ACTIVE

THALY

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Financial year 2025 · closed on 31/12/2025

Net result

63,2 M €

+2876.1% YoY

Gross margin

-941,9 k €

-287.5% YoY

Equity

104,8 M €

+152.2% YoY

What does THALY do?

THALY is a Public limited company incorporated in 1999. Its main activity is: Management consultancy activities. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0467.285.127

Incorporation

17/11/1999

Legal form

Public limited company

Registered office

Rue Harenheyde 57
1130 Bruxelles · BruxellesSee on map

Contributed capital

176 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 74142Specialised design activities 62020Computer consultancy activities 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

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✦ 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	-941,9 k €	-288%	502,2 k €	+122%	226,3 k €	+526%	36,2 k €	+119%	-190,4 k €	-167%	285,2 k €	+293%	72,5 k €	-21.6%	92,4 k €	+152%	-179 k €		–		-18,9 k €	-167%	-7,1 k €		–		–		–		–		70,5 k €	+688%	-12 k €	+80.1%	-60,2 k €	-6.4%	-56,5 k €
EBITDA	-945,6 k €	-400%	315,5 k €	+42.8%	220,9 k €	+754%	25,9 k €	+112%	-213,7 k €	-204%	205,1 k €	+249%	58,8 k €	-33.8%	88,8 k €	+148%	-183,4 k €	-19.0%	-154,1 k €	-677%	-19,8 k €	-147%	-8 k €	-102%	436,4 k €	+489%	74 k €	-87.6%	595,3 k €	+920%	58,4 k €	-16.1%	69,6 k €	+638%	-12,9 k €	+78.6%	-60,4 k €	-3.3%	-58,4 k €
Operating result	-963,4 k €	-426%	295,8 k €	+46.0%	202,5 k €	+1886%	10,2 k €	+104%	-229 k €	-219%	193,1 k €	+320%	45,9 k €	-41.7%	78,8 k €	+141%	-194 k €	-17.6%	-165 k €	-430%	-31,2 k €	-56.9%	-19,9 k €	-105%	425,9 k €	+542%	66,4 k €	-88.8%	593,3 k €	+949%	56,6 k €	-16.3%	67,6 k €	+583%	-14 k €	+77.2%	-61,5 k €	-3.3%	-59,5 k €
Net result	63,2 M €	+2876%	2,1 M €	+146%	863 k €	+3834%	21,9 k €	-72.8%	80,7 k €	-96.9%	2,6 M €	-45.8%	4,8 M €	-63.6%	13,1 M €	+298%	3,3 M €	+204%	1,1 M €	+4.0%	1 M €	-65.4%	3 M €	+1259%	221,5 k €	-95.7%	5,1 M €	+1610%	298,7 k €	-86.1%	2,2 M €	-19.5%	2,7 M €	+222%	828,7 k €	+0.3%	825,8 k €	-31.6%	1,2 M €
Balance sheet
Equity	104,8 M €	+152%	41,5 M €	+5.4%	39,4 M €	+2.2%	38,6 M €	+0.1%	38,5 M €	+0.2%	38,5 M €	+6.9%	36 M €	+15.3%	31,2 M €	+72.4%	18,1 M €	+22.2%	14,8 M €	+7.9%	13,7 M €	+9.0%	12,6 M €	+32.1%	9,5 M €	+2.4%	9,3 M €	+122%	4,2 M €	-14.3%	4,9 M €	+81.6%	2,7 M €	+11477%	-23,7 k €	+97.4%	-902,4 k €	-131%	2,9 M €
Total assets	104,9 M €	+111%	49,8 M €	+5.7%	47,1 M €	+10.4%	42,7 M €	-0.7%	43 M €	+10.5%	38,9 M €	+7.4%	36,2 M €	+13.9%	31,8 M €	+67.4%	19 M €	+27.6%	14,9 M €	+8.2%	13,7 M €	+8.3%	12,7 M €	+33.1%	9,5 M €	+2.3%	9,3 M €	+104%	4,6 M €	-16.6%	5,5 M €	+25.9%	4,3 M €	+49.5%	2,9 M €	-2.0%	3 M €	-17.7%	3,6 M €
Cash	1,2 M €	-55.6%	2,6 M €	+188%	918,8 k €	+449%	167,4 k €	-94.5%	3,1 M €	-43.8%	5,5 M €	+209%	1,8 M €	-52.7%	3,7 M €	+768%	431,4 k €	+413%	84,1 k €	-80.3%	426,2 k €	-74.0%	1,6 M €	-12.6%	1,9 M €	-29.8%	2,7 M €	+858%	278,5 k €	-25.3%	372,8 k €	-43.2%	656,4 k €	+199%	219,3 k €	+52.4%	143,9 k €	+3675%	3,8 k €
Debts	123,2 k €	-98.5%	8,3 M €	+7.3%	7,7 M €	+87.2%	4,1 M €	-7.4%	4,5 M €	+925%	434,2 k €	+98.3%	219 k €	-61.7%	572 k €	-35.4%	886,1 k €	+1073%	75,6 k €	+201%	25,1 k €	-73.7%	95,2 k €	+2861%	3,2 k €	-75.8%	13,3 k €	-96.4%	368,3 k €	-35.8%	573,3 k €	-65.2%	1,6 M €	-43.8%	2,9 M €	-24.3%	3,9 M €	+468%	681,3 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 4 active · 15 ended

