THOMAS FRERES
ActiveSummary
THOMAS FRERES has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.38M and a net result of €150k. Equity is growing by ~9.6% per year across the filed fiscal years. Its solvency ranks better than 71% of 4886 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+11
Solvency89▼-2
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100k at 30 days acceptable
Liquidity ample (current ratio 2.2 against 2.04 in 2024; short-term debt: 35.6% and cash: 10.9% of total assets), and 35.6% of the assets are financed with debt.
Credit check for your own amount and term
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
64.4%
Return on assets
7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-09-2026, 39 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
39 d late
2024
23 d early
2023
30 d late
2022
31 d late
2021
22 d late
2020
27 d late
2019
270 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€150k
2024 · €-48k
2018: €-51klowest in 8 years
2019: €115k▲ +327% vs 2018
2020: €47k▼ -59.4% vs 2019
2021: €253k▲ +442% vs 2020highest in 8 years
2022: €35k▼ -86.1% vs 2021
2023: €183k▲ +422% vs 2022
2024: €-48k▼ -126% vs 2023
2025: €150k▲ +416% vs 2024
2018 → 2025
Working capital
€913k▲ 35.9%
2024 · €672k
2018: €279k
2019: €170k▼ -39.1% vs 2018lowest in 8 years
2020: €309k▲ +81.7% vs 2019
2021: €576k▲ +86.4% vs 2020
2022: €604k▲ +4.9% vs 2021
2023: €780k▲ +29.2% vs 2022
2024: €672k▼ -13.9% vs 2023
2025: €913k▲ +35.9% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.07M-€1.10M▲ 2.3%€1.28M▲ 16.7%€1.23M▼ 3.7%€1.38M▲ 12.2%
2021: €1.07Mlowest in 5 years
2022: €1.10M▲ +2.3% vs 2021
2023: €1.28M▲ +16.7% vs 2022
2024: €1.23M▼ -3.7% vs 2023
2025: €1.38M▲ +12.2% vs 2024highest in 5 years
Operating result€373k-€37k▼ 90.1%€250k▲ 576%€-52k€208k
2021: €373khighest in 5 years
2022: €37k▼ -90.1% vs 2021
2023: €250k▲ +576% vs 2022
2024: €-52k▼ -121% vs 2023lowest in 5 years
2025: €208k▲ +500% vs 2024
Net result€253k-€35k▼ 86.1%€183k▲ 422%€-48k€150k
2021: €253khighest in 5 years
2022: €35k▼ -86.1% vs 2021
2023: €183k▲ +422% vs 2022
2024: €-48k▼ -126% vs 2023lowest in 5 years
2025: €150k▲ +416% vs 2024
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €208k after a loss of €52k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.15M
Fixed assets
€470k ▼ 16.3%
Current assets
€1.68M ▲ 27.3%
Equity and liabilities €2.15M
Equity
€1.38M ▲ 12.2%
Debt
€764k ▲ 18.3%
Debt's share of the balance-sheet total rises from 34.4% to 35.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€300k▲
2024 · €49k
Cash flow
€242k▲
2024 · €54k
Current ratio
2.20▲
2024 · 2.04
Quick ratio
1.19▲
2024 · 0.97
Debt to equity
0.55▲
2024 · 0.52
ROE
10.8%▲
2024 · -3.9%
ROA
7.0%▲
2024 · -2.5%
Interest coverage
244.94▲
2024 · 46.17
Debt ≤ 1 year
€764k▲
2024 · €646k
Income taxes
€57k▲
2024 · €68
Staff costs
€352k▲
2024 · €338k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.88M€2.15M▲
Fixed assets21/28€561k€470k▼
Tangible fixed assets22/27€558k€465k▼
Land and buildings22€387k€333k▼
Plant, machinery and equipment23€98k€80k▼
Furniture and vehicles24€72k€52k▼
Financial fixed assets28€3k€4k▲
Current assets29/58€1.32M€1.68M▲
Stocks and contracts in progress3€691k€770k▲
Stocks30/36€691k€770k▲
Amounts receivable within one year40/41€446k€647k▲
Trade receivables40€396k€597k▲
Other amounts receivable41€50k€50k=
Cash at bank and in hand54/58€149k€234k▲
Deferred charges and accrued income490/1€30k€26k▼
Equity and liabilities
Total equity and liabilities10/49€1.88M€2.15M▲
Equity10/15€1.23M€1.38M▲
Contributions10/11€120k€120k=
Capital10€120k€120k=
Issued capital100€120k€120k=
Reserves13€1.11M€1.26M▲
Non-distributable reserves130/1€12k€12k=
Legal reserve130€12k€12k=
Distributable reserves133€1.10M€1.25M▲
Profit (loss) carried forward14€65€105▲
Amounts payable17/49€646k€764k▲
Amounts payable within one year42/48€646k€764k▲
Trade debts44€135k€246k▲
Suppliers440/4€135k€246k▲
Taxes, remuneration and social security45€62k€114k▲
Taxes450/3€28k€67k▲
Remuneration and social security454/9€34k€47k▲
Other amounts payable47/48€449k€404k▼
Income statement
Code20242025
Remuneration, social security and pensions62€338k€352k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€101k€92k▼
Other operating charges640/8€23k€28k▲
Non-recurring operating charges66A€16k-
