THORSEC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00546621.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 12 filings
Equity
-€108,105▼ 8.2%
2024 · -€99,902
Total assets
€66,133▼ 33.8%
2024 · €99,833
Net result
-€8,203
2024 · €30,437
Working capital
-€111,188
2024 · €72,373
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,124
2025
20182025
Net result
-€8,203
2025
20182025
Equity
-€108,105
▼ 8.2%
2025
20182025
Total assets
€66,133
▼ 33.8%
2025
20182025
Debt
€174,238
▼ 12.8%
2025
20182025
Working capital
-€111,188
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€12,266--€22,565▼ 84.0%-€49,727▼ 120%-€10,150▲ 79.6%-€33,780▼ 233%-€4,229▲ 87.5%€30,702-€10,124
Net result-€12,391--€22,647▼ 82.8%-€38,890▼ 71.7%-€10,268▲ 73.6%-€33,756▼ 229%-€4,471▲ 86.8%€30,437-€8,203
Equity-€20,309--€42,955▼ 112%-€81,845▼ 90.5%-€92,113▼ 12.5%-€125,868▼ 36.6%-€130,339▼ 3.6%-€99,902▲ 23.4%-€108,105▼ 8.2%
Total assets€98,259-€83,515▼ 15.0%€97,140▲ 16.3%€155,855▲ 60.4%€107,975▼ 30.7%€103,613▼ 4.0%€99,833▼ 3.6%€66,133▼ 33.8%
Debt€118,567-€126,470▲ 6.7%€178,985▲ 41.5%€247,967▲ 38.5%€233,843▼ 5.7%€233,951=€199,735▼ 14.6%€174,238▼ 12.8%
Working capital-€39,295--€57,076▼ 45.3%€48,741€90,544▲ 85.8%€65,028▼ 28.2%€64,089▼ 1.4%€72,373▲ 12.9%-€111,188
Staff (FTE)0.8-1▲ 25.0%0.7▼ 30.0%1.7▲ 143%0.1▼ 94.1%
The operating result for 2025 is a loss of €10,124, after a profit of €30,702 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
Assets €66,133
Fixed assets
€3,083 ▼ 47.3%
Current assets
€63,050 ▼ 32.9%
Equity and liabilities
Equity-€108,105
Debt€174,238
Equity is negative. Debt (€174,238) exceeds the balance-sheet total (€66,133).
Key figures and ratios
EBITDA
-€6,006▼
2024 · €34,280
Cash flow
-€4,085▼
2024 · €34,015
Solvency
-163.5%▼
2024 · -100.1%
Current ratio
0.36▼
2024 · 4.35
Quick ratio
0.28▼
2024 · 4.01
ROA
-12.4%▼
2024 · 30.5%
Interest coverage
-10.49▼
2024 · 49.20
Debt ≤ 1 year
€174,238▲
2024 · €21,608
Debt > 1 year
€0▼
2024 · €178,127
Income taxes
-€2,468
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2020 | 31-12-2021 | 31-12-2022 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | - |
| full-time | 1 | - | - |
| in full-time equivalents | 1 | - | - |
| Average over the year, in full-time equivalents | 0.7 | 1.7 | 0.1 |
| On a permanent contract | 1 | - | - |
| Joined | 2 | 3 | 1 |
| Left | 2 | 4 | 1 |
Source: social balance sheet in the 2020 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,895 | - | - | €2,858 | €1,349 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,966 | €8,239 | €3,532 | €3,578 | €4,118 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €348 awarded · €348 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 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 | €4,865 | €4,865 | €4,707 | €7,966 | €8,239 | €3,532 | €3,578 | €4,118 | ▲ 15.1% |
| Other operating charges640/8 | - | - | €1,939 | €1,665 | €3,986 | €728 | €7,836 | €909 | ▼ 88.4% |
| Non-recurring operating charges66A | - | - | - | - | - | €3,861 | - | - | - |
| Gross operating margin9900 | €22,169 | €16,741 | -€18,971 | €68,818 | -€15,617 | €5,169 | €42,115 | -€5,097 | - |
| Operating profit (loss)9901 | -€12,266 | -€22,565 | -€49,727 | -€10,150 | -€33,780 | -€4,229 | €30,702 | -€10,124 | - |
| Financial income75/76B | - | - | €11,600 | €50 | €882 | €3 | €432 | €26 | ▼ 94.0% |
| Recurring financial income75 | - | €10 | €1 | €50 | €882 | €3 | €432 | €26 | ▼ 94.0% |
| Non-recurring financial income76B | - | - | €11,599 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | €763 | €168 | €857 | €245 | €697 | €573 | ▼ 17.8% |
| Recurring financial charges65 | €125 | €92 | €763 | €168 | €857 | €245 | €697 | €573 | ▼ 17.8% |
| Profit (loss) for the period before taxes9903 | -€12,391 | -€22,647 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | -€10,671 | - |
| Income taxes67/77 | - | - | - | - | - | - | - | -€2,468 | - |
| Profit (loss) for the period9904 | -€12,391 | -€22,647 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | -€8,203 | - |
| Profit (loss) for the period to be appropriated9905 | -€12,391 | -€22,647 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | -€8,203 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €98,259 | €83,515 | €97,140 | €155,855 | €107,975 | €103,613 | €99,833 | €66,133 | ▼ 33.8% |
