ACTIVE

THORN

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Financial year 2025 · closed on 31/12/2025

Net result

149,2 k €

+436.0% YoY

Gross margin

514,3 k €

+84.8% YoY

Equity

317 k €

-0.1% YoY

Workforce

3,8 ETP

+5.6% YoY

What does THORN do?

THORN is a Private company with limited liability incorporated in 2004. Its main activity is: Marine fishing. Its registered office is in Knokke-Heist. It employs on average 3,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0867.765.364

Incorporation

12/10/2004

Legal form

Private company with limited liability

Registered office

Zonnebloemstraat 26
8301 Knokke-Heist · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Average workforce

3,8 ETP

Activities (NACE)

03110Marine fishing· main 03110Marine fishing 05010Mining of coal and lignite

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	514,3 k €	+84.8%	278,3 k €	+14.1%	243,9 k €	-61.2%	628,8 k €	+171%	232,4 k €	-38.5%	377,9 k €	+38.0%	273,9 k €	-42.3%	475 k €	-22.0%	609,1 k €	-32.2%	898,6 k €	+97.5%	455 k €	+0.8%	451,3 k €	+2.7%	439,4 k €	+23.5%	355,6 k €	+27.1%	279,8 k €	+82.0%	153,8 k €	+313%	37,3 k €	-18.6%	45,8 k €	-26.7%	62,5 k €	-58.2%	149,6 k €
EBITDA	198,9 k €	+2902%	-7,1 k €	-115%	45,9 k €	-85.3%	312,9 k €	+1023%	27,9 k €	-87.5%	223,6 k €	+1354%	-17,8 k €	-115%	122,9 k €	-38.9%	200,9 k €	-54.9%	445,2 k €	+143%	183,6 k €	+14.5%	160,4 k €	+11.7%	143,6 k €	-2.2%	146,8 k €	+38.9%	105,6 k €	+168%	39,4 k €	+7.7%	36,5 k €	-8.8%	40,1 k €	+7.1%	37,4 k €	-59.1%	91,6 k €
Operating result	169 k €	+476%	-44,9 k €	+19.7%	-56 k €	-128%	197,7 k €	+332%	-85,4 k €	-181%	105,1 k €	+171%	-148 k €	-325%	65,6 k €	-57.0%	152,8 k €	-59.8%	380 k €	+208%	123,3 k €	+80.0%	68,5 k €	+54.0%	44,5 k €	-34.1%	67,5 k €	+140%	28,2 k €	+319%	-12,9 k €	-15.5%	-11,1 k €	-42.0%	-7,9 k €	+21.4%	-10 k €	-122%	45 k €
Net result	149,2 k €	+436%	-44,4 k €	-305%	-11 k €	-105%	226,2 k €	+436%	42,2 k €	-60.8%	107,6 k €	+174%	-145,3 k €	-362%	55,5 k €	-46.5%	103,8 k €	-60.4%	262,1 k €	+230%	79,5 k €	+87.0%	42,5 k €	+66.3%	25,6 k €	-55.3%	57,2 k €	+160%	22 k €	+216%	-18,9 k €	-9.7%	-17,3 k €	-16.5%	-14,8 k €	+5.5%	-15,7 k €	-141%	37,9 k €
Balance sheet
Equity	317 k €	-0.1%	317,4 k €	-12.3%	361,8 k €	-23.1%	470,2 k €	-9.1%	517 k €	+29.1%	400,5 k €	+36.2%	294 k €	-33.0%	438,8 k €	+13.8%	385,4 k €	+9.2%	352,9 k €	+141%	146,3 k €	+5.1%	139,2 k €	+44.0%	96,7 k €	+36.0%	71,1 k €	+412%	13,9 k €	+271%	-8,1 k €	-175%	10,8 k €	-61.4%	28,1 k €	-34.5%	42,9 k €	-26.8%	58,6 k €
Total assets	562,5 k €	+43.9%	390,9 k €	-24.4%	517 k €	-35.5%	801,4 k €	+23.9%	646,8 k €	+7.3%	602,9 k €	-4.5%	631,6 k €	+6.3%	594,4 k €	-16.0%	707,8 k €	+5.1%	673,6 k €	+61.2%	417,8 k €	+8.3%	385,6 k €	+18.8%	324,7 k €	+1.9%	318,5 k €	+1.0%	315,2 k €	+12.7%	279,8 k €	+9.3%	255,9 k €	-14.7%	300 k €	-13.6%	347,3 k €	-10.0%	385,9 k €
Cash	402,8 k €	+85.6%	217 k €	+23.4%	175,8 k €	-69.9%	584,8 k €	+70.6%	342,7 k €	+71.4%	200 k €	+388%	41 k €	-82.4%	232,6 k €	-50.6%	470,6 k €	-2.5%	482,5 k €	+39.7%	345,4 k €	+19.2%	289,7 k €	+64.9%	175,7 k €	+46.6%	119,9 k €	+152%	47,6 k €	-21.7%	60,7 k €	+4337%	1,4 k €	+42.4%	961,6 €	-86.2%	7 k €	-48.4%	13,5 k €
Debts	245,4 k €	+277%	65,1 k €	-55.7%	146,9 k €	-52.5%	309,1 k €	+207%	100,7 k €	-43.4%	178 k €	-9.3%	196,3 k €	+390%	40,1 k €	-79.2%	193 k €	-13.5%	223,1 k €	+8.1%	206,4 k €	+14.9%	179,6 k €	-7.5%	194,3 k €	-21.0%	245,9 k €	-18.3%	301,1 k €	+5.3%	286,1 k €	+16.7%	245,1 k €	-9.8%	271,9 k €	-10.7%	304,4 k €	-7.0%	327,3 k €
Other
Workforce	3,8 ETP	+5.6%	3,6 ETP	+20.0%	3,0 ETP	+20.0%	2,5 ETP	-7.4%	2,7 ETP	-35.7%	4,2 ETP	-10.6%	4,7 ETP	0.0%	4,7 ETP	-4.1%	4,9 ETP	+22.5%	4,0 ETP	-4.8%	4,2 ETP	+10.5%	3,8 ETP	-2.6%	3,9 ETP	+2.6%	3,8 ETP	-11.6%	4,3 ETP	+79.2%	2,4 ETP		–		–		0,9 ETP	-47.1%	1,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 18 ended

