Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 39 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
BUT THINES from Wavre, company number BE0707924905, closed financial year 2025 with a result of € -20,852 after tax. For that financial year BUT THINES recorded a gross margin of € -9,737 and equity of € 11,797. Compared with financial year 2024, the result moved from € -26,656 to € -20,852. The company made a loss. The buffer shrank hard: equity is 64 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 13, 2026.
€ 11,797
▼ 64% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -20,852
▲ 22 % less loss than in 2024
Profit after tax over the fiscal year.
€ 704
▼ 92% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -88,203.
Debts at end 2025
€ 253,380
▲ 5% vs 2024
Loans from banks and other lenders, long and short.
€ 1,803
▲ 2% vs 2024
Supplier invoices still open on the last day of the fiscal year.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -6,724 | € -14,012 | € -13,520 | € -9,737 | ▲ € 3,784 |
| Profit after taxes | € -12,328 | € -26,175 | € -26,656 | € -20,852 | ▲ € 5,804 |
| Equity | € 85,480 | € 59,305 | € 32,649 | € 11,797 | ▼ 64% |
| Total debts | € 267,216 | € 281,373 | € 242,704 | € 255,182 | ▲ 5% |
| Cash | € 84,768 | € 74,403 | € 9,078 | € 704 | ▼ 92% |
| Retained profit | € -14,520 | € -40,695 | € -67,351 | € -88,203 | ▼ € 20,852 |
| Bank debt | € 256,950 | € 268,512 | € 240,551 | € 253,380 | ▲ 5% |
| Balance sheet total | € 352,696 | € 340,677 | € 275,353 | € 266,979 | ▼ 3% |
Key figures of BUT THINES, 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 BUT THINES?
What happened at BUT THINES in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Martine Rorif SRL stepped down as director. NBB
- RisasoN SRL stepped down as director. NBB
- De Blauwhoeve SRL stepped down as director. NBB
- VAUBAN SA stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 20,852. Source: NBB ↗
- Martine Rorif SRL became a director. NBB
- RisasoN SRL became a director. NBB
- VAUBAN SA became a director. NBB
In short
From € 12,328 loss in 2022 to € 20,852 loss in 2025.
A new publication or filing at BUT THINES? 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 stake of MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
BUT THINESThe shares are held by MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN (100%).
Directors
According to the 2025 annual accounts
Director · represented by Martine Rorif
Also active at: GALERIE DES CARMES, MATEXI IMMO INVEST, CAMPAGNE DU PETIT BAULERS, MATEXI BRUSSEL, I-DYLE, I-DYLE CONSTRUCT, Engeland Properties, MATEXI PROJECTS +6 more
since 2024 · until 2028
Director · represented by Rik Neckebroeck
Also active at: Antwerp Tower, TRADIPLAN, Immo - Vilvo, GALERIE DES CARMES, B&M, MATEXI IMMO INVEST, MATEXI CITY DEVELOPMENT, MATEXI REAL ESTATE FINANCE +46 more
since 2024 · until 2028
Director · represented by Ivan Van de Maele
Also active at: Antwerp Tower, TRADIPLAN, Immo - Vilvo, Sibomat, DE BURKEL, GALERIE DES CARMES, B&M, MATEXI IMMO INVEST +41 more
since 2022 · until 2028
Director · represented by Gaëtan Hannecart
Also active at: Louis Delhaize - Compagnie franco-belge d'Alimentation, FINANCIERE DE TUBIZE, MAATSCHAPPIJ TOT EXPLOITATIE VAN IMMOBILIEN, Antwerp Tower, TRADIPLAN, Immo - Vilvo, Sibomat, ABACUS GROUP +44 more
since 2024 · until 2028
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Rue de Champles 50
1301 Wavre
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 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
- 0707.924.905
- VAT number
- BE 0707.924.905
- Registered office
- Rue de Champles 50, 1301 Wavre
- Names & denominations
- BUT THINES
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 8 October 2018
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
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