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T.W.Z.

Active
Public limited companyfounded 1990active for 36 yearsDurmakker 4, 9940 Evergem, BelgiumKBO/BCE: BE 0441.198.659
Summary

T.W.Z. has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €82.4m and a net result of €8.7m. Equity remains stable across the filed financial years (±0.7% per year). Its solvency ranks better than 87% of 277 sector peers (NACE 38, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Overview

Activity
Materials recovery from waste
NACE 38210Sewerage NACE 37000
2nd largest company by equity in East Flanders, Waste collection and treatment sector4 sites
Size
€22.3mturnover 2025
Staff
54.8 FTE
Equity
€82.4m
Profit
€8.7m
Financial health
95 Excellent Checked score 2025
Bankruptcy probabilitywithin 12 months
0.1%
Structure
Parent
Veolia Environnement
Board
5 members
Holdings
6
  • Sarp Industries saChair · permanent representative Jérôme Eloy
Accounts 32 days early5 of 24 deeds read
Why 95raises riskLiquidity: current ratio 0.72, cash €3.4mSector: Waste collection, recovery and disposal activities (NACE 38)lowers riskFounded in 1990Equity €82.4m (75.9% of total assets)Show the evidence

Checked score

Score 2025
95 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 73% of its sector peers (NACE 38, medium-sized)
Financial strength · tick = 2024
Strong
Solvency 100=
equity 75.9% of total assets
Liquidity 47-2
short-term debt 20.9% · cash 3.1%
Profitability 86+1
return on assets 8.0%
Bankruptcy probability, 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).

Sector median 0.3% (48 companies, NACE 38, medium-sized)
Last 24 months 11-2024: 0.1% 12-2024: 0.1%● unchanged vs 11-2024 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 03-2025lowest value 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 07-2025 09-2025: 0.2%● unchanged vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.1%▼ -0.1 percentage points 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 03-2026 05-2026: 0.2%▲ +0.1 percentage points vs 04-2026 06-2026: 0.2%● unchanged vs 05-2026 07-2026: 0.2%● unchanged vs 06-2026 08-2026: 0.3%▲ +0.1 percentage points vs 07-2026 09-2026: 0.4%▲ +0.1 percentage points vs 08-2026highest value 10-2026: 0.1%▼ -0.3 percentage points vs 09-2026
Credit of up to €2,200,000 on 30-day terms is acceptable
Liquidity insufficient (current ratio 0.72, compared with 0.61 in 2024, below 1; short-term debt: 20.9% and cash: 3.1% of total assets), and 24.1% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 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 38, medium-sized): better than 97% on solvency, 54% on liquidity, 88% on profitability and 52% on growth.

The bankruptcy probability was computed on 18-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Six signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 0.72, cash €3.4m
NBB · annual accounts
lowers risk · Founded in 1990
Companies that have existed this long fail less often; how much that weighs depends on the rest of its profile.
KBO
lowers risk · Equity €82.4m (75.9% of total assets)
NBB · annual accounts
raises risk · Sector: Waste collection, recovery and disposal activities (NACE 38)
KBO
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025
Equity per financial year
1819202122232425
2018 to 2025 · latest year €82.4m
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 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2025
32 days early
2024
29 days early
2023
113 days early
2022
82 days early
2021
48 days early
2020
54 days early
2019
65 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 60 days before the deadline; the sector median (NACE 38) for financial year 2024 is 8 days before the deadline, and 32% 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 13 June (4 of the last 5 filed years within 34 days of that day).
Companies Code · seven months
Where today falls in the filing period
19-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Reappointments: Sarp Industries sa, Sotrenor sa…Permanent representatives: Clément Leveaux and…
  2. Annual accounts filedfinancial year 2025 · full…
  3. Highest result from 2018 to 2025net €8.7m ▲20.5%

Key points

  • Positive: Among the best 5% on net resultsector median €155,454 · 275 companies €8.7m View
  • New directorslatest change 06-06-2026 · 5 in office 5 joined View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
  • Positive: 8 profitable years in a rowprofit 2025: €8.7m 8 years View
  • Controlled by Veolia Environnementthe company in turn controls 3 companies parent View

By topic

Financials

Financial year
2025
Turnover
€22.3m
Profit
€8.7m
Solvency
75.9%
Turnover▲ 3.6%
Net result
20182025
Go to Financials

Board & ownership

Board
5 members
Parent
Veolia Environnement
  • Sarp Industries saChair
  • Betramin nvDirector
  • Demisan nvDirector
  • Hydropale saDirector
  • Sotrenor saDirector
Go to Board & ownership

Timeline

Events
42
Since
1992
Next accounts
by 31-07-2027
  1. 22-08-2025Permanent representative: Catherine Ricou
  2. 02-07-2025Annual accounts filed
  3. 24-01-2025Reappointment: Demisan BV (afgevaardigd bestuurder)
Go to Timeline

Company details

Sites
4
Legal form
Public limited company
Activity
Materials recovery from wasteNACE 38210
Founded
05-07-1990
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
14
Annual meeting
First Friday of June at 17:00
Purpose
“De uit- en inwendige tankreiniging en reconditionering van voer- en vaartuigen en…” (deed in Dutch)
Go to Articles of association

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