T'SAS
ActiveSummary
T'SAS has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.2m and a net result of €18,230, of which €70,647 non-recurring income. Equity has been growing by about 16% per year since 2018. Its solvency ranks better than 38% of 6,172 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 22-06-1990 Normal situation
- Activity
- Wholesale of fruit and vegetables, excluding potatoes NACE 46319and 5 others
- Joint committees
- 119 Paritair Comité voor de handel in voedingswaren
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2025
- Establishment units
- 2.258.114.072 1130 Brussel, since 13-09-2016
- 2.312.604.813 1831 Machelen (Brab.), since 24-12-2020
- Financial year end
- 31 December
- Peppol
- Reachable since 04-11-2025
Board and ownership
Board
- T' Sas Jean-PierreManaging director
- T' Sas StephanManaging director
- T' Sas ChristineDirector · since 21-05-2024
- Holdings
- Shares in 1 company HONINX
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Turnover
- €10.7m
- ▼ 17.3%
- Profit
- €18,230
- ▼ 94.8%
- Equity
- €2.2m
- ▲ 0.8%
- Total assets
- €6.4m
- ▼ 10.2%
- Employees on 31-12-2025
- 26
- ▼ 16.1%
Score breakdownraises riskProfit of €18,230 (financial year 2025)lowers riskFounded in 1990Liquidity: current ratio 1.02, cash €1.2mLegal form: public limited companyShow the evidence
Checked score
Score 2025
90
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 41% of small companies in wholesale trade (NACE 46)
Financial strength · tick: 2024
Average
Solvency
60+4
equity 34.9% of total assets
Liquidity
51=
short-term debt 45.0% · cash 18.5%
Profitability
50-16
return on assets 0.3%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025highest value
09-2025: 0.1%▼ -0.1 percentage points vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026lowest value
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €200,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.02 (1.1 in 2024), below the usual 1.5. Short-term debt is 45% and cash 18.5% of total assets. 65.1% of the assets are financed with debt and provisions.
Calculation
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 46, small). It does better than 40% of them on solvency, 65% on liquidity, 34% on profitability and 24% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 days early
2024
2 days early
2023
19 days early
2022
25 days early
2021
23 days late
2020
19 days late
2019
31 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 17 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 36 filings
Turnover
€10.7m▼ 17.3%
2024 · €13.0m
EBIT margin
0.7%▼ 4.2pp
2024 · 5.0%
Net result
€18,230▼ 94.8%
2024 · €352,609
Working capital
€47,445▼ 86.0%
2024 · €339,627
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 88% lower than in 2024. It is the second fall in a row.
Turnover€10.7m
2025
Operating result€0.08m
2025
Net result€0.02m
2025
Total assets€6.4m
2025
Equity€2.2m
2025
Debt€3.9m
2025
Working capital€0.05m
2025
EBIT margin0.7%
2025
Return on assets (ROA)0.3%
2025
Solvency34.9%
2025
Current ratio1.02
2025
Staff (FTE)25.8
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2.4m€7.1m▲ 202%€13.0m€10.7m▼ 17.3%
Operating result-€0.1m--€0.09m▲ 4.4%-€0.3m▼ 209%-€0.02m▲ 93.7%€0.5m€0.7m▲ 43.1%€0.6m▼ 8.2%€0.08m▼ 87.7%
Net result-€0.1m--€0.1m▼ 2.0%-€0.3mbelow the sector's middle half▼ 197%-€0.04mbelow the sector's middle half▲ 87.7%€0.3mabove the sector's middle half€0.6mabove the sector's middle half▲ 84.2%€0.4mwithin the sector's middle half▼ 41.3%€0.02mwithin the sector's middle half▼ 94.8%
EBIT margin-12.3%-0.3%▲ 12.0pp5.0%0.7%▼ 4.2pp
Equity€1.0m-€0.9m▼ 10.2%€1.0mwithin the sector's middle half▲ 12.9%€0.9mwithin the sector's middle half▼ 3.7%€1.3mabove the sector's middle half▲ 34.6%€1.9mabove the sector's middle half▲ 47.4%€2.2mwithin the sector's middle half▲ 18.9%€2.2mwithin the sector's middle half▲ 0.8%
