Active BE 0875.283.260Public limited company

THOR

Galgenberg 99 ·3293 Diest, Belgium· 21 yrs active

Sector: Agents in non-specialised wholesale trade (46190)

Conclusion Checked

THOR has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €921k and a net result of €50k. Equity is growing by ~3.4% per year across the filed fiscal years. Its solvency ranks better than 66% of 875 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€921k
Net result	€50k
Better than sector	66%
Active	21 yrs

Financial profile 5 of 5 axes measured · computed by Checked

79 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 94

Profitability 27

Solvency 97

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.4% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2005, 21 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

94 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€85k

estimate, not credit advice

Score history

79 2023

86 2024

94 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 2.95 (≥ 1.5) +10

Quick ratio Quick ratio 2.95 (≥ 1.0) +5

Leverage Debt/equity 0.81 (< 1.0) +10

Profitability ROE 5% +3

Interest coverage Interest coverage 11.6× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview19 NBB filings

Annual accounts filed on 26-11-2025 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~3.4%/year over 3 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	55.2%	35.1%	better than 66% of 875 sector peers
Net result	€50k	€10k	better than 81% of 874 sector peers
Equity	€921k	€40k	better than 95% of 876 sector peers
Gross operating margin	€177k	€32k	better than 90% of 873 sector peers
Total assets	€1.67M	€131k	better than 95% of 875 sector peers

EBITDA

€175k

+30.0% 23-25

Net profit

€50k

+377.8% 23-25

Cash flow

€143k

+38.1% 23-25

Total assets

€1.67M

-2.6% 23-25

Equity

€921k

+5.7% 23-25

Working capital

€319k

+23.6% 23-25

Income taxes

€31k

+77.4% 23-25

Dividends

€8k

- 23-25

Debt

€748k

-11.3% 23-25

Debt ≤ 1y

€163k

-7.4% 23-25

Debt > 1y

€584k

-12.3% 23-25

Current ratio

2.95

+19.9% 23-25

Quick ratio

2.95

+19.9% 23-25

Solvency

55.2%

+8.6% 23-25

Debt / equity

0.81

-16.1% 23-25

ROE

5.4%

+352.0% 23-25

ROA

3.0%

+390.7% 23-25

Interest coverage

11.58

+47.7% 23-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023
Deposit	micro schema	micro schema	micro schema
Revenue	-	-	-
EBITDA	€175k	€135k	€175k
Net profit	€50k	€10k	€45k
Cash flow	€143k	€103k	€135k
Staff costs	-	-	-
Income taxes	€31k	€18k	€32k
Dividends	-	-	€8k
Total assets	€1.67M	€1.71M	€1.73M
Equity	€921k	€871k	€861k
Debt	€748k	€843k	€865k
of which ≤ 1y	€163k	€176k	€234k
of which > 1y	€584k	€666k	€632k
Working capital	€319k	€258k	€296k
Employees (FTE)	-	-	-

Ratios (computed)

	2025	2024	2023
Current ratio	2.95	2.46	2.27
Quick ratio	2.95	2.46	2.27
Working capital ratio	19.1%	15.0%	17.2%
Solvency	55.2%	50.8%	49.9%
Debt / equity	0.81	0.97	1.01
Long-term debt ratio	0.63	0.77	0.73
Interest coverage	11.58	7.84	14.58
Gross margin	-	-	-
Net margin	-	-	-
ROA	3.0%	0.6%	2.6%
ROE	5.4%	1.2%	5.2%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €1.19M · 71.1% Current assets €482k · 28.9%

