ACTIVE

THL

Export PDF

Financial year 2025 · closed on 31/12/2025

Net result

64,8 k €

-96.9% YoY

Gross margin

50,6 k €

-98.3% YoY

Equity

2,5 M €

+2.7% YoY

What does THL do?

THL is a Private limited company incorporated in 1997. Its registered office is in Brugge.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0461.402.274

Incorporation

09/09/1997

Legal form

Private limited company

Registered office

Baron de Maerelaan 74
8380 Brugge · FlandreSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

Health score

Available with a Rovalta subscriptionTry for 7 days

Recommended credit limit

✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	50,6 k €	-98.3%	3 M €	+4883%	61,1 k €	-13.3%	70,5 k €	+21.4%	58,1 k €	+16.8%	49,7 k €	-9.9%	55,2 k €	-5.2%	58,2 k €	+31.6%	44,2 k €	-10.1%	49,2 k €	-2.0%	50,2 k €	+9.7%	45,8 k €	-7.3%	49,4 k €	-0.2%	49,5 k €	-5.1%	52,1 k €	+12.5%	46,3 k €	+4.7%	44,2 k €	+4.0%	42,5 k €	+0.6%	42,3 k €	+2.1%	41,4 k €
EBITDA	47,3 k €	-98.4%	3 M €	+5919%	50,4 k €	-18.9%	62,2 k €	+24.5%	50 k €	+19.9%	41,7 k €	-12.4%	47,6 k €	-5.9%	50,5 k €	+249%	-33,9 k €	-181%	41,8 k €	-2.4%	42,8 k €	+11.5%	38,4 k €	-8.3%	41,9 k €	-0.5%	42,1 k €	-6.2%	44,9 k €	+11.0%	40,5 k €	+5.4%	38,4 k €	+3.8%	37 k €	+0.3%	36,9 k €	+2.2%	36,1 k €
Operating result	47,3 k €	-98.4%	3 M €	+6300%	47,4 k €	-19.4%	58,9 k €	+27.2%	46,3 k €	+23.2%	37,6 k €	-12.7%	43 k €	-5.4%	45,5 k €	+234%	-33,9 k €	-204%	32,6 k €	-3.1%	33,6 k €	+51.6%	22,2 k €	+9.4%	20,3 k €	-1.1%	20,5 k €	-12.0%	23,3 k €	-17.0%	28 k €	+8.0%	26 k €	+5.7%	24,6 k €	+0.4%	24,5 k €	+3.4%	23,7 k €
Net result	64,8 k €	-96.9%	2,1 M €	+6226%	32,8 k €	-17.6%	39,8 k €	+46.7%	27,2 k €	+29.0%	21 k €	-13.3%	24,3 k €	-27.5%	33,5 k €	+181%	-41,4 k €	-394%	14,1 k €	+5.8%	13,3 k €	+91.7%	7 k €	+86.1%	3,7 k €	+42.1%	2,6 k €	+118%	-15 k €	-162%	24,3 k €	+8.2%	22,4 k €	+11.0%	20,2 k €	+6.0%	19 k €	+9.7%	17,4 k €
Balance sheet
Equity	2,5 M €	+2.7%	2,4 M €	+645%	322 k €	+11.4%	289,2 k €	+16.0%	249,4 k €	+12.2%	222,2 k €	+10.5%	201,2 k €	+13.7%	176,9 k €	+23.3%	143,5 k €	-22.4%	184,9 k €	+8.3%	170,8 k €	+8.5%	157,5 k €	+4.6%	150,5 k €	+2.5%	146,8 k €	+1.8%	144,1 k €	-9.4%	159,1 k €	+13.4%	140,4 k €	+14.8%	122,2 k €	+15.3%	106,1 k €	+16.5%	91 k €
Total assets	2,7 M €	+3.7%	2,6 M €	+680%	337,2 k €	+2.7%	328,2 k €	+9.4%	300,1 k €	-30.1%	429,2 k €	+0.9%	425,3 k €	-1.4%	431,3 k €	+3.0%	418,7 k €	-18.8%	515,6 k €	-1.7%	524,4 k €	-1.7%	533,6 k €	-3.6%	553,6 k €	-3.7%	575,1 k €	-5.5%	608,3 k €	+238%	179,9 k €	+12.4%	160 k €	+2.1%	156,6 k €	+16.0%	135,1 k €	-10.2%	150,4 k €
Cash	181,2 k €	-46.5%	338,6 k €	+86.7%	181,4 k €	-4.0%	189,1 k €	-10.2%	210,5 k €	-38.3%	341,1 k €	+11.3%	306,5 k €	-6.6%	328 k €	+63.5%	200,7 k €	+1510836%	13,3 €	+0.3%	13,2 €	-9.3%	14,6 €	-15.2%	17,2 €	+11.2%	15,5 €	-99.9%	10,5 k €	-75.2%	42,5 k €	-22.1%	54,5 k €	+208%	17,7 k €	+100%	8,8 k €	-8.4%	9,7 k €
Debts	258,7 k €	+16.4%	222,2 k €	+1402%	14,8 k €	-61.6%	38,6 k €	-14.9%	45,3 k €	-77.6%	202 k €	-7.8%	219,1 k €	-12.1%	249,1 k €	-7.2%	268,5 k €	-17.2%	324,5 k €	-6.4%	346,9 k €	-6.1%	369,3 k €	-7.0%	397 k €	-5.9%	422 k €	-8.0%	458,7 k €	+2162%	20,3 k €	+6.5%	19 k €	-43.6%	33,8 k €	+19.3%	28,3 k €	-51.6%	58,5 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 4 ended

Active mandates

Robert Lagrand

Director

Active

Ended mandates

Jan Vandenhove

Director · until 13 juin 2022

Ended

Jan Vandenhove

Director

Ended

Jan Vandenhove

Manager

Ended

Robert Lagrand

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
C.P. SYSTEMS● Liquidation	0462.021.985

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	30/08/2026	30/08/2025	30/08/2024	31/08/2023	31/08/2022	31/08/2021
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	24/06/2022	31/08/2021
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

Looking for more information about this company?

Try for 7 days

Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	26/06/2026	30/08/2026	Dutch	PDF
Micro model	31/12/2024	27/06/2025	30/08/2025	Dutch	PDF
Micro model	31/12/2023	28/06/2024	30/08/2024	Dutch	PDF
Micro model	31/12/2022	30/06/2023	31/08/2023	Dutch	PDF
Micro model	31/12/2021	24/06/2022	31/08/2022	Dutch	PDF
Micro model	31/12/2020	31/08/2021	31/08/2021	Dutch	PDF
Micro model	31/12/2019	26/06/2020	09/10/2020	Dutch	PDF
Micro model	31/12/2018	28/06/2019	31/08/2019	Dutch	PDF
Micro model	31/12/2017	29/06/2018	31/08/2018	Dutch	PDF
Micro model	31/12/2016	30/06/2017	30/08/2017	Dutch	PDF
Abridged model	31/12/2015	29/07/2016	30/08/2016	Dutch	PDF
Abridged model	31/12/2014	29/07/2015	28/08/2015	Dutch	PDF
Abridged model	31/12/2013	28/07/2014	28/08/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	29/06/2012	30/08/2012	Dutch	PDF
Abridged model	31/12/2010	24/06/2011	31/08/2011	Dutch	PDF
Abridged model	31/12/2009	25/06/2010	31/08/2010	Dutch	PDF
Abridged model	31/12/2008	26/06/2009	31/08/2009	Dutch	PDF
Abridged model	31/12/2007	27/06/2008	29/08/2008	Dutch	PDF
Abridged model	31/12/2006	29/06/2007	31/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 1 active · 4 ended

Active mandates

Robert Lagrand

Director

Active

Ended mandates

Jan Vandenhove

Director · until 13 juin 2022

Ended

Jan Vandenhove

Director

Ended

Jan Vandenhove

Manager

Ended

Robert Lagrand

Manager

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/01/2024
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates03/07/2023
ONTSLAGEN - BENOEMINGEN - WIJZIGING RECHTSVORM
PDF
Capital / shares13/01/2004
ALGEMENE VERGADERING - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
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 202564,8 k €↓
2024
Annual accounts 20242,1 M €↑
2023
Annual accounts 202332,8 k €↓
2022
Annual accounts 202239,8 k €↑
2021
Annual accounts 202127,2 k €↑
2020
Annual accounts 202021 k €↓
2019
Annual accounts 201924,3 k €↓
2018
Annual accounts 201833,5 k €↑
2017
Annual accounts 2017-41,4 k €↓
2016
Annual accounts 201614,1 k €↑
2015
Annual accounts 201513,3 k €↑
2014
Annual accounts 20147 k €↑
2013
Annual accounts 20133,7 k €↑
2012
Annual accounts 20122,6 k €↑
2011
Annual accounts 2011-15 k €↓
2010
Annual accounts 201024,3 k €↑
2009
Annual accounts 200922,4 k €↑
2008
Annual accounts 200820,2 k €↑
2007
Annual accounts 200719 k €↑
2006
Annual accounts 200617,4 k €
09/09/1997
IncorporationPrivate 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

THL

Overview

What does THL do?

Trend over 20 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