Active mandates

Leendert Krijger

Director · since 26 avril 2021

Active

Nicole Witgeers

Director · since 01 février 2021

Active

Ended mandates

Leendert Krijger

Director · since 01 janvier 2023

Ended

Nicole Witgeers

Chairman of the board of directors · since 01 janvier 2023

Ended

Leendert Krijger

Director · since 01 janvier 2022

Ended

Nicole Witgeers

Chairman of the board of directors · since 01 janvier 2022

Ended

At this address

Other companies at this address

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IMMONESCO● Active	0444.131.722
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Zeekraal● Active	0447.503.758

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	15/09/2026	23/09/2025	29/08/2024	31/08/2023	28/07/2022	30/08/2021
General meeting	19/06/2026	23/06/2025	19/06/2024	29/06/2023	29/06/2022	29/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/06/2026	15/09/2026	Dutch	PDF
Abridged model	31/12/2024	23/06/2025	23/09/2025	Dutch	PDF
Abridged model	31/12/2023	19/06/2024	29/08/2024	Dutch	PDF
Abridged model	31/12/2022	29/06/2023	31/08/2023	Dutch	PDF
Abridged model	31/12/2021	29/06/2022	28/07/2022	Dutch	PDF
Abridged model	31/12/2020	29/06/2021	30/08/2021	Dutch	PDF
Abridged model	31/12/2019	30/06/2020	27/08/2020	Dutch	PDF
Abridged model	31/12/2018	27/05/2019	30/07/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	30/07/2018	Dutch	PDF
Abridged model	31/12/2016	29/05/2017	17/08/2017	Dutch	PDF
Abridged model	31/12/2015	30/05/2016	18/08/2016	Dutch	PDF
Abridged model	31/12/2014	30/06/2015	18/08/2015	Dutch	PDF
Abridged model	31/12/2013	18/07/2014	25/08/2014	Dutch	PDF
Abridged model	31/12/2012	28/06/2013	05/08/2013	Dutch	PDF
Abridged model	31/12/2011	28/05/2012	07/08/2012	Dutch	PDF
Abridged model	31/12/2010	21/08/2011	25/08/2011	Dutch	PDF
Abridged model	31/12/2009	31/05/2010	14/06/2010	Dutch	PDF
Abridged model	31/12/2008	25/05/2009	06/10/2009	Dutch	PDF
Abridged model	31/12/2007	26/05/2008	08/07/2008	Dutch	PDF
Abridged model	31/12/2006	26/05/2007	02/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 18 ended

Active mandates

Leendert Krijger

Director · since 26 avril 2021

Active

Nicole Witgeers

Director · since 01 février 2021

Active

Ended mandates

Leendert Krijger

Director · since 01 janvier 2023

Ended

Nicole Witgeers

Chairman of the board of directors · since 01 janvier 2023

Ended

Leendert Krijger

Director · since 01 janvier 2022

Ended

Nicole Witgeers

Chairman of the board of directors · since 01 janvier 2022

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates27/09/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/07/2021
ONTSLAGEN - BENOEMINGEN
PDF
Mandates04/03/2021
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/12/2020
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares14/12/2015
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates07/05/2010
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares05/04/2005
KAPITAAL - AANDELEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other20/10/2004
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025149,2 k €↑
2024
Annual accounts 2024-44,4 k €↓
2023
Annual accounts 2023-11 k €↓
2022
Annual accounts 2022226,2 k €↑
2021
Annual accounts 202142,2 k €↓
2020
Annual accounts 2020107,6 k €↑
2019
Annual accounts 2019-145,3 k €↓
2018
Annual accounts 201855,5 k €↓
2017
Annual accounts 2017103,8 k €↓
2016
Annual accounts 2016262,1 k €↑
2015
Annual accounts 201579,5 k €↑
2014
Annual accounts 201442,5 k €↑
2013
Annual accounts 201325,6 k €↓
2012
Annual accounts 201257,2 k €↑
2011
Annual accounts 201122 k €↑
2010
Annual accounts 2010-18,9 k €↓
2009
Annual accounts 2009-17,3 k €↓
2008
Annual accounts 2008-14,8 k €↑
2007
Annual accounts 2007-15,7 k €↓
2006
Annual accounts 200637,9 k €
12/10/2004
IncorporationPrivate company with limited liability

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

THORN

Overview

What does THORN do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline