THOR COMPOSITES
ActiveSummary
THOR COMPOSITES has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €521,949 and a net result of €196,145. Equity is growing by ~52.4% per year across the filed fiscal years. Its solvency ranks better than 72% of 8281 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
What they do
Agents specialised in the wholesale of other particular products
NACE 46180NACE 51180
#6 company by equity in Zwalm, Wholesale and retail trade sector1 site
How big
€782,942total assets 2025
- Equity
- €521,949
- Profit
- €196,145
Turnover not published (abridged schema)
Who decides
- Holdings
- 1
Accounts 113 d early0 of 4 deeds read
Why 81- Higher-failure-rate sector+ Annual accounts: healthy financial profile+ Long track recordLatest accounts filed on timeShow the evidence
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency92▲+13
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity tight (current ratio 1.44 against 1.38 in 2024; short-term debt: 23.8% and cash: 4.6% of total assets), and 33.3% of the assets are financed with debt.
Credit check for your own amount and term
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
66.7%
Return on assets
25.1%
Age of the figures
12 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 07-01-2026, 113 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
113 d early
2024
104 d early
2023
116 d early
2022
45 d early
2021
47 d early
2020
22 d early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 64 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 16 January (4 of the last 5 filed years within 57 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close01-10-2026 today30-04-2027 deadline
- Annual accounts filedfiscal year 2025 · abbreviated…
- Equity above €500,000Eq €521,949 ▲28.6%
- Annual accounts filedfiscal year 2024 · abbreviated…
Financials
Fiscal year 2025Total assets €782,942Profit €196,145Solvency 66.7%Liquidity 1.44
Total assets
€782,942▲ 4.1%
2019 - 2025
Net result
€196,145▼ 35.0%
2019 - 2025
Equity
€521,949▲ 28.6%
2019 - 2025
Solvency
66.7%▲ 12.7pp
2019 - 2025
Financials · fiscal year 2025, abbreviated schema
In the rankings
#6 company by equity in Zwalm, Wholesale and retail trade sector
Trend over the years
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€236,900▲ 173%€196,498▼ 17.1%€279,666▲ 42.3%€367,712▲ 31.5%€237,684▼ 35.4%
Net result€234,210above the sector's middle half▲ 174%€185,787within the sector's middle half▼ 20.7%€228,631above the sector's middle half▲ 23.1%€301,936above the sector's middle half▲ 32.1%€196,145above the sector's middle half▼ 35.0%
Equity-€65,549below the sector's middle half▲ 78.1%€100,238below the sector's middle half€233,869within the sector's middle half▲ 133%€405,804within the sector's middle half▲ 73.5%€521,949within the sector's middle half▲ 28.6%
Total assets€580,340within the sector's middle half▲ 16.3%€672,917within the sector's middle half▲ 16.0%€663,743within the sector's middle half▼ 1.4%€752,274within the sector's middle half▲ 13.3%€782,942within the sector's middle half▲ 4.1%
Debt€645,889▼ 19.1%€572,680▼ 11.3%€429,875▼ 24.9%€346,470▼ 19.4%€260,992▼ 24.7%
Working capital-€106,071below the sector's middle half▲ 64.0%-€181,660below the sector's middle half▼ 71.3%-€112,544below the sector's middle half▲ 38.0%€64,884within the sector's middle half€82,602within the sector's middle half▲ 27.3%
Solvency-11.3%below the sector's middle half▲ 48.8pp14.9%below the sector's middle half▲ 26.2pp35.2%within the sector's middle half▲ 20.3pp53.9%within the sector's middle half▲ 18.7pp66.7%within the sector's middle half▲ 12.7pp
Current ratio0.37below the sector's middle half▲ 0.050.46below the sector's middle half▲ 0.100.57below the sector's middle half▲ 0.101.38within the sector's middle half▲ 0.811.44within the sector's middle half▲ 0.07
Return on assets (ROA)40.4%above the sector's middle half▲ 23.2pp27.6%above the sector's middle half▼ 12.7pp34.4%above the sector's middle half▲ 6.8pp40.1%above the sector's middle half▲ 5.7pp25.1%above the sector's middle half▼ 15.1pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result and balance sheet
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 35% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €782,942
Fixed assets
€513,622 ▼ 0.3%
Current assets
€269,320 ▲ 13.5%
Equity and liabilities €782,942
Equity
€521,949 ▲ 28.6%
Debt
€260,992 ▼ 24.7%
Debt's share of the balance-sheet total falls from 46.1% to 33.3%. Equity is higher and debt is lower.
