THORSEC
ActiveSummary
The computed 12-month bankruptcy probability of THORSEC is 1.8% (moderate). The 2024 annual accounts show negative equity (-€99,902) and a net result of €30,437. Equity is shrinking by ~23.7% per year across the filed fiscal years. The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+87
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 4.35 against 2.94 in 2023; short-term debt: 21.6% and cash: 40.7% of total assets), but equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
-100.1%
Return on assets
30.5%
Age of the figures
21 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 · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 24-09-2025, 55 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
55 d late
2023
68 d late
2022
113 d late
2021
478 d late
2020
843 d late
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 274 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€99,902▲ 23.4%
2023 · -€130,339
Total assets
€99,833▼ 3.6%
2023 · €103,613
Net result
€30,437
2023 · -€4,471
Working capital
€72,373▲ 12.9%
2023 · €64,089
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€49,727▼ 120%-€10,150▲ 79.6%-€33,780▼ 233%-€4,229▲ 87.5%€30,702
Net result-€38,890▼ 71.7%-€10,268▲ 73.6%-€33,756▼ 229%-€4,471▲ 86.8%€30,437
Equity-€81,845▼ 90.5%-€92,113▼ 12.5%-€125,868▼ 36.6%-€130,339▼ 3.6%-€99,902▲ 23.4%
Total assets€97,140▲ 16.3%€155,855▲ 60.4%€107,975▼ 30.7%€103,613▼ 4.0%€99,833▼ 3.6%
Debt€178,985▲ 41.5%€247,967▲ 38.5%€233,843▼ 5.7%€233,951=€199,735▼ 14.6%
Working capital€48,741€90,544▲ 85.8%€65,028▼ 28.2%€64,089▼ 1.4%€72,373▲ 12.9%
Staff (FTE)0.7▼ 30.0%1.7▲ 143%0.1▼ 94.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €30,702 after a loss of €4,229 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €99,833
Fixed assets
€5,852 ▼ 11.0%
Current assets
€93,982 ▼ 3.2%
Key figures and ratios
EBITDA
€34,280▲
2023 · -€697
Cash flow
€34,015▲
2023 · -€938
Solvency
-100.1%▲
2023 · -125.8%
Current ratio
4.35▲
2023 · 2.94
Quick ratio
4.01▲
2023 · 2.64
Debt to equity
-2.00▼
2023 · -1.79
ROA
30.5%▲
2023 · -4.3%
Interest coverage
49.20▲
2023 · -2.85
Debt ≤ 1 year
€21,608▼
2023 · €32,951
Debt > 1 year
€178,127▼
2023 · €201,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,639 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% 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 3,639 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €24,110 | €69,336 | €5,938 | €1,277 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,707 | €7,966 | €8,239 | €3,532 | €3,578 | ▲ 1.3% |
| Other operating charges640/8 | €1,939 | €1,665 | €3,986 | €728 | €7,836 | ▲ 977% |
| Non-recurring operating charges66A | - | - | - | €3,861 | - | - |
| Gross operating margin9900 | -€18,971 | €68,818 | -€15,617 | €5,169 | €42,115 | ▲ 715% |
| Operating profit (loss)9901 | -€49,727 | -€10,150 | -€33,780 | -€4,229 | €30,702 | ▲ 826% |
| Financial income75/76B | €11,600 | €50 | €882 | €3 | €432 | ▲ 14,008% |
| Recurring financial income75 | €1 | €50 | €882 | €3 | €432 | ▲ 14,008% |
| Non-recurring financial income76B | €11,599 | - | - | - | - | - |
| Financial charges65/66B | €763 | €168 | €857 | €245 | €697 | ▲ 185% |
| Recurring financial charges65 | €763 | €168 | €857 | €245 | €697 | ▲ 185% |
| Profit (loss) for the period before taxes9903 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | ▲ 781% |
| Profit (loss) for the period9904 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | ▲ 781% |
| Profit (loss) for the period to be appropriated9905 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | ▲ 781% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €97,140 | €155,855 | €107,975 | €103,613 | €99,833 | ▼ 3.6% |
| Fixed assets21/28 | €9,414 | €18,343 | €10,104 | €6,572 | €5,852 | ▼ 11.0% |
| Tangible fixed assets22/27 | €9,414 | €18,343 | €10,104 | €6,572 | €5,852 | ▼ 11.0% |
| Plant, machinery and equipment23 | - | €797 | €414 | €31 | - | - |
| Furniture and vehicles24 | €9,414 | €17,546 | €9,690 | €6,540 | €5,852 | ▼ 10.5% |
| Current assets29/58 | €87,726 | €137,512 | €97,871 | €97,041 | €93,982 | ▼ 3.2% |