| Fixed assets21/28 | €18,986 | €14,121 | €9,414 | €18,343 | €10,104 | €6,572 | €5,852 | €3,083 | ▼ 47.3% |
| Tangible fixed assets22/27 | €18,986 | €14,121 | €9,414 | €18,343 | €10,104 | €6,572 | €5,852 | €3,083 | ▼ 47.3% |
| Plant, machinery and equipment23 | - | - | - | €797 | €414 | €31 | - | - | - |
| Furniture and vehicles24 | - | - | €9,414 | €17,546 | €9,690 | €6,540 | €5,852 | €3,083 | ▼ 47.3% |
| Current assets29/58 | €79,272 | €69,394 | €87,726 | €137,512 | €97,871 | €97,041 | €93,982 | €63,050 | ▼ 32.9% |
| Stocks and contracts in progress3 | €24,311 | €23,984 | €26,339 | €29,464 | €27,164 | €10,029 | €7,336 | €14,864 | ▲ 103% |
| Stocks30/36 | - | - | €26,339 | €29,464 | €27,164 | €10,029 | €7,336 | €14,864 | ▲ 103% |
| Amounts receivable within one year40/41 | €44,279 | €33,102 | €10,631 | €12,494 | €7,352 | €51,862 | €46,057 | €19,866 | ▼ 56.9% |
| Trade receivables40 | - | - | €8,262 | €12,493 | €1,979 | €44,236 | €46,057 | €17,536 | ▼ 61.9% |
| Other amounts receivable41 | - | - | €2,370 | €1 | €5,373 | €7,626 | - | €2,330 | - |
| Cash at bank and in hand54/58 | €10,683 | €11,767 | €48,266 | €95,205 | €61,192 | €35,149 | €40,589 | €28,319 | ▼ 30.2% |
| Deferred charges and accrued income490/1 | - | - | €2,490 | €348 | €2,162 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €98,259 | €83,515 | €97,140 | €155,855 | €107,975 | €103,613 | €99,833 | €66,133 | ▼ 33.8% |
| Equity10/15 | -€20,309 | -€42,955 | -€81,845 | -€92,113 | -€125,868 | -€130,339 | -€99,902 | -€108,105 | ▼ 8.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | - | - | - | €18,600 | - | - |
| Other1109/19 | - | - | - | - | - | - | €18,600 | - | - |
| Profit (loss) carried forward14 | -€38,909 | -€61,555 | -€100,445 | -€110,713 | -€144,468 | -€148,939 | -€118,502 | -€126,705 | ▼ 6.9% |
| Amounts payable17/49 | €118,567 | €126,470 | €178,985 | €247,967 | €233,843 | €233,951 | €199,735 | €174,238 | ▼ 12.8% |
| Amounts payable after more than one year17 | - | - | €140,000 | €201,000 | €201,000 | €201,000 | €178,127 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | €140,000 | €201,000 | €201,000 | €201,000 | €178,127 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €118,567 | €126,470 | €38,985 | €46,967 | €32,843 | €32,951 | €21,608 | €174,238 | ▲ 706% |
| Trade debts44 | €9,247 | €14,646 | €19,275 | €15,255 | €25,762 | €32,050 | €17,941 | €7,901 | ▼ 56.0% |
| Suppliers440/4 | - | - | €19,275 | €15,255 | €25,762 | €32,050 | €17,941 | €7,901 | ▼ 56.0% |
| Taxes, remuneration and social security45 | - | - | €1,141 | €16,649 | - | - | €3,668 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €11,738 | - | - | €3,668 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | €1,141 | €4,911 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €18,569 | €15,063 | €7,081 | €901 | - | €166,336 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,391 | -€22,647 | -€38,890 | -€10,268 | -€33,756 | -€4,471 | €30,437 | -€8,203 | - |
| + Depreciation and write-downs630 | €4,865 | €4,865 | €4,707 | €7,966 | €8,239 | €3,532 | €3,578 | €4,118 | ▲ 15.1% |
| Operating cash flow (approximation) | -€7,526 | -€17,781 | -€34,183 | -€2,302 | -€25,517 | -€938 | €34,015 | -€4,085 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€16,895 | €0 | €0 | -€2,858 | -€1,349 | ▲ 52.8% |
| Change in cash | - | €1,085 | €36,498 | €46,939 | -€34,013 | -€26,043 | €5,440 | -€12,270 | - |
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, 6,907 companies had the same profile as THORSEC has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of THORSEC itself: 2.2% 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 6,907 companies, not a prediction for THORSEC. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00546621 | |
| 31-12-2024 | micro format | 24-09-2025 | 2025-00501694 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00499699 | |
| 31-12-2022 | micro format | 21-11-2023 | 2023-00514688 | |
| 31-12-2021 | micro format | 21-11-2023 | 2023-00514749 | |
| 31-12-2020 | micro format | 21-11-2023 | 2023-00514747 | |
| 31-12-2019 | micro format | 27-10-2020 | 2020-63900262 | |
| 31-12-2018 | micro format | 16-12-2019 | 2019-76300009 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-39400460 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34400383 |