Checked.be
Active
BE 0508.672.849Public limited company
T & Q Estates
Chaussée de Tirlemont 75B8 ·5030 Gembloux, Belgium· 13 yrs active
Sector: Renting and operating of own or leased non-residential real estate, excluding land
(68203)
Conclusion
T & Q Estates has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €82k and a net result of €7k. Equity is growing by ~30.1% per year across the filed fiscal years. Its solvency ranks better than 35% of 8920 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 7 annual accounts.
Key figures
| Equity | €82k |
| Net result | €7k |
| Better than sector | 35% |
| Active | 13 yrs |
Financial profile
53
/ 100
Mixed profile: strong on stability, weaker on solvency.
All 5 axes are computed from data Checked has read.
Health
36
Profitability
42
Solvency
11
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2012, 13 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
36
/ 100
Weak
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€3k
estimate, not credit advice
Score history
15
2019
12
2020
56
2021
56
2022
48
2023
56
2024
36
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.11 (< 1.0)
-10
Quick ratio
Quick ratio 0.11 (< 0.6)
-5
Leverage
Debt/equity 5.03 (> 3.0)
-10
Profitability
ROE 8%
+3
Interest coverage
Interest coverage 6.6× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 19-08-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~30.1%/year over 7 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 16.6% | 31.5% | |
| Net result | €7k | €11k | |
| Equity | €82k | €330k | |
| Gross operating margin | €57k | €93k | |
| Total assets | €492k | €1.42M |
€57k
-17.4%
19-25
€7k
-63.2%
19-25
€48k
-19.4%
19-25
€492k
+37.0%
19-25
€82k
+9.1%
19-25
€-210k
-1158.2%
19-25
€410k
+44.4%
19-25
€237k
+292.6%
19-25
€168k
-23.5%
19-25
0.11
-84.2%
19-25
0.11
-84.2%
19-25
16.6%
-20.4%
19-25
5.03
+32.4%
19-25
8.3%
-66.3%
19-25
1.4%
-73.2%
19-25
6.57
-13.8%
19-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €57k | €69k | €63k | €72k | €73k |
| Net profit | €7k | €18k | €11k | €18k | €18k |
| Cash flow | €48k | €60k | €53k | €60k | €59k |
| Staff costs | - | - | - | - | - |
| Income taxes | - | - | - | - | - |
| Dividends | - | - | - | - | - |
| Total assets | €492k | €359k | €395k | €432k | €476k |
| Equity | €82k | €75k | €56k | €45k | €27k |
| Debt | €410k | €284k | €338k | €387k | €449k |
| of which ≤ 1y | €237k | €60k | €57k | €53k | €65k |
| of which > 1y | €168k | €220k | €276k | €331k | €383k |
| Working capital | €-210k | €-17k | €-19k | €-16k | €-20k |
| Employees (FTE) | - | - | - | - | - |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.11 | 0.72 | 0.67 | 0.69 | 0.69 |
| Quick ratio | 0.11 | 0.72 | 0.67 | 0.69 | 0.69 |
| Working capital ratio | -42.7% | -4.7% | -4.8% | -3.8% | -4.3% |
| Solvency | 16.6% | 20.8% | 14.3% | 10.5% | 5.7% |
| Debt / equity | 5.03 | 3.80 | 6.00 | 8.54 | 16.58 |
| Long-term debt ratio | 2.07 | 2.95 | 4.90 | 7.30 | 14.17 |
| Interest coverage | 6.57 | 7.62 | 5.96 | 6.01 | 5.37 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 1.4% | 5.1% | 2.8% | 4.2% | 3.7% |
| ROE | 8.3% | 24.6% | 19.7% | 40.2% | 65.7% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €492k | €359k | €395k | €432k | €476k |
| Fixed assets | 21/28 | €465k | €315k | €356k | €395k | €431k |
| Tangible fixed assets | 22/27 | €465k | €315k | €356k | €395k | €431k |
| Current assets | 29/58 | €27k | €44k | €38k | €37k | €45k |
| Amounts receivable within one year | 40/41 | - | €2k | €6k | €4k | €182 |
| Cash & bank | 54/58 | €26k | €39k | €29k | €31k | €36k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €492k | €359k | €395k | €432k | €476k |
| Equity | 10/15 | €82k | €75k | €56k | €45k | €27k |
| Contributions / capital | 10/11 | €100k | €100k | €100k | €100k | €100k |
| Reserves | 13 | €1k | €1k | €1k | €1k | €1k |
| Accumulated profits (losses) | 14 | €-19k | €-26k | €-45k | €-56k | €-74k |
| Amounts payable | 17/49 | €410k | €284k | €338k | €387k | €449k |
