THORNDIKE
ActiveSummary
THORNDIKE has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €119,121 and a net result of -€330. Equity is shrinking by ~9.6% per year across the filed fiscal years. Its solvency ranks better than 60% of 975 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+61
Solvency80▼-1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity short (current ratio 0.87 against 0.85 in 2024; short-term debt: 45% and cash: 2.8% of total assets), and 45% of the assets are financed with debt.
Credit check for your own amount and term
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Signals
Five 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 52
Relative position
BE, all sectors
reference
Warehousing and support activities for transportation (NACE 52)
about 72% more bankruptcies
← 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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€330
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 30-04-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
1 d early
2023
6 d early
2022
2 d early
2021
53 d early
2020
8 d early
2019
61 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 1 day before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#6 oldest company in Lievegem, Transport and storage sector
Equity
€119,121▼ 0.3%
2024 · €119,451
Total assets
€216,702▲ 1.2%
2024 · €214,066
Net result
-€330▲ 98.2%
2024 · -€18,202
Working capital
-€12,924▲ 8.0%
2024 · -€14,052
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, 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-€15,003▼ 46.2%-€18,013▼ 20.1%-€14,042▲ 22.0%-€18,685▼ 33.1%-€302▲ 98.4%
Net result-€14,758below the sector's middle half▼ 48.1%-€17,859below the sector's middle half▼ 21.0%-€13,833below the sector's middle half▲ 22.5%-€18,202below the sector's middle half▼ 31.6%-€330within the sector's middle half▲ 98.2%
Equity€169,346within the sector's middle half▼ 8.0%€151,487within the sector's middle half▼ 10.5%€137,654within the sector's middle half▼ 9.1%€119,451within the sector's middle half▼ 13.2%€119,121within the sector's middle half▼ 0.3%
Total assets€220,052within the sector's middle half▼ 6.4%€207,300within the sector's middle half▼ 5.8%€203,667within the sector's middle half▼ 1.8%€214,066within the sector's middle half▲ 5.1%€216,702within the sector's middle half▲ 1.2%
Debt€50,706▼ 0.7%€55,813▲ 10.1%€66,014▲ 18.3%€94,615▲ 43.3%€97,580▲ 3.1%
Working capital€34,573▼ 22.1%€11,924▼ 65.5%€5,401▼ 54.7%-€14,052-€12,924▲ 8.0%
Solvency77.0%above the sector's middle half▼ 1.3pp73.1%above the sector's middle half▼ 3.9pp67.6%within the sector's middle half▼ 5.5pp55.8%within the sector's middle half▼ 11.8pp55.0%within the sector's middle half▼ 0.8pp
above
within
below
the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €302 in 2025 against €18,685 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €216,702
Fixed assets
€132,045 ▼ 1.1%
Current assets
€84,656 ▲ 5.1%
Equity and liabilities €216,702
Equity
€119,121 ▼ 0.3%
Debt
€97,580 ▲ 3.1%
Debt's share of the balance-sheet total rises from 44.2% to 45.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€7,428▲
2024 · -€12,916
Cash flow
€7,400▲
2024 · -€12,434
Current ratio
0.87▲
2024 · 0.85
Quick ratio
0.47▼
2024 · 0.58
Debt to equity
0.82▲
2024 · 0.79
ROE
-0.3%▲
2024 · -15.2%
ROA
-0.2%▲
2024 · -8.5%
Interest coverage
36.01▲
2024 · -223.11
Debt ≤ 1 year
€97,580▲
2024 · €94,615
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,304 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.6% 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 12,304 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,904 | €11,685 | €7,038 | €5,769 | €7,730 | ▲ 34.0% |
| Other operating charges640/8 | - | €2,324 | €2,110 | €2,792 | €2,199 | ▼ 21.3% |
| Gross operating margin9900 | -€2,167 | -€4,004 | -€4,894 | -€10,124 | €9,627 | ▲ 195% |
| Operating profit (loss)9901 | -€15,003 | -€18,013 | -€14,042 | -€18,685 | -€302 | ▲ 98.4% |
| Financial income75/76B | - | €290 | €290 | €540 | €178 | ▼ 67.1% |
| Recurring financial income75 | €550 | €290 | €290 | €540 | €178 | ▼ 67.1% |
| Financial charges65/66B | - | €136 | €81 | €58 | €206 | ▲ 256% |
| Recurring financial charges65 | €251 | €136 | €81 | €58 | €206 | ▲ 256% |
| Profit (loss) for the period before taxes9903 | -€14,704 | -€17,859 | -€13,833 | -€18,202 | -€330 | ▲ 98.2% |
| Income taxes67/77 | €54 | €0 | - | - | - | - |
| Profit (loss) for the period9904 | -€14,758 | -€17,859 | -€13,833 | -€18,202 | -€330 | ▲ 98.2% |
| Profit (loss) for the period to be appropriated9905 | -€14,758 | -€17,859 | -€13,833 | -€18,202 | -€330 | ▲ 98.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €220,052 | €207,300 | €203,667 | €214,066 | €216,702 | ▲ 1.2% |
