Result
Back in profit in 2025, after a loss of €33,959 in 2024.
Back in profit in 2025, after a loss of €33,959 in 2024.
The accounts state no turnover.
Of this, €469,885 falls due within a year.
In 2025, 7 people joined and 9 left.
The 2022 accounts came 28 days late. The other four were filed on time.
The dashed line is the sector median: 0.2% across 1,167 companies (NACE 62, small).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 62, small). It does better than 29% of them on solvency, 44% on liquidity, 32% on profitability and 77% 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 very low class on 30-06-2025, 0.1% 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).
In July 2024, 2,684 companies had the same profile as REDSYSTEM has now. Each dot stands for 7 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of REDSYSTEM itself: 0.3% within 12 months.
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 2,684 companies, not a prediction for REDSYSTEM. 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.
Liquidity is tight, with a current ratio of 1.22 (1.18 in 2024), below the usual 1.5. Short-term debt is 79% and cash 29.2% of total assets. 79.1% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 27 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| REDSYSTEM Tournai | €594,423 | €545,990 | 20.9% | 10.3 |
| VLEGEL TECHNOLOGY Genk | €511,462 | €513,203 | 38.6% | 7.8 |
| MAGOS Leuven | €680,742 | €514,979 | 21.0% | 7.3 |
| GreenStack Puurs-Sint-Amands | €526,020 | €672,029 | 55.3% | 8.5 |
| Merapar Technologies Belgium Herentals | €653,039 | €711,843 | -41.6% | 8.1 |
| SKALIS BELGIUM SRL Sint-Gillis (bij-Brussel) | €719,309 | €636,358 | -49.2% | 6.9 |
| iLean Agile Kontich | €487,621 | €657,138 | 27.9% | 6.8 |
These companies have the same main activity as REDSYSTEM: computer consultancy and computer facilities management (NACE 62200). They are comparable in size and age: total assets between €488,000 and €719,000, founded between 2019 and 2021.
REDSYSTEM files the abbreviated format. That format states no turnover. The gross margin rose from €27,493 in 2021 to €545,990 in 2025.
Trustteam Group holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.4m. Estimated: probably between €990,000 and €2.3m.
Higher than 29% of 3,405 companies in 2025.
Higher than 33% of 3,266 companies in 2025.
Higher than 44% of 3,314 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 7 people joined and 9 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
594,423 | 460,906 | 303,723 | 71,849 | 38,317 | |
21/28 |
20,857 | 26,235 | 25,299 | 21,044 | 11,443 | |
21 |
2,709 | 3,465 | 0 | 579 | 1,286 | |
22/27 |
16,708 | 21,329 | 23,859 | 19,865 | 10,157 | |
24 |
16,708 | 21,329 | 23,859 | 19,865 | 10,157 | |
28 |
1,440 | 1,440 | 1,440 | 600 | - | |
29/58 |
573,566 | 434,672 | 278,424 | 50,804 | 26,875 | |
40/41 |
399,799 | 394,467 | 227,721 | 36,385 | 25,288 | |
40 |
264,413 | 247,119 | 221,980 | 29,294 | 24,225 | |
41 |
135,386 | 147,348 | 5,741 | 7,090 | 1,063 | |
54/58 |
173,767 | 12,543 | 39,872 | 14,419 | 217 | |
490/1 |
0 | 27,662 | 10,830 | - | 1,370 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
594,423 | 460,906 | 303,723 | 71,849 | 38,317 | |
10/15 |
124,005 | 92,376 | 126,335 | -15,539 | -16,903 | |
10/11 |
5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
13 |
119,005 | - | - | - | - | |
133 |
119,005 | - | - | - | - | |
14 |
0 | 87,376 | 121,335 | -20,539 | -21,903 | |
17/49 |
470,418 | 368,530 | 177,388 | 87,388 | 55,220 | |
17 |
- | - | 0 | 27,613 | 28,813 | |
178/9 |
- | - | 0 | 27,613 | 28,813 | |
42/48 |
469,885 | 368,530 | 177,293 | 59,775 | 26,407 | |
44 |
69,400 | 78,676 | 20,258 | 16,172 | 10,824 | |
440/4 |
69,400 | 78,676 | 20,258 | 16,172 | 10,824 | |
46 |
- | 0 | 550 | 550 | 550 | |
45 |
109,519 | 107,717 | 154,021 | 43,053 | 15,033 | |
450/3 |
63,958 | 51,120 | 97,390 | 15,915 | 7,168 | |
454/9 |
45,561 | 56,597 | 56,631 | 27,138 | 7,864 | |
47/48 |
290,966 | 182,138 | 2,463 | - | - | |
492/3 |
533 | 0 | 95 | - | - | |
| Income statement | ||||||
76A |
14,345 | - | - | - | - | |
9900 |
545,990 | 375,173 | 455,258 | 87,996 | 27,493 | |
62 |
458,975 | 384,958 | 245,269 | 77,781 | 43,487 | |
630 |
12,144 | 10,544 | 9,935 | 6,342 | 4,311 | |
631/4 |
0 | 1,425 | - | - | - | |
640/8 |
