Summary
ThorCo is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €79,956 and a net result of -€3,849. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 63% of 5585 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
on the day
2024
214 d late
2023
579 d late
2022
25 d late
2021
85 d late
2020
97 d late
2019
74 d late
← 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 153 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 24 October (4 of the last 5 filed years within 129 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€79,956▼ 4.6%
2024 · €83,805
Net result
-€3,849
2024 · €45,457
Total assets
€121,076▼ 16.7%
2024 · €145,387
Solvency
66.0%▲ 8.4pp
2024 · 57.6%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover
Operating result€6,351€21,374▲ 237%€20,813▼ 2.6%€67,192▲ 223%€200▼ 99.7%
Net result€6,070within the sector's middle half€16,337within the sector's middle half▲ 169%€12,474within the sector's middle half▼ 23.6%€45,457within the sector's middle half▲ 264%-€3,849below the sector's middle half
Equity€9,537below the sector's middle half▲ 175%€25,874below the sector's middle half▲ 171%€38,348below the sector's middle half▲ 48.2%€83,805below the sector's middle half▲ 119%€79,956below the sector's middle half▼ 4.6%
Total assets€41,168below the sector's middle half▲ 204%€51,150below the sector's middle half▲ 24.2%€95,927below the sector's middle half▲ 87.5%€145,387below the sector's middle half▲ 51.6%€121,076below the sector's middle half▼ 16.7%
Debt€31,630▲ 213%€25,275▼ 20.1%€57,579▲ 128%€61,582▲ 7.0%€41,120▼ 33.2%
Working capital€6,786within the sector's middle half▲ 19.6%€23,187within the sector's middle half▲ 242%-€35,430within the sector's middle half-€24,472within the sector's middle half▲ 30.9%€78,252within the sector's middle half
Solvency23.2%within the sector's middle half▼ 2.4pp50.6%within the sector's middle half▲ 27.4pp40.0%within the sector's middle half▼ 10.6pp57.6%within the sector's middle half▲ 17.7pp66.0%within the sector's middle half▲ 8.4pp
Current ratio1.21within the sector's middle half▼ 1.091.92within the sector's middle half▲ 0.700.38within the sector's middle half▼ 1.530.60within the sector's middle half▲ 0.222.90within the sector's middle half▲ 2.30
Return on assets (ROA)14.7%within the sector's middle half▲ 175.7pp31.9%above the sector's middle half▲ 17.2pp13.0%above the sector's middle half▼ 18.9pp31.3%above the sector's middle half▲ 18.3pp-3.2%below the sector's middle half▼ 34.4pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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 per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 100% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €121,076
Fixed assets
€1,704 ▼ 98.4%
Current assets
€119,372 ▲ 222%
Equity and liabilities €121,076
Equity
€79,956 ▼ 4.6%
Debt
€41,120 ▼ 33.2%
Debt's share of the balance-sheet total falls from 42.4% to 34.0%. Equity and debt are lower.
Key figures and ratios
ROE
-4.8%▼
2024 · 54.2%
Debt ≤ 1 year
€41,120▼
2024 · €61,582
Income taxes
€3,414▼
2024 · €21,156
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,297 | €1,105 | €705 | €502 | €770 | ▲ 53.4% |
| Other operating charges640/8 | €1,365 | €4,349 | €609 | €2,475 | €2,138 | ▼ 13.6% |
| Gross operating margin9900 | €9,013 | €26,828 | €22,126 | €70,170 | €3,108 | ▼ 95.6% |
| Operating profit (loss)9901 | €6,351 | €21,374 | €20,813 | €67,192 | €200 | ▼ 99.7% |
| Financial income75/76B | €595 | €744 | €653 | €510 | €179 | ▼ 65.0% |
| Recurring financial income75 | €595 | €744 | €653 | €510 | €179 | ▼ 65.0% |
| Financial charges65/66B | €103 | €498 | €762 | €1,090 | €813 | ▼ 25.4% |
| Recurring financial charges65 | €103 | €498 | €762 | €1,090 | €813 | ▼ 25.4% |
| Profit (loss) for the period before taxes9903 | €6,843 | €21,619 | €20,703 | €66,613 | -€435 | ▼ 101% |
| Income taxes67/77 | €773 | €5,283 | €8,229 | €21,156 | €3,414 | ▼ 83.9% |
| Profit (loss) for the period9904 | €6,070 | €16,337 | €12,474 | €45,457 | -€3,849 | ▼ 108% |
| Profit (loss) for the period to be appropriated9905 | €6,070 | €16,337 | €12,474 | €45,457 | -€3,849 | ▼ 108% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €41,168 | €51,150 | €95,927 | €145,387 | €121,076 | ▼ 16.7% |
| Fixed assets21/28 | €2,751 | €2,688 | €73,779 | €108,277 | €1,704 | ▼ 98.4% |
| Tangible fixed assets22/27 | €2,601 | €2,538 | €1,629 | €1,127 | €1,554 | ▲ 37.9% |
| Plant, machinery and equipment23 | €1,972 | €1,983 | €1,148 | €721 | €1,222 | ▲ 69.6% |
| Furniture and vehicles24 | €629 | €555 | €481 | €406 | €332 | ▼ 18.3% |
| Financial fixed assets28 | €150 | €150 | €72,150 | €107,150 | €150 | ▼ 99.9% |