Equity & liabilities

Equity €921k · 55.2% Debt €748k · 44.8%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€1.67M	€1.71M	€1.73M
Fixed assets	21/28	€1.19M	€1.28M	€1.19M
Formation expenses	20	-	€3k	€6k
Tangible fixed assets	22/27	€1.19M	€1.28M	€1.17M
Financial fixed assets	28	-	-	€15k
Current assets	29/58	€482k	€434k	€530k
Amounts receivable within one year	40/41	€192k	€117k	€159k
Cash & bank	54/58	€25k	€29k	€71k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€1.67M	€1.71M	€1.73M
Equity	10/15	€921k	€871k	€861k
Contributions / capital	10/11	€63k	€63k	€63k
Reserves	13	€404k	€363k	€323k
Accumulated profits (losses)	14	€-189k	€-239k	€-250k
Amounts payable	17/49	€748k	€843k	€865k
Amounts payable after one year	17	€584k	€666k	€632k
Amounts payable within one year	42/48	€163k	€176k	€234k
Trade debts payable within one year	44	€528	€5k	-
Income statement
Gross operating margin	9900	€177k	€160k	€176k
Operating result	9901	€82k	€42k	€85k
Financial income	75	€14k	€3k	€4k
Financial charges	65	€15k	€17k	€12k
Result before taxes	9903	€81k	€28k	€77k
Income taxes	67/77	€31k	€18k	€32k
Net result for the period	9904	€50k	€10k	€45k
Result to be appropriated	9905	€50k	€10k	€45k

Legal Structure

NACE primary	Agents in non-specialised wholesale trade(46190)
Legal form	Public limited company(014)
Incorporation	05-07-2005
Status	Active
Postal code	3293

Establishment units 1 location

THOR

Galgenberg 99, 3293 DiestAgents in non-specialised wholesale trade

since 20102.191.341.054

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
24046B0099/00Z002	Flanders	3,028 m²	1 · 449 m²	7.2 m · 1 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-10-2026

2025

26-11

NBB filing Annual accounts filed

fiscal year 2025 · micro schema · 26 days late

31-03

Financial Highest result since 2023net €50k ▲378%

Net result €50k, the highest in the series.

2024

27-09

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

31-03

Financial Weakest financial yearnet €10k ▼76.9%

Net result drops to €10k, the lowest in the series; recovery starts the following year.

2023

13-11

State Gazette act Director changes

26-09

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2022

22-09

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2021

30-09

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2020

29-09

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2019

04-12

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 34 days late

2018

18-09

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

2017

21-09

NBB filing Annual accounts filed

fiscal year 2017 · micro schema

2016

26-10

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 6 acts read

We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2023

13-11-2023 1 director appointed, 2 reappointed Director changes

Berthels Joeri, Gedelegeerd bestuurder
Berthels Nico, Vaste vertegenwoordiger
Berthels Joeri, Bestuurder

Original publication ↗

Technical details

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  "events": [
    {
      "kind": "director_renew",
      "role": "vaste_vertegenwoordiger",
      "person": {
        "rrn": null,
        "name": "Berthels Nico",
        "address": "Appeystraat 62 A, 3830 Wellen",
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "renewal",
      "via_org": {
        "kbo": "0426.115.456",
        "name": "NV Sorajin",
        "address": "Galgenberg 99, 3293 Diest",
        "country": "BE",
        "legal_form": "NV"
      },
      "statutory": null,
      "compensated": true,
      "effective_date": null,
      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "until_agm_year",
        "value": "2029"
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "director_renew",
      "role": "bestuurder",
      "person": {
        "rrn": null,
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        "address": "Galgenberg 99, 3293 Diest",
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "renewal",
      "via_org": null,
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      "compensated": true,
      "effective_date": null,
      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": {
        "kind": "until_agm_year",
        "value": "2029"
      },
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "delegation_dagelijks_bestuur_in",
      "role": "gedelegeerd_bestuurder",
      "person": {
        "rrn": null,
        "name": "Berthels Joeri",
        "address": null,
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "additional",
      "via_org": null,
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      "evidence_quote": "",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": "immediate"
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2023-11-13",
    "filing_date": "2023-11-02",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decisions": [
    {
      "body": "algemene_vergadering",
      "date": "2023-09-18",
      "unanimous": true
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0875.283.260",
    "name_full": "THOR",
    "legal_form": "NV"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Berthels Joeri",
    "org_rep_person_name": null,
    "person_role_at_subject": "Gedelegeerd-Bestuurder"
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}

Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Agents in non-specialised wholesale trade46190Wholesale of other household goods46499Business and other management consultancy70200Activities of head offices; management consultancy activities70210Business consulting70220Public relations and communication consultancy73300Other business support services82990

Names & trade names

Legal nameNL

THOR

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