Total assets€2.1m-€1.9m▼ 7.1%€5.7mwithin the sector's middle half▲ 199%€6.2mwithin the sector's middle half▲ 9.1%€6.3mabove the sector's middle half▲ 0.7%€6.9mabove the sector's middle half▲ 9.8%€7.2mwithin the sector's middle half▲ 4.1%€6.4mwithin the sector's middle half▼ 10.2%
Debt€0.7m-€0.7m▼ 4.6%€4.4m▲ 539%€5.0m▲ 13.0%€4.7m▼ 5.3%€4.7m▲ 0.6%€4.7m▼ 1.2%€3.9m▼ 15.7%
Working capital€0.4m-€0.3m▼ 24.4%-€1.1mbelow the sector's middle half-€1.0mbelow the sector's middle half▲ 3.7%-€0.6mbelow the sector's middle half▲ 39.7%€0.04mbelow the sector's middle half€0.3mwithin the sector's middle half▲ 749%€0.05mbelow the sector's middle half▼ 86.0%
Solvency47.0%-45.4%▼ 1.6pp17.2%below the sector's middle half▼ 28.3pp15.2%below the sector's middle half▼ 2.0pp20.3%within the sector's middle half▲ 5.1pp27.2%within the sector's middle half▲ 6.9pp31.0%within the sector's middle half▲ 3.9pp34.9%within the sector's middle half▲ 3.8pp
Current ratio2.39-2.06▼ 0.330.64below the sector's middle half▼ 1.420.72below the sector's middle half▲ 0.080.82below the sector's middle half▲ 0.091.01below the sector's middle half▲ 0.201.10below the sector's middle half▲ 0.081.02below the sector's middle half▼ 0.08
Return on assets (ROA)-4.7%--5.2%▼ 0.5pp-5.1%below the sector's middle half=-0.6%below the sector's middle half▲ 4.5pp5.2%within the sector's middle half▲ 5.8pp8.7%within the sector's middle half▲ 3.5pp4.9%within the sector's middle half▼ 3.8pp0.3%within the sector's middle half▼ 4.6pp
Staff (FTE)21.5within the sector's middle half30.4above the sector's middle half▲ 41.4%27.9above the sector's middle half▼ 8.2%29.5above the sector's middle half▲ 5.7%28.2within the sector's middle half▼ 4.4%25.8within the sector's middle half▼ 8.5%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.4m
Fixed assets
€3.5m ▲ 7.0%
Current assets
€2.9m ▼ 23.9%
Equity and liabilities €6.4m
Equity
€2.2m ▲ 0.8%
Provisions
€248,644 ▼ 6.1%
Debt
€3.9m ▼ 15.7%
Debt's share of the balance-sheet total falls from 65.2% to 61.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€479,221▼
2024 · €1.0m
Cash flow
€417,491▼
2024 · €733,462
Quick ratio
0.96▼
2024 · 1.04
Debt to equity
1.76▼
2024 · 2.10
ROE
0.8%▼
2024 · 15.9%
Interest coverage
4.48▼
2024 · 5.77
Debt ≤ 1 year
€2.9m▼
2024 · €3.5m
Debt > 1 year
€1.0m▼
2024 · €1.1m
Income taxes
€43,936▼
2024 · €143,507
Customer credit
47 days▼
2024 · 59 days
Supplier credit
44 days▲
2024 · 39 days
Staff costs
€1.8m▲
2024 · €1.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 34 | 32 | 35 | 31 | 26 |
| full-time | 28 | 28 | 27 | 23 | 21 |
| part-time | 6 | 4 | 8 | 8 | 5 |
| in full-time equivalents | 30.4 | 29.1 | 29.5 | 26.3 | 23.7 |
| Average over the year, in full-time equivalents | 24.7 | 27.9 | 29.4 | 28.2 | 25.8 |
| On a permanent contract | 31 | 27 | 26 | 25 | 21 |
| Joined | 102 | 255 | 286 | 34 | 65 |
| Left | 90 | 257 | 278 | 39 | 70 |
| Training hours | - | 214 | - | 64 | 32 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue social security (RSZ) debts | €127,587 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | €1.2m | €1.2m | - | €916,894 |
| Mortgages, amount registered | €55,000 | €27,500 | €27,500 | €52,500 | €52,500 |
| Mortgage mandates | €1.9m | €1.5m | €1.5m | €1.9m | €1.9m |
| Carrying value of the mortgaged assets | €3.2m | €3.0m | €2.8m | €2.6m | €2.5m |
| Pledge on the business | - | - | - | €500,000 | €500,000 |
| Pledge on other assets, amount secured | - | €500,000 | €500,000 | - | - |
| Carrying value of the other pledged assets | - | €3.5m | €3.4m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,367 | €290,500 | €263,437 | €244,732 | €595,016 |
