THOVARCO
ActiveTHOVARCO has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.25M and a net result of €181k. Equity is growing by ~28.7% per year across the filed fiscal years. Its solvency ranks better than 54% of 1721 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▼-28
Solvency74▲+14
Growth78=
Stability100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90k at 30 days acceptable
Liquidity tight (current ratio 1.27 against 1.07 in 2024), and 54.7% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 01
Relative position
BE, all sectors
reference
Sector 01
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
45.3%
Return on assets
6.6%
Age of the figures
8 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 9 filingsDeviation from the deadline
2025
31 d late
2024
5 d late
2023
on the day
2022
4 d early
2021
29 d late
2020
26 d late
2019
20 d late
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
14-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.25M▲ 16.9%
2024 · €1.07M
2018: €191k
2019: €508k
2020: €362k
2021: €161k
2022: €191k
2023: €747k
2024: €1.07M
2018 → 2025
Total assets
€2.75M▼ 3.5%
2024 · €2.86M
2018: €2.67M
2019: €3.08M
2020: €2.50M
2021: €2.16M
2022: €2.19M
2023: €2.45M
2024: €2.86M
2018 → 2025
Net result
€181k▼ 43.8%
2024 · €322k
2018: €92k
2019: €317k
2020: €-146k
2021: €-201k
2022: €30k
2023: €565k
2024: €322k
2018 → 2025
Working capital
€213k▲ 179%
2024 · €76k
2018: €-133k
2019: €55k
2020: €-144k
2021: €-310k
2022: €-218k
2023: €142k
2024: €76k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€161k-€191k▲ 18.7%€747k▲ 291%€1.07M▲ 43.1%€1.25M▲ 16.9%
Operating result€-202k-€33k€662k▲ 1,920%€492k▼ 25.8%€302k▼ 38.6%
Net result€-201k-€30k€565k▲ 1,774%€322k▼ 43.1%€181k▼ 43.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 39% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.75M
Fixed assets
€1.75M▲ 0.4%
Current assets
€1.00M▼ 9.7%
Equity and liabilities €2.75M
Equity
€1.25M▲ 16.9%
Debt
€1.51M▼ 15.8%
The debt ratio falls from 62.6% to 54.7%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€552k▼
2024 · €689k
Cash flow
€431k▼
2024 · €519k
Solvency
45.3%▲
2024 · 37.4%
Current ratio
1.27▲
2024 · 1.07
Quick ratio
0.49▲
2024 · 0.27
Debt / equity
1.21▼
2024 · 1.67
ROE
14.5%▼
2024 · 30.1%
ROA
6.6%▼
2024 · 11.3%
Interest coverage
13.18▼
2024 · 16.32
Debt
€1.51M▼
2024 · €1.79M
Debt ≤ 1 year
€791k▼
2024 · €1.04M
Debt > 1 year
€713k▼
2024 · €751k
Income taxes
€79k▼
2024 · €132k
Staff costs
€48k▼
2024 · €52k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€2.86M€2.75M▼
Fixed assets21/28€1.74M€1.75M▲
Intangible fixed assets21€32k€23k▼
Tangible fixed assets22/27€1.65M€1.66M▲
Land and buildings22€758k€717k▼
Plant, machinery and equipment23€843k€911k▲
Furniture and vehicles24€21k€15k▼
Other tangible fixed assets26€28k€22k▼
Financial fixed assets28€63k€63k=
Current assets29/58€1.11M€1.00M▼
Stocks and contracts in progress3€833k€616k▼
Stocks30/36€833k€616k▼
Amounts receivable within one year40/41€253k€186k▼
Trade receivables40€86k€76k▼
Other amounts receivable41€167k€110k▼
Cash at bank and in hand54/58€5k€175k▲
Deferred charges and accrued income490/1€20k€26k▲
Equity and liabilities
Total equity and liabilities10/49€2.86M€2.75M▼
Equity10/15€1.07M€1.25M▲
Contributions10/11€200k€200k=
Reserves13€845k€1.02M▲
Distributable reserves133€845k€1.02M▲
Profit (loss) carried forward14€23k€34k▲
Amounts payable17/49€1.79M€1.51M▼
Amounts payable after more than one year17€751k€713k▼
Financial debts170/4€751k€713k▼
Amounts payable within one year42/48€1.04M€791k▼
Current portion of amounts payable after more than one year42€167k€191k▲
Financial debts43€350k€450k▲
Credit institutions430/8€350k€450k▲
Trade debts44€465k€102k▼
Suppliers440/4€465k€102k▼
Taxes, remuneration and social security45€41k€46k▲
Taxes450/3€36k€38k▲
Remuneration and social security454/9€5k€8k▲
Other amounts payable47/48€12k€2k▼
Accrued charges and deferred income492/3€822€2k▲
Income statement
Code20242025
Non-recurring operating income76A-€2k
Remuneration, social security and pensions62€52k€48k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€197k€251k▲
Other operating charges640/8€20k€23k▲
Gross operating margin9900€761k€624k▼
Operating profit (loss)9901€492k€302k▼
Financial income75/76B€4k€1▼
Recurring financial income75€4k€1▼
Financial charges65/66B€42k€42k▼
Recurring financial charges65€42k€42k▼
Profit (loss) for the period before taxes9903€453k€260k▼
Income taxes67/77€132k€79k▼
Profit (loss) for the period9904€322k€181k▼
Profit (loss) for the period to be appropriated9905€322k€181k▼
Appropriation of the result
Profit (loss) to be appropriated9906€343k€204k▼
Profit (loss) brought forward from the previous period14P€22k€23k▲
