THAG
ActiveSummary
THAG has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €102,600 and a net result of €90,008. Equity is growing by ~21.3% per year across the filed fiscal years. Its solvency ranks better than 24% of 12819 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability96▼-1
Solvency50▼-26
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity tight (current ratio 1.32 against 1.82 in 2024; short-term debt: 75.3% and cash: 74.3% of total assets), and 75.3% of the assets are financed with debt.
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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 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← 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
24.7%
Return on assets
21.6%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 12819 sector peers (2025).
NBB · sector comparisonPosition among 12819 sector peers
Solvency
better than 24%
← 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 26-05-2026, 66 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
66 d early
2024
56 d late
2023
20 d late
2022
53 d late
2021
5 d late
2020
5 d early
2019
60 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 18 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€102,600▼ 63.3%
2024 · €279,881
Total assets
€416,114▼ 24.6%
2024 · €551,550
Net result
€90,008▼ 27.3%
2024 · €123,762
Working capital
€101,704▼ 54.5%
2024 · €223,591
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€44,022▼ 10.1%€80,518▲ 82.9%€150,670▲ 87.1%€166,849▲ 10.7%€128,213▼ 23.2%
Net result€34,988within the sector's middle half▼ 10.1%€63,774within the sector's middle half▲ 82.3%€115,357above the sector's middle half▲ 80.9%€123,762above the sector's middle half▲ 7.3%€90,008above the sector's middle half▼ 27.3%
Equity€170,788within the sector's middle half▲ 25.8%€234,561within the sector's middle half▲ 37.3%€349,918above the sector's middle half▲ 49.2%€279,881above the sector's middle half▼ 20.0%€102,600within the sector's middle half▼ 63.3%
Total assets€224,431within the sector's middle half▲ 20.1%€264,268within the sector's middle half▲ 17.8%€392,903within the sector's middle half▲ 48.7%€551,550above the sector's middle half▲ 40.4%€416,114within the sector's middle half▼ 24.6%
Debt€53,643▲ 5.0%€29,707▼ 44.6%€42,985▲ 44.7%€271,669▲ 532%€313,514▲ 15.4%
Working capital€113,988within the sector's middle half▼ 14.5%€172,791above the sector's middle half▲ 51.6%€290,999above the sector's middle half▲ 68.4%€223,591above the sector's middle half▼ 23.2%€101,704within the sector's middle half▼ 54.5%
Solvency76.1%within the sector's middle half▲ 3.4pp88.8%above the sector's middle half▲ 12.7pp89.1%above the sector's middle half▲ 0.3pp50.7%within the sector's middle half▼ 38.3pp24.7%below the sector's middle half▼ 26.1pp
Current ratio3.12within the sector's middle half▼ 0.486.82above the sector's middle half▲ 3.697.77above the sector's middle half▲ 0.951.82within the sector's middle half▼ 5.951.32within the sector's middle half▼ 0.50
Return on assets (ROA)15.6%within the sector's middle half▼ 5.2pp24.1%within the sector's middle half▲ 8.5pp29.4%within the sector's middle half▲ 5.2pp22.4%within the sector's middle half▼ 6.9pp21.6%within the sector's middle half▼ 0.8pp
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 23% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €416,114
Fixed assets
€896 ▼ 98.4%
Current assets
€415,218 ▼ 16.2%
Equity and liabilities €416,114
Equity
€102,600 ▼ 63.3%
Debt
€313,514 ▲ 15.4%
Debt's share of the balance-sheet total rises from 49.3% to 75.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€130,510▼
2024 · €169,479
Cash flow
€92,304▼
2024 · €126,392
Debt to equity
3.06▲
2024 · 0.97
ROE
87.7%▲
2024 · 44.2%
Interest coverage
1364.31▲
2024 · 481.54
Debt ≤ 1 year
€313,514▲
2024 · €271,669
Income taxes
€38,850▼
2024 · €44,393
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,706 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.7%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,706 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €721 | €1,044 | €2,851 | €2,630 | €2,296 | ▼ 12.7% |
| Other operating charges640/8 | €348 | €348 | €2,362 | €455 | €400 | ▼ 12.2% |
| Gross operating margin9900 | €45,090 | €81,909 | €155,883 | €169,935 | €130,910 | ▼ 23.0% |
| Operating profit (loss)9901 | €44,022 | €80,518 | €150,670 | €166,849 | €128,213 | ▼ 23.2% |
| Financial income75/76B | €99 | €282 | €491 | €1,658 | €740 | ▼ 55.4% |
| Recurring financial income75 | €99 | €282 | €491 | €1,658 | €740 | ▼ 55.4% |
| Financial charges65/66B | €56 | €255 | €376 | €352 | €96 | ▼ 72.8% |
| Recurring financial charges65 | €56 | €255 | €376 | €352 | €96 | ▼ 72.8% |
| Profit (loss) for the period before taxes9903 | €44,065 | €80,545 | €150,785 | €168,155 | €128,858 | ▼ 23.4% |
| Income taxes67/77 | €9,077 | €16,771 | €35,428 | €44,393 | €38,850 | ▼ 12.5% |
| Profit (loss) for the period9904 | €34,988 | €63,774 | €115,357 | €123,762 | €90,008 | ▼ 27.3% |
