THORIMAR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00382563.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 33 filings
Equity
€65,975▼ 8.0%
2024 · €71,738
Total assets
€67,286▼ 7.2%
2024 · €72,490
Net result
-€5,764▼ 10.7%
2024 · -€5,205
Working capital
€65,975▼ 8.0%
2024 · €71,738
In the rankings
#2 oldest company in Niel, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,950
▼ 5.7%
2025
20182025
Net result
-€5,764
▼ 10.7%
2025
lowest quarter of the sector
20182025
Equity
€65,975
▼ 8.0%
2025
middle half of the sector
20182025
Total assets
€67,286
▼ 7.2%
2025
lowest quarter of the sector
20182025
Debt
€1,312
▲ 74.6%
2025
20182025
Working capital
€65,975
▼ 8.0%
2025
middle half of the sector
20182025
Solvency
98.1%
▼ 0.9pp
2025
highest quarter of the sector
20182025
Current ratio
51.30
▼ 45.22
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-8.6%
▼ 1.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€43,083-€47,395▲ 10.0%€19,745▼ 58.3%-€22,303-€6,764▲ 69.7%€2,597-€5,626-€5,950▼ 5.7%
Net result€35,290-€36,288▲ 2.8%€12,490within the sector's middle half▼ 65.6%-€20,551below the sector's middle half-€5,548below the sector's middle half▲ 73.0%€2,328below the sector's middle half-€5,205below the sector's middle half-€5,764below the sector's middle half▼ 10.7%
Equity€78,821-€115,109▲ 46.0%€127,599within the sector's middle half▲ 10.9%€80,163within the sector's middle half▼ 37.2%€74,615within the sector's middle half▼ 6.9%€76,943within the sector's middle half▲ 3.1%€71,738within the sector's middle half▼ 6.8%€65,975within the sector's middle half▼ 8.0%
Total assets€97,391-€127,459▲ 30.9%€150,022within the sector's middle half▲ 17.7%€90,452within the sector's middle half▼ 39.7%€76,260within the sector's middle half▼ 15.7%€80,852within the sector's middle half▲ 6.0%€72,490within the sector's middle half▼ 10.3%€67,286below the sector's middle half▼ 7.2%
Debt€18,570-€12,350▼ 33.5%€22,423▲ 81.6%€10,289▼ 54.1%€1,645▼ 84.0%€3,909▲ 138%€751▼ 80.8%€1,312▲ 74.6%
Working capital€78,573-€115,010▲ 46.4%€127,599above the sector's middle half▲ 10.9%€80,163within the sector's middle half▼ 37.2%€74,615within the sector's middle half▼ 6.9%€76,943within the sector's middle half▲ 3.1%€71,738within the sector's middle half▼ 6.8%€65,975within the sector's middle half▼ 8.0%
Solvency80.9%-90.3%▲ 9.4pp85.1%above the sector's middle half▼ 5.3pp88.6%above the sector's middle half▲ 3.6pp97.8%above the sector's middle half▲ 9.2pp95.2%above the sector's middle half▼ 2.7pp99.0%above the sector's middle half▲ 3.8pp98.1%above the sector's middle half▼ 0.9pp
Current ratio5.23-10.31▲ 5.086.69above the sector's middle half▼ 3.628.79above the sector's middle half▲ 2.1046.37above the sector's middle half▲ 37.5720.68above the sector's middle half▼ 25.6896.52above the sector's middle half▲ 75.8351.30above the sector's middle half▼ 45.22
Return on assets (ROA)36.2%-28.5%▼ 7.8pp8.3%within the sector's middle half▼ 20.1pp-22.7%below the sector's middle half▼ 31.0pp-7.3%below the sector's middle half▲ 15.4pp2.9%below the sector's middle half▲ 10.2pp-7.2%below the sector's middle half▼ 10.1pp-8.6%below the sector's middle half▼ 1.4pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €5,950, larger than the loss of €5,626 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €67,286
Equity
€65,975 ▼ 8.0%
Debt
€1,312 ▲ 74.6%
Debt's share of the balance-sheet total rises from 1.0% to 1.9%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.02▲
2024 · 0.01
ROE
-8.7%▼
2024 · -7.3%
Debt ≤ 1 year
€1,312▲
2024 · €751
Income taxes
€102▲
2024 · €87
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €148 | €148 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €499 | €501 | €618 | €505 | €174 | ▼ 65.6% |
| Gross operating margin9900 | €43,728 | €48,108 | €20,192 | -€21,805 | -€6,263 | €3,215 | -€5,121 | -€5,776 | ▼ 12.8% |
| Operating profit (loss)9901 | €43,083 | €47,395 | €19,745 | -€22,303 | -€6,764 | €2,597 | -€5,626 | -€5,950 | ▼ 5.7% |
| Financial income75/76B | - | - | - | €883 | €1,573 | €241 | €621 | €358 | ▼ 42.4% |
| Recurring financial income75 | €79 | €68 | €458 | €883 | €1,573 | €241 | €621 | €358 | ▼ 42.4% |
| Financial charges65/66B | - | - | - | -€800 | €105 | €233 | €112 | €70 | ▼ 37.4% |
| Recurring financial charges65 | €66 | €191 | €1,146 | -€800 | €105 | €233 | €112 | €70 | ▼ 37.4% |
| Profit (loss) for the period before taxes9903 | €43,096 | €47,272 | €19,057 | -€20,621 | -€5,295 | €2,605 | -€5,118 | -€5,662 | ▼ 10.6% |
| Income taxes67/77 | €7,806 | €10,984 | €6,567 | -€70 | €253 | €277 | €87 | €102 | ▲ 17.1% |
| Profit (loss) for the period9904 | €35,290 | €36,288 | €12,490 | -€20,551 | -€5,548 | €2,328 | -€5,205 | -€5,764 | ▼ 10.7% |
| Profit (loss) for the period to be appropriated9905 | €35,290 | €36,288 | €12,490 | -€20,551 | -€5,548 | €2,328 | -€5,205 | -€5,764 | ▼ 10.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €97,391 | €127,459 | €150,022 | €90,452 | €76,260 | €80,852 | €72,490 | €67,286 | ▼ 7.2% |
| Fixed assets21/28 | €247 | €99 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €148 | - | - | - | - | - | - | - | - |
| Financial fixed assets28 | €99 | €99 | - | - | - | - | - | - | - |
| Current assets29/58 | €97,144 | €127,360 | €150,022 | €90,452 | €76,260 | €80,852 | €72,490 | €67,286 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €31,884 | €27,986 | €29,161 | €1,344 | €5,738 | €6,770 | €1,926 | €755 | ▼ 60.8% |
| Trade receivables40 | - | - | - | - | - | €4,317 | - | - | - |
| Other amounts receivable41 | - | - | - | €1,344 | €5,738 | €2,453 | €1,926 | €755 | ▼ 60.8% |
| Current investments50/53 | - | - | €50,000 | €53,158 | €53,881 | €53,882 | €62,379 | €62,694 | ▲ 0.5% |
| Cash at bank and in hand54/58 | €65,260 | €99,374 | €70,861 | €35,951 | €16,640 | €20,200 | €8,184 | €3,837 | ▼ 53.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €97,391 | €127,459 | €150,022 | €90,452 | €76,260 | €80,852 | €72,490 | €67,286 | ▼ 7.2% |
| Equity10/15 | €78,821 | €115,109 | €127,599 | €80,163 | €74,615 | €76,943 | €71,738 | €65,975 | ▼ 8.0% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,859 | €1,859 | €14,349 | €14,349 | €14,349 | €16,677 | €16,677 | €16,677 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €12,490 | €12,490 | €14,818 | €14,818 | €14,818 | = |
| Profit (loss) carried forward14 | €70,761 | €107,050 | €107,050 | €59,614 | €54,066 | €54,066 | €48,861 | €43,098 | ▼ 11.8% |
| Amounts payable17/49 | €18,570 | €12,350 | €22,423 | €10,289 | €1,645 | €3,909 | €751 | €1,312 | ▲ 74.6% |
| Amounts payable within one year42/48 | €18,570 | €12,350 | €22,423 | €10,289 | €1,645 | €3,909 | €751 | €1,312 | ▲ 74.6% |
| Trade debts44 | €189 | €1,478 | €3,172 | €1,097 | €1,169 | €3,632 | €387 | €1,123 | ▲ 190% |
| Suppliers440/4 | - | - | - | €1,097 | €1,169 | €3,632 | €387 | €1,123 | ▲ 190% |
| Taxes, remuneration and social security45 | - | - | - | €6,740 | €476 | €277 | €364 | €189 | ▼ 48.0% |
| Taxes450/3 | - | - | - | €6,740 | €476 | €277 | €364 | €189 | ▼ 48.0% |
| Other amounts payable47/48 | - | - | - | €2,452 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,290 | €36,288 | €12,490 | -€20,551 | -€5,548 | €2,328 | -€5,205 | -€5,764 | ▼ 10.7% |
| + Depreciation and write-downs630 | €148 | €148 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €35,438 | €36,437 | €12,490 | -€20,551 | -€5,548 | €2,328 | -€5,205 | -€5,764 | ▼ 10.7% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | - | - | - | - |
| Change in cash | - | €34,114 | -€28,513 | -€34,911 | -€19,310 | €3,560 | -€12,016 | -€4,347 | ▲ 63.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 12,322 companies had the same profile as THORIMAR has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THORIMAR itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 12,322 companies, not a prediction for THORIMAR. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-08-2026 | 2026-00382563 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00328028 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00311991 | |
| 31-12-2022 | micro format | 08-07-2023 | 2023-00216902 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20200270 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37400587 | |
| 31-12-2019 | micro format | 27-06-2021 | 2021-28800481 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-63200400 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-56100548 | |
| 31-12-2016 | micro format | 24-06-2017 | 2017-21600047 |