Gross operating margin9900€427k€680k▲
Operating profit (loss)9901€-52k€208k▲
Financial income75/76B€6k€430▼
Recurring financial income75€299€130▼
Non-recurring financial income76B€5k€300▼
Financial charges65/66B€1k€1k▲
Recurring financial charges65€1k€1k▲
Profit (loss) for the period before taxes9903€-47k€207k▲
Income taxes67/77€68€57k▲
Profit (loss) for the period9904€-48k€150k▲
Profit (loss) for the period to be appropriated9905€-48k€150k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-25k€150k▲
Profit (loss) brought forward from the previous period14P€23k€65▼
Transfer from equity791/2€25k-
Transfer to equity691/2-€150k
To other reserves6921-€150k
Social balance
Average headcount (FTE)90875.66.0▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €184k | €277k | €311k | €338k | €352k | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €84k | €88k | €90k | €101k | €92k | ▼ 8.9% |
| Other operating charges640/8 | €15k | €28k | €34k | €23k | €28k | ▲ 18.7% |
| Non-recurring operating charges66A | - | - | - | €16k | - | - |
| Gross operating margin9900 | €656k | €430k | €685k | €427k | €680k | ▲ 59.5% |
| Operating profit (loss)9901 | €373k | €37k | €250k | €-52k | €208k | ▲ 500% |
| Financial income75/76B | €859 | €17k | €24k | €6k | €430 | ▼ 92.4% |
| Recurring financial income75 | €707 | €3k | €5k | €299 | €130 | ▼ 56.6% |
| Non-recurring financial income76B | €152 | €14k | €19k | €5k | €300 | ▼ 94.4% |
| Financial charges65/66B | €9k | €3k | €4k | €1k | €1k | ▲ 14.8% |
| Recurring financial charges65 | €3k | €3k | €4k | €1k | €1k | ▲ 14.8% |
| Non-recurring financial charges66B | €6k | €173 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €365k | €51k | €269k | €-47k | €207k | ▲ 537% |
| Transfer from deferred taxes780 | €3k | - | - | - | - | - |
| Transfer to deferred taxes680 | €35k | - | - | - | - | - |
| Income taxes67/77 | €81k | €16k | €86k | €68 | €57k | ▲ 84,223% |
| Profit (loss) for the period9904 | €253k | €35k | €183k | €-48k | €150k | ▲ 416% |
| Transfer from tax-exempt reserves789 | €10k | - | - | - | - | - |
| Transfer to tax-exempt reserves689 | €105k | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €158k | €35k | €183k | €-48k | €150k | ▲ 416% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.77M | €1.72M | €1.90M | €1.88M | €2.15M | ▲ 14.3% |
| Fixed assets21/28 | €553k | €493k | €501k | €561k | €470k | ▼ 16.3% |
| Tangible fixed assets22/27 | €550k | €490k | €497k | €558k | €465k | ▼ 16.6% |
| Land and buildings22 | €474k | €444k | €391k | €387k | €333k | ▼ 14.0% |
| Plant, machinery and equipment23 | €63k | €40k | €16k | €98k | €80k | ▼ 18.3% |
| Furniture and vehicles24 | €13k | €6k | €91k | €72k | €52k | ▼ 27.8% |
| Financial fixed assets28 | €3k | €3k | €3k | €3k | €4k | ▲ 28.6% |
| Current assets29/58 | €1.21M | €1.23M | €1.40M | €1.32M | €1.68M | ▲ 27.3% |
| Stocks and contracts in progress3 | €330k | €409k | €695k | €691k | €770k | ▲ 11.4% |
| Stocks30/36 | €330k | €409k | €695k | €691k | €770k | ▲ 11.4% |
| Amounts receivable within one year40/41 | €778k | €493k | €556k | €446k | €647k | ▲ 44.9% |
| Trade receivables40 | €758k | €395k | €451k | €396k | €597k | ▲ 50.6% |
| Other amounts receivable41 | €20k | €98k | €105k | €50k | €50k | = |
| Cash at bank and in hand54/58 | €80k | €299k | €124k | €149k | €234k | ▲ 56.6% |
| Deferred charges and accrued income490/1 | €24k | €27k | €24k | €30k | €26k | ▼ 14.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.77M | €1.72M | €1.90M | €1.88M | €2.15M | ▲ 14.3% |
| Equity10/15 | €1.07M | €1.10M | €1.28M | €1.23M | €1.38M | ▲ 12.2% |
| Contributions10/11 | €120k | €120k | €120k | €120k | €120k | = |
| Capital10 | €120k | €120k | €120k | €120k | €120k | = |
| Issued capital100 | €120k | €120k | €120k | €120k | €120k | = |
| Reserves13 | €930k | €955k | €1.14M | €1.11M | €1.26M | ▲ 13.5% |
| Non-distributable reserves130/1 | €12k | €12k | €12k | €12k | €12k | = |
| Legal reserve130 | €12k | €12k | €12k | €12k | €12k | = |
| Tax-exempt reserves132 | €94k | - | - | - | - | - |
| Distributable reserves133 | €824k | €943k | €1.13M | €1.10M | €1.25M | ▲ 13.6% |
| Profit (loss) carried forward14 | €22k | €22k | €23k | €65 | €105 | ▲ 60.7% |
| Provisions and deferred taxes16 | €31k | - | - | - | - | - |
| Deferred taxes168 | €31k | - | - | - | - | - |
