Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 51 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
THON BELGIUM from Brussel, company number BE0434223765, closed financial year 2025 with a result of € 4.6 million after tax. For that financial year THON BELGIUM recorded revenue of € 24.5 million and equity of € 79.4 million. Compared with financial year 2024, the result moved from € 6.4 million to € 4.6 million. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 23, 2026.
€ 79.4 million
▼ 2% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 4.6 million
▼ 28% vs 2024
Profit after tax over the fiscal year.
€ 3.8 million
▼ 17% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 6 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
82.2
▼ 3.2 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 5.3 million
€ 64,600 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 22,604
▼ 59% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 1.4 million
▼ 16% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 59 days on average.
€ 957,014
▲ 1% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 18,246,532 | € 23,988,510 | € 24,103,518 | € 24,472,068 | ▲ 2% |
| Profit after taxes | € 4,569,522 | € 6,185,337 | € 6,414,224 | € 4,627,303 | ▼ 28% |
| Equity | € 127,447,471 | € 133,630,382 | € 80,761,916 | € 79,396,579 | ▼ 2% |
| Total debts | € 2,406,903 | € 2,759,343 | € 2,945,379 | € 9,024,626 | ▲ 206% |
| Cash | € 5,842,629 | € 4,421,428 | € 4,611,022 | € 3,807,368 | ▼ 17% |
| Land & buildings | € 52,395,803 | € 49,841,123 | € 47,278,098 | € 44,932,970 | ▼ 5% |
| Retained profit | € 60,758,688 | € 66,944,025 | € 14,011,972 | € 12,639,275 | ▼ 10% |
| Dividend | € 0 | € 0 | € 59,346,277 | € 6,000,000 | ▼ 90% |
| Balance sheet total | € 129,854,374 | € 136,389,725 | € 83,707,295 | € 88,421,205 | ▲ 6% |
| Employees (FTE) | 72.4 | 83.8 | 85.4 | 82.2 | ▼ 3.2 |
Key figures of THON BELGIUM, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to THON BELGIUM?
What happened at THON BELGIUM in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Morten THORVALDSEN stepped down as director. NBB
- Nils HAUGE stepped down as director. NBB
- Arne BLIKSTAD SPERRE stepped down as director. NBB
- Ida Fredriksen stepped down as director. NBB
- Annette Hofgaard stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 4.6 million (▼ 28% vs 2024). Source: NBB ↗
- Ida Fredriksen became a director. NBB
- Annette Hofgaard became a director. NBB
In short
From € 4.6 million profit in 2022 to € 4.6 million profit in 2025.
Paid € 6.4 million in corporate taxes since 2022.
Best year ever: 2024, with € 6.4 million profit.
Paid out € 65.3 million in dividends to the owners in total.
A new publication or filing at THON BELGIUM? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The shares are held by Thon Eiendomdrift SA (100%). It owns 100% of Hotel Bristol Stéphanie SA itself.
Directors
According to the 2025 annual accounts
Morten THORVALDSEN
Director
Also active at: HOTEL BRISTOL STEPHANIE, HOTREC, Hotels, Restaurants & Cafés in Europe
since 2019 · until 2031
since 2019 · until 2031
since 2024 · until 2030
Arne BLIKSTAD SPERRE
Director
since 2019 · until 2031
since 2024 · until 2030
Shareholders
Thon Eiendomdrift SA
100%
Participations
Establishments
Establishment units
Physical locations of this company
Luxemburgstraat 23
1000 Brussel
Wetstraat 71-77
1040 Brussel
Active since 1 January 2012
Aarlenstraat 81
1040 Brussel
Active since 1 July 2021
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 6 companies are registered at this address.
All companies at this address →HOTEL BRISTOL STEPHANIE same network
€ 18 million revenue · 2025
1-TECH
€ 41,426 gross margin · 2025
THON STANHOPE HOTEL same network
€ 26.7 million revenue · 2025
ONCALL EUROPA LANGUAGE SERVICES
€ 129,328 gross margin · 2024
Thon Group
+1 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0434.223.765
- VAT number
- BE 0434.223.765
- Registered office
- Luxemburgstraat 23, 1000 Brussel
- Names & denominations
- THON BELGIUM
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 4 May 1988
- Peppol
- Active · Active since 4 Mar 2025
- Activities · NACE
Hotels en dergelijke accommodatie
Verhuur en exploitatie van eigen of geleased niet-residentieel onroerend goed, exclusief terreinen
Verhuur en exploitatie van eigen of geleased residentieel onroerend goed, exclusief sociale woningen
Activiteiten van eetgelegenheden met volledige bediening
Cafés en bars
Eetgelegenheden met volledige bediening