THULIER DECOR
Judicial reorganisationSummary
The file of THULIER DECOR contains 2 judicial reorganisation notices, as published in the Belgian Official Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show equity of €37,071 and a net result of -€1,437. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 27% of 34,052 sector peers (NACE 43, financial year 2025).
Financials · financial year 2025, micro format
Equity
€37,071▼ 3.7%
2024 · €38,508
Total assets
€142,064▼ 10.3%
2024 · €158,459
Net result
-€1,437▲ 61.1%
2024 · -€3,692
Working capital
€9,000
2024 · -€1,081
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €924 in 2025 against €1,168 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€924
2025
Net result-€1,437
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€142,064
2025
Equity€37,071
2025
Debt€104,993
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€9,000
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-1.0%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency26.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.11
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)5
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€24,483-€45,542€54,813▲ 20.4%€95,595▲ 74.4%€56,195▼ 41.2%-€50,872-€1,168▲ 97.7%-€924▲ 21.0%
Net result-€32,757-€39,085€50,854above the sector's middle half▲ 30.1%€91,194above the sector's middle half▲ 79.3%€44,889above the sector's middle half▼ 50.8%-€50,794below the sector's middle half-€3,692below the sector's middle half▲ 92.7%-€1,437below the sector's middle half▲ 61.1%
Equity-€118,028--€78,943▲ 33.1%-€28,089below the sector's middle half▲ 64.4%€63,104within the sector's middle half€92,993within the sector's middle half▲ 47.4%€42,199within the sector's middle half▼ 54.6%€38,508within the sector's middle half▼ 8.7%€37,071within the sector's middle half▼ 3.7%
Total assets€108,915-€145,313▲ 33.4%€167,190within the sector's middle half▲ 15.1%€262,949within the sector's middle half▲ 57.3%€256,975within the sector's middle half▼ 2.3%€163,789within the sector's middle half▼ 36.3%€158,459within the sector's middle half▼ 3.3%€142,064within the sector's middle half▼ 10.3%
Debt€226,943-€224,256▼ 1.2%€195,279▼ 12.9%€199,844▲ 2.3%€163,982▼ 17.9%€121,590▼ 25.9%€119,951▼ 1.3%€104,993▼ 12.5%
Working capital-€173,674--€133,572▲ 23.1%-€78,593below the sector's middle half▲ 41.2%€27,355within the sector's middle half€55,953within the sector's middle half▲ 105%€615below the sector's middle half▼ 98.9%-€1,081below the sector's middle half€9,000within the sector's middle half
Solvency-108.4%--54.3%▲ 54.0pp-16.8%below the sector's middle half▲ 37.5pp24.0%within the sector's middle half▲ 40.8pp36.2%within the sector's middle half▲ 12.2pp25.8%within the sector's middle half▼ 10.4pp24.3%within the sector's middle half▼ 1.5pp26.1%within the sector's middle half▲ 1.8pp
Current ratio0.21-0.38▲ 0.170.59below the sector's middle half▲ 0.201.16within the sector's middle half▲ 0.571.47within the sector's middle half▲ 0.311.01below the sector's middle half▼ 0.460.99below the sector's middle half▼ 0.021.11within the sector's middle half▲ 0.12
Return on assets (ROA)-30.1%-26.9%▲ 57.0pp30.4%above the sector's middle half▲ 3.5pp34.7%above the sector's middle half▲ 4.3pp17.5%above the sector's middle half▼ 17.2pp-31.0%below the sector's middle half▼ 48.5pp-2.3%below the sector's middle half▲ 28.7pp-1.0%below the sector's middle half▲ 1.3pp
Staff (FTE)6.2-4.3▼ 30.6%5above the sector's middle half▲ 16.3%5=5=5=5=5=
above
within
below
the middle half of NACE 43, Specialised construction activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €142,064
Fixed assets
€49,193 ▼ 34.5%
Current assets
€92,871 ▲ 11.5%
Equity and liabilities €142,064
Equity
€37,071 ▼ 3.7%
Debt
€104,993 ▼ 12.5%