Key figures and ratios
Key figures and ratios
EBITDA
€239,574▼
2024 · €369,538
Cash flow
€198,034▼
2024 · €303,762
Debt to equity
0.50▼
2024 · 0.85
ROE
37.6%▼
2024 · 74.4%
Interest coverage
43.38▲
2024 · 42.13
Debt ≤ 1 year
€186,718▲
2024 · €172,310
Debt > 1 year
€68,790▼
2024 · €159,240
Income taxes
€38,561▼
2024 · €57,006
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €5,489 | €21,871 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,379 | €8,843 | €1,476 | €1,826 | €1,889 | ▲ 3.4% |
| Other operating charges640/8 | - | €512 | €762 | €823 | €619 | ▼ 24.7% |
| Non-recurring operating charges66A | - | - | €5,218 | €0 | - | - |
| Gross operating margin9900 | €253,739 | €205,853 | €287,122 | €370,361 | €240,193 | ▼ 35.1% |
| Operating profit (loss)9901 | €236,900 | €196,498 | €279,666 | €367,712 | €237,684 | ▼ 35.4% |
| Financial income75/76B | - | - | €0 | €0 | €2,545 | ▲ 25,448,300% |
| Recurring financial income75 | €635 | - | €0 | €0 | €2,545 | ▲ 25,448,300% |
| Financial charges65/66B | - | €6,321 | €7,159 | €8,771 | €5,523 | ▼ 37.0% |
| Recurring financial charges65 | €3,325 | €6,321 | €7,159 | €8,771 | €5,523 | ▼ 37.0% |
| Profit (loss) for the period before taxes9903 | €234,210 | €190,176 | €272,507 | €358,941 | €234,706 | ▼ 34.6% |
| Income taxes67/77 | - | €4,390 | €43,876 | €57,006 | €38,561 | ▼ 32.4% |
| Profit (loss) for the period9904 | €234,210 | €185,787 | €228,631 | €301,936 | €196,145 | ▼ 35.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €84,200 | €58,940 | ▼ 30.0% |
| Profit (loss) for the period to be appropriated9905 | €234,210 | €185,787 | €228,631 | €217,736 | €137,205 | ▼ 37.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €580,340 | €672,917 | €663,743 | €752,274 | €782,942 | ▲ 4.1% |
| Fixed assets21/28 | €519,100 | €516,080 | €515,750 | €515,080 | €513,622 | ▼ 0.3% |
| Intangible fixed assets21 | €15,051 | €14,786 | €15,750 | €15,080 | €13,622 | ▼ 9.7% |
| Tangible fixed assets22/27 | €1,800 | €1,294 | - | - | - | - |
| Plant, machinery and equipment23 | - | €567 | - | - | - | - |
| Furniture and vehicles24 | - | €727 | - | - | - | - |
| Financial fixed assets28 | €502,250 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Current assets29/58 | €61,240 | €156,837 | €147,993 | €237,194 | €269,320 | ▲ 13.5% |
| Amounts receivable within one year40/41 | €41,160 | €40,540 | €83,513 | €93,170 | €232,925 | ▲ 150% |
| Trade receivables40 | - | €39,930 | €82,389 | €93,170 | €232,925 | ▲ 150% |
| Other amounts receivable41 | - | €610 | €1,124 | €0 | - | - |
| Cash at bank and in hand54/58 | €20,080 | €116,297 | €64,480 | €144,024 | €36,395 | ▼ 74.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €580,340 | €672,917 | €663,743 | €752,274 | €782,942 | ▲ 4.1% |
| Equity10/15 | -€65,549 | €100,238 | €233,869 | €405,804 | €521,949 | ▲ 28.6% |
| Contributions10/11 | - | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €1,900 | €81,238 | €214,869 | €386,804 | €502,949 | ▲ 30.0% |
| Non-distributable reserves130/1 | - | €1,900 | €1,900 | €0 | - | - |
| Reserves not available under the articles1311 | - | €1,900 | €1,900 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €84,200 | €143,140 | ▲ 70.0% |
| Distributable reserves133 | - | €79,338 | €212,969 | €302,604 | €359,809 | ▲ 18.9% |
| Profit (loss) carried forward14 | -€86,449 | - | - | €0 | €0 | - |
| Amounts payable17/49 | €645,889 | €572,680 | €429,875 | €346,470 | €260,992 | ▼ 24.7% |
| Amounts payable after more than one year17 | €475,988 | €230,130 | €159,240 | €159,240 | €68,790 | ▼ 56.8% |
| Financial debts170/4 | - | €220,130 | €159,240 | €159,240 | €68,790 | ▼ 56.8% |
| Other amounts payable178/9 | - | €10,000 | - | - | - | - |
| Amounts payable within one year42/48 | €167,311 | €338,497 | €260,537 | €172,310 | €186,718 | ▲ 8.4% |
| Current portion of amounts payable after more than one year42 | - | €182,858 | €63,225 | €0 | - | - |
| Trade debts44 | €15,380 | €47,153 | €21,871 | €12,462 | €89,400 | ▲ 617% |
| Suppliers440/4 | - | €47,153 | €21,871 | €12,462 | €89,400 | ▲ 617% |
| Advances received on contracts in progress46 | - | €44,628 | €22,314 | €0 | - | - |
| Taxes, remuneration and social security45 | - | €14,420 | €18,376 | €29,848 | €17,318 | ▼ 42.0% |