Active mandates

Frédéric Bouté

Managing director · since 07 juin 2024 · until 07 juin 2030

Active

Manuela Geraldes

Director · since 07 juin 2024 · until 07 juin 2030

Active

Olivier Peters

Director · since 07 juin 2024 · until 07 juin 2030

Active

Sonia Le Querrec

Director · since 07 juin 2024 · until 07 juin 2030

Active

Ended mandates

Sonia Le Querrec

Director · since 17 décembre 2018 · until 17 décembre 2024

Ended

Frédéric Bouté

Managing director · since 01 juin 2018 · until 01 juin 2024

Ended

Manuela Geraldes

Director · since 01 juin 2018 · until 01 juin 2024

Ended

Olivier Peters

Director · since 01 juin 2018 · until 01 juin 2024

Ended

At this address

Other companies at this address

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ALLONS VOIR● Active	0704.841.194
AURORA CONSULTING● Active	0477.745.784
DELMMA● Active	0826.937.866
DISTRIPHAR● Active	0876.852.383
F.INITIATIVES● Active	0665.883.719
PROMEDITECH● Active	0807.225.387
TD-CONCEPT● Active	0889.269.472
VANJE● Active	0807.224.595

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	16/06/2026	25/06/2025	14/06/2024	26/06/2023	16/06/2022	16/06/2021
General meeting	05/06/2026	06/06/2025	07/06/2024	02/06/2023	03/06/2022	04/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	05/06/2026	16/06/2026	French	PDF
Abridged model	31/12/2024	06/06/2025	25/06/2025	French	PDF
Abridged model	31/12/2023	07/06/2024	14/06/2024	French	PDF
Abridged model	31/12/2022	02/06/2023	26/06/2023	French	PDF
Abridged model	31/12/2021	03/06/2022	16/06/2022	French	PDF
Abridged model	31/12/2020	04/06/2021	16/06/2021	French	PDF
Abridged model	31/12/2019	05/06/2020	02/07/2020	French	PDF
Abridged model	31/12/2018	07/06/2019	12/06/2019	French	PDF
Abridged model	31/12/2017	01/06/2018	04/06/2018	French	PDF
Full model	31/12/2016	02/06/2017	13/06/2017	French	PDF
Abridged model	31/12/2015	03/06/2016	15/06/2016	French	PDF
Abridged model	31/12/2014	05/06/2015	14/07/2015	French	PDF
Full model	31/12/2013	06/06/2014	11/06/2014	French	PDF
Full model	31/12/2012	07/06/2013	09/07/2013	French	PDF
Full model	31/12/2011	01/06/2012	27/06/2012	French	PDF
Full model	31/12/2010	03/06/2011	04/07/2011	French	PDF
Abridged model	31/12/2009	04/06/2010	18/06/2010	French	PDF
Abridged model	31/12/2008	05/06/2009	06/07/2009	French	PDF
Abridged model	31/12/2007	06/06/2008	08/07/2008	French	PDF
Abridged model	31/12/2006	04/06/2007	02/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 4 active · 15 ended

Active mandates

Frédéric Bouté

Managing director · since 07 juin 2024 · until 07 juin 2030

Active

Manuela Geraldes

Director · since 07 juin 2024 · until 07 juin 2030

Active

Olivier Peters

Director · since 07 juin 2024 · until 07 juin 2030

Active

Sonia Le Querrec

Director · since 07 juin 2024 · until 07 juin 2030

Active

Ended mandates

Sonia Le Querrec

Director · since 17 décembre 2018 · until 17 décembre 2024

Ended

Frédéric Bouté

Managing director · since 01 juin 2018 · until 01 juin 2024

Ended

Manuela Geraldes

Director · since 01 juin 2018 · until 01 juin 2024

Ended

Olivier Peters

Director · since 01 juin 2018 · until 01 juin 2024

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates11/02/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates12/07/2024
DEMISSIONS, NOMINATIONS
PDF
Capital / shares29/05/2020
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - CAPITAL, ACTIONS - ASSEMBLEE GENERALE
PDF
Mandates17/01/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates20/06/2018
DEMISSIONS, NOMINATIONS
PDF
Capital / shares13/07/2015
CAPITAL, ACTIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates08/09/2014
DEMISSIONS, NOMINATIONS
PDF
Mandates06/07/2012
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 202563,2 M €↑
2024
Annual accounts 20242,1 M €↑
15/12/2024
reconductionLe Querrec Sonia — administrateur
07/06/2024
reconductionBouté Frédéric André René — administrateur
07/06/2024
reconductionPeters Olivier Jean André — administrateur
07/06/2024
reconductionAscensao Geraldes Marie Manuela — administrateur
2023
Annual accounts 2023863 k €↑
2022
Annual accounts 202221,9 k €↓
2021
Annual accounts 202180,7 k €↓
2020
Annual accounts 20202,6 M €↓
2019
Annual accounts 20194,8 M €↓
2018
Annual accounts 201813,1 M €↑
2017
Annual accounts 20173,3 M €↑
2016
Annual accounts 20161,1 M €↑
2015
Annual accounts 20151 M €↓
2014
Annual accounts 20143 M €↑
2013
Annual accounts 2013221,5 k €↓
2012
Annual accounts 20125,1 M €↑
2011
Annual accounts 2011298,7 k €↓
2010
Annual accounts 20102,2 M €↓
2009
Annual accounts 20092,7 M €↑
2008
Annual accounts 2008828,7 k €↑
2007
Annual accounts 2007825,8 k €↓
2006
Annual accounts 20061,2 M €
17/11/1999
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

THALY

Overview

What does THALY 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