Equity
€359,064 from €1.3m in 2018
Equity fell by 72% in 7 years.
thg Bruxelles
Lifetime
20 annual accounts with figures on one time axis, 48 filings since 1977peak €2.4m (2024)
€1.8m▼ 23.8%
lowest -€220,740 (2025)
-€220,740▼ €991,589
peak €1.3m (2018)
€359,064▼ 40.0%
€2.1m▼ 12.4%
peak 21.7 FTE (2025)
21.7 FTE▲ 30.7%
Board8 names since 2021
2 directorsGONDRY ACCOUNTING & CONSULTING and 1 other
Owners5 names in the annual accounts
100%PIA Group BeLux and 1 other
Documentsfilings and deeds
13-07-202618 days before the deadline
2025financial year
Gross margin from €2.4m to €1.8mLoss of €220,740Staff from 16.6 FTE to 21.7 FTEPurpose change · Amendment of the articles 04-03Merger: thg Bruxelles takes over I-HEB Experts-Comptables et… 28-02Equity from €598,643 to €359,064
Key points
from the 2025 annual accountsResult
-€220,740 -€220,740
From profit to loss in 2025, after a profit of €770,850 in 2024.
Debts
€2.1m 85% of the balance sheet
Suppliers 9%Taxes and wages 20%Other 72%
Of this, €2.1m falls due within a year.
Investments
€1.7m 9.6 × depreciation
Green is investment, beige is depreciation.
At the same address
111 companies
Position in the sector
-€220,740
Lower net result than 90% of companies in head offices and management consultancy. Sector median €53,814 · 3,872 companies.
Checked score
53
Fair
Financially stronger than 7% of small companies in head offices and management consultancy (NACE 70)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.6% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.6%
01-2025: 1.6%● unchanged vs 12-2024
02-2025: 1.6%● unchanged vs 01-2025
03-2025: 1.6%● unchanged vs 02-2025
04-2025: 1.6%● unchanged vs 03-2025
05-2025: 1.6%● unchanged vs 04-2025
06-2025: 1.6%● unchanged vs 05-2025
07-2025: 1.8%▲ +0.2 percentage points vs 06-2025highest value
08-2025: 0.6%▼ -1.2 percentage points vs 07-2025
09-2025: 0.6%● unchanged vs 08-2025
10-2025: 0.6%● unchanged vs 09-2025
11-2025: 0.6%● unchanged vs 10-2025
12-2025: 0.6%● unchanged vs 11-2025
01-2026: 0.6%● unchanged vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.6%● unchanged vs 02-2026lowest value
04-2026: 0.6%● unchanged vs 03-2026lowest value
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 0.6%● unchanged vs 06-2026
08-2026: 1.6%▲ +1.0 percentage point vs 07-2026
09-2026: 1.6%● unchanged vs 08-2026
10-2026: 1.6%● unchanged vs 09-2026
11-2026: 1.6%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Loss of €220,740 (financial year 2025)
Equity €359,064 (14.7% of total assets)
Liquidity: current ratio 0.47, cash €77,650
Founded in 1975
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, small). It does better than 17% of them on solvency, 4% on liquidity, 3% on profitability and 5% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,507 companies had the same profile as thg Bruxelles has now. Each dot stands for 7 companies, two years later.
96.4%
were still trading
1.8%
stopped another way
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of thg Bruxelles itself: 1.6% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,507 companies, not a prediction for thg Bruxelles. 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.
Credit verdict
Credit of up to €19,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.47 (0.54 in 2024), below 1. Short-term debt is 85.3% and cash 3.2% of total assets. 85.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 3873 sector peers (2025).