Debt's share of the balance-sheet total falls from 75.7% to 73.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,731▼
2024 · €26,091
Cash flow
€25,218▲
2024 · €23,568
Quick ratio
0.61▲
2024 · 0.44
Debt to equity
2.83▼
2024 · 3.11
ROE
-3.9%▲
2024 · -9.6%
Interest coverage
10.09▲
2024 · 7.08
Debt ≤ 1 year
€83,872▼
2024 · €84,394
Debt > 1 year
€21,075▼
2024 · €35,557
Income taxes
€357▼
2024 · €375
Staff costs
€214,167▲
2024 · €193,404
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €154,417 | €172,756 | €153,186 | €193,404 | €214,167 | ▲ 10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,487 | €20,806 | €17,587 | €24,027 | €33,198 | €18,514 | €27,260 | €26,654 | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €2,243 | €3,971 | €8,582 | €7,215 | €3,957 | ▼ 45.2% |
| Gross operating margin9900 | €204,201 | €239,986 | €233,813 | €276,283 | €266,120 | €129,410 | €226,710 | €243,854 | ▲ 7.6% |
| Operating profit (loss)9901 | -€24,483 | €45,542 | €54,813 | €95,595 | €56,195 | -€50,872 | -€1,168 | -€924 | ▲ 21.0% |
| Financial income75/76B | - | - | - | €3,382 | €3,582 | €2,257 | €1,539 | €2,394 | ▲ 55.6% |
| Recurring financial income75 | €135 | €48 | €2,020 | €3,382 | €3,582 | €2,257 | €1,539 | €2,394 | ▲ 55.6% |
| Financial charges65/66B | - | - | - | €7,527 | €2,121 | €1,864 | €3,687 | €2,550 | ▼ 30.8% |
| Recurring financial charges65 | €7,851 | €6,193 | €5,697 | €7,527 | €2,121 | €1,864 | €3,687 | €2,550 | ▼ 30.8% |
| Profit (loss) for the period before taxes9903 | -€32,199 | €39,397 | €51,136 | €91,451 | €57,656 | -€50,479 | -€3,316 | -€1,080 | ▲ 67.4% |
| Income taxes67/77 | €559 | €312 | €282 | €257 | €12,768 | €315 | €375 | €357 | ▼ 5.0% |
| Profit (loss) for the period9904 | -€32,757 | €39,085 | €50,854 | €91,194 | €44,889 | -€50,794 | -€3,692 | -€1,437 | ▲ 61.1% |
| Profit (loss) for the period to be appropriated9905 | -€32,757 | €39,085 | €50,854 | €91,194 | €44,889 | -€50,794 | -€3,692 | -€1,437 | ▲ 61.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €108,915 | €145,313 | €167,190 | €262,949 | €256,975 | €163,789 | €158,459 | €142,064 | ▼ 10.3% |
| Fixed assets21/28 | €61,544 | €61,803 | €54,450 | €68,123 | €82,126 | €97,288 | €75,146 | €49,193 | ▼ 34.5% |
| Intangible fixed assets21 | €20,872 | €15,582 | €10,292 | €5,002 | - | - | - | - | - |
| Tangible fixed assets22/27 | €40,536 | €46,086 | €44,023 | €62,986 | €81,991 | €97,108 | €74,966 | €49,013 | ▼ 34.6% |
| Plant, machinery and equipment23 | - | - | - | €32,349 | €23,875 | €16,337 | €13,363 | €6,578 | ▼ 50.8% |
| Furniture and vehicles24 | - | - | - | €29,907 | €22,577 | €20,622 | €14,280 | €7,938 | ▼ 44.4% |
| Leasing and similar rights25 | - | - | - | - | €31,026 | €53,584 | €42,317 | €31,051 | ▼ 26.6% |
| Other tangible fixed assets26 | - | - | - | €730 | €4,512 | €6,565 | €5,006 | €3,446 | ▼ 31.2% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €180 | €180 | €180 | = |
| Current assets29/58 | €47,371 | €83,510 | €112,740 | €194,825 | €174,849 | €66,501 | €83,312 | €92,871 | ▲ 11.5% |
| Stocks and contracts in progress3 | €25,984 | €29,061 | €44,234 | €66,699 | €35,218 | €27,689 | €46,417 | €41,624 | ▼ 10.3% |
| Stocks30/36 | - | - | - | €66,699 | €35,218 | €27,689 | €46,417 | €41,624 | ▼ 10.3% |
| Amounts receivable within one year40/41 | €9,721 | €24,854 | €25,137 | €13,886 | €29,202 | €7,709 | €19,957 | €7,259 | ▼ 63.6% |
| Trade receivables40 | - | - | - | €10,806 | €27,426 | €7,499 | €14,660 | €4,933 | ▼ 66.4% |
| Other amounts receivable41 | - | - | - | €3,079 | €1,776 | €210 | €5,297 | €2,327 | ▼ 56.1% |
| Cash at bank and in hand54/58 | €3,288 | €17,950 | €35,406 | €107,522 | €103,469 | €23,562 | €10,038 | €34,691 | ▲ 246% |
| Deferred charges and accrued income490/1 | - | - | - | €6,718 | €6,960 | €7,541 | €6,900 | €9,298 | ▲ 34.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €108,915 | €145,313 | €167,190 | €262,949 | €256,975 | €163,789 | €158,459 | €142,064 | ▼ 10.3% |
| Equity10/15 | -€118,028 | -€78,943 | -€28,089 | €63,104 | €92,993 | €42,199 | €38,508 | €37,071 | ▼ 3.7% |
| Contributions10/11 | €80,600 | €80,600 | - | €80,600 | €80,600 | €80,600 | €80,600 | €80,600 | = |
| Reserves13 | €447 | €447 | €447 | €447 | €447 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €447 | €447 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €447 | €447 | - | - | - | - |
| Profit (loss) carried forward14 | -€199,075 | -€159,990 | -€109,136 | -€17,943 | €11,946 | -€38,401 | -€42,092 | -€43,529 | ▼ 3.4% |
| Amounts payable17/49 | €226,943 | €224,256 | €195,279 | €199,844 | €163,982 | €121,590 | €119,951 | €104,993 | ▼ 12.5% |
| Amounts payable after more than one year17 | - | - | - | €30,412 | €45,086 | €55,704 | €35,557 | €21,075 | ▼ 40.7% |
| Financial debts170/4 | - | - | - | €30,412 | €45,086 | €55,704 | €35,557 | €21,075 | ▼ 40.7% |
| Amounts payable within one year42/48 | €221,045 | €217,081 | €191,333 | €167,471 | €118,896 | €65,886 | €84,394 | €83,872 | ▼ 0.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,802 | €16,403 | €19,546 | €20,146 | €14,482 | ▼ 28.1% |
| Financial debts43 | - | - | - | €30,000 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €30,000 | - | - | - | - | - |
| Trade debts44 | €45,113 | €48,408 | €32,016 | €13,792 | €11,383 | €5,871 | €18,578 | €9,747 | ▼ 47.5% |
| Suppliers440/4 | - | - | - | €13,792 | €11,383 | €5,871 | €18,578 | €9,747 | ▼ 47.5% |
| Advances received on contracts in progress46 | - | - | - | €107,254 | €64,857 | €33,364 | €25,514 | €37,031 | ▲ 45.1% |
| Taxes, remuneration and social security45 | - | - | - | €6,542 | €11,067 | €6,860 | €6,967 | €7,253 | ▲ 4.1% |
| Taxes450/3 | - | - | - | €1,035 | €5,196 | €702 | €376 | €356 | ▼ 5.2% |
| Remuneration and social security454/9 | - | - | - | €5,507 | €5,871 | €6,158 | €6,591 | €6,896 | ▲ 4.6% |
| Other amounts payable47/48 | - | - | - | €1,081 | €15,186 | €246 | €13,188 | €15,359 | ▲ 16.5% |
| Accrued charges and deferred income492/3 | - | - | - | €1,962 | - | €0 | €0 | €47 | ▲ 33,264% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,757 | €39,085 | €50,854 | €91,194 | €44,889 | -€50,794 | -€3,692 | -€1,437 | ▲ 61.1% |
| + Depreciation and write-downs630 | €16,487 | €20,806 | €17,587 | €24,027 | €33,198 | €18,514 | €27,260 | €26,654 | ▼ 2.2% |
| Operating cash flow (approximation) | -€16,271 | €59,892 | €68,441 | €115,221 | €78,086 | -€32,280 | €23,568 | €25,218 | ▲ 7.0% |
| Investment in fixed assets (approximation) | - | -€21,066 | -€10,234 | -€37,700 | -€47,201 | -€33,676 | -€5,118 | -€701 | ▲ 86.3% |
| Change in cash | - | €14,662 | €17,456 | €72,116 | -€4,054 | -€79,907 | -€13,524 | €24,653 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00208902 |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00169004 |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00270053 |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00137046 |
| 31-12-2021 | micro format | 06-04-2022 | 2022-20001468 |
| 31-12-2020 | micro format | 25-03-2021 | 2021-08400562 |
| 31-12-2019 | micro format | 15-04-2020 | 2020-09100584 |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20200255 |
| 31-12-2017 | micro format | 25-06-2018 | 2018-22100595 |
| 31-12-2016 | micro format | 30-08-2017 | 2017-57400316 |
Similar companies · same sector, comparable size
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Of the 3,997 active companies whose main activity is other construction installation (NACE 43240), figures are known for 1,615. 1,260 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.