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 €103k and a net result of €90k. Equity is growing by ~21.3% per year across the filed fiscal years. Its solvency ranks better than 24% of 12738 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 €7k 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.
Credit check for your own amount and term
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 12738 sector peers (2025).
NBB · sector comparisonPosition among 12738 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 →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€103k▼ 63.3%
2024 · €280k
2019: €97klowest in 7 years
2020: €136k▲ +40.2% vs 2019
2021: €171k▲ +25.8% vs 2020
2022: €235k▲ +37.3% vs 2021
2023: €350k▲ +49.2% vs 2022highest in 7 years
2024: €280k▼ -20.0% vs 2023
2025: €103k▼ -63.3% vs 2024
2019 → 2025
Total assets
€416k▼ 24.6%
2024 · €552k
2019: €137klowest in 7 years
2020: €187k▲ +36.4% vs 2019
2021: €224k▲ +20.1% vs 2020
2022: €264k▲ +17.8% vs 2021
2023: €393k▲ +48.7% vs 2022
2024: €552k▲ +40.4% vs 2023highest in 7 years
2025: €416k▼ -24.6% vs 2024
2019 → 2025
Net result
€90k▼ 27.3%
2024 · €124k
2019: €84k
2020: €39k▼ -53.9% vs 2019
2021: €35k▼ -10.1% vs 2020lowest in 7 years
2022: €64k▲ +82.3% vs 2021
2023: €115k▲ +80.9% vs 2022
2024: €124k▲ +7.3% vs 2023highest in 7 years
2025: €90k▼ -27.3% vs 2024
2019 → 2025
Working capital
€102k▼ 54.5%
2024 · €224k
2019: €97klowest in 7 years
2020: €133k▲ +37.6% vs 2019
2021: €114k▼ -14.5% vs 2020
2022: €173k▲ +51.6% vs 2021
2023: €291k▲ +68.4% vs 2022highest in 7 years
2024: €224k▼ -23.2% vs 2023
2025: €102k▼ -54.5% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€171k-€235k▲ 37.3%€350k▲ 49.2%€280k▼ 20.0%€103k▼ 63.3%
2021: €171k
2022: €235k▲ +37.3% vs 2021
2023: €350k▲ +49.2% vs 2022highest in 5 years
2024: €280k▼ -20.0% vs 2023
2025: €103k▼ -63.3% vs 2024lowest in 5 years
Operating result€44k-€81k▲ 82.9%€151k▲ 87.1%€167k▲ 10.7%€128k▼ 23.2%
2021: €44klowest in 5 years
2022: €81k▲ +82.9% vs 2021
2023: €151k▲ +87.1% vs 2022
2024: €167k▲ +10.7% vs 2023highest in 5 years
2025: €128k▼ -23.2% vs 2024
Net result€35k-€64k▲ 82.3%€115k▲ 80.9%€124k▲ 7.3%€90k▼ 27.3%
2021: €35klowest in 5 years
2022: €64k▲ +82.3% vs 2021
2023: €115k▲ +80.9% vs 2022
2024: €124k▲ +7.3% vs 2023highest in 5 years
2025: €90k▼ -27.3% vs 2024
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 €416k
Fixed assets
€896 ▼ 98.4%
Current assets
€415k ▼ 16.2%
Equity and liabilities €416k
Equity
€103k ▼ 63.3%
Debt
€314k ▲ 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
€131k▼
2024 · €169k
Cash flow
€92k▼
2024 · €126k
Current ratio
1.32▼
2024 · 1.82
Debt to equity
3.06▲
2024 · 0.97
ROE
87.7%▲
2024 · 44.2%
ROA
21.6%▼
2024 · 22.4%
Interest coverage
1364.31▲
2024 · 481.54
Debt ≤ 1 year
€314k▲
2024 · €272k
Income taxes
€39k▼
2024 · €44k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 42 lines
Balance sheet
Code20242025
Assets
Total assets20/58€552k€416k▼
Fixed assets21/28€56k€896▼
Tangible fixed assets22/27€2k€896▼
Furniture and vehicles24€2k€896▼
Financial fixed assets28€54k-
Current assets29/58€495k€415k▼
Amounts receivable after more than one year29€14k-
Other amounts receivable291€14k-
Amounts receivable within one year40/41€42k€76k▲
Trade receivables40€28k-
Other amounts receivable41€14k€76k▲
Current investments50/53€30k€30k=
Cash at bank and in hand54/58€410k€309k▼
Equity and liabilities
Total equity and liabilities10/49€552k€416k▼
Equity10/15€280k€103k▼
Contributions10/11€19k€19k=
Reserves13€261k€84k▼
Distributable reserves133€261k€84k▼
Amounts payable17/49€272k€314k▲
Amounts payable within one year42/48€272k€314k▲
Trade debts44€873€678▼
Suppliers440/4€873€678▼
Taxes, remuneration and social security45€71k€46k▼
Taxes450/3€67k€44k▼
Remuneration and social security454/9€4k€1k▼
Other amounts payable47/48€200k€267k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€2k▼
Other operating charges640/8€455€400▼
Gross operating margin9900€170k€131k▼
Operating profit (loss)9901€167k€128k▼
Financial income75/76B€2k€740▼
Recurring financial income75€2k€740▼
Financial charges65/66B€352€96▼
Recurring financial charges65€352€96▼
Profit (loss) for the period before taxes9903€168k€129k▼
Income taxes67/77€44k€39k▼
Profit (loss) for the period9904€124k€90k▼
Profit (loss) for the period to be appropriated9905€124k€90k▼
