Financials
Financial year 2025
THI FACTORY from Sint-Gillis (bij-Brussel), company number BE0541696005, closed financial year 2025 with a result of € 40.7 million after tax. For that financial year THI FACTORY recorded revenue of € 936 million and equity of € 425.9 million. Compared with financial year 2024, the result moved from € 52.3 million to € 40.7 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 4, 2026.
€ 425.9 million
▼ 10% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 40.7 million
▼ 22% vs 2024
Profit after tax over the fiscal year.
€ 124,083
▼ 87% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 88.4 million paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
363.2
▲ 24.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 44.7 million
▲ 11% vs 2024
€ 123,200 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.
€ 209.6 million
▼ 2% 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.
€ 115.9 million
▲ 2% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 57 days on average.
€ 15.4 million
▲ 21% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 479,021,609 | € 714,804,417 | € 905,162,049 | € 936,023,721 | ▲ 3% |
| Profit after taxes | € 71,238,278 | € 74,161,521 | € 52,306,970 | € 40,735,865 | ▼ 22% |
| Equity | € 452,049,986 | € 455,762,096 | € 473,569,066 | € 425,914,238 | ▼ 10% |
| Total debts | € 186,967,168 | € 303,280,266 | € 176,630,229 | € 238,372,212 | ▲ 35% |
| Cash | € 1,388,362 | € 1,162,423 | € 961,345 | € 124,083 | ▼ 87% |
| Retained profit | € -112,965,014 | € 7,992,096 | € 60,299,066 | € 12,644,238 | ▼ 79% |
| Dividend | € 0 | € 70,449,411 | € 0 | € 88,390,693 | |
| Bank debt | € 55,000,000 | € 55,000,000 | € 0 | € 0 | |
| Balance sheet total | € 641,963,239 | € 766,050,679 | € 657,719,847 | € 671,686,269 | ▲ 2% |
| Employees (FTE) | 222.2 | 256.1 | 338.3 | 363.2 | ▲ 24.9 |
Key figures of THI FACTORY, 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 THI FACTORY?
What happened at THI FACTORY in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Gwendoline CAZENAVE stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 40.7 million (▼ 22% vs 2024). Source: NBB ↗
- Gwendoline CAZENAVE became a director. NBB
- New establishment in Sint-Gillis (bij-Brussel). KBO
- New establishment in Sint-Gillis (bij-Brussel). KBO
- New establishment in Sint-Gillis (bij-Brussel). KBO
- New establishment in Vorst. KBO
- New establishment in Anderlecht. KBO
In short
From € 71.2 million profit in 2022 to € 40.7 million profit in 2025.
Paid € 50.4 million in corporate taxes since 2022.
Best year ever: 2023, with € 74.2 million profit.
Paid out € 158.8 million in dividends to the owners in total.
A new publication or filing at THI FACTORY? 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 EUROSTAR GROUP SA (100%). It owns 10% of Railteam BV, 1.9% of Eurail BV and 0.7% of BCC itself.
Directors
According to the 2025 annual accounts
Gwendoline CAZENAVE
Director
since 2022 · until 2027
Shareholders
100%
Participations
Establishments
Establishment units
Physical locations of this company
Marcel Broodthaersplein 4
1060 Sint-Gillis (bij-Brussel)
Gerijstraat 20
1190 Vorst
Active since 31 March 2015
Onderwijsstraat 158
1070 Anderlecht
Active since 8 January 2015
De Keyserlei 60C box 201
2018 Antwerpen
Active since 10 January 2014
Fonsnylaan 47B
1060 Sint-Gillis (bij-Brussel)
Active since 16 June 2018
Fonsnylaan 47B-
1060 Sint-Gillis (bij-Brussel)
Active since 1 April 2018
Marcel Broodthaersplein 8
1060 Sint-Gillis (bij-Brussel)
Active since 29 March 2017
Rue Serrurier-Bovy 4
4000 Liège
Active since 12 May 2014
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0541.696.005
- VAT number
- BE 0541.696.005
- Registered office
- Marcel Broodthaersplein 4, 1060 Sint-Gillis (bij-Brussel)
- Names & denominations
- THI FACTORY
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 6 November 2013
- Peppol
- Active · Active since 10 Jul 2025
- Contact
- 024357000
- Activities · NACE
Personenvervoer per trein
Personenvervoer per spoor, m.u.v. personenvervoer per spoor binnen steden of voorsteden