THULE
ActiveSummary
THULE has been active since 1977 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €50.2m and a net result of €22.5m. Equity is shrinking by ~5% per year across the filed fiscal years. Its solvency ranks better than 63% of 71 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability99=
Solvency77▼-1
Growth58▼-1
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 1.62 against 1.62 in 2024; short-term debt: 47.3% and cash: 48.2% of total assets), and 48% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
52%
Return on assets
23.4%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 29
Relative position
BE, all sectors
reference
Manufacture of motor vehicles, trailers and semi-trailers (NACE 29)
about 8% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-06-2026, 45 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
45 d early
2024
41 d early
2023
56 d early
2022
47 d early
2021
44 d early
2020
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 44 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file What other support did companies like this one receive, and it did not?Subsidy mirror Which other companies belong to the same group?Thule Group AB · 3 companies How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, full schema, statutory accounts
In the rankings
#1 company by equity in West Flanders, Motor vehicles sector#1 employer in Menen, Manufacturing sector#2 company by total assets in West Flanders, Motor vehicles sector
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€158.6m▲ 4.7%
2024 · €151.5m
EBIT margin
19.7%▼ 0.1pp
2024 · 19.8%
Net result
€22.5m▲ 2.3%
2024 · €22.0m
Working capital
€28.2m▲ 2.5%
2024 · €27.5m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€150.6m▲ 33.3%€176.6m▲ 17.2%€156.4m▼ 11.4%€151.5m▼ 3.1%€158.6m▲ 4.7%
Operating result€27.5m▲ 8.9%€29.8m▲ 8.5%€27.2m▼ 8.7%€30.0m▲ 10.3%€31.3m▲ 4.3%
Net result€18.9m▲ 95.2%€21.3m▲ 12.2%€20.2m▼ 5.0%€22.0m▲ 9.1%€22.5m▲ 2.3%
EBIT margin18.2%▼ 4.1pp16.9%▼ 1.4pp17.4%▲ 0.5pp19.8%▲ 2.4pp19.7%▼ 0.1pp
Equity€46.1m▼ 16.4%€47.4m▲ 2.7%€47.6m▲ 0.4%€49.6m▲ 4.3%€50.2m▲ 1.1%
Total assets€84.9m▲ 12.5%€93.7m▲ 10.4%€88.9m▼ 5.1%€94.5m▲ 6.3%€96.5m▲ 2.1%
Debt€37.5m▲ 98.9%€45.5m▲ 21.4%€40.5m▼ 10.9%€44.1m▲ 8.8%€45.7m▲ 3.5%
Working capital€28.5m▼ 27.8%€25.0m▼ 12.1%€25.1m▲ 0.4%€27.5m▲ 9.5%€28.2m▲ 2.5%
Staff (FTE)287.4▲ 23.1%343▲ 19.3%371.2▲ 8.2%365.2▼ 1.6%363.2▼ 0.5%
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 4% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €96.5m
Fixed assets
€22.6m ▼ 1.5%
Current assets
€73.9m ▲ 3.2%
Equity and liabilities €96.5m
Equity
€50.2m ▲ 1.1%
Provisions
€668,858 ▼ 15.9%
Debt
€45.7m ▲ 3.5%
Debt's share of the balance-sheet total rises from 46.7% to 47.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€33.5m▲
2024 · €32.2m
Cash flow
€24.8m▲
2024 · €24.2m
Current ratio
1.62▼
2024 · 1.62
Quick ratio
1.19▲
2024 · 1.16
Debt to equity
0.91▲
2024 · 0.89
ROE
44.9%▲
2024 · 44.4%
ROA
23.4%▲
2024 · 23.3%
Interest coverage
11.84▼
2024 · 12.37
Debt ≤ 1 year
€45.7m▲
2024 · €44.0m
Income taxes
€7.4m▼
2024 · €7.5m
Staff costs
€20.9m▲
2024 · €19.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €159.8m | €181.8m | €159.8m | €153.7m | €162.4m | ▲ 5.7% |