| Current assets29/58 | €38,416 | €48,462 | €22,149 | €37,110 | €119,372 | ▲ 222% |
| Amounts receivable after more than one year29 | - | - | - | - | €118,985 | - |
| Other amounts receivable291 | - | - | - | - | €118,985 | - |
| Amounts receivable within one year40/41 | €38,416 | €47,569 | €21,211 | €29,417 | €313 | ▼ 98.9% |
| Trade receivables40 | €20,177 | €16,626 | €21,211 | €29,104 | €0 | ▼ 100% |
| Other amounts receivable41 | €18,240 | €30,943 | €0 | €313 | €313 | = |
| Cash at bank and in hand54/58 | €0 | - | €37 | €18 | €73 | ▲ 315% |
| Deferred charges and accrued income490/1 | - | €893 | €900 | €7,676 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €41,168 | €51,150 | €95,927 | €145,387 | €121,076 | ▼ 16.7% |
| Equity10/15 | €9,537 | €25,874 | €38,348 | €83,805 | €79,956 | ▼ 4.6% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €14,334 | €59,791 | €59,791 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | €14,334 | €59,791 | €59,791 | = |
| Profit (loss) carried forward14 | -€4,723 | €11,614 | €11,614 | €11,614 | €7,766 | ▼ 33.1% |
| Amounts payable17/49 | €31,630 | €25,275 | €57,579 | €61,582 | €41,120 | ▼ 33.2% |
| Amounts payable within one year42/48 | €31,630 | €25,275 | €57,579 | €61,582 | €41,120 | ▼ 33.2% |
| Financial debts43 | €29 | €337 | €0 | €3,478 | €0 | ▼ 100% |
| Credit institutions430/8 | €29 | €337 | €0 | €3,478 | €0 | ▼ 100% |
| Trade debts44 | €4,603 | €4,426 | €3,491 | €14,918 | €499 | ▼ 96.7% |
| Suppliers440/4 | €4,603 | €4,426 | €3,491 | €14,918 | €499 | ▼ 96.7% |
| Taxes, remuneration and social security45 | €26,671 | €20,452 | €39,761 | €43,186 | €27,142 | ▼ 37.2% |
| Taxes450/3 | €24,421 | €20,452 | €35,911 | €39,686 | €27,142 | ▼ 31.6% |
| Remuneration and social security454/9 | €2,250 | €0 | €3,850 | €3,500 | €0 | ▼ 100% |
| Other amounts payable47/48 | €327 | €60 | €14,327 | €0 | €13,479 | - |
| Accrued charges and deferred income492/3 | €0 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,070 | €16,337 | €12,474 | €45,457 | -€3,849 | ▼ 108% |
| + Depreciation and write-downs630 | €1,297 | €1,105 | €705 | €502 | €770 | ▲ 53.4% |
| Operating cash flow (approximation) | €7,368 | €17,442 | €13,179 | €45,958 | -€3,079 | ▼ 107% |
| Investment in fixed assets (approximation) | - | -€1,041 | -€71,796 | -€35,000 | €105,802 | ▲ 402% |
| Change in cash | - | - | - | -€20 | €55 | ▲ 379% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
02-03
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 214 days late
02-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 579 days late
2025
31-12
Financial
Liquidity times 5current ratio 2.90
Current ratio from 0.60 to 2.90; short-term debt falls from €61,582 to €41,120.
2024
31-12
Financial
Highest result since 2018net €45,457 ▲264%
Operating result €67,192, net result €45,457, both a record.
2023
25-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 25 days late
2022
24-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 85 days late
2021
31-12
Financial
Back to profitnet €6,070
Net result €6,070 after 3 loss-making years.
05-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 97 days late
2020
31-12
Financial
Weakest financial yearnet -€21,824
Net result drops to -€21,824, the lowest in the series; recovery starts the following year.
13-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 74 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
26-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 57 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Mortsel · 1 establishment unit since 2016
Ground area
1,127 m²
Building footprint
194 m²
Volume, LiDAR
1,626 m³
Parcel 11513C0098/00X008, Flanders · tallest building 14.9 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ThorCO
since 20162.253.286.739
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11513C0098/00X008 | Flanders | 1,127 m² | 1 · 194 m² | 14.9 m · 3 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 1,320 EUR awarded · 1,321 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 204 EUR | 204 EUR |
| 2024 | 1 | 387 EUR | 387 EUR |
| 2023 | 1 | 303 EUR | 563 EUR |
| 2022 | 1 | 426 EUR | 167 EUR |
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 11,760 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-05-2016
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
56111Full-service restaurants
68110Buying and selling of own real estate
96995Pet boarding
Contact
E-mail
thorco.paul@gmail.com
Phone
+32475580449
E-invoicing
Reachable via Peppol
Peppol ID
0208:0654951819
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.