NBB · sector comparisonPosition among 3873 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 days early
2024
17 days early
2023
22 days late
2022
31 days late
2021
30 days late
2020
23 days late
2019
88 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 23 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 23 August (4 of the last 5 accounts filed within 40 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
PG
PIA Group Benelux SA
Director, since 20-02-2024
- PIA Group BeLux 100%score 85equity €77.1m (2025) · annual accounts 2025
Shares in 1 company, LAMANT & ASSOCIES, BUREAU D'ETUDES COMPTABLES
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0415371717
Purpose change · Amendment of the articles
“La vérification et le redressement de tous documents comptables; L'expertise, tant privée que judiciaire, dans…” (deed in French) · General meeting of 25-02-2025 · Gazette deed
Merger: thg Bruxelles takes over I-HEB Experts-Comptables et Fiscalistes
Appointment: EY Bedrijfsrevisoren (statutory auditor) · General meeting of 29-01-2025 · Gazette deed
Merger proposal: THG BRUXELLES takes over I-HEB EXPERTS-COMPTABLES ET FISCALISTES
The company holds 100% of the shares of I-HEB EXPERTS-COMPTABLES ET FISCALISTES · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| thg Bruxelles Lasne | €2.4m | €1.8m | 14.7% | 21.7 |
| Centre d'accompagnement de projets innovants Nivelles | €2.1m | €1.5m | 20.2% | 20 |
| Credal Ottignies-Louvain-la-Neuve | €1.8m | €1.6m | 0.2% | 17.2 |
| STANWICK Lochristi | €2.1m | €2.7m | 14.8% | 16 |
| QUALIPSO Mont-Saint-Guibert | €1.8m | €1.8m | 53.0% | 17.1 |
| F-J-M Charleroi | €2.6m | €1.9m | 34.4% | 32.4 |
| ALASKA KORTRIJK Kortrijk | €2.4m | €2.1m | 45.5% | 17.4 |
These companies have the same main activity as thg Bruxelles: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.8m and €2.6m, founded between 1970 and 1997.
Official details
Source: KBO- Status
- Active since 22-09-1975Normal situation
- Registered office
- 114 active companies are registered at this address1 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- Business and other management consultancyNACE 70200and 1 other
- Establishment units
- 2.011.448.8141380 Lasne, since 20-12-1999
- 2.327.931.3081400 Nivelles, since 01-01-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 06-08-2026
Annual accounts 2025
- ≈ €3.5mestimated
- €2.4m▼ 18.2%
- Employeeson 31-12-2025
- 22▲ 29.4%
- Filing
- Filed on 13-07-2026, 18 days before the end of the filing period
Companies linked to thg Bruxelles
Parent and group
Insights on thg Bruxelles
thg Bruxelles has existed since 1975. The gross margin grew from €634,725 in 2006 to €1.8m in 2025 and staff from 11.6 to 21.7 full-time equivalents.
Solvency fell in 2025 from 20.0% to 14.7% because of the loss.
PIA Group BeLux holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about thg Bruxelles
- What is the company number of thg Bruxelles?
- The company number of thg Bruxelles is 0415.371.717. The VAT number is the same number with BE in front: BE 0415.371.717.
- Where is thg Bruxelles based?
- The registered office is at Chaussée de Louvain 431, 1380 Lasne.Company details
- What does thg Bruxelles do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of thg Bruxelles?
- thg Bruxelles is a public limited company (NV).
- When was thg Bruxelles founded?
- thg Bruxelles was founded on 22-09-1975.
- Is thg Bruxelles still active?
- Yes, thg Bruxelles is an active enterprise in the KBO register.
- How many employees does thg Bruxelles have?
- thg Bruxelles had an average of 21.7 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of thg Bruxelles?
- The turnover in financial year 2025 is ≈ €3.5m. This figure is estimated from the gross margin of €1.8m and 36 comparable companies (NACE 70200). It probably lies between €2.4m and €4.4m. In financial year 2024 turnover was €2.5m.
- Is thg Bruxelles profitable?
- In financial year 2025, thg Bruxelles made a loss of €220,740.
- Where can I find the annual accounts of thg Bruxelles?
- thg Bruxelles filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of thg Bruxelles due?
- thg Bruxelles must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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