| Turnover70 | €150.6m | €176.6m | €156.4m | €151.5m | €158.6m | ▲ 4.7% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | €5.4m | €694,130 | -€765,422 | -€1.5m | -€872,997 | ▲ 43.0% |
| Other operating income74 | €3.7m | €4.5m | €4.2m | €3.7m | €4.7m | ▲ 26.5% |
| Operating charges60/66A | €132.3m | €152.0m | €132.6m | €123.7m | €131.2m | ▲ 6.0% |
| Goods for resale, raw materials and consumables60 | €92.9m | €103.9m | €82.6m | €81.2m | €83.0m | ▲ 2.2% |
| Purchases600/8 | €98.2m | €105.6m | €82.7m | €78.5m | €83.0m | ▲ 5.6% |
| Change in stocks: decrease (increase)609 | -€5.3m | -€1.8m | -€45,496 | €2.7m | €64,610 | ▼ 97.6% |
| Services and other goods61 | €23.3m | €28.4m | €25.1m | €22.2m | €24.5m | ▲ 10.4% |
| Remuneration, social security and pensions62 | €15.6m | €18.5m | €20.4m | €19.7m | €20.9m | ▲ 6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.1m | €1.7m | €2.0m | €2.2m | €2.2m | ▲ 1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€513,860 | -€100,699 | €2.5m | -€1.9m | €301,878 | ▲ 116% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€98,918 | -€450,995 | -€48,263 | -€16,123 | -€126,336 | ▼ 684% |
| Other operating charges640/8 | €116,244 | €119,446 | €119,619 | €244,553 | €295,335 | ▲ 20.8% |
| Operating profit (loss)9901 | €27.5m | €29.8m | €27.2m | €30.0m | €31.3m | ▲ 4.3% |
| Financial income75/76B | €419,730 | €1.5m | €1.8m | €2.2m | €1.5m | ▼ 28.7% |
| Recurring financial income75 | €410,730 | €1.5m | €1.7m | €2.2m | €1.5m | ▼ 28.7% |
| Income from current assets751 | €44 | €70,178 | €998,574 | €1.4m | €866,011 | ▼ 38.4% |
| Other financial income752/9 | €410,687 | €1.5m | €705,656 | €759,738 | €676,618 | ▼ 10.9% |
| Non-recurring financial income76B | €9,000 | €10,131 | €106,929 | €0 | - | - |
| Financial charges65/66B | €2.4m | €2.9m | €2.6m | €2.6m | €2.8m | ▲ 8.7% |
| Recurring financial charges65 | €2.3m | €2.9m | €2.6m | €2.6m | €2.8m | ▲ 8.7% |
| Debt charges650 | €971 | €119 | €0 | - | - | - |
| Other financial charges652/9 | €2.3m | €2.9m | €2.6m | €2.6m | €2.8m | ▲ 8.7% |
| Non-recurring financial charges66B | €105,308 | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €25.4m | €28.5m | €26.4m | €29.5m | €30.0m | ▲ 1.4% |
| Income taxes67/77 | €6.5m | €7.2m | €6.2m | €7.5m | €7.4m | ▼ 1.0% |
| Taxes670/3 | €6.5m | €7.2m | €6.7m | €7.5m | €7.5m | ▼ 0.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | €514,348 | €0 | €26,509 | - |
| Profit (loss) for the period9904 | €18.9m | €21.3m | €20.2m | €22.0m | €22.5m | ▲ 2.3% |
| Profit (loss) for the period to be appropriated9905 | €18.9m | €21.3m | €20.2m | €22.0m | €22.5m | ▲ 2.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €84.9m | €93.7m | €88.9m | €94.5m | €96.5m | ▲ 2.1% |
| Fixed assets21/28 | €19.0m | €23.2m | €23.4m | €22.9m | €22.6m | ▼ 1.5% |
| Tangible fixed assets22/27 | €4.9m | €10.6m | €10.6m | €10.2m | €9.9m | ▼ 3.3% |
| Land and buildings22 | €820,154 | €4.4m | €4.8m | €5.4m | €5.7m | ▲ 5.2% |
| Plant, machinery and equipment23 | €4.0m | €6.2m | €5.8m | €4.8m | €4.1m | ▼ 14.5% |
| Furniture and vehicles24 | €39,088 | €13,795 | €0 | - | €73,646 | - |