| Profit (loss) for the period to be appropriated9905 | €34,988 | €63,774 | €115,357 | €123,762 | €90,008 | ▼ 27.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €224,431 | €264,268 | €392,903 | €551,550 | €416,114 | ▼ 24.6% |
| Fixed assets21/28 | €56,800 | €61,770 | €58,919 | €56,289 | €896 | ▼ 98.4% |
| Tangible fixed assets22/27 | €2,800 | €7,770 | €4,919 | €2,289 | €896 | ▼ 60.8% |
| Furniture and vehicles24 | €2,800 | €7,770 | €4,919 | €2,289 | €896 | ▼ 60.8% |
| Financial fixed assets28 | €54,000 | €54,000 | €54,000 | €54,000 | - | - |
| Current assets29/58 | €167,631 | €202,498 | €333,984 | €495,261 | €415,218 | ▼ 16.2% |
| Amounts receivable after more than one year29 | - | - | €13,500 | €13,500 | - | - |
| Other amounts receivable291 | - | - | €13,500 | €13,500 | - | - |
| Amounts receivable within one year40/41 | €1,928 | €21,304 | €26,670 | €41,648 | €76,229 | ▲ 83.0% |
| Trade receivables40 | €1,928 | €18,287 | €21,855 | €28,020 | - | - |
| Other amounts receivable41 | - | €3,017 | €4,815 | €13,628 | €76,229 | ▲ 459% |
| Current investments50/53 | €41,904 | €47,903 | €47,903 | €30,000 | €30,000 | = |
| Cash at bank and in hand54/58 | €123,799 | €133,291 | €245,911 | €410,112 | €308,989 | ▼ 24.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €224,431 | €264,268 | €392,903 | €551,550 | €416,114 | ▼ 24.6% |
| Equity10/15 | €170,788 | €234,561 | €349,918 | €279,881 | €102,600 | ▼ 63.3% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | = |
| Reserves13 | €158,388 | €222,161 | €337,518 | €261,281 | €84,000 | ▼ 67.9% |
| Distributable reserves133 | €158,388 | €222,161 | €337,518 | €261,281 | €84,000 | ▼ 67.9% |
| Amounts payable17/49 | €53,643 | €29,707 | €42,985 | €271,669 | €313,514 | ▲ 15.4% |
| Amounts payable within one year42/48 | €53,643 | €29,707 | €42,985 | €271,669 | €313,514 | ▲ 15.4% |
| Trade debts44 | €2,930 | €1,257 | €1,489 | €873 | €678 | ▼ 22.4% |
| Suppliers440/4 | €2,930 | €1,257 | €1,489 | €873 | €678 | ▼ 22.4% |
| Taxes, remuneration and social security45 | €43,141 | €18,713 | €41,496 | €70,796 | €45,548 | ▼ 35.7% |
| Taxes450/3 | €33,674 | €12,414 | €41,496 | €66,774 | €44,126 | ▼ 33.9% |
| Remuneration and social security454/9 | €9,467 | €6,299 | - | €4,022 | €1,422 | ▼ 64.6% |
| Other amounts payable47/48 | €7,572 | €9,737 | - | €200,000 | €267,288 | ▲ 33.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,988 | €63,774 | €115,357 | €123,762 | €90,008 | ▼ 27.3% |
| + Depreciation and write-downs630 | €721 | €1,044 | €2,851 | €2,630 | €2,296 | ▼ 12.7% |
| Operating cash flow (approximation) | €35,709 | €64,818 | €118,208 | €126,392 | €92,304 | ▼ 27.0% |
| Investment in fixed assets (approximation) | - | -€6,014 | €0 | €0 | €53,097 | - |
| Change in cash | - | €9,491 | €112,621 | €164,201 | -€101,124 | ▼ 162% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 56 days late
2024
31-12
Financial
Highest result since 2019net €123,762 ▲7.3%
Operating result €166,849, net result €123,762, both a record.
20-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 20 days late
2023
22-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 53 days late
2022
31-12
Financial
Liquidity doublescurrent ratio 6.82
Current ratio from 3.12 to 6.82; short-term debt falls from €53,643 to €29,707.
31-12
Financial
Equity above €200,000Eq €234,561 ▲37.3%
4 profitable years in a row build equity to €234,561.
05-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
31-12
Financial
Weakest financial yearnet €34,988 ▼10.1%
Net result drops to €34,988, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €150,000Eq €170,788 ▲25.8%
3 profitable years in a row build equity to €170,788.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
15-06
State Gazette act
General meeting · Director appointment
2020
31-12
Financial
Equity above €100,000Eq €135,799 ▲40.2%
2 profitable years in a row build equity to €135,799.
29-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 60 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2018
Ground area
1.2 ha
Building footprint
5,177 m²
Volume, LiDAR
233,164 m³
Parcel 21814P0404/00A006, Brussels · tallest building 142.2 m, ±9 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
THAG
since 20182.370.770.367
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21814P0404/00A006 | Brussels | 1.2 ha | 1 · 5,177 m² | 142.2 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
Recognitions · licences · registrations
Legal Entity Identifier
9845007AE4FXFU54T795
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Of 22,076 companies in sector 69101 we hold annual accounts for 9,061. 7,560 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded29-06-2018
Fiscal year end31-12
Activities, NACEBEL 2025
69101Activities of lawyers
69109Other legal services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0698955175
Registered
27-10-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.