
"effective_date_is_approximate": false
}
],
"notary": {
"name": "Liesbeth Muller",
"firm_city": null,
"firm_name": null,
"office_city": "Waasmunster",
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": "2025-01-31",
"filing_date": "2025-01-16",
"act_kind_objet": "Parti\u00EBle splitsing - overneming"
},
"decision": {
"body": "buitengewone_algemene_vergadering",
"date": "2024-12-16",
"unanimous": true
},
"subject_company": {
"kbo": "0818.188.664",
"name_full": "Thula\u0026Thula",
"legal_form": "naamloze vennootschap"
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "Liesbeth Muller",
"org_rep_person_name": null,
"person_role_at_subject": "notaris"
},
"co_filed_documents": [
"Een gelijkvormig afschrift van het proces-verbaal van buitengewone algemene vergadering de dato 16/12/2024.",
"Verslagen.",
"Geco\u00F6rdineerde statuten"
]
}2024
12-11-2024 Publication in the Belgian Official Gazette, Miscellaneous
Summary:
proposal
Technical details
{
"stage": "proposal",
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": "Horebeke",
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": "2024-11-12",
"filing_date": null,
"act_kind_objet": "Voorstel parti\u00EBle splitsing"
},
"decision": {
"body": null,
"act_date": "2024-10-30",
"unanimous": null
},
"conversion": null,
"detected_kind": "demerger_partial",
"report_waiver": {
"summary": "The remuneration for the report to be prepared under article 12:62 \u00A71 will be waived by the shareholders and holders of other voting securities of the involved companies.",
"articles": [
"12:62 \u00A71"
]
},
"restructuring": {
"parties": [
{
"kbo": "0818.188.664",
"name": "THULA \u0026 THULA",
"role": "acquiring",
"address": "9667 Horebeke, Kerkplein 5",
"is_foreign": false,
"legal_form": "Naamloze vennootschap",
"is_new_company": false,
"jurisdiction_country": "BE"
},
{
"kbo": "0451.791.653",
"name": "Ostara",
"role": "demerged",
"address": "9667 Horebeke, Kerkplein 5",
"is_foreign": false,
"legal_form": "Naamloze vennootschap",
"is_new_company": false,
"jurisdiction_country": "BE"
}
],
"exchange_ratio": null,
"legal_articles": [
"12:8, 1\u00B0",
"12:59",
"12:71, \u00A72, 1\u00B0",
"12:62 \u00A71"
],
"is_cross_border": false,
"is_silent_merger": false,
"balance_basis_date": "2024-07-31",
"exchange_ratio_text": null,
"new_shares_issued_n": null,
"real_estate_included": true,
"patrimony_description": "A portion of the assets and liabilities of the demerged company, including real estate, equipment, and other movable assets, will be transferred to the acquiring company.",
"equity_transferred_eur": 77650.47,
"accounting_effective_date": "2024-08-01"
},
"subject_company": {
"kbo": "0818.188.664",
"name_full": "THULA \u0026 THULA",
"legal_form": "Naamloze vennootschap"
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "Marc CALLEBERT",
"org_rep_person_name": null
},
"summary_narrative": "De NV Ostara ondergaat een parti\u00EBle splitsing waarbij een deel van haar vermogen, inclusief onroerend goed, wordt overgenomen door de NV Thula \u0026 Thula. Omdat alle aandelen van de splitsende vennootschap al in handen zijn van de overnemende vennootschap, worden er geen nieuwe aandelen uitgegeven.",
"co_filed_documents": [
"partieel splitsingsvoorstel"
],
"detected_real_type": "demerger_proposal",
"referenced_correction": null,
"should_reroute_to_category": null
}Credit advice
Company registry (CBE)
Activities
Support activities for animal production01620Renting and operating of own or leased non-residential real estate, excluding land68203Renting and operating of own or leased residential real estate, excluding social housing68201
Names & trade names
| Legal nameNL | THULA & THULA |
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