| Intangible fixed assets | €70,000 | - | - | - | - |
| Depreciation and write-downs of the year | €363,218 | €357,179 | €364,039 | €380,853 | €399,261 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is Van de Vyver & Parmentier Bedrijfsrevisoren.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | - | - | €9,180 | €9,807 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Public contracts
1 award · 2025
Marché public de fourniture de produits alimentaires pour le restaurant du SPF Chancellerie du Premier ministre: Log-2024/001 - 4
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €2.5m | €7.2m | - | - | €13.1m | €10.9m | ▼ 17.1% |
| Turnover70 | - | - | €2.4m | €7.1m | - | - | €13.0m | €10.7m | ▼ 17.3% |
| Other operating income74 | - | - | €0.1m | €0.08m | - | - | €0.06m | €0.2m | ▲ 172% |
| Non-recurring operating income76A | - | - | - | €0.007m | €0.3m | €0.001m | €0.09m | €0.002m | ▼ 98.2% |
| Operating charges60/66A | - | - | €2.8m | €7.2m | - | - | €12.5m | €10.8m | ▼ 13.4% |
| Goods for resale, raw materials and consumables60 | - | - | €1.7m | €4.8m | - | - | €8.6m | €7.1m | ▼ 17.5% |
| Purchases600/8 | - | - | - | €4.8m | - | - | €8.7m | €7.1m | ▼ 18.5% |
| Change in stocks: decrease (increase)609 | - | - | €0.02m | -€0.002m | - | - | -€0.06m | €0.03m | - |
| Services and other goods61 | - | - | €0.5m | €1.0m | - | - | €1.5m | €1.4m | ▼ 7.0% |
| Remuneration, social security and pensions62 | - | - | €0.3m | €1.0m | €1.6m | €1.9m | €1.8m | €1.8m | ▲ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.05m | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 4.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €0.03m | €0.005m | €0.02m | €0.005m | ▼ 67.0% |
| Other operating charges640/8 | - | - | €0.07m | €0.2m | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 43.2% |
| Operating charges capitalised as restructuring costs649 | - | - | -€0.05m | -€0.07m | -€0.04m | - | - | - | - |
| Non-recurring operating charges66A | - | - | €0.005m | €0.02m | - | €0.001m | - | - | - |
| Gross operating margin9900 | -€0.04m | -€0.04m | - | - | €2.8m | €3.3m | - | - | - |
| Operating profit (loss)9901 | -€0.1m | -€0.09m | -€0.3m | -€0.02m | €0.5m | €0.7m | €0.6m | €0.08m | ▼ 87.7% |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.009m | €0.03m | €0.08m | ▲ 161% |
| Recurring financial income75 | €0.001m | - | €0.003m | €0.02m | €0.02m | €0.009m | €0.03m | €0.01m | ▼ 65.3% |
| Income from current assets751 | - | - | - | - | - | - | €0.006m | - | - |
| Other financial income752/9 | - | - | €0.003m | €0.02m | - | - | €0.02m | €0.01m | ▼ 56.2% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €0.07m | - |
| Financial charges65/66B | - | - | €0.03m | €0.05m | €0.07m | €0.1m | €0.2m | €0.1m | ▼ 42.7% |
| Recurring financial charges65 | €0.01m | €0.02m | €0.03m | €0.05m | €0.07m | €0.1m | €0.2m | €0.1m | ▼ 42.7% |
| Debt charges650 | - | - | €0.02m | €0.03m | - | - | €0.2m | €0.1m | ▼ 40.0% |
| Other financial charges652/9 | - | - | €0.009m | €0.02m | - | - | €0.02m | €0.007m | ▼ 66.7% |
| Profit (loss) for the period before taxes9903 | -€0.1m | -€0.1m | -€0.3m | -€0.05m | €0.4m | €0.6m | €0.5m | €0.05m | ▼ 90.4% |
| Transfer from deferred taxes780 | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Income taxes67/77 | - | - | €0.001m | €0.002m | €0.1m | €0.03m | €0.1m | €0.04m | ▼ 69.4% |
| Taxes670/3 | - | - | €0.001m | €0.002m | - | - | €0.1m | €0.04m | ▼ 69.4% |
| Profit (loss) for the period9904 | -€0.1m | -€0.1m | -€0.3m | -€0.04m | €0.3m | €0.6m | €0.4m | €0.02m | ▼ 94.8% |
| Transfer from tax-exempt reserves789 | - | - | €0.07m | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Profit (loss) for the period to be appropriated9905 | -€0.06m | -€0.06m | -€0.2m | €0.01m | €0.4m | €0.6m | €0.4m | €0.07m | ▼ 83.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €1.9m | €5.7m | €6.2m | €6.3m | €6.9m | €7.2m | €6.4m | ▼ 10.2% |