| Fixed assets21/28 | €134,773 | €139,638 | €132,600 | €133,504 | €132,045 | ▼ 1.1% |
| Intangible fixed assets21 | - | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €134,748 | €139,613 | €132,576 | €133,479 | €132,021 | ▼ 1.1% |
| Land and buildings22 | - | €135,660 | €129,924 | €125,620 | €121,317 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | €360 | €85 | €1,786 | €6,627 | ▲ 271% |
| Furniture and vehicles24 | - | €3,593 | €2,567 | €6,073 | €4,076 | ▼ 32.9% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €85,279 | €67,662 | €71,067 | €80,562 | €84,656 | ▲ 5.1% |
| Stocks and contracts in progress3 | €22,354 | €24,931 | €29,675 | €25,399 | €39,195 | ▲ 54.3% |
| Stocks30/36 | - | €24,931 | €29,675 | €25,399 | €39,195 | ▲ 54.3% |
| Amounts receivable within one year40/41 | €1,875 | €2,422 | €3,472 | €21,861 | €2,831 | ▼ 87.1% |
| Trade receivables40 | - | €2,137 | €3,472 | €20,463 | €2,168 | ▼ 89.4% |
| Other amounts receivable41 | - | €285 | €0 | €1,398 | €663 | ▼ 52.6% |
| Current investments50/53 | €52,190 | €35,336 | €29,936 | €29,936 | €29,936 | = |
| Cash at bank and in hand54/58 | €7,701 | €4,141 | €7,788 | €3,169 | €6,162 | ▲ 94.5% |
| Deferred charges and accrued income490/1 | - | €832 | €197 | €198 | €6,532 | ▲ 3,198% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €220,052 | €207,300 | €203,667 | €214,066 | €216,702 | ▲ 1.2% |
| Equity10/15 | €169,346 | €151,487 | €137,654 | €119,451 | €119,121 | ▼ 0.3% |
| Contributions10/11 | €76,847 | €76,847 | €76,847 | €76,847 | €76,847 | = |
| Capital10 | - | €76,847 | €76,847 | €76,847 | €76,847 | = |
| Issued capital100 | - | €76,847 | €76,847 | €76,847 | €76,847 | = |
| Reserves13 | €92,499 | €74,640 | €60,807 | €42,604 | €42,274 | ▼ 0.8% |
| Non-distributable reserves130/1 | - | €7,685 | €7,685 | €7,685 | €7,685 | = |
| Legal reserve130 | - | €7,685 | €7,685 | €7,685 | €7,685 | = |
| Distributable reserves133 | - | €66,955 | €53,122 | €34,920 | €34,590 | ▼ 0.9% |
| Amounts payable17/49 | €50,706 | €55,813 | €66,014 | €94,615 | €97,580 | ▲ 3.1% |
| Amounts payable within one year42/48 | €50,706 | €55,738 | €65,666 | €94,615 | €97,580 | ▲ 3.1% |
| Trade debts44 | €6,013 | €4,799 | €13,349 | €22,838 | €13,937 | ▼ 39.0% |
| Suppliers440/4 | - | €4,799 | €13,349 | €22,838 | €13,937 | ▼ 39.0% |
| Advances received on contracts in progress46 | - | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | €621 | €72 | €1,138 | ▲ 1,485% |
| Taxes450/3 | - | - | €621 | €72 | €1,138 | ▲ 1,485% |
| Other amounts payable47/48 | - | €50,939 | €51,697 | €71,705 | €82,505 | ▲ 15.1% |
| Accrued charges and deferred income492/3 | - | €76 | €348 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,758 | -€17,859 | -€13,833 | -€18,202 | -€330 | ▲ 98.2% |
| + Depreciation and write-downs630 | €10,904 | €11,685 | €7,038 | €5,769 | €7,730 | ▲ 34.0% |
| Operating cash flow (approximation) | -€3,854 | -€6,175 | -€6,795 | -€12,434 | €7,400 | ▲ 160% |
| Investment in fixed assets (approximation) | - | -€16,550 | €0 | -€6,672 | -€6,272 | ▲ 6.0% |
| Change in cash | - | -€3,560 | €3,647 | -€4,619 | €2,994 | ▲ 165% |
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
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
08-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
22-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 61 days late
2019
27-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
26-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
NBB filing
0 of 6 acts read
About the unread acts
We know of 6 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
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, Lievegem · 1 establishment unit since 1994
Ground area
3,126 m²
Building footprint
296 m²
Volume, LiDAR
1,751 m³
Parcel 44080C0911/00G000, Flanders · tallest building 15.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
THORNDIKE
since 19942.065.961.230
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44080C0911/00G000 | Flanders | 3,126 m² | 1 · 296 m² | 15.3 m · 2 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteLievegem2.065.961.230
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Of 3,187 companies in sector 52250 we hold annual accounts for 1,963. 1,398 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded11-02-1994
Fiscal year end30-09
Activities, NACEBEL 2025
52250Logistics services
46341Wholesale of wines and spirits
47252Retail sale of beverages, general range
52100Warehousing and storage
62100Computer programming
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452167181
Also
9925:BE0452167181
Registered
19-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.