Transfer to equity691/2€320k€170k▼
To other reserves6921€320k€170k▼
Social balance
Average headcount (FTE)90871.11.0▼
The notes to these accounts (21 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
25-03
State Gazette act
Statutes amendment · RestructuringDemerger · Accounting effect · Net-asset statement23 facts ▸
State Gazette act
Statutes amendment · Restructuring
Demerger · Accounting effect · Net-asset statement23 facts ▸
- Demerger, VAN HOYDONCK
- Demerger, VAN HOYDONCK
- Demerger, VAN HOYDONCK
- Demerger, VAN HOYDONCK
- Accounting effect, 01/01/2026
- Net-asset statement, 31/12/2025
- Net-asset statement, 31/12/2025
- Net-asset statement, 31/12/2025
- Net-asset statement, 31/12/2025
- Share issue, 129, aandeelhouders van de partieel te splitsen vennootschap
- Share issue, 27, aandeelhouders van de partieel te splitsen vennootschap
- Share issue, 59, aandeelhouders van de partieel te splitsen vennootschap
- +11 further facts in this act
2025
05-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 5 days late
2024
31-12
Financial
Equity above €1MEq €1.07M ▲43.1%
3 profitable years in a row build equity to €1.07M.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Highest result since 2018net €565k ▲1774%
Operating result €662k, net result €565k, both a record.
31-12
Financial
Equity above €500kEq €747k ▲291%
2 profitable years in a row build equity to €747k.
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Back to profitnet €30k
Net result €30k after 2 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 29 days late
2021
31-12
Financial
Weakest financial yearnet €-201k
Net result drops to €-201k, the lowest in the series; recovery starts the following year.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 26 days late
2020
20-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 20 days late
2019
31-12
Financial
Equity above €500kEq €508k ▲166%
2 profitable years in a row build equity to €508k.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
23-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 23 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2023
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
19-12-2023
VAN HOYDONCK Thomas: Resigned as Director
26-12-2016
Luc Van Hoydonck: Resigned as Manager
Location & real-estate footprint
Registered office, Wuustwezel · 4 establishment units since 2016
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.
Bredabaan (Centrum) 2582990 WuustwezelGround area
2.6 ha
Building footprint
5,488 m²
Volume, LiDAR
15,470 m³
4 parcels, Flanders · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
4 establishment units
THOVARCO
since 20162.255.414.603
THOVARCO
since 20162.259.215.122
THOVARCO
since 20162.259.216.211
Molenstraat 13, 2990 Wuustwezel
since 20242.358.058.023
4 parcels
Flanders
4
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13032D0255/00C000 | Flanders | 1.5 ha | 1 · 2,941 m² | 6.6 m · 2 fl. |
| 11053E0049/00E000 | Flanders | 7,610 m² | 1 · 2,148 m² | 4.4 m |
| 11053E0495/00H000 | Flanders | 1,918 m² | 1 · 190 m² | 9.1 m · 1 fl. |
| 13044C0406/00S000 | Flanders | 1,343 m² | 1 · 208 m² | 6.6 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 3
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
4 connected companiesNetwork connections
Shared address
→
Shared address
→
Shared address
→
Shared address
→
Acquisitions and mergers
1 transactionReceived a contribution from:VAN HOYDONCK
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 150,907 EUR awarded · 150,907 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 145,907 EUR | 145,907 EUR |
| 2022 | 1 | 5,000 EUR | 5,000 EUR |
Schemes
Investeringssteun voor land- en tuinbouwers
Subsidie in het kader van land- en tuinbouwbeleid
Recognitions · licences · registrations
Food safety, FASFC
3 sitesLille2.259.216.211
Vorselaar2.259.215.122
Wuustwezel2.358.058.023
Legal Entity Identifier
9676006QTHK0K5IIK259
Similar companies · same sector, comparable size
PEGEVAR
BE 0879.374.185
Merksplas · Eq €1.25M
KNOKVAR
BE 0429.617.552
Ledegem · Eq €1.25M
ALLY VERSTRAETE COMPANY
BE 0893.363.565
Pittem · Eq €1.26M
BELGA PORC
BE 0735.529.917
Brecht · Eq €1.26M
KEYSERS
BE 0453.155.195
Retie · Eq €1.23M
Of 902 companies in sector 01461 we hold annual accounts for 295. 228 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-07-2016
Fiscal year end31-12
Activities, NACEBEL
01461Pig breeding farms
01620Support activities for animal production
01462Crop and animal production, hunting and related service activities
01479Crop and animal production, hunting and related service activities
Sources
Crossroads Bank for EnterprisesNational Bank · 9 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.