1,693 | 3,371 | 3,477 | 744 | 627 | |
9901 |
73,178 | -25,125 | 196,577 | 3,129 | -20,932 | |
75/76B |
1,254 | 1,751 | 0 | 751 | 460 | |
75 |
1,254 | 1,751 | 0 | 751 | 460 | |
65/66B |
29,055 | 8,084 | 2,333 | 1,324 | 1,246 | |
65 |
29,055 | 8,084 | 2,333 | 1,324 | 1,246 | |
9903 |
45,377 | -31,458 | 194,244 | 2,555 | -21,718 | |
67/77 |
13,748 | 2,501 | 52,369 | 1,191 | 185 | |
9904 |
31,629 | -33,959 | 141,874 | 1,364 | -21,903 | |
9905 |
31,629 | -33,959 | 141,874 | 1,364 | -21,903 | |
| Appropriation of the result | ||||||
9906 |
119,005 | 87,376 | 121,335 | -20,539 | -21,903 | |
14P |
87,376 | 121,335 | -20,539 | -21,903 | - | |
691/2 |
119,005 | - | - | - | - | |
6921 |
119,005 | - | - | - | - | |
| Social balance sheet | ||||||
9087 |
10.3 | 9.4 | 7 | 2.5 | 0.6 | |
Hours worked1013 |
18,241 | 16,315 | 12,215 | 4,540 | 1,986 | |
| Document | ||||||
The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 13-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00286438 | |
| 31-12-2024 | full format | 26-05-2025 | 2025-00105441 | |
| 31-12-2023 | micro format | 07-06-2024 | 2024-00114423 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00372802 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20172062 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 85,322 | -14,581 | 206,512 | 9,471 | -16,622 | ||
| 43,773 | -23,415 | 151,810 | 7,706 | -17,592 | ||
| 6,767 | 14,012 | 14,190 | 15,944 | 15,753 | ||
| 161,224 | -27,329 | 25,453 | 14,202 | - | ||
| 103,681 | 66,142 | 101,131 | -8,971 | 468 | ||
| 20.9% | 20.0% | 41.6% | -21.6% | -44.1% | ||
| 1.22 | 1.18 | 1.57 | 0.85 | 1.02 | ||
| 3.79 | 3.99 | 1.40 | - | - | ||
| 25.5% | -36.8% | 112.3% | - | - | ||
| 5.3% | -7.4% | 46.7% | 1.9% | -57.2% | ||
| 2.94 | -1.80 | 88.51 | 7.15 | -13.34 |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 11 | 8 | 5 | 1 |
| full-time | 7 | 8 | 8 | 5 | 1 |
| part-time | 2 | 3 | 0 | - | - |
| in full-time equivalents | 8.6 | 10.4 | 8 | 5 | 1 |
| 10.3 | 9.4 | 7 | 2.5 | 0.6 | |
| On a permanent contract | 9 | 11 | 6 | 3 | 1 |
| Joined | 7 | 6 | 9 | 9 | 2 |
| Left | 9 | 3 | 8 | 8 | 1 |
| Training hours | - | - | 1,798 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,767 | €10,232 | €13,350 | €15,344 | €13,633 |
| Intangible fixed assets | - | €3,780 | - | - | €2,121 |
| Financial fixed assets | €0 | - | €840 | €600 | - |
| €12,144 | €10,544 | €9,935 | €6,342 | €4,311 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €73,178, after a loss of €25,125 in 2024.
Debt's share of the balance-sheet total falls from 80.0% to 79.1%. Equity and debt are higher.
Further up the chainGreen Hill I 100%
Source: parent in its own accounts, lists of holdings in the owners' accounts
Source: list of holdings in the 2025 accounts of Trustteam Group. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group Green Hill I Group, risk and exposure| COMPUBOEK via T.T. HOLDINGS, no longer at COMPUBOEK · Director · deed of 28-01-2021 No longer active |
4.8 FTE (2021) |
| Firmware via T.T. HOLDINGS, no longer at Firmware · Director · deed of 17-06-2021 No longer active |
5.5 FTE (2021) |
| CALCOR via T.T. HOLDINGS, no longer at CALCOR · Manager · deed of 30-04-2019 No longer active |
total assets €566,109 (2017) |
| Firmware Labs via T.T. HOLDINGS, no longer at Firmware Labs · Director · deed of 08-06-2021 No longer active |
total assets €346,690 (2021) |
| SOFTICA via T.T. HOLDINGS, no longer at SOFTICA · Director · deed of 28-07-2020 No longer active |
total assets €69,476 (2020) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
REDSYSTEM was incorporated on 18 August 2020 as a private limited company by two natural persons, with a starting capital of €5,000.12 The registered office was moved to Froyennes in 2024.3 The board currently has 2 members, 2 of whom have served since 2024.4 Total assets rose from €38,317 in 2021 to €594,423 in 2025 and headcount from 0.6 to 10.3 full-time equivalents.5
| Establishment | Since | Unit number |
|---|---|---|
| Rue du Progrès 15 registered office 7503 Tournai | ||
| Rue du Progrès 13 7503 Tournai | 18-08-2020 | 2.305.905.873 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 57031B0394/00Z002 | 1.4 ha | 1 · 1,457 m² | 9.1 m · 2 |
| 57031B0362/00T004 | 2,944 m² | 1 · 1,086 m² | 14.9 m · 4 |
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