Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
In 2025, 3 people joined and 2 left.
The 2023 accounts came latest: 29 days after the end of the period.
Lower solvency than 95% of companies in civil engineering. Sector median 45.0% · 1,263 companies.
The dashed line is the sector median: 0.8% across 1,866 companies (NACE 42, micro).
About 3 in 100 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 42, micro). It does better than 3% of them on solvency, 2% on liquidity, 31% on profitability and 55% on growth.
The bankruptcy probability was computed on 08-11-2026 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 moderate class on 30-06-2025, 2.4% 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, 516 companies had the same profile as T.S.E-TECHNICAL SERVICES ENGINEERING has now. Each dot stands for 2 companies, two years later.
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of T.S.E-TECHNICAL SERVICES ENGINEERING itself: 3.1% 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 516 companies, not a prediction for T.S.E-TECHNICAL SERVICES ENGINEERING. 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 insufficient, with a current ratio of 0.59 (0.62 in 2024), below 1. Short-term debt is 141.7% and cash 0.3% of total assets. Equity is negative.
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 3 accounts on average 27 days after the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| T.S.E-TECHNICAL SERVICES ENGINEERING Ninove | €26,719 | €132,168 | -41.7% | - |
| BAMO SERVICE Beveren-Kruibeke-Zwijndrecht | €24,146 | €94,133 | 19.8% | - |
| MMA Tech Antwerp | €47,512 | €110,785 | 92.7% | - |
| ZMY-Construct Zele | €48,944 | €93,580 | 23.5% | - |
| MDS Tech Ghent | €44,355 | €105,483 | 51.8% | - |
| AIG-TECH Lokeren | €53,002 | €92,582 | 10.6% | - |
| Télé-fiber Charleroi | €45,906 | €94,779 | 27.1% | - |
These companies have the same main activity as T.S.E-TECHNICAL SERVICES ENGINEERING: construction of utility projects for electricity and telecommunications (NACE 42220). They are comparable in size and age: total assets between €24,100 and €53,000, founded between 2022 and 2024.
T.S.E-TECHNICAL SERVICES ENGINEERING files the micro format. That format states no turnover. The gross margin rose from €62,659 in 2023 to €132,168 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €330,000. Estimated: probably between €220,000 and €510,000.
Lower than 95% of 1,263 companies in 2025.
Higher than 9% of 1,222 companies in 2025.
Higher than 38% of 1,227 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 3 people joined and 2 left.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
26,719 | 43,768 | 32,632 | |
21/28 |
4,233 | 8,810 | 10,102 | |
22/27 |
4,233 | 8,810 | 10,102 | |
24 |
4,233 | 8,810 | 10,102 | |
29/58 |
22,486 | 34,958 | 22,530 | |
40/41 |
22,070 | 29,415 | 19,419 | |
40 |
22,070 | 29,415 | 18,767 | |
41 |
- | 0 | 652 | |
54/58 |
92 | 4,204 | 203 | |
490/1 |
324 | 1,339 | 2,909 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
26,719 | 43,768 | 32,632 | |
10/15 |
-11,138 | -12,352 | 12,884 | |
10/11 |
1,000 | 1,000 | 1,000 | |
13 |
11,884 | 11,884 | 11,884 | |
133 |
11,884 | 11,884 | 11,884 | |
14 |
-24,022 | -25,236 | 0 | |
17/49 |
37,858 | 56,121 | 19,748 | |
42/48 |
37,858 | 56,121 | 19,748 | |
44 |
4,282 | 6,340 | 8,172 | |
440/4 |
4,282 | 6,340 | 8,172 | |
45 |
20,049 | 39,093 | 11,160 | |
450/3 |
5,639 | 17,089 | 4,410 | |
454/9 |
14,410 | 22,004 | 6,750 | |
47/48 |
13,527 | 10,687 | 416 | |
| Income statement | ||||
9900 |
132,168 | 103,246 | 62,659 | |
60/61 |
77,708 | 95,384 | 46,051 | |
62 |
122,814 | 121,728 | 42,699 | |
630 |
4,577 | 3,492 | 1,353 | |
640/8 |
1,933 | 1,620 | 936 | |
9901 |
2,844 | -23,594 | 17,670 | |
75/76B |
36 | 9 | 1 | |
75 |
36 | 9 | 1 | |
65/66B |
1,666 | 1,651 | 1,377 | |
65 |
1,666 | 1,651 | 1,377 | |
9903 |
1,214 | -25,236 | 16,294 | |
67/77 |
- | - | 4,410 | |
9904 |
1,214 | -25,236 | 11,884 | |
9905 |
1,214 | -25,236 | 11,884 | |
| Appropriation of the result | ||||
9906 |
-24,022 | -25,236 | 11,884 | |
14P |
-25,236 | - | - | |
691/2 |
- | - | 11,884 | |
6921 |
- | - | 11,884 | |
| Social balance sheet | ||||
9087 |
3.3 | 4.3 | 2.3 | |
Hours worked1013 |
4,598 | - | - | |
| Document | ||||
The notes to these accounts have 4 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 27-08-2026.
2025 annual accounts filed 27 days after the deadline. Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00448732.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 7,421 | -20,103 | 19,024 | ||
| 5,791 | -21,745 | 13,237 | ||
| 0 | 2,200 | 11,455 | ||
| -4,112 | 4,001 | - | ||
| -15,372 | -21,162 | 2,782 | ||
| -41.7% | -28.2% | 39.5% | ||
| 0.59 | 0.62 | 1.14 | ||
| - | - | 1.53 | ||
| - | - | 92.2% | ||
| 4.5% | -57.7% | 36.4% | ||
| 4.45 | -12.17 | 13.81 | ||
| 20 days | 24 days | 65 days |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 4 |
| full-time | 4 | 5 | 4 |
| in full-time equivalents | 4 | 5 | 4 |
| 3.3 | - | - | |
| On a permanent contract | 2 | 5 | 4 |
| Joined | 3 | 3 | 6 |
| Left | 2 | 2 | 3 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | €2,200 | €11,455 |
| €4,577 | €3,492 | €1,353 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €2,844, after a loss of €23,594 in 2024.
Equity is negative. Debt (€37,858) exceeds the balance-sheet total (€26,719).
T.S.E-TECHNICAL SERVICES ENGINEERING has no parent and no holdings in its annual accounts. AMCHAÏCH-MAZOUZ Yassin is the only director. T.S.E-TECHNICAL SERVICES ENGINEERING shares no director with another company.
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
T.S.E-TECHNICAL SERVICES ENGINEERING was incorporated on 25 October 2022 as a private limited company by one natural person, with a starting capital of €1,000.12 The registered office was moved to Ninove in 2025.3 AMCHAÏCH-MAZOUZ Yassin is director of the company, appointed by deed of 27-10-2022.2 Total assets fell from €32,632 in 2023 to €26,719 in 2025 and headcount from 2.3 to 3.3 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Brakelsesteenweg 534A registered office 9400 Ninove 4222002 Construction of utility projects for electricity and telecommunications | 25-10-2022 | 2.337.576.769 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 41073B0018/00Z000 | 365 m² | 1 · 178 m² | 10.8 m · 2 |
| 41073B0018/00A002 | 309 m² | 1 · 94 m² | 10.0 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0792.851.274
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