THOREM
ActiveSummary
THOREM has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €983,636 and a net result of €301,427. Equity is growing by ~37.4% per year across the filed fiscal years. Its solvency ranks better than 64% of 158 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability91▼-9
Solvency84▼-15
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 1.67 against 3.96 in 2024; short-term debt: 36% and cash: 24% of total assets), and 41% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 22
Relative position
BE, all sectors
reference
Manufacture of rubber and plastic products (NACE 22)
about 50% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
59%
Return on assets
18.1%
Age of the figures
9 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
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 29-04-2026, 93 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
93 d early
2024
111 d early
2023
112 d early
2022
76 d early
2021
139 d early
2020
115 d early
2019
116 d early
← 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 109 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 34% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€983,636▼ 4.7%
2024 · €1.0m
Total assets
€1.7m▲ 18.8%
2024 · €1.4m
Net result
€301,427▼ 24.8%
2024 · €401,086
Working capital
€401,656▼ 31.5%
2024 · €586,201
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 22, Manufacture of rubber and plastic products, 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
Operating result€133,772▲ 11.7%€130,081▼ 2.8%€326,013▲ 151%€541,178▲ 66.0%€406,967▼ 24.8%
Net result€87,802within the sector's middle half▲ 5.5%€81,932above the sector's middle half▼ 6.7%€216,183within the sector's middle half▲ 164%€401,086above the sector's middle half▲ 85.5%€301,427above the sector's middle half▼ 24.8%
Equity€333,007within the sector's middle half▲ 35.8%€414,939above the sector's middle half▲ 24.6%€631,122within the sector's middle half▲ 52.1%€1.0mwithin the sector's middle half▲ 63.6%€983,636within the sector's middle half▼ 4.7%
Total assets€590,594below the sector's middle half▲ 42.8%€656,926above the sector's middle half▲ 11.2%€1.1mwithin the sector's middle half▲ 72.9%€1.4mwithin the sector's middle half▲ 23.5%€1.7mwithin the sector's middle half▲ 18.8%
Debt€257,587▲ 53.0%€241,986▼ 6.1%€504,596▲ 109%€370,425▼ 26.6%€683,364▲ 84.5%
Working capital€303,129▲ 44.5%€439,724▲ 45.1%€500,449▲ 13.8%€586,201▲ 17.1%€401,656▼ 31.5%
Solvency56.4%within the sector's middle half▼ 2.9pp63.2%above the sector's middle half▲ 6.8pp55.6%within the sector's middle half▼ 7.6pp73.6%above the sector's middle half▲ 18.0pp59.0%within the sector's middle half▼ 14.6pp
Staff (FTE)0.9below the sector's middle half1.5below the sector's middle half▲ 66.7%1.8below the sector's middle half▲ 20.0%
above
within
below
the middle half (P25 to P75) of NACE 22, Manufacture of rubber and plastic products, 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.