| Formation expenses20 | - | - | €0.1m | €0.2m | €0.1m | €0.09m | €0.05m | €0.02m | ▼ 61.4% |
| Fixed assets21/28 | €1.4m | €1.4m | €3.7m | €3.4m | €3.4m | €3.3m | €3.2m | €3.5m | ▲ 7.0% |
| Intangible fixed assets21 | - | - | - | €0.06m | €0.05m | €0.03m | €0.02m | €0.007m | ▼ 66.8% |
| Tangible fixed assets22/27 | €1.3m | €1.2m | €3.7m | €3.3m | €3.3m | €3.3m | €3.2m | €3.5m | ▲ 7.5% |
| Land and buildings22 | - | - | €3.4m | €3.2m | €3.0m | €2.8m | €2.6m | €2.5m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | €0.07m | €0.05m | €0.04m | €0.02m | €0.01m | €0.02m | ▲ 88.1% |
| Furniture and vehicles24 | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.3m | €0.6m | ▲ 87.1% |
| Leasing and similar rights25 | - | - | - | - | €0.2m | €0.4m | €0.3m | €0.4m | ▲ 31.6% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.02m | - | - |
| Financial fixed assets28 | €0.1m | €0.1m | €0.003m | €0.003m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Other financial fixed assets284/8 | - | - | €0.003m | €0.003m | - | - | €0.001m | €0.001m | = |
| Amounts receivable and cash guarantees285/8 | - | - | €0.003m | €0.003m | - | - | €0.001m | €0.001m | = |
| Current assets29/58 | €0.6m | €0.5m | €1.9m | €2.7m | €2.7m | €3.4m | €3.9m | €2.9m | ▼ 23.9% |
| Stocks and contracts in progress3 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 15.7% |
| Stocks30/36 | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 15.7% |
| Goods purchased for resale34 | - | - | €0.1m | €0.1m | - | - | €0.2m | €0.2m | ▼ 15.7% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €1.6m | €2.3m | €2.0m | €2.3m | €2.2m | €1.6m | ▼ 28.7% |
| Trade receivables40 | - | - | €1.1m | €2.0m | €1.8m | €2.2m | €2.1m | €1.4m | ▼ 34.7% |
| Other amounts receivable41 | - | - | €0.5m | €0.4m | €0.2m | €0.06m | €0.07m | €0.2m | ▲ 148% |
| Cash at bank and in hand54/58 | €0.2m | €0.008m | €0.1m | €0.2m | €0.6m | €1.0m | €1.5m | €1.2m | ▼ 19.3% |
| Deferred charges and accrued income490/1 | - | - | €0.007m | €0.03m | €0.005m | €0.005m | €0.005m | €0.02m | ▲ 342% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €1.9m | €5.7m | €6.2m | €6.3m | €6.9m | €7.2m | €6.4m | ▼ 10.2% |
| Equity10/15 | €1.0m | €0.9m | €1.0m | €0.9m | €1.3m | €1.9m | €2.2m | €2.2m | ▲ 0.8% |
| Contributions10/11 | €0.2m | €0.2m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €0.9m | €0.9m | €1.2m | €1.1m | €1.1m | €1.0m | €1.3m | €1.3m | ▲ 1.4% |
| Non-distributable reserves130/1 | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.1m | €0.1m | = |
| Tax-exempt reserves132 | - | - | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 8.4% |
| Distributable reserves133 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | €0.7m | ▲ 11.3% |
| Profit (loss) carried forward14 | -€0.1m | -€0.2m | -€1.2m | -€1.2m | -€0.8m | -€0.1m | - | - | - |
| Provisions and deferred taxes16 | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 6.1% |
| Deferred taxes168 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 6.1% |
| Amounts payable17/49 | €0.7m | €0.7m | €4.4m | €5.0m | €4.7m | €4.7m | €4.7m | €3.9m | ▼ 15.7% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €1.4m | €1.3m | €1.4m | €1.3m | €1.1m | €1.0m | ▼ 8.0% |
| Financial debts170/4 | - | - | €1.4m | €1.3m | €1.4m | €1.3m | €1.1m | €1.0m | ▼ 8.0% |
| Leasing and similar obligations172 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 21.4% |
| Credit institutions173 | - | - | €1.4m | €1.3m | - | - | €0.9m | €0.8m | ▼ 14.0% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €3.0m | €3.7m | €3.3m | €3.4m | €3.5m | €2.9m | ▼ 18.0% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 17.4% |
