Thorgal Management has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €15k and a net result of €-837. Its solvency ranks better than 22% of 31584 sector peers (fiscal year 2025). The company has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Young company
Founded in 2024, under 3 years, statistically higher risk.
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 06-05-2026, 86 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
86 d early
2024
71 d early
← before the deadline
after the deadline →
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
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€15k▼ 10.3%
2024 · €17k
2024: €17k
2024 → 2025
Total assets
€84k▼ 2.1%
2024 · €86k
2024: €86k
2024 → 2025
Net result
€-837
2024 · €12k
2024: €12k
2024 → 2025
Working capital
€14k▼ 25.1%
2024 · €18k
2024: €18k
2024 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20242025Trend
Equity€17k-€15k▼ 10.3%
Operating result€17k-€2k▼ 91.2%
Net result€12k-€-837
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 91% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84k
Fixed assets
€58k▲ 5.3%
Current assets
€26k▼ 15.3%
Equity and liabilities €84k
Equity
€15k▼ 10.3%
Debt
€69k▼ 0.1%
The debt ratio rises from 80.7% to 82.3%. Equity and debt are lower.
Key figures and ratios
Solvency
17.7%▼
2024 · 19.3%
ROE
-5.6%▼
2024 · 69.8%
ROA
-1.0%▼
2024 · 13.5%
Debt
€69k▼
2024 · €69k
Debt ≤ 1 year
€12k▼
2024 · €12k
Debt > 1 year
€55k=
2024 · €55k
Income taxes
€282▼
2024 · €4k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€86k€84k▼
Fixed assets21/28€55k€58k▲
Tangible fixed assets22/27€5k€8k▲
Furniture and vehicles24€5k€8k▲
Financial fixed assets28€50k€50k=
Current assets29/58€31k€26k▼
Amounts receivable within one year40/41-€11k
Trade receivables40-€6k
Other amounts receivable41-€5k
Current investments50/53€18k€0▼
Cash at bank and in hand54/58€12k€14k▲
Deferred charges and accrued income490/1€607€1k▲
Equity and liabilities
Total equity and liabilities10/49€86k€84k▼
Equity10/15€17k€15k▼
Contributions10/11€5k€5k=
Profit (loss) carried forward14€12k€10k▼
Amounts payable17/49€69k€69k▼
Amounts payable after more than one year17€55k€55k=
Financial debts170/4€55k€55k=
Amounts payable within one year42/48€12k€12k▼
Trade debts44€399€497▲
Suppliers440/4€399€497▲
Taxes, remuneration and social security45€12k€11k▼
Taxes450/3€10k€11k▲
Remuneration and social security454/9€2k€0▼
Other amounts payable47/48-€859
Accrued charges and deferred income492/3€2k€2k=
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€2k▲
Other operating charges640/8-€82
Gross operating margin9900€18k€4k▼
Operating profit (loss)9901€17k€2k▼
Financial income75/76B€525€1k▲
Recurring financial income75€525€1k▲
Financial charges65/66B€2k€3k▲
Recurring financial charges65€2k€3k▲
Profit (loss) for the period before taxes9903€16k€-556▼
Income taxes67/77€4k€282▼
Profit (loss) for the period9904€12k€-837▼
Profit (loss) for the period to be appropriated9905€12k€-837▼
Appropriation of the result
Profit (loss) to be appropriated9906€12k€11k▼
Profit (loss) brought forward from the previous period14P-€12k
Profit to be distributed694/7-€859
Return on contributions (dividend)694-€859
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
06-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
21-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
NBB filing
Directors · office · real estate
Directors
1 act for this company is 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, Welkenraedt · 1 establishment unit since 2024
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Saint-Paul 1044840 WelkenraedtGround area
220 m²
Building footprint
74 m²
Volume, LiDAR
656 m³
Parcel 63084B0071/00V005, Wallonia · tallest building 10.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Thorgal Management
since 20242.355.115.557
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63084B0071/00V005 | Wallonia | 220 m² | 1 · 74 m² | 10.0 m · 3 fl. |
Linked by address, not proof of ownership
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.
Recognitions · licences · registrations
Legal Entity Identifier
254900WPQ6LBJCV4QG17
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Of 82,546 companies in sector 70200 we hold annual accounts for 52,574. 27,386 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded17-01-2024
Fiscal year end31-12
Activities, NACEBEL
70200Business and other management consultancy
70220Business consulting
64200Holdings
64210Activities of holding companies
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 2 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.