Why a figure moved sharply
- 2023 Net result +164% on 2022. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 25% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€665,509 ▲ 7.7%
Current assets
€1.0m ▲ 27.7%
Equity and liabilities €1.7m
Equity
€983,636 ▼ 4.7%
Debt
€683,364 ▲ 84.5%
Debt's share of the balance-sheet total rises from 26.4% to 41.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€608,045▼
2024 · €696,648
Cash flow
€502,506▼
2024 · €556,556
Current ratio
1.67▼
2024 · 3.96
Quick ratio
0.95▼
2024 · 2.42
Debt to equity
0.69▲
2024 · 0.36
ROE
30.6%▼
2024 · 38.9%
ROA
18.1%▼
2024 · 28.6%
Interest coverage
44.67▲
2024 · 35.31
Debt ≤ 1 year
€599,835▲
2024 · €198,279
Debt > 1 year
€83,184▼
2024 · €167,623
Income taxes
€93,891▼
2024 · €120,364
Staff costs
€91,125▲
2024 · €65,055
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,672 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €0 | - | - | €7,621 | - |
| Remuneration, social security and pensions62 | - | €362 | €39,126 | €65,055 | €91,125 | ▲ 40.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €63,580 | €68,850 | €101,715 | €155,469 | €201,079 | ▲ 29.3% |
| Other operating charges640/8 | - | €1,186 | €1,498 | €4,658 | €5,432 | ▲ 16.6% |
| Non-recurring operating charges66A | - | - | - | - | €4,593 | - |
| Gross operating margin9900 | €200,335 | €200,480 | €468,352 | €766,361 | €709,195 | ▼ 7.5% |
| Operating profit (loss)9901 | €133,772 | €130,081 | €326,013 | €541,178 | €406,967 | ▼ 24.8% |
| Financial income75/76B | - | €944 | €1 | €2 | €1,965 | ▲ 104,982% |
| Recurring financial income75 | €295 | €944 | €1 | €2 | €1,965 | ▲ 104,982% |
| Financial charges65/66B | - | €17,091 | €22,746 | €19,730 | €13,613 | ▼ 31.0% |
| Recurring financial charges65 | €14,336 | €17,091 | €22,746 | €19,730 | €13,613 | ▼ 31.0% |
| Profit (loss) for the period before taxes9903 | €119,730 | €113,934 | €303,268 | €521,451 | €395,318 | ▼ 24.2% |
| Income taxes67/77 | €31,928 | €32,002 | €87,085 | €120,364 | €93,891 | ▼ 22.0% |
| Profit (loss) for the period9904 | €87,802 | €81,932 | €216,183 | €401,086 | €301,427 | ▼ 24.8% |
| Profit (loss) for the period to be appropriated9905 | €87,802 | €81,932 | €216,183 | €401,086 | €301,427 | ▼ 24.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €590,594 | €656,926 | €1.1m | €1.4m | €1.7m | ▲ 18.8% |
| Fixed assets21/28 | €186,098 | €117,248 | €468,117 | €618,154 | €665,509 | ▲ 7.7% |
| Tangible fixed assets22/27 | €186,098 | €117,248 | €468,117 | €618,154 | €665,509 | ▲ 7.7% |
| Plant, machinery and equipment23 | - | €59,960 | €371,276 | €546,225 | €596,545 | ▲ 9.2% |
| Furniture and vehicles24 | - | €38,458 | €32,389 | €13,434 | €3,772 | ▼ 71.9% |
| Other tangible fixed assets26 | - | €18,830 | €64,452 | €58,495 | €65,191 | ▲ 11.4% |
| Current assets29/58 | €404,496 | €539,678 | €667,601 | €784,480 | €1.0m | ▲ 27.7% |
| Stocks and contracts in progress3 | €164,730 | €188,771 | €157,998 | €305,394 | €433,221 | ▲ 41.9% |
| Stocks30/36 | - | €188,771 | €157,998 | €305,394 | €433,221 | ▲ 41.9% |
| Amounts receivable within one year40/41 | €106,717 | €120,332 | €180,293 | €142,362 | €164,465 | ▲ 15.5% |
| Trade receivables40 | - | €75,385 | €177,247 | €122,616 | €141,179 | ▲ 15.1% |
| Other amounts receivable41 | - | €44,947 | €3,046 | €19,745 | €23,286 | ▲ 17.9% |
| Cash at bank and in hand54/58 | €129,283 | €225,651 | €323,451 | €332,094 | €399,408 | ▲ 20.3% |
| Deferred charges and accrued income490/1 | - | €4,924 | €5,859 | €4,631 | €4,397 | ▼ 5.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €590,594 | €656,926 | €1.1m | €1.4m | €1.7m | ▲ 18.8% |
| Equity10/15 | €333,007 | €414,939 | €631,122 | €1.0m | €983,636 | ▼ 4.7% |
| Contributions10/11 | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €183,007 | €264,939 | €481,122 | €882,209 | €833,636 | ▼ 5.5% |
| Distributable reserves133 | - | €264,939 | €481,122 | €882,209 | €833,636 | ▼ 5.5% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €257,587 | €241,986 | €504,596 | €370,425 | €683,364 | ▲ 84.5% |