| Financial debts43 | - | - | - | - | €0.02m | - | - | €0.03m | - |
| Credit institutions430/8 | - | - | - | - | €0.02m | - | - | €0.03m | - |
| Trade debts44 | €0.004m | - | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €0.8m | ▼ 7.9% |
| Suppliers440/4 | - | - | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €0.8m | ▼ 7.9% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.5m | €0.2m | €0.2m | €0.4m | €0.3m | ▼ 28.1% |
| Taxes450/3 | - | - | €0.01m | €0.02m | €0.003m | €0.02m | €0.08m | €0.04m | ▼ 56.1% |
| Remuneration and social security454/9 | - | - | €0.2m | €0.4m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 19.6% |
| Other amounts payable47/48 | - | - | €2.1m | €2.4m | €2.2m | €2.2m | €2.0m | €1.5m | ▼ 25.8% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €0.008m | €0.009m | €0.01m | €0.04m | €0.03m | ▼ 25.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | -€0.1m | -€0.3m | -€0.04m | €0.3m | €0.6m | €0.4m | €0.02m | ▼ 94.8% |
| + Depreciation and write-downs630 | €0.05m | €0.05m | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 4.8% |
| Operating cash flow (approximation) | -€0.04m | -€0.04m | -€0.08m | €0.3m | €0.7m | €1.0m | €0.7m | €0.4m | ▼ 43.1% |
| Investment in fixed assets (approximation) | - | €0 | -€2.5m | -€0.1m | -€0.3m | -€0.3m | -€0.3m | -€0.6m | ▼ 121% |
| Change in cash | - | -€0.2m | €0.1m | €0.03m | €0.4m | €0.5m | €0.4m | -€0.3m | - |
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, 14,766 companies had the same profile as T'SAS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of T'SAS itself: 0.1% 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 14,766 companies, not a prediction for T'SAS. 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.
Latest 10 of 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 17-07-2026 | 2026-00331747 | |
| 31-12-2024 | full format | 29-07-2025 | 2025-00349359 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00265163 | |
| 31-12-2022 | abbreviated format | 06-07-2023 | 2023-00226288 | |
| 31-12-2021 | full format | 23-08-2022 | 2022-20320459 | |
| 31-12-2020 | full format | 19-08-2021 | 2021-50600400 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-48600441 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42800279 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-60300017 | |
| 31-12-2016 | abbreviated format | 25-08-2017 | 2017-50900237 |
Board & ownership
Directors
Directors
5 directors, 2 in day-to-day management, last change in 2026
Board 5
T' Sas Christine
Current
Director · since 21-05-2024 · 6-year term from 2024 · listed in the 2025 annual accounts, filed on 17-07-2026
T' Sas Jean-Pierre
Current
Director · since 21-05-2024 · 6-year term from 2024 · listed in the 2025 annual accounts, filed on 17-07-2026
T' Sas Stephan
Current
Director · since 21-05-2024 · 6-year term from 2024 · listed in the 2025 annual accounts, filed on 17-07-2026
HONINX
Current
Director · appointed in the act of 20-10-2026 · Private limited company
T'SAS
Current
Director · appointed in the act of 20-10-2026 · Legal entity
Day-to-day management 2
T' Sas Jean-Pierre
Current
Managing director · appointed in the act of 13-09-2024
T' Sas Stephan
Current
Managing director · appointed in the act of 13-09-2024
Statutory auditor 1
Van de Vyver & Parmentier Bedrijfsrevisoren
Current
Statutory auditor · since 12-03-2025 · permanent representative: Van de Vyver Maximilien · listed in the 2025 annual accounts, filed on 17-07-2026
Owners and capital
Owners
Mandate history
6 people, 6 in office
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| T' Sas Christine |
|
| T' Sas Jean-Pierre |
|
| T' Sas Stephan |
|
| HONINX |
|
| T'SAS |
|