| Taxes450/3 | - | €14,420 | €18,376 | €29,848 | €17,318 | ▼ 42.0% |
| Other amounts payable47/48 | - | €49,437 | €134,751 | €130,000 | €80,000 | ▼ 38.5% |
| Accrued charges and deferred income492/3 | - | €4,053 | €10,097 | €14,920 | €5,484 | ▼ 63.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €234,210 | €185,787 | €228,631 | €301,936 | €196,145 | ▼ 35.0% |
| + Depreciation and write-downs630 | €15,379 | €8,843 | €1,476 | €1,826 | €1,889 | ▲ 3.4% |
| Operating cash flow (approximation) | €249,589 | €194,630 | €230,108 | €303,762 | €198,034 | ▼ 34.8% |
| Investment in fixed assets (approximation) | - | -€5,823 | -€1,146 | -€1,157 | -€431 | ▲ 62.7% |
| Change in cash | - | €96,217 | -€51,817 | €79,544 | -€107,629 | ▼ 235% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of 4,409 companies in this sector we hold annual accounts for 1,891. 1,156 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Board & ownership
1 holding
Directors
Directors
No directors read yet: 0 of 4 Gazette acts processed. See the function holders in the CBE →
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 30-09-2025 list no shareholders, and no other source names one.
Holdings 1
-
50%
According to the annual accounts to 30-09-2025 of THOR COMPOSITES and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No directors read yet: 0 of 4 Gazette acts processed.
Timeline
16 eventsLatest 07-01-2026Next filing 30-04-2027
History
Acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Equity above €500,000Eq €521,949 ▲28.6%
6 profitable years in a row build equity to €521,949.
16-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-09
Financial
Highest result since 2019net €301,936 ▲32.1%
Operating result €367,712, net result €301,936, both a record.
30-09
Financial
Liquidity doublescurrent ratio 1.38
Current ratio from 0.57 to 1.38; short-term debt falls from €260,537 to €172,310.
05-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Equity above €200,000Eq €233,869 ▲133%
4 profitable years in a row build equity to €233,869.
16-03
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Equity above €100,000Eq €100,238
3 profitable years in a row build equity to €100,238.
14-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
08-04
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-09
Financial
Back to profitnet €85,520
Net result €85,520 after one loss-making year.
Show earlier events
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
13-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
19-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
02-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 2 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Support & recognitions
1 funding sourceFlanders €1,860
Flemish government
€1,860
awarded · 2023 - 2024
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €1,860 awarded · €1,860 paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | €0 | €1,860 |
| 2023 | 1 | €1,860 | €0 |
Company details
Private limited company · founded 27-09-2007Year ends 30-09Peppol reachable1 site
Register details
Identification
Legal formPrivate limited company
Founded27-09-2007
Fiscal year end30-09
Abbreviation NL
THOR
Activities, NACEBEL 2025
46180Agents specialised in the wholesale of other particular products
25110Manufacture of metal structures and parts of structures
28110Manufacture of machinery and equipment not elsewhere classified
30920Manufacture of other transport equipment
33150Repair, maintenance and installation of machinery and equipment
E-invoicing
Reachable via Peppol
Peppol ID
0208:0892353478
Also
9925:BE0892353478
Registered
30-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Sites & property
Location & real-estate footprint
Registered office, Zwalm · 1 establishment unit since 2007
Ground area
1,206 m²
Building footprint
241 m²
Volume, LiDAR
1,472 m³
Parcel 45046B0002/00W003, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
THOR COMPOSITES
since 2007unit no. 2.165.627.740
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45046B0002/00W003 | Flanders | 1,206 m² | 1 · 240 m² | 11.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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