| Stocks and contracts in progress3 | €26,339 | €29,464 | €27,164 | €10,029 | €7,336 | ▼ 26.9% |
| Stocks30/36 | €26,339 | €29,464 | €27,164 | €10,029 | €7,336 | ▼ 26.9% |
| Amounts receivable within one year40/41 | €10,631 | €12,494 | €7,352 | €51,862 | €46,057 | ▼ 11.2% |
| Trade receivables40 | €8,262 | €12,493 | €1,979 | €44,236 | €46,057 | ▲ 4.1% |
| Other amounts receivable41 | €2,370 | €1 | €5,373 | €7,626 | - | - |
| Cash at bank and in hand54/58 | €48,266 | €95,205 | €61,192 | €35,149 | €40,589 | ▲ 15.5% |
| Deferred charges and accrued income490/1 | €2,490 | €348 | €2,162 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €97,140 | €155,855 | €107,975 | €103,613 | €99,833 | ▼ 3.6% |
| Equity10/15 | -€81,845 | -€92,113 | -€125,868 | -€130,339 | -€99,902 | ▲ 23.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | - | - | - | - | €18,600 | - |
| Other1109/19 | - | - | - | - | €18,600 | - |
| Profit (loss) carried forward14 | -€100,445 | -€110,713 | -€144,468 | -€148,939 | -€118,502 | ▲ 20.4% |
| Amounts payable17/49 | €178,985 | €247,967 | €233,843 | €233,951 | €199,735 | ▼ 14.6% |
| Amounts payable after more than one year17 | €140,000 | €201,000 | €201,000 | €201,000 | €178,127 | ▼ 11.4% |
| Financial debts170/4 | €140,000 | €201,000 | €201,000 | €201,000 | €178,127 | ▼ 11.4% |
| Amounts payable within one year42/48 | €38,985 | €46,967 | €32,843 | €32,951 | €21,608 | ▼ 34.4% |
| Trade debts44 | €19,275 | €15,255 | €25,762 | €32,050 | €17,941 | ▼ 44.0% |
| Suppliers440/4 | €19,275 | €15,255 | €25,762 | €32,050 | €17,941 | ▼ 44.0% |
| Taxes, remuneration and social security45 | €1,141 | €16,649 | - | - | €3,668 | - |
| Taxes450/3 | - | €11,738 | - | - | €3,668 | - |
| Remuneration and social security454/9 | €1,141 | €4,911 | - | - | - | - |
| Other amounts payable47/48 | €18,569 | €15,063 | €7,081 | €901 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | ▲ 781% |
| + Depreciation and write-downs630 | €4,707 | €7,966 | €8,239 | €3,532 | €3,578 | ▲ 1.3% |
| Operating cash flow (approximation) | -€34,183 | -€2,302 | -€25,517 | -€938 | €34,015 | ▲ 3,725% |
| Investment in fixed assets (approximation) | - | -€16,895 | €0 | €0 | -€2,858 | - |
| Change in cash | - | €46,939 | -€34,013 | -€26,043 | €5,440 | ▲ 121% |
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
2025
24-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 55 days late
2024
31-12
Financial
Back to profitnet €30,437
Net result €30,437 after 6 loss-making years.
07-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 68 days late
2023
21-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 113 days late
21-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 478 days late
21-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 843 days late
2020
31-12
Financial
Weakest financial yearnet -€38,890
Net result drops to -€38,890, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 2.25
Current ratio from 0.55 to 2.25; short-term debt falls from €126,470 to €38,985.
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 88 days late
2019
16-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 138 days late
2018
26-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
28-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Zandhoven · 1 establishment unit since 2014
Ground area
3,567 m²
Building footprint
249 m²
Volume, LiDAR
2,187 m³
Parcel 11054A0232/00G000, Flanders · tallest building 11.7 m, ±3 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
BALLOONSS
since 20142.225.963.621
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11054A0232/00G000 | Flanders | 3,567 m² | 1 · 248 m² | 11.7 m · 3 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.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 348 EUR awarded · 348 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 348 EUR | 348 EUR |
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded06-01-2014
Fiscal year end31-12
Activities, NACEBEL 2025
80090Investigation and security activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0543992133
Also
9925:BE0543992133
Registered
13-02-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.