| Van de Vyver & Parmentier Bedrijfsrevisoren |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- HONINXsubsidiaryEquity €32,887 Loss of €47,052 in 2025 (loss of €27,750 in 2024) Checked score 53100%
Board mandates elsewhere
1 board mandateBoard mandates of T'SAST'SAS sits on their board1
1 location
Acquisitions and mergers
1 transactionTook over:HONINX
Connections & network
5 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
This company
Company
Director
Shareholding
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Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
20-10
Gazette deed
Merger proposal: T'SAS takes over HONINXAppointment: T'SAS (director) · Permanent representative: T'SAS Stephan · Shareholding14 points ▸
Gazette deed
Merger proposal: T'SAS takes over HONINX
Appointment: T'SAS (director) · Permanent representative: T'SAS Stephan · Shareholding14 points ▸
- Board meeting, 24-09-2026
- Director appointment, T'SAS (director)
- Permanent representative, T'SAS Stephan (rechtsgeldig vertegenwoordiger)
- The company holds all the shares of HONINX
- Merger, “fusie door overname, bedrijfseconomische redenen” (deed in Dutch)
- Other provision, “zakelijke overwegingen fusie” (deed in Dutch)
- Share issue, “aandelen”, 100 (deed in Dutch)
- Other provision, “bijzondere voordelen, In het kader van deze gelijkgestelde verrichting wordt geen enkel bijzonder voordeel toegekend aan de bestuursorganen van beide vennootsch…” (deed in Dutch)
- Other provision, “beschikbaarheid van documenten, maatschappelijke zetel” (deed in Dutch)
- Other provision, 31-08-2026, mentioned 2 times in the deed
- Proposal, “afzien van recentere tussentijdse cijfers, artikel 12:51 WVV” (deed in Dutch)
- Other provision, “hoedanigheid van vennoten, voldaan aan de vereisten voor de verkrijging van de hoedanigheid van vennoot” (deed in Dutch)
- The act holds 2 more points.
17-07
full format · 14 days before the deadline
2025
12-08
Gazette deed
Appointment: VAN DE VYVER & PARMENTIER BEDRIJFSREVISOREN BV (statutory auditor)2 points ▸
Gazette deed
Appointment: VAN DE VYVER & PARMENTIER BEDRIJFSREVISOREN BV (statutory auditor)
2 points ▸
- General meeting, 25-02-2025
- Auditor appointment, VAN DE VYVER & PARMENTIER BEDRIJFSREVISOREN BV (statutory auditor)
29-07
full format · 2 days before the deadline
2024
31-12
Financial
Equity above €2mequity €2.2m ▲18.9%
After 3 profitable years in a row, equity reaches €2.2m.
13-09
Gazette deed
Resignations: T' Sas Jean-Pierre, T' Sas Stephan and T' Sas ChristineAppointments: T' Sas Jean-Pierre, T' Sas Stephan and T' Sas Christine10 points ▸
Gazette deed
Resignations: T' Sas Jean-Pierre, T' Sas Stephan and T' Sas Christine
Appointments: T' Sas Jean-Pierre, T' Sas Stephan and T' Sas Christine10 points ▸
- General meeting, 21-05-2024
- Director resignation, T' Sas Jean-Pierre (director)
- Director resignation, T' Sas Stephan (director)
- Director resignation, T' Sas Christine (director)
- Director appointment, T' Sas Jean-Pierre (director)
- Director appointment, T' Sas Stephan (director)
- Director appointment, T' Sas Christine (director)
- Board meeting, “raad van bestuur, met éénparigheid” (deed in Dutch)
- Director appointment, T' Sas Jean-Pierre (managing director)
- Director appointment, T' Sas Stephan (managing director)
12-07
abbreviated format · 19 days before the deadline
2023
31-12
Financial
Highest result from 2018 to 2025net €600,856 ▲84.2%
The operating result of €705,154 and the net result of €600,856 are both a record.
06-07
abbreviated format · 25 days before the deadline
2022
31-12
Financial
Back to profitnet €326,137
The net result is €326,137, after 4 loss-making years.
31-12
Financial
Equity above €1mequity €1.3m ▲34.6%
Equity rises from €942,023 to €1.3m.