| Amounts payable after one year | 17 | €168k | €220k | €276k | €331k | €383k |
| Amounts payable within one year | 42/48 | €237k | €60k | €57k | €53k | €65k |
| Trade debts payable within one year | 44 | €184k | €3k | €2k | - | €5k |
| Income statement | ||||||
| Gross operating margin | 9900 | €57k | €72k | €67k | €76k | €76k |
| Operating result | 9901 | €15k | €27k | €22k | €30k | €31k |
| Financial income | 75 | €0 | - | - | €130 | - |
| Financial charges | 65 | €9k | €9k | €11k | €12k | €14k |
| Result before taxes | 9903 | €7k | €18k | €11k | €18k | €18k |
| Net result for the period | 9904 | €7k | €18k | €11k | €18k | €18k |
| Result to be appropriated | 9905 | €7k | €18k | €11k | €18k | €18k |
Legal Structure
| NACE primary | Renting and operating of own or leased non-residential real estate, excluding land(68203) |
| Legal form | Public limited company(014) |
| Incorporation | 21-12-2012 |
| Status | Active |
| Postal code | 5030 |
Establishment units
T & Q Estates
since 20132.215.500.982
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92253D0287/00F000 | Wallonia | 7.8 ha | 1 · 1.4 ha | - |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
19-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 19 days late
2025
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
05-03
State Gazette act
Director changes
2024
31-12
Financial
Highest result since 2019net €18k ▲65.9%
Net result €18k, the highest in the series.
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €18k
Net result €18k after 2 loss-making years.
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-92k
Net result drops to €-92k, the lowest in the series; recovery starts the following year.
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
14-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 14 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
All acts · 1
updated 1 year ago
2025
05-03-2025 2 reappointed
- Thierry LEVEQUE, Directeur
- Quentin DEWEZ, Directeur
Technical details
{
"events": [
{
"kind": "director_renew",
"role": "directeur",
"person": {
"rrn": null,
"name": "Thierry LEVEQUE",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": "renewal",
"via_org": null,
"statutory": "statutair",
"compensated": null,
"effective_date": null,
"evidence_quote": "",
"decharge_status": null,
"mandate_duration": {
"kind": "until_agm_year",
"value": "2030"
},
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
},
{
"kind": "director_renew",
"role": "directeur",
"person": {
"rrn": null,
"name": "Quentin DEWEZ",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": "renewal",
"via_org": null,
"statutory": "statutair",
"compensated": null,
"effective_date": null,
"evidence_quote": "",
"decharge_status": null,
"mandate_duration": {
"kind": "until_agm_year",
"value": "2030"
},
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
}
],
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": null,
"is_associated": false
},
"act_meta": {
"language": "mixed",
"pub_date": "2025-03-05",
"filing_date": "2025-02-10",
"act_kind_objet": "Objet de l\u0027acte:"
},
"decisions": [
{
"body": "buitengewone_algemene_vergadering",
"date": "2025-02-10",
"unanimous": null
}
],
"is_correction": false,
"subject_company": {
"kbo": "0508.672.849",
"name_full": "T\u0026Q ESTATES",
"legal_form": "SA"
},
"publication_proxy": {
"kind": "none",
"org_kbo": null,
"org_name": null,
"person_name": null,
"org_rep_person_name": null,
"person_role_at_subject": null
},
"co_filed_documents": [
"Proc\u00E8s- verbal de l\u0027Assembl\u00E9e g\u00E9n\u00E9rale extraordinaire du 10-02-2025"
],
"corrected_publication_numac": null
}Credit advice
Company registry (CBE)
Activities
Renting and operating of own or leased non-residential real estate, excluding land68203Buying and selling of own real estate68110Renting and leasing of other machinery, equipment and tangible goods77399
Names & trade names
| Legal nameFR | T & Q Estates |
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