Appropriation of the result
Profit (loss) to be appropriated9906€124k€90k▼
Transfer from equity791/2€76k€177k▲
Profit to be distributed694/7€200k€267k▲
Return on contributions (dividend)694€200k€267k▲
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €721 | €1k | €3k | €3k | €2k | ▼ 12.7% |
| Other operating charges640/8 | €348 | €348 | €2k | €455 | €400 | ▼ 12.2% |
| Gross operating margin9900 | €45k | €82k | €156k | €170k | €131k | ▼ 23.0% |
| Operating profit (loss)9901 | €44k | €81k | €151k | €167k | €128k | ▼ 23.2% |
| Financial income75/76B | €99 | €282 | €491 | €2k | €740 | ▼ 55.4% |
| Recurring financial income75 | €99 | €282 | €491 | €2k | €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 | €44k | €81k | €151k | €168k | €129k | ▼ 23.4% |
| Income taxes67/77 | €9k | €17k | €35k | €44k | €39k | ▼ 12.5% |
| Profit (loss) for the period9904 | €35k | €64k | €115k | €124k | €90k | ▼ 27.3% |
| Profit (loss) for the period to be appropriated9905 | €35k | €64k | €115k | €124k | €90k | ▼ 27.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €224k | €264k | €393k | €552k | €416k | ▼ 24.6% |
| Fixed assets21/28 | €57k | €62k | €59k | €56k | €896 | ▼ 98.4% |
| Tangible fixed assets22/27 | €3k | €8k | €5k | €2k | €896 | ▼ 60.8% |
| Furniture and vehicles24 | €3k | €8k | €5k | €2k | €896 | ▼ 60.8% |
| Financial fixed assets28 | €54k | €54k | €54k | €54k | - | - |
| Current assets29/58 | €168k | €202k | €334k | €495k | €415k | ▼ 16.2% |
| Amounts receivable after more than one year29 | - | - | €14k | €14k | - | - |
| Other amounts receivable291 | - | - | €14k | €14k | - | - |
| Amounts receivable within one year40/41 | €2k | €21k | €27k | €42k | €76k | ▲ 83.0% |
| Trade receivables40 | €2k | €18k | €22k | €28k | - | - |
| Other amounts receivable41 | - | €3k | €5k | €14k | €76k | ▲ 459% |
| Current investments50/53 | €42k | €48k | €48k | €30k | €30k | = |
| Cash at bank and in hand54/58 | €124k | €133k | €246k | €410k | €309k | ▼ 24.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €224k | €264k | €393k | €552k | €416k | ▼ 24.6% |
| Equity10/15 | €171k | €235k | €350k | €280k | €103k | ▼ 63.3% |
| Contributions10/11 | €12k | €12k | €12k | €19k | €19k | = |
| Reserves13 | €158k | €222k | €338k | €261k | €84k | ▼ 67.9% |
| Distributable reserves133 | €158k | €222k | €338k | €261k | €84k | ▼ 67.9% |
| Amounts payable17/49 | €54k | €30k | €43k | €272k | €314k | ▲ 15.4% |
| Amounts payable within one year42/48 | €54k | €30k | €43k | €272k | €314k | ▲ 15.4% |
| Trade debts44 | €3k | €1k | €1k | €873 | €678 | ▼ 22.4% |
| Suppliers440/4 | €3k | €1k | €1k | €873 | €678 | ▼ 22.4% |
| Taxes, remuneration and social security45 | €43k | €19k | €41k | €71k | €46k | ▼ 35.7% |
| Taxes450/3 | €34k | €12k | €41k | €67k | €44k | ▼ 33.9% |
| Remuneration and social security454/9 | €9k | €6k | - | €4k | €1k | ▼ 64.6% |
| Other amounts payable47/48 | €8k | €10k | - | €200k | €267k | ▲ 33.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35k | €64k | €115k | €124k | €90k | ▼ 27.3% |
| + Depreciation and write-downs630 | €721 | €1k | €3k | €3k | €2k | ▼ 12.7% |
| Operating cash flow (approximation) | €36k | €65k | €118k | €126k | €92k | ▼ 27.0% |
| Investment in fixed assets (approximation) | - | €-6k | €0 | €0 | €53k | - |
| Change in cash | - | €9k | €113k | €164k | €-101k | ▼ 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 €124k ▲7.3%
Operating result €167k, net result €124k, 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 €54k to €30k.
31-12
Financial
Equity above €200kEq €235k ▲37.3%
4 profitable years in a row build equity to €235k.
05-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
31-12
Financial
Weakest financial yearnet €35k ▼10.1%
Net result drops to €35k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €150kEq €171k ▲25.8%
3 profitable years in a row build equity to €171k.
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 €100kEq €136k ▲40.2%
2 profitable years in a row build equity to €136k.
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
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 22,056 companies in sector 69101 we hold annual accounts for 9,055. 7,556 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
Scores and ratios are computed by Checked and are not a credit decision.