THORN
ActiveTHORN has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €317k and a net result of €-44k. Equity is shrinking by ~3.8% per year across the filed fiscal years. Its solvency ranks better than 80% of 64 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency100=
Growth32=
Stability100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17k at 30 days acceptable
Liquidity ample (current ratio 3.5 against 2.22 in 2023), and 18.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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 03
Relative position
BE, all sectors
reference
Sector 03
higher
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
81.2%
Return on assets
-11.4%
Age of the figures
20 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity fell accordingly. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€44k
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-09-2025, 54 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
54 d late
2023
29 d late
2022
31 d late
2021
3 d early
2020
30 d late
2019
27 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, abbreviated schema
Equity
€317k▼ 12.3%
2023 · €362k
2018: €439k
2019: €294k
2020: €401k
2021: €517k
2022: €470k
2023: €362k
2018 → 2024
Total assets
€391k▼ 24.4%
2023 · €517k
2018: €594k
2019: €632k
2020: €603k
2021: €647k
2022: €801k
2023: €517k
2018 → 2024
Net result
€-44k▼ 305%
2023 · €-11k
2018: €56k
2019: €-145k
2020: €108k
2021: €42k
2022: €226k
2023: €-11k
2018 → 2024
Working capital
€163k▼ 9.4%
2023 · €180k
2018: €326k
2019: €79k
2020: €179k
2021: €266k
2022: €286k
2023: €180k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€401k-€517k▲ 29.1%€470k▼ 9.1%€362k▼ 23.1%€317k▼ 12.3%
Operating result€105k-€-85k€198k€-56k€-45k▲ 19.7%
Net result€108k-€42k▼ 60.8%€226k▲ 436%€-11k€-44k▼ 305%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €45k in 2024 against €56k in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €391k
Fixed assets
€163k▼ 14.5%
Current assets
€228k▼ 30.2%
Equity and liabilities €391k
Equity
€317k▼ 12.3%
Provisions
€8k=
Debt
€65k▼ 55.6%
The debt ratio falls from 28.4% to 16.7%: debt falls faster than equity shrinks.
Key figures and ratios
EBITDA
€-7k▼
2023 · €54k
Cash flow
€-7k▼
2023 · €99k
Solvency
81.2%▲
2023 · 70.0%
Current ratio
3.50▲
2023 · 2.22
Quick ratio
3.50▲
2023 · 2.22
Debt / equity
0.21▼
2023 · 0.41
ROE
-14.0%▼
2023 · -3.0%
ROA
-11.4%▼
2023 · -2.1%
Interest coverage
-18.55▼
2023 · 180.72
Debt
€65k▼
2023 · €147k
Debt ≤ 1 year
€65k▼
2023 · €147k
Income taxes
€0
Staff costs
€283k▲
2023 · €193k
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 · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€517k€391k▼
Fixed assets21/28€190k€163k▼
Intangible fixed assets21-€0
Tangible fixed assets22/27€189k€161k▼
Land and buildings22€71k€65k▼
Plant, machinery and equipment23€117k€97k▼
Furniture and vehicles24-€0
Financial fixed assets28€1k€1k=
Current assets29/58€327k€228k▼
Amounts receivable within one year40/41€7k€8k▲
Other amounts receivable41€7k€8k▲
Cash at bank and in hand54/58€176k€217k▲
Deferred charges and accrued income490/1€144k€3k▼
Equity and liabilities
Total equity and liabilities10/49€517k€391k▼
Equity10/15€362k€317k▼
Contributions10/11€19k€19k=
Reserves13€102k€102k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€100k€100k=
Profit (loss) carried forward14€241k€197k▼
Provisions and deferred taxes16€8k€8k=
Provisions for liabilities and charges160/5€8k€8k=
Major repairs and maintenance162€8k€8k=
Amounts payable17/49€147k€65k▼
Amounts payable within one year42/48€147k€65k▼
Trade debts44€16k€24k▲
Suppliers440/4€16k€24k▲
Taxes, remuneration and social security45€13k€32k▲
Taxes450/3€9k€21k▲
Remuneration and social security454/9€5k€11k▲
Other amounts payable47/48€118k€8k▼
Accrued charges and deferred income492/3-€25
Income statement
Code20232024
Remuneration, social security and pensions62€193k€283k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€110k€38k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€-8k-
Other operating charges640/8€5k€2k▼
Gross operating margin9900€244k€278k▲
Operating profit (loss)9901€-56k€-45k▲
Financial income75/76B€40k€912▼
Recurring financial income75€40k€912▼
Financial charges65/66B€300€383▲
Recurring financial charges65€300€383▲
Profit (loss) for the period before taxes9903€-16k€-44k▼
Transfer from deferred taxes780€5k-
Income taxes67/77-€0
Profit (loss) for the period9904€-11k€-44k▼
Profit (loss) for the period to be appropriated9905€-11k€-44k▼
Appropriation of the result
Profit (loss) to be appropriated9906€301k€197k▼
Profit (loss) brought forward from the previous period14P€312k€241k▼
Profit to be distributed694/7€60k-
Return on contributions (dividend)694€60k-
Social balance
Average headcount (FTE)90873.03.6▲
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
23-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 54 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 29 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Highest result since 2018net €226k ▲436%
Operating result €198k, net result €226k, both a record.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €500kEq €517k ▲29.1%
2 profitable years in a row build equity to €517k.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
31-12
Financial
Back to profitnet €108k
Net result €108k after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 6.41
Current ratio from 2.55 to 6.41; short-term debt falls from €51k to €33k.
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
31-12
Financial
Weakest financial yearnet €-145k ▼362%
Net result drops to €-145k, the lowest in the series; recovery starts the following year.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
17-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 17 days late
2016
18-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 18 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Knokke-Heist · 1 establishment unit since 2010
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.
Zonnebloemstraat 268301 Knokke-HeistGround area
976 m²
Building footprint
196 m²
Volume, LiDAR
1,026 m³
Parcel 31337C0084/00M000, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
N79 Warrior
since 20102.204.276.696
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31337C0084/00M000 | Flanders | 976 m² | 1 · 196 m² | 8.1 m · 2 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
Food safety, FASFC
1 siteKnokke-Heist2.204.276.696
Dual-learning approval
2 live approvals · 3 endedMatroos zeevisserij duaal (so)
Zeevisserij duaal (so)
Similar companies · same sector, comparable size
Garnalenvissers Rudy Praet & Zoon bv
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NAUTICAA
BE 0834.755.571
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REDERIJ HOLLEBEKE
BE 0836.942.526
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SAMENWERKING
BE 0450.959.532
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NORA REDERIJ
BE 0788.549.721
Knokke-Heist · Eq €248k
Of 103 companies in sector 03110 we hold annual accounts for 75. 65 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded12-10-2004
Fiscal year end31-12
Activities, NACEBEL
03110Fishing and aquaculture
05010
Sources
Crossroads Bank for EnterprisesNational Bank · 20 filingsAddress and cadastre registers
Data from official sources, last processed on 13-09-2026. Scores and ratios are computed by Checked and are not a credit decision.