| Financial fixed assets28 | €14.1m | €12.6m | €12.7m | €12.7m | €12.7m | = |
| Affiliated companies280/1 | €14.0m | €12.5m | €12.6m | €12.6m | €12.6m | = |
| Participating interests280 | €14.0m | €10.1m | €10.2m | €10.2m | €10.2m | = |
| Amounts receivable281 | - | €2.4m | €2.4m | €2.4m | €2.4m | = |
| Other financial fixed assets284/8 | €82,634 | €121,610 | €124,360 | €124,588 | €127,129 | ▲ 2.0% |
| Amounts receivable and cash guarantees285/8 | €82,634 | €121,610 | €124,360 | €124,588 | €127,129 | ▲ 2.0% |
| Current assets29/58 | €65.9m | €70.5m | €65.6m | €71.6m | €73.9m | ▲ 3.2% |
| Stocks and contracts in progress3 | €22.9m | €25.8m | €22.7m | €20.6m | €19.7m | ▼ 4.2% |
| Stocks30/36 | €22.9m | €25.8m | €22.7m | €20.6m | €19.7m | ▼ 4.2% |
| Raw materials and consumables30/31 | €10.6m | €12.4m | €9.7m | €8.9m | €8.2m | ▼ 7.8% |
| Work in progress32 | €2.5m | €2.8m | €3.5m | €3.0m | €2.7m | ▼ 10.2% |
| Finished goods33 | €9.8m | €10.7m | €9.5m | €8.6m | €8.8m | ▲ 1.6% |
| Amounts receivable within one year40/41 | €12.7m | €15.7m | €9.3m | €7.5m | €7.5m | = |
| Trade receivables40 | €11.2m | €14.6m | €8.0m | €6.6m | €6.5m | ▼ 1.0% |
| Other amounts receivable41 | €1.5m | €1.1m | €1.3m | €905,326 | €971,762 | ▲ 7.3% |
| Cash at bank and in hand54/58 | €30.3m | €28.9m | €33.4m | €43.3m | €46.5m | ▲ 7.4% |
| Deferred charges and accrued income490/1 | €86,961 | €83,548 | €131,700 | €128,412 | €99,366 | ▼ 22.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €84.9m | €93.7m | €88.9m | €94.5m | €96.5m | ▲ 2.1% |
| Equity10/15 | €46.1m | €47.4m | €47.6m | €49.6m | €50.2m | ▲ 1.1% |
| Contributions10/11 | €38.3m | €38.3m | €38.3m | €38.3m | €38.3m | = |
| Capital10 | €38.3m | €38.3m | €38.3m | €38.3m | €38.3m | = |
| Issued capital100 | €38.3m | €38.3m | €38.3m | €38.3m | €38.3m | = |
| Reserves13 | €7.9m | €9.1m | €9.3m | €11.4m | €11.9m | ▲ 4.7% |
| Non-distributable reserves130/1 | €2.2m | €3.2m | €3.8m | €3.8m | €3.8m | = |
| Legal reserve130 | €2.2m | €3.2m | €3.8m | €3.8m | €3.8m | = |
| Tax-exempt reserves132 | €3,471 | €3,471 | €3,471 | €3,471 | €3,471 | = |
| Distributable reserves133 | €5.7m | €5.9m | €5.5m | €7.5m | €8.1m | ▲ 7.1% |
| Provisions and deferred taxes16 | €1.3m | €859,581 | €811,318 | €795,194 | €668,858 | ▼ 15.9% |
| Provisions for liabilities and charges160/5 | €1.3m | €859,581 | €811,318 | €795,194 | €668,858 | ▼ 15.9% |
| Other liabilities and charges164/5 | €1.3m | €859,581 | €811,318 | €795,194 | €668,858 | ▼ 15.9% |
| Amounts payable17/49 | €37.5m | €45.5m | €40.5m | €44.1m | €45.7m | ▲ 3.5% |
| Amounts payable within one year42/48 | €37.5m | €45.5m | €40.4m | €44.0m | €45.7m | ▲ 3.7% |
| Trade debts44 | €21.1m | €22.3m | €16.7m | €18.6m | €19.5m | ▲ 4.4% |
| Suppliers440/4 | €21.1m | €22.3m | €16.7m | €18.6m | €19.5m | ▲ 4.4% |
| Taxes, remuneration and social security45 | €4.0m | €3.1m | €3.7m | €5.4m | €4.2m | ▼ 22.3% |
| Taxes450/3 | €1.7m | €938,635 | €1.9m | €3.3m | €2.0m | ▼ 39.5% |
| Remuneration and social security454/9 | €2.4m | €2.2m | €1.9m | €2.1m | €2.2m | ▲ 4.1% |
| Other amounts payable47/48 | €12.3m | €20.0m | €20.0m | €20.0m | €22.0m | ▲ 10.0% |
