Thar
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 9 days after the deadline Filed on 9 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00389132.
Annual accounts 2025 filed on 09-08-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is a loss of €15,879, smaller than the loss of €17,561 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €456,180 | - | - |
| Depreciation and write-downs of the year | €20,265 | €10,393 | €10,541 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,265 | €10,393 | €10,541 | ▲ 1.4% |
| Other operating charges640/8 | €601 | €2,545 | €1,393 | ▼ 45.3% |
| Gross operating margin9900 | -€11,626 | -€4,622 | -€3,946 | ▲ 14.6% |
| Operating profit (loss)9901 | -€32,493 | -€17,561 | -€15,879 | ▲ 9.6% |
| Financial charges65/66B | €146 | €184 | €170 | ▼ 7.8% |
| Recurring financial charges65 | €146 | €184 | €170 | ▼ 7.8% |
| Profit (loss) for the period before taxes9903 | -€32,639 | -€17,745 | -€16,049 | ▲ 9.6% |
| Profit (loss) for the period9904 | -€32,639 | -€17,745 | -€16,049 | ▲ 9.6% |
| Profit (loss) for the period to be appropriated9905 | -€32,639 | -€17,745 | -€16,049 | ▲ 9.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €438,333 | €426,999 | €415,534 | ▼ 2.7% |
| Fixed assets21/28 | €435,915 | €425,522 | €414,981 | ▼ 2.5% |
| Tangible fixed assets22/27 | €435,915 | €425,522 | €414,981 | ▼ 2.5% |
| Land and buildings22 | €435,915 | €425,522 | €414,981 | ▼ 2.5% |
| Current assets29/58 | €2,417 | €1,477 | €552 | ▼ 62.6% |
| Amounts receivable within one year40/41 | €886 | €206 | €13 | ▼ 93.7% |
| Other amounts receivable41 | €886 | €206 | €13 | ▼ 93.7% |
| Cash at bank and in hand54/58 | €1,181 | €902 | €152 | ▼ 83.1% |
| Deferred charges and accrued income490/1 | €350 | €369 | €387 | ▲ 4.8% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €438,333 | €426,999 | €415,534 | ▼ 2.7% |
| Equity10/15 | €367,361 | €349,616 | €333,567 | ▼ 4.6% |
| Contributions10/11 | €400,000 | €400,000 | €400,000 | = |
| Profit (loss) carried forward14 | -€32,639 | -€50,384 | -€66,433 | ▼ 31.9% |
| Amounts payable17/49 | €70,972 | €77,383 | €81,967 | ▲ 5.9% |
| Amounts payable within one year42/48 | €70,972 | €77,383 | €81,967 | ▲ 5.9% |
| Trade debts44 | €291 | €891 | €71 | ▼ 92.0% |
| Suppliers440/4 | €291 | €891 | €71 | ▼ 92.0% |
| Taxes, remuneration and social security45 | €189 | €0 | - | - |
| Taxes450/3 | €189 | €0 | - | - |
| Other amounts payable47/48 | €70,492 | €76,492 | €81,896 | ▲ 7.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,639 | -€17,745 | -€16,049 | ▲ 9.6% |
| + Depreciation and write-downs630 | €20,265 | €10,393 | €10,541 | ▲ 1.4% |
| Operating cash flow (approximation) | -€12,374 | -€7,352 | -€5,508 | ▲ 25.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - |
| Change in cash | - | -€280 | -€750 | ▼ 168% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,145 companies had the same profile as Thar has now. Two years later, 91.7% were still going and 2.2% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a small loss
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Thar itself: 1.2% within 12 months.
Test of the method
The method was tested on the 497,446 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 2,145 companies, not a prediction for Thar. 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.