TBL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 3 filings
Amounts without an identifiable currency are taken as euros.
Every figure per financial year
The operating result for 2025 is a loss of €16,405, after a profit of €9,783 in 2024. It is the lowest result since 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €2,314 | €35,984 | €48,491 |
| Financial fixed assets | - | - | €2,700 |
| Depreciation and write-downs of the year | €228 | €3,230 | €8,759 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €257 awarded · €257 paid| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2,682 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €228 | €3,230 | €8,759 | ▲ 171% |
| Other operating charges640/8 | €299 | €625 | €1,169 | ▲ 87.1% |
| Gross operating margin9900 | €24,118 | €13,638 | -€6,477 | - |
| Operating profit (loss)9901 | €23,591 | €9,783 | -€16,405 | - |
| Financial income75/76B | €0 | - | €5 | - |
| Recurring financial income75 | €0 | - | €5 | - |
| Financial charges65/66B | €161 | €1,311 | €1,664 | ▲ 26.9% |
| Recurring financial charges65 | €161 | €1,311 | €1,664 | ▲ 26.9% |
| Profit (loss) for the period before taxes9903 | €23,430 | €8,472 | -€18,063 | - |
| Income taxes67/77 | €4,771 | €1,461 | - | - |
| Profit (loss) for the period9904 | €18,659 | €7,011 | -€18,063 | - |
| Profit (loss) for the period to be appropriated9905 | €18,659 | €7,011 | -€18,063 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €31,234 | €54,100 | €46,924 | ▼ 13.3% |
| Fixed assets21/28 | €2,085 | €34,839 | €38,611 | ▲ 10.8% |
| Tangible fixed assets22/27 | €2,085 | €34,839 | €35,911 | ▲ 3.1% |
| Plant, machinery and equipment23 | - | €10,034 | €6,837 | ▼ 31.9% |
| Furniture and vehicles24 | €2,085 | €24,805 | €29,073 | ▲ 17.2% |
| Financial fixed assets28 | - | - | €2,700 | - |
| Current assets29/58 | €29,149 | €19,260 | €8,314 | ▼ 56.8% |
| Amounts receivable within one year40/41 | €5,600 | €15,552 | €6,302 | ▼ 59.5% |
| Trade receivables40 | €4,481 | €9,690 | €5,592 | ▼ 42.3% |
| Other amounts receivable41 | €1,118 | €5,862 | €710 | ▼ 87.9% |
| Cash at bank and in hand54/58 | €23,549 | €3,588 | - | - |
| Deferred charges and accrued income490/1 | - | €120 | €2,012 | ▲ 17× |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €31,234 | €54,100 | €46,924 | ▼ 13.3% |
| Equity10/15 | €19,993 | €25,286 | €7,223 | ▼ 71.4% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €16,993 | €22,286 | €4,223 | ▼ 81.1% |
| Distributable reserves133 | €16,993 | €22,286 | €4,223 | ▼ 81.1% |
| Amounts payable17/49 | €11,240 | €28,814 | €39,702 | ▲ 37.8% |
| Amounts payable after more than one year17 | - | €16,990 | €20,806 | ▲ 22.5% |
| Financial debts170/4 | - | €16,990 | €20,806 | ▲ 22.5% |
| Amounts payable within one year42/48 | €11,240 | €11,823 | €18,896 | ▲ 59.8% |
| Current portion of amounts payable after more than one year42 | - | - | €11,586 | - |
| Financial debts43 | - | - | €1,125 | - |
| Credit institutions430/8 | - | - | €1,125 | - |
| Trade debts44 | - | €3,853 | €2,382 | ▼ 38.2% |
| Suppliers440/4 | - | €3,853 | €2,382 | ▼ 38.2% |
| Taxes, remuneration and social security45 | €4,771 | €1,461 | €1,461 | = |
| Taxes450/3 | €4,771 | €1,461 | €1,461 | = |
| Other amounts payable47/48 | €6,470 | €6,509 | €2,340 | ▼ 64.0% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,659 | €7,011 | -€18,063 | - |
| + Depreciation and write-downs630 | €228 | €3,230 | €8,759 | ▲ 171% |
| Operating cash flow (approximation) | €18,888 | €10,240 | -€9,305 | - |
| Investment in fixed assets (approximation) | - | -€35,984 | -€12,530 | ▲ 65.2% |
| Change in cash | - | -€19,961 | - | - |
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, 1,207 companies had the same profile as TBL has now. Two years later, 90.1% were still going and 4.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TBL itself: 3.7% 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 1,207 companies, not a prediction for TBL. 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.