| Accrued charges and deferred income492/3 | - | - | €86,000 | €46,000 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18.9m | €21.3m | €20.2m | €22.0m | €22.5m | ▲ 2.3% |
| + Depreciation and write-downs630 | €1.1m | €1.7m | €2.0m | €2.2m | €2.2m | ▲ 1.6% |
| Operating cash flow (approximation) | €20.0m | €23.0m | €22.2m | €24.2m | €24.8m | ▲ 2.2% |
| Investment in fixed assets (approximation) | - | -€5.9m | -€2.1m | -€1.8m | -€1.9m | ▼ 6.8% |
| Change in cash | - | -€1.4m | €4.5m | €9.9m | €3.2m | ▼ 67.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
16-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €22.5m ▲2.3%
Operating result €31.3m, net result €22.5m, both a record.
31-12
Financial
Equity above €50mEq €50.2m ▲1.1%
8 profitable years in a row build equity to €50.2m.
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
05-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
15-06
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · consolidated
2020
31-12
Financial
Weakest financial yearnet €9.7m ▼26.2%
Net result drops to €9.7m, the lowest in the series; recovery starts the following year.
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 24 acts read
About the unread acts
We know of 24 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
24 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Menen · 5 establishment units since 1977
Ground area
4.3 ha
Building footprint
1.8 ha
Volume, LiDAR
36,741 m³
4 parcels, Flanders, Wallonia · tallest building 10.3 m, ±3 floors. Linked by address, not a title deed.
5 establishment units
THULE NV
since 19772.013.536.688
THULE NV
since 20192.287.517.247
THULE NV
since 20212.318.179.442
LAR blok M 40, 8930 Menen
since 20222.348.950.020
Thule NV
since 20222.337.097.115
4 parcels
Flanders
3
(75%)
Wallonia
1
(25%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34027D0042/00R009 | Flanders | 1.8 ha | 1 · 1.1 ha | - |
| 34372C0260/00T002 | Flanders | 1.7 ha | 1 · 2,377 m² | 8.7 m · 1 fl. |
| 54007B0155/00R000 | Wallonia | 7,483 m² | 1 · 4,191 m² | 6.9 m · 2 fl. |
| 34041C0117/00P000 | Flanders | 373 m² | 1 · 165 m² | 10.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
Thule Group AB
3 companies
Group, risk and exposure
Connections & network
No current directors or connected companies found in the register.
Ownership & control
2 parent companiesControl over this companyparent company per the LEI register2
Thule Sweden AB
Hillerstorp, Sweden
Thule Group AB
Malmö, Sweden · indirect
controls
THULEBE 0416.957.963
Public money · subsidies and aid
Flemish government
2024 to 2025 · 2 entries · 2,708 EUR awarded · 2,708 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,904 EUR | 1,904 EUR |
| 2024 | 1 | 804 EUR | 804 EUR |
Schemes
Recognitions · licences · registrations
Legal Entity Identifier
54930031D72SGKUSQV68
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Of 195 companies in sector 29320 we hold annual accounts for 124. 34 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-02-1977
Fiscal year end31-12
Activities, NACEBEL 2025
13929Manufacture of textiles
29320Manufacture of motor vehicles, trailers and semi-trailers
46496Wholesale trade
46713Wholesale trade
Scores and ratios are computed by Checked and are not a credit decision.