23-08
full format · 23 days late
Show earlier events
2021
19-08
full format · 19 days late
2020
31-12
Financial
Weakest financial yearnet -€292,110
The net result drops to -€292,110, the lowest from 2018 to 2025. It recovers the following year.
31-08
abbreviated format · 31 days late
2019
31-07
abbreviated format · on the deadline day
2018
30-08
abbreviated format · 30 days late
2017
25-08
abbreviated format · 25 days late
1990
28-09
Gazette deed
Incorporation
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
T'SAS in Dutch
Enterprise number
0441.908.244
Legal form
Public limited company
Status
Active, normale toestand
Founded
22-06-1990
Entity type
Legal entity
Registered office and establishments
Registered office
Spaarbekkenstraat 8, 1130 Brussel, Belgium
Establishment units
T'SAS, Spaarbekkenstraat 8, 1130 Brussel since 13-09-2016 · unit number 2.258.114.072
T'SAS, Veldweg 18-20, 1831 Machelen (Brab.) since 24-12-2020 · unit number 2.312.604.813
Activities
NACEBEL 2025VAT activities
46319
Wholesale of fruit and vegetables, excluding potatoes main activity
46349
Wholesale of beverages, general range
64210
Activities of holding companies
70200
Business and other management consultancy
73300
Public relations and communication consultancy
82990
Other business support services
Social security (RSZ) activities
46319
Wholesale of fruit and vegetables, excluding potatoes main activity
Codes under NACEBEL 2008
VAT activities
46319
Wholesale of fruit and vegetables, excluding potatoes main activity
46349
Wholesale of beverages, general range
64200
Holdings
70210
Activities of head offices; management consultancy activities
70220
Business consulting
82990
Other business support services
Social security (RSZ) activities
46319
Wholesale of fruit and vegetables, excluding potatoes main activity
Joint committees
119 Paritair Comité voor de handel in voedingswaren
200 Aanvullend Paritair Comité voor de bedienden annual accounts 2025
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 20-10-2026 (in Dutch)
“Beheer van alle roerende en onroerende goederen; Handel in het groot en in het klein, alsook de in- en uitvoer, van vers of diepgevroren…”
7 activities
- Beheer van alle roerende en onroerende goederen
- Handel in het groot en in het klein, alsook de in- en uitvoer, van vers of diepgevroren fruit en groenten, dranken, sterke dranken, frisdranken, bieren en wijnen en alle andere soorten dranken en dit in de meest ruime zin van het woord
- Beleggen in, verwerven van, en beheer van een onroerend vermogen, alsmede alle verhandelingen die van aard zijn om de opbrengst van het onroerend vermogen te bevorderen
- Beleggen in, verwerven van en beheer van een roerend vermogen dat kan bestaan uit onder meer waardepapieren, opties, kunstwerken, staatsfondsen, aandelen, obligaties, kasbons, vastrentende en niet vastrentende effecten, vastgoedcertificaten, certificaten van gemeenschappelijke beleggingsfondsen, orderbriefjes, promessen, termijnrekeningen, onderhandse leningen, edelmetalen, edelstenen, juwelen, antiek en andere materiële of immateriële activa welke voor een belegging in aanmerking kunnen komen
- Deelnemen in alle ondernemingen of maatschappijen die verband houden met de bovenstaande doelstellingen, zowel in binnen- als in buitenland, door middel van inbreng, fusie, inschrijving of op gelijk welke andere wijze
- Functies van bestuurder of van vereffenaar in andere vennootschappen uitoefenen
- Alle commerciële, industriële, financiële, roerende of onroerende handelingen verrichten in rechtstreeks of onrechtstreeks verband met haar voorwerp
Invoicing and payment
VAT number
BE 0441.908.244
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Recognitions · licences · registrations
Food safety, FASFC
2 sitesBrusselunit number 2.258.114.072
Machelen (Vl.Br.)unit number 2.312.604.813
Sites & property
Location
Buildings and parcels at the addresses
Ground area
6,431 m²
Building footprint
2,207 m²
Building volume
15,440 m³
Tallest building: 8.9 m.
Flanders
1
(50%)
Brussels
1
(50%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21821B0141/00H002 | Brussels | 6,143 m² | 1 · 2,206 m² | 8.9 m · 2 |
| 23015A0221/00L003 | Flanders | 288 m² | - | - |