THOR COMPOSITES
ActiveSummary
THOR COMPOSITES has been active since 2007 and the Belgian Official 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 about 52% per year across the filed financial years. Its solvency ranks better than 72% of 9,602 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, abbreviated format
In the rankings
#6 company by equity in Zwalm, Wholesale and retail trade sector
Equity
€521,949▲ 28.6%
2024 · €405,804
Total assets
€782,942▲ 4.1%
2024 · €752,274
Net result
€196,145▼ 35.0%
2024 · €301,936
Working capital
€82,602▲ 27.3%
2024 · €64,884
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 35% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€237,684
2025
Net result€196,145
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€782,942
2025
Equity€521,949
2025
Debt€260,992
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€82,602
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)25.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency66.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.44
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. 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 financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€139,000-€86,923€236,900▲ 173%€196,498▼ 17.1%€279,666▲ 42.3%€367,712▲ 31.5%€237,684▼ 35.4%
Net result-€140,833-€85,520within the sector's middle half€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-€385,279--€299,759below the sector's middle half▲ 22.2%-€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€337,603-€498,980below the sector's middle half▲ 47.8%€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€722,882-€798,739▲ 10.5%€645,889▼ 19.1%€572,680▼ 11.3%€429,875▼ 24.9%€346,470▼ 19.4%€260,992▼ 24.7%
Working capital-€332,166--€294,605below the sector's middle half▲ 11.3%-€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-114.1%--60.1%below the sector's middle half▲ 54.0pp-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 ratio0.03-0.31below the sector's middle half▲ 0.290.37below 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)-41.7%-17.1%above the sector's middle half▲ 58.9pp40.4%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 of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
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
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.
Annual accounts
| Line | 2019 | 2020 | 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 | €103,019 | €92,033 | €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 | -€30,168 | €180,476 | €253,739 | €205,853 | €287,122 | €370,361 | €240,193 | ▼ 35.1% |
| Operating profit (loss)9901 | -€139,000 | €86,923 | €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 | €0 | - | €635 | - | €0 | €0 | €2,545 | ▲ 25,448,300% |
| Financial charges65/66B | - | - | - | €6,321 | €7,159 | €8,771 | €5,523 | ▼ 37.0% |
| Recurring financial charges65 | €1,833 | €1,404 | €3,325 | €6,321 | €7,159 | €8,771 | €5,523 | ▼ 37.0% |
| Profit (loss) for the period before taxes9903 | -€140,833 | €85,520 | €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 | -€140,833 | €85,520 | €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 | -€140,833 | €85,520 | €234,210 | €185,787 | €228,631 | €217,736 | €137,205 | ▼ 37.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €337,603 | €498,980 | €580,340 | €672,917 | €663,743 | €752,274 | €782,942 | ▲ 4.1% |
| Fixed assets21/28 | €328,738 | €364,202 | €519,100 | €516,080 | €515,750 | €515,080 | €513,622 | ▼ 0.3% |
| Intangible fixed assets21 | €318,189 | €357,375 | €15,051 | €14,786 | €15,750 | €15,080 | €13,622 | ▼ 9.7% |
| Tangible fixed assets22/27 | €8,298 | €4,577 | €1,800 | €1,294 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €567 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €727 | - | - | - | - |
| Financial fixed assets28 | €2,250 | €2,250 | €502,250 | €500,000 | €500,000 | €500,000 | €500,000 | = |
| Current assets29/58 | €8,865 | €134,778 | €61,240 | €156,837 | €147,993 | €237,194 | €269,320 | ▲ 13.5% |
| Amounts receivable within one year40/41 | €1,231 | €129,886 | €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 | €7,635 | €4,893 | €20,080 | €116,297 | €64,480 | €144,024 | €36,395 | ▼ 74.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €337,603 | €498,980 | €580,340 | €672,917 | €663,743 | €752,274 | €782,942 | ▲ 4.1% |
| Equity10/15 | -€385,279 | -€299,759 | -€65,549 | €100,238 | €233,869 | €405,804 | €521,949 | ▲ 28.6% |
| Contributions10/11 | €19,000 | - | - | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €1,900 | €1,900 | €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 | -€406,179 | -€320,659 | -€86,449 | - | - | €0 | €0 | - |
| Amounts payable17/49 | €722,882 | €798,739 | €645,889 | €572,680 | €429,875 | €346,470 | €260,992 | ▼ 24.7% |
| Amounts payable after more than one year17 | €381,851 | €369,355 | €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 | €341,031 | €429,384 | €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 | €10,514 | €131,849 | €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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€140,833 | €85,520 | €234,210 | €185,787 | €228,631 | €301,936 | €196,145 | ▼ 35.0% |
| + Depreciation and write-downs630 | €103,019 | €92,033 | €15,379 | €8,843 | €1,476 | €1,826 | €1,889 | ▲ 3.4% |
| Operating cash flow (approximation) | -€37,814 | €177,552 | €249,589 | €194,630 | €230,108 | €303,762 | €198,034 | ▼ 34.8% |
| Investment in fixed assets (approximation) | - | -€127,496 | -€170,278 | -€5,823 | -€1,146 | -€1,157 | -€431 | ▲ 62.7% |
| Change in cash | - | -€2,742 | €15,187 | €96,217 | -€51,817 | €79,544 | -€107,629 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | abbreviated format | 07-01-2026 | 2026-00002854 |
| 30-09-2024 | abbreviated format | 16-01-2025 | 2025-00005947 |
| 30-09-2023 | abbreviated format | 05-01-2024 | 2024-00543615 |
| 30-09-2022 | abbreviated format | 16-03-2023 | 2023-00040368 |
| 30-09-2021 | abbreviated format | 14-03-2022 | 2022-07600082 |
| 30-09-2020 | abbreviated format | 08-04-2021 | 2021-10000418 |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11100182 |
| 30-09-2018 | micro format | 13-04-2019 | 2019-10000531 |
| 30-09-2017 | micro format | 19-03-2018 | 2018-07300233 |
| 30-09-2016 | abbreviated format | 02-05-2017 | 2017-11100154 |
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Of the 4,314 active companies whose main activity is agents specialised in the wholesale of other particular products (NACE 46180), figures are known for 1,883. 1,144 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
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 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.