Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Shrinking team NBB
FTE fell two years in a row, from 3 to 1.5.
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Busy address KBO
23 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
MO-THOR from Genk, company number BE0843944639, closed financial year 2025 with a result of € -1.1 million after tax. For that financial year MO-THOR recorded revenue of € 546,833 and equity of € 18.8 million. Compared with financial year 2024, the result moved from € -1 million to € -1.1 million. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 2, 2026.
€ 18.8 million
▼ 2% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -1.1 million
▼ 7 % more loss than in 2024
Profit after tax over the fiscal year.
€ 1.3 million
▲ 98% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -3.5 million.
People and assets in 2025
1.5
▼ 0.5 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 237,566
▼ 2% vs 2024
€ 158,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 42,810
▲ 44% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 5.8 million
▼ 7% vs 2024
€ 420,000 is repaid this year. At this pace the long-term loan is gone in ≈ 14 years.
€ 402,746
▲ 27% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 233 days on average.
€ 9,546
▼ 52% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | - | - | € 875,934 | € 546,833 | ▼ 38% |
| Profit after taxes | € -189,484 | € -328,579 | € -1,046,024 | € -1,119,506 | ▼ € 73,482 |
| Equity | € 10,759,156 | € 20,322,618 | € 19,135,855 | € 18,833,846 | ▼ 2% |
| Total debts | € 1,785,829 | € 12,137,442 | € 6,635,446 | € 6,507,866 | ▼ 2% |
| Cash | € 597,445 | € 8,005,072 | € 633,975 | € 1,254,208 | ▲ 98% |
| Land & buildings | € 1,350,500 | € 1,350,500 | € 23,318,588 | € 22,844,844 | ▼ 2% |
| Retained profit | € -960,069 | € -1,288,649 | € -2,334,672 | € -3,454,178 | ▼ € 1.1 million |
| Bank debt | € 0 | € 9,950,000 | € 6,195,000 | € 5,775,000 | ▼ 7% |
| Balance sheet total | € 14,546,385 | € 34,461,461 | € 27,725,787 | € 27,235,365 | ▼ 2% |
| Employees (FTE) | 2.8 | 3 | 2 | 1.5 | ▼ 0.5 |
Key figures of MO-THOR, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to MO-THOR?
What happened at MO-THOR in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Erhan Yilmaz stepped down as director. NBB
- LRM Beheer NV stepped down as director. NBB
- Toon Vandeurzen stepped down as director. NBB
- Koen Debackere stepped down as director. NBB
- LRM NV stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 1.1 million. Source: NBB ↗
- Wim Dries stepped down as director. NBB
- Erhan Yilmaz became a director. NBB
In short
From € 189,484 loss in 2022 to € 1.1 million loss in 2025.
Paid € 1,786 in corporate taxes since 2022.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of THOR PARK comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
MO-THORThe shares are held by THOR PARK (69.7%).
Directors
According to the 2025 annual accounts
Director · represented by Gert Vandewaerde
Also active at: Transport Marcel Depaire, Trafuco, Beltra - B, MIJNSCHADE EN BEMALING LIMBURGS MIJNGEBIED, BlooLoc, be-DIVE, LRM Lease, RMW +62 more
since 2023 · until 2029
since 2023 · until 2029
Wim Dries
Director
Also active at: FLUVIUS, Fluvius Limburg, D - Cube Resource, Vereniging van Vlaamse Steden en Gemeenten, Fluvius System Operator, T2, THOR PARK, AGB Genk +1 more
since 2023 · until 2025
since 2023 · until 2029
Director · represented by Tom Vanham
Also active at: H.W.P., Corda Campus, MIJNSCHADE EN BEMALING LIMBURGS MIJNGEBIED, be-DIVE, LRM Lease, RMW, CORDA CAMPUS 2.0, Mobietrain +33 more
since 2023 · until 2029
Erhan Yilmaz
Director
Also active at: EMM CONSULTING, CARBONE INVEST, CityStorageGenk, Quality Facility Support
since 2025 · until 2030
Shareholders
69.7%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Thor Park 8300
3600 Genk
Thor Park 8027
3600 Genk
Active since 22 February 2012
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 23 companies are registered at this address.
All companies at this address →JLG MANUFACTURING EUROPE
€ 19,965 revenue · 2024
Happit
€ 596,275 gross margin · 2024
MENTHOR
€ 377,419 gross margin · 2025
JAG2 Solutions
€ 356,779 gross margin · 2025
JLG Ground Support Europe
€ 17.4 million revenue · 2024
+18 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0843.944.639
- VAT number
- BE 0843.944.639
- Registered office
- Thor Park 8300, 3600 Genk
- Names & denominations
- MO-THOR
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 22 February 2012
- Peppol
- Active · Active since 14 Jan 2026
- Activities · NACE
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