Checked.be
Active
BE 0429.545.791Private limited company
THUNUS ORGELBAU
Zur Domäne 29 ·4750 Bütgenbach, Belgium· 40 yrs active
Sector: Other manufacturing
(32200)
Conclusion
THUNUS ORGELBAU has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €141k and a net result of €9k. Equity is growing by ~3.3% per year across the filed fiscal years. Its solvency ranks better than 95% of 161 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €141k |
| Net result | €9k |
| Better than sector | 95% |
| Active | 40 yrs |
Financial profile
86
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
100
Profitability
77
Solvency
100
Growth
54
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1986, 40 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
100
/ 100
Excellent
Computed from 6 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
€2k
estimate, not credit advice
Score history
94
2022
78
2023
100
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 103.73 (≥ 1.5)
+10
Quick ratio
Quick ratio 99.41 (≥ 1.0)
+5
Leverage
Debt/equity 0.01 (< 1.0)
+10
Profitability
ROE 6%
+3
EBITDA margin
EBITDA-marge 48% (≥ 10%)
+8
Interest coverage
Interest coverage 41.0× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 23-10-2025 with the NBB · fiscal year 2024 · full schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~3.3%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 32, Other manufacturing · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 99.1% | 46.0% | |
| Net result | €9k | €64k | |
| Equity | €141k | €648k | |
| Gross operating margin | €14k | €328k | |
| Total assets | €143k | €1.45M |
€20k
+4.1%
22-24
€10k
+126.5%
22-24
€9k
-
22-24
€10k
+434.9%
22-24
€143k
-2.1%
22-24
€141k
+6.7%
22-24
€129k
+8.2%
22-24
€107
-95.7%
22-24
€1k
-90.5%
22-24
€1k
-90.5%
22-24
103.73
+932.7%
22-24
99.41
+933.4%
22-24
99.1%
+9.0%
22-24
0.01
-91.1%
22-24
6.3%
-
22-24
6.3%
-
22-24
43.7%
-
22-24
47.8%
+117.6%
22-24
40.97
+136.1%
22-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 |
|---|---|---|---|
| Deposit | full schema | full schema | full schema |
| Revenue | €20k | €20k | €24k |
| EBITDA | €10k | €4k | €5k |
| Net profit | €9k | €-218 | €3k |
| Cash flow | €10k | €2k | €5k |
| Staff costs | - | - | - |
| Income taxes | €107 | €2k | €10 |
| Dividends | - | - | - |
| Total assets | €143k | €146k | €139k |
| Equity | €141k | €133k | €133k |
| Debt | €1k | €13k | €6k |
| of which ≤ 1y | €1k | €13k | €6k |
| of which > 1y | - | - | - |
| Working capital | €129k | €120k | €130k |
| Employees (FTE) | - | - | - |
Ratios (computed)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Current ratio | 103.73 | 10.04 | 21.14 |
| Quick ratio | 99.41 | 9.62 | 20.25 |
| Working capital ratio | 90.7% | 82.0% | 93.1% |
| Solvency | 99.1% | 90.9% | 95.4% |
| Debt / equity | 0.01 | 0.10 | 0.05 |
| Long-term debt ratio | - | - | - |
| Interest coverage | 40.97 | 17.35 | 21.89 |
| Gross margin | 69.4% | 42.5% | 36.6% |
| Net margin | 43.7% | -1.1% | 13.9% |
| ROA | 6.3% | -0.1% | 2.4% |
| ROE | 6.3% | -0.2% | 2.5% |
| EBITDA margin | 47.8% | 22.0% | 21.8% |
| Days sales outstanding | 425d | 222d | 138d |
| Days payable outstanding | - | 391d | 116d |
| Inventory turnover | 1.15 | 2.02 | 2.63 |
| Days inventory (DSI) | 317d | 181d | 139d |
Balance-sheet composition 2024
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €143k | €146k | €139k |
| Fixed assets | 21/28 | €12k | €13k | €3k |
| Tangible fixed assets | 22/27 | €12k | €13k | €3k |
| Current assets | 29/58 | €131k | €133k | €136k |
| Stocks & contracts in progress | 3 | €5k | €6k | €6k |
| Amounts receivable within one year | 40/41 | €24k | €12k | €9k |
| Cash & bank | 54/58 | €101k | €115k | €121k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €143k | €146k | €139k |
| Equity | 10/15 | €141k | €133k | €133k |
| Contributions / capital | 10/11 | €37k | €37k | €37k |
| Reserves | 13 | €96k | €96k | €92k |
| Accumulated profits (losses) | 14 | €9k | €-218 | €3k |
| Amounts payable | 17/49 | €1k | €13k | €6k |
| Amounts payable within one year | 42/48 | €1k | €13k | €6k |
| Trade debts payable within one year | 44 | - | €12k | €5k |
| Income statement | ||||
| Turnover | 70 | €20k | €20k | €24k |
| Gross operating margin | 9900 | €14k | €8k | €9k |
| Operating result | 9901 | €9k | €2k | €4k |
| Financial income | 75 | €419 | €232 | - |
| Financial charges | 65 | €239 | €249 | €238 |
| Result before taxes | 9903 | €9k | €2k | €3k |
| Income taxes | 67/77 | €107 | €2k | €10 |
| Net result for the period | 9904 | €9k | €-218 | €3k |
| Result to be appropriated | 9905 | €9k | €-218 | €3k |
Legal Structure
| NACE primary | Other manufacturing(32200) |
| Legal form | Private limited company(610) |
| Incorporation | 23-07-1986 |
| Status | Active |
| Postal code | 4750 |
Establishment units
Zur Domäne zn, 4750 Bütgenbach
since 19862.034.762.367
Updates
2025
23-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 84 days late
2024
31-12
Financial
Back to profitnet €9k
Net result €9k after one loss-making year.
31-12
Financial
Liquidity times 10current ratio 103.73
Current ratio from 10.04 to 103.73; short-term debt falls from €13k to €1k.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €-218 ▼107%
Net result drops to €-218, the lowest in the series; recovery starts the following year.
09-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
27-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
22-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
23-05
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Other manufacturing32200Retail sale of electrical household appliances4754052450
Names & trade names
| Legal nameFR | THUNUS ORGELBAU |
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