ACTIVE

THERMAE

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Financial year 2025 · closed on 31/12/2025

Net result

-9,9 k €

-119.5% YoY

Gross margin

752 k €

-3.5% YoY

Equity

6,8 M €

-0.1% YoY

What does THERMAE do?

THERMAE is a Public limited company incorporated in 1991. Its main activity is: Office administrative and support activities. Its registered office is in Kampenhout.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0444.290.781

Incorporation

30/05/1991

Legal form

Public limited company

Registered office

Leuvensesteenweg 118
1910 Kampenhout · FlandreSee on map

Contributed capital

145 813,20 €

Latest accounts

31/12/2025

Activities (NACE)

82100Office administrative and support activities· main 82110Combined office administrative service activities 82190Photocopying, document preparation and other specialised office support activities 70200Management consultancy activities 70220Business and other management consultancy activities

Joint committees (1)

Contacts

2 public details availableLog in to view

Signals

Solid equityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	752 k €	-3.5%	779,6 k €	-9.8%	864,6 k €	-34.8%	1,3 M €	+128%	582,1 k €	+159%	225 k €	+822%	-31,1 k €	-129%	108,5 k €	-49.3%	214 k €	+1558%	-14,7 k €	-82.1%	-8,1 k €	-131%	25,9 k €	-56.5%	59,4 k €	-36.4%	93,4 k €	-41.3%	159 k €	+29.6%	122,7 k €	+3.4%	118,6 k €	-15.1%	139,7 k €
EBITDA	556,2 k €	-6.3%	593,5 k €	-10.3%	662 k €	-49.3%	1,3 M €	+140%	543,1 k €	+221%	169 k €	+423%	-52,4 k €	-157%	91,8 k €	-56.7%	212,3 k €	+1058%	-22,2 k €	-33.7%	-16,6 k €	-1367%	1,3 k €	-94.6%	24,1 k €	+62.2%	14,9 k €	-79.4%	72,1 k €	+93.7%	37,2 k €	+130%	16,2 k €	-77.9%	73,3 k €
Operating result	7 k €	-89.9%	69,7 k €	-61.8%	182,4 k €	-77.6%	812,4 k €	+115%	377,4 k €	+386%	77,7 k €	+211%	-69,8 k €	-194%	74,4 k €	-48.7%	145 k €	+326%	-64,3 k €	-9.3%	-58,8 k €	-36.0%	-43,3 k €	-74.8%	-24,7 k €	+26.7%	-33,7 k €	-242%	23,8 k €	+286%	-12,8 k €	+58.4%	-30,7 k €	-179%	38,9 k €
Net result	-9,9 k €	-120%	50,7 k €	-70.6%	172,6 k €	-78.4%	798,7 k €	+113%	375,1 k €	+303%	93,1 k €	+230%	-71,6 k €	-245%	49,4 k €	-58.4%	118,5 k €	+278%	-66,7 k €	+6.1%	-71,1 k €	-37.6%	-51,6 k €	-47.4%	-35 k €	+25.6%	-47,1 k €	-396%	15,9 k €	+156%	-28,5 k €	+52.1%	-59,4 k €	-301%	29,6 k €
Balance sheet
Equity	6,8 M €	-0.1%	6,8 M €	+0.7%	6,8 M €	+2.6%	6,6 M €	+13.7%	5,8 M €	+6.9%	5,4 M €	+18924%	-28,9 k €	-168%	42,7 k €	+746%	-6,6 k €	+94.7%	-125,1 k €	-114%	-58,4 k €	-560%	12,7 k €	-80.3%	64,3 k €	-35.3%	99,4 k €	-32.1%	146,4 k €	+12.2%	130,5 k €	-17.9%	159 k €	-27.2%	218,4 k €
Total assets	12,8 M €	-3.7%	13,3 M €	-6.3%	14,2 M €	+9.9%	12,9 M €	+0.3%	12,9 M €	+9.6%	11,8 M €	+474%	2,1 M €	+48.7%	1,4 M €	+149%	554,3 k €	+57.8%	351,3 k €	-11.8%	398,3 k €	-35.4%	616,9 k €	-3.5%	639,3 k €	+0.3%	637,1 k €	-6.5%	681,3 k €	+8.3%	629,2 k €	-6.4%	672,4 k €	-13.1%	773,7 k €
Cash	317,2 k €	-24.0%	417,6 k €	-4.0%	435 k €	+341%	98,6 k €	-32.9%	146,9 k €	-58.3%	352,5 k €	+512%	57,6 k €	-12.3%	65,7 k €	-73.4%	246,6 k €	+1374%	16,7 k €	-22.6%	21,6 k €	+88.2%	11,5 k €	-48.8%	22,4 k €	-1.5%	22,8 k €	-54.5%	50,1 k €	+80.6%	27,7 k €	-49.0%	54,3 k €	-63.4%	148,3 k €
Debts	6 M €	-6.1%	6,4 M €	-13.9%	7,4 M €	+17.7%	6,3 M €	-10.1%	7 M €	+11.2%	6,3 M €	+204%	2,1 M €	+55.6%	1,3 M €	+138%	560,9 k €	+17.7%	476,5 k €	+4.3%	456,6 k €	-24.4%	604,2 k €	+5.1%	574,9 k €	+6.9%	537,7 k €	+0.5%	534,8 k €	+7.3%	498,6 k €	-2.9%	513,3 k €	-5.6%	544 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		0,1 ETP	-85.7%	0,7 ETP	-30.0%	1,0 ETP	-65.5%	2,9 ETP	0.0%	2,9 ETP	0.0%	2,9 ETP	0.0%	2,9 ETP	+20.8%	2,4 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 24 ended