| Amounts payable17/49 | €662k | €623k | €620k | €646k | €764k | ▲ 18.3% |
| Amounts payable after more than one year17 | €25k | - | - | - | - | - |
| Financial debts170/4 | €25k | - | - | - | - | - |
| Amounts payable within one year42/48 | €637k | €623k | €620k | €646k | €764k | ▲ 18.3% |
| Current portion of amounts payable after more than one year42 | €37k | €25k | - | - | - | - |
| Trade debts44 | €175k | €199k | €314k | €135k | €246k | ▲ 81.5% |
| Suppliers440/4 | €175k | €199k | €314k | €135k | €246k | ▲ 81.5% |
| Taxes, remuneration and social security45 | €173k | €173k | €85k | €62k | €114k | ▲ 85.2% |
| Taxes450/3 | €148k | €135k | €52k | €28k | €67k | ▲ 143% |
| Remuneration and social security454/9 | €25k | €37k | €33k | €34k | €47k | ▲ 38.0% |
| Other amounts payable47/48 | €251k | €227k | €221k | €449k | €404k | ▼ 10.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €253k | €35k | €183k | €-48k | €150k | ▲ 416% |
| + Depreciation and write-downs630 | €84k | €88k | €90k | €101k | €92k | ▼ 8.9% |
| Operating cash flow (approximation) | €336k | €123k | €274k | €54k | €242k | ▲ 350% |
| Investment in fixed assets (approximation) | - | €-28k | €-97k | €-162k | €-1k | ▲ 99.4% |
| Change in cash | - | €218k | €-174k | €25k | €85k | ▲ 238% |
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
08-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 39 days late
07-08
State Gazette act
Reappointments: Francis THOMAS (director) and Michel THOMAS (director)Mandate compensation7 facts ▸
State Gazette act
Reappointments: Francis THOMAS (director) and Michel THOMAS (director)
Mandate compensation7 facts ▸
- General meeting, 13/06/2026
- Director reappointment, Francis THOMAS (director)
- Director reappointment, Francis THOMAS (managing director)
- Director reappointment, Michel THOMAS (director)
- Director reappointment, Michel THOMAS (managing director)
- Mandate compensation, Francis THOMAS
- Mandate compensation, Michel THOMAS
2025
31-12
Financial
Back to profitnet €150k
Net result €150k after one loss-making year.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
22-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 22 days late
2021
31-12
Financial
Highest result since 2018net €253k ▲442%
Operating result €373k, net result €253k, both a record.
31-12
Financial
Equity above €1MEq €1.07M ▲30.8%
3 profitable years in a row build equity to €1.07M.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 27 days late
27-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 270 days late
2019
31-12
Financial
Back to profitnet €115k
Net result €115k after one loss-making year.
Show earlier events
12-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 43 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors
Francis THOMAS
CurrentDirector
Michel Thomas
CurrentDirector
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Tenneville · 1 establishment unit since 2002
Ground area
3,772 m²
Building footprint
246 m²
Volume, LiDAR
1,078 m³
Parcel 83049B1114/00F000, Wallonia · tallest building 7.8 m, ±1 floor. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Berguème 10, 6970 Tenneville
since 20022.131.716.342
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 83049B1114/00F000 | Wallonia | 3,772 m² | 1 · 246 m² | 7.8 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
7 connected companiesThis company
Company
Director
Shareholding
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
via Michel Thomas · Managing director
→
via Michel Thomas · Director
→
via Michel Thomas · Director
former→
via Michel Thomas · Director
former→
Show 3 more companies with a shared director
via Michel Thomas · Director
former→
via Michel Thomas · Director
former→
via Michel Thomas · Permanent representative
former→
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Of 806 companies in sector 46610 we hold annual accounts for 566. 442 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
Founded17-05-2002
Fiscal year end31-12
Activities, NACEBEL 2025
33120Repair and maintenance of machinery
46610Wholesale trade
47811Retail sale of cars and light vans (up to 3.5 tonnes)
95311General maintenance and repair of cars and light vans (up to 3.5 tonnes)
Scores and ratios are computed by Checked and are not a credit decision.