| Amounts payable after more than one year17 | €150,236 | €135,347 | €330,192 | €167,623 | €83,184 | ▼ 50.4% |
| Financial debts170/4 | - | - | €197,808 | €139,314 | €83,184 | ▼ 40.3% |
| Other amounts payable178/9 | - | €135,347 | €132,384 | €28,309 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €101,367 | €99,953 | €167,152 | €198,279 | €599,835 | ▲ 203% |
| Current portion of amounts payable after more than one year42 | - | - | €51,939 | €54,078 | €56,130 | ▲ 3.8% |
| Trade debts44 | €56,808 | €77,392 | €71,037 | €109,932 | €178,323 | ▲ 62.2% |
| Suppliers440/4 | - | €77,392 | €71,037 | €109,932 | €178,323 | ▲ 62.2% |
| Taxes, remuneration and social security45 | - | €21,899 | €43,419 | €32,821 | €15,324 | ▼ 53.3% |
| Taxes450/3 | - | €16,430 | €19,042 | €15,462 | €1,477 | ▼ 90.4% |
| Remuneration and social security454/9 | - | €5,468 | €24,377 | €17,359 | €13,846 | ▼ 20.2% |
| Other amounts payable47/48 | - | €663 | €756 | €1,448 | €350,058 | ▲ 24,072% |
| Accrued charges and deferred income492/3 | - | €6,686 | €7,252 | €4,523 | €346 | ▼ 92.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €87,802 | €81,932 | €216,183 | €401,086 | €301,427 | ▼ 24.8% |
| + Depreciation and write-downs630 | €63,580 | €68,850 | €101,715 | €155,469 | €201,079 | ▲ 29.3% |
| Operating cash flow (approximation) | €151,383 | €150,783 | €317,898 | €556,556 | €502,506 | ▼ 9.7% |
| Investment in fixed assets (approximation) | - | €0 | -€452,584 | -€305,506 | -€248,434 | ▲ 18.7% |
| Change in cash | - | €96,368 | €97,800 | €8,642 | €67,314 | ▲ 679% |
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
29-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
11-04
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €401,086 ▲85.5%
Operating result €541,178, net result €401,086, both a record.
31-12
Financial
Equity above €1mEq €1.0m ▲63.6%
7 profitable years in a row build equity to €1.0m.
10-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €500,000Eq €631,122 ▲52.1%
6 profitable years in a row build equity to €631,122.
16-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
14-03
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
07-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity doublescurrent ratio 10.53
Current ratio from 4.97 to 10.53; short-term debt falls from €55,732 to €22,011.
31-12
Financial
Equity above €200,000Eq €245,205 ▲51.4%
3 profitable years in a row build equity to €245,205.
06-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
31-12
Financial
Weakest financial yearnet €42,348 ▼48.7%
Net result drops to €42,348, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €150,000Eq €161,989 ▲35.4%
2 profitable years in a row build equity to €161,989.
09-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
07-04
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Wevelgem · 1 establishment unit since 2009
Ground area
376 m²
Building footprint
132 m²
Parcel 34012C0330/00T004, Flanders. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Thorem
since 20092.183.051.316
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34012C0330/00T004 | Flanders | 376 m² | 1 · 132 m² | - |
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
2025 · 1 entry · 25,000 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 25,000 EUR | 0 EUR |
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Of 371 companies in sector 22210 we hold annual accounts for 293. 205 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
Founded17-11-2009
Fiscal year end31-12
Activities, NACEBEL 2025
22210Manufacture of rubber and plastic products
73200Market research and public opinion polling
74120Graphic design and visual communication
74999Other professional, scientific and technical activities
Contact
E-mail
vincent.meul@thorem.beWevelgem
Phone
0474/ 89 71 43Wevelgem
E-invoicing
Reachable via Peppol
Peppol ID
0208:0820742635
Registered
19-06-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.