Active mandates

Tom Leys

Director · since 30 janvier 2020

Active

LUDO LEYS

Managing director · since 02 novembre 2016

Active

Ended mandates

ANNEMIE VAN DESSEL

Director · since 01 juillet 2021 · until 21 décembre 2022

Ended

ANNEMIE VAN DESSEL

Director · since 01 juillet 2021

Ended

RAZ MUHAMMAD PHULPOTO

Director · since 01 juillet 2021 · until 21 décembre 2022

Ended

RAZ MUHAMMAD PHULPOTO

Director · since 01 juillet 2021

Ended

At this address

Other companies at this address

Company	CBE no.
COCOON● Active	0747.893.754
Groep Thermae● Active	0752.720.493
NOBLE KITCHEN● Active	0747.893.655
VITALIA● Active	0877.505.055

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/06/2026	24/06/2025	17/06/2024	03/07/2023	04/11/2022	30/08/2021
General meeting	11/06/2026	12/06/2025	13/06/2024	20/06/2023	07/03/2022	01/03/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	11/06/2026	18/06/2026	Dutch	PDF
Micro model	31/12/2024	12/06/2025	24/06/2025	Dutch	PDF
Micro model	31/12/2023	13/06/2024	17/06/2024	Dutch	PDF
Micro model	31/12/2022	20/06/2023	03/07/2023	Dutch	PDF
Micro modelCorrection	31/12/2021	07/03/2022	04/11/2022	Dutch	PDF
Micro model	31/12/2021	07/03/2022	20/07/2022	Dutch	PDF
Micro model	31/12/2020	01/03/2021	30/08/2021	Dutch	PDF
Micro model	31/12/2019	02/03/2020	30/07/2020	Dutch	PDF
Micro model	31/12/2018	05/03/2019	06/08/2019	Dutch	PDF
Micro model	31/12/2017	05/03/2018	25/11/2018	Dutch	PDF
Micro model	31/12/2016	06/03/2017	25/07/2017	Dutch	PDF
Abridged model	31/12/2015	30/06/2016	30/08/2016	Dutch	PDF
Abridged model	31/12/2014	30/06/2015	24/08/2015	Dutch	PDF
Abridged model	31/12/2013	03/03/2014	20/06/2014	Dutch	PDF
Abridged model	31/12/2012	30/06/2013	28/08/2013	Dutch	PDF
Abridged model	31/12/2011	30/06/2012	29/08/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	29/08/2011	Dutch	PDF
Abridged model	31/12/2009	30/06/2010	27/08/2010	Dutch	PDF
Abridged model	31/12/2008	30/06/2009	31/08/2009	Dutch	PDF
Abridged model	30/09/2007	04/12/2007	28/01/2008	Dutch	PDF
Abridged model	30/09/2006	04/12/2006	22/03/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 24 ended

Active mandates

Tom Leys

Director · since 30 janvier 2020

Active

LUDO LEYS

Managing director · since 02 novembre 2016

Active

Ended mandates

ANNEMIE VAN DESSEL

Director · since 01 juillet 2021 · until 21 décembre 2022

Ended

ANNEMIE VAN DESSEL

Director · since 01 juillet 2021

Ended

RAZ MUHAMMAD PHULPOTO

Director · since 01 juillet 2021 · until 21 décembre 2022

Ended

RAZ MUHAMMAD PHULPOTO

Director · since 01 juillet 2021

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/09/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Mandates08/02/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/08/2021
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring08/10/2019
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring22/07/2019
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates16/08/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/11/2016
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025-9,9 k €↓
2024
Annual accounts 202450,7 k €↓
2023
Annual accounts 2023172,6 k €↓
2022
Annual accounts 2022798,7 k €↑
2021
Annual accounts 2021375,1 k €↑
2020
Annual accounts 202093,1 k €↑
2018
Annual accounts 2018-71,6 k €↓
2017
Annual accounts 201749,4 k €↓
2016
Annual accounts 2016118,5 k €↑
2015
Annual accounts 2015-66,7 k €↑
2014
Annual accounts 2014-71,1 k €↓
2013
Annual accounts 2013-51,6 k €↓
2012
Annual accounts 2012-35 k €↑
2011
Annual accounts 2011-47,1 k €↓
2010
Annual accounts 201015,9 k €↑
2009
Annual accounts 2009-28,5 k €↑
2008
Annual accounts 2008-59,4 k €↓
2007
Annual accounts 200729,6 k €
30/05/1991
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

THERMAE

Overview

What does THERMAE do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline