TBR-PROJECTS
ActiveSummary
TBR-PROJECTS has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €89,326 and a net result of -€6,171. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 21% of 278 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability49▼-36
Solvency44▼-15
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity tight (current ratio 1.31 against 1.49 in 2024; short-term debt: 43.3% and cash: 17.1% of total assets), and 81.3% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 16
Relative position
BE, all sectors
reference
Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)
about 8% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.7%
Return on assets
-1.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 278 sector peers (2025).
NBB · sector comparisonPosition among 278 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 7 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 8 filingsDeviation from the deadline
2025
31 d late
2024
15 d early
2023
16 d early
2022
6 d early
2021
40 d early
2020
33 d early
2019
3 d 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 12 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€89,326▼ 41.8%
2024 · €153,560
Total assets
€476,855▲ 5.7%
2024 · €451,284
Net result
-€6,171
2024 · €58,395
Working capital
€63,007▼ 14.4%
2024 · €73,618
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 16, Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€43,343€85,811▲ 98.0%€9,424▼ 89.0%€80,602▲ 755%-€2,636
Net result€36,897above the sector's middle half€59,400within the sector's middle half▲ 61.0%-€1,231below the sector's middle half€58,395within the sector's middle half-€6,171below the sector's middle half
Equity€110,796within the sector's middle half▲ 49.9%€176,395within the sector's middle half▲ 59.2%€145,165below the sector's middle half▼ 17.7%€153,560below the sector's middle half▲ 5.8%€89,326below the sector's middle half▼ 41.8%
Total assets€443,272above the sector's middle half▲ 76.4%€546,070below the sector's middle half▲ 23.2%€529,556below the sector's middle half▼ 3.0%€451,284below the sector's middle half▼ 14.8%€476,855within the sector's middle half▲ 5.7%
Debt€332,477▲ 87.5%€369,675▲ 11.2%€384,391▲ 4.0%€297,724▼ 22.5%€387,529▲ 30.2%
Working capital€87,429within the sector's middle half▼ 10.7%€117,822within the sector's middle half▲ 34.8%€70,130within the sector's middle half▼ 40.5%€73,618within the sector's middle half▲ 5.0%€63,007within the sector's middle half▼ 14.4%
Solvency25.0%within the sector's middle half▼ 4.4pp32.3%within the sector's middle half▲ 7.3pp27.4%within the sector's middle half▼ 4.9pp34.0%within the sector's middle half▲ 6.6pp18.7%below the sector's middle half▼ 15.3pp
Current ratio1.73within the sector's middle half▲ 0.011.64within the sector's middle half▼ 0.101.31within the sector's middle half▼ 0.331.49within the sector's middle half▲ 0.181.31within the sector's middle half▼ 0.18
Return on assets (ROA)8.3%within the sector's middle half▲ 30.4pp10.9%within the sector's middle half▲ 2.6pp-0.2%below the sector's middle half▼ 11.1pp12.9%above the sector's middle half▲ 13.2pp-1.3%below the sector's middle half▼ 14.2pp
Staff (FTE)2.2▲ 15.8%2.3below the sector's middle half▲ 4.5%1.5below the sector's middle half▼ 34.8%1.8below the sector's middle half▲ 20.0%1.8within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 16, Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €2,636 after €80,602 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €476,855
Fixed assets
€207,514 ▼ 8.5%
Current assets
€269,342 ▲ 19.9%
Equity and liabilities €476,855
Equity
€89,326 ▼ 41.8%
Debt
€387,529 ▲ 30.2%
Debt's share of the balance-sheet total rises from 66.0% to 81.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€17,846▼
2024 · €100,570
Cash flow
€14,311▼
2024 · €78,363
Quick ratio
1.11▼
2024 · 1.37
Debt to equity
4.34▲
2024 · 1.94
ROE
-6.9%▼
2024 · 38.0%
Interest coverage
3.80▼
2024 · 14.33
Debt ≤ 1 year
€206,335▲
2024 · €150,970
Debt > 1 year
€181,194▲
2024 · €146,754
Income taxes
€1,092▼
2024 · €24,512
Staff costs
€84,643▲
2024 · €55,519
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,549 companies that looked in July 2024 the way this one looks now, 3.9% went bankrupt within 24 months and 91% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
3.9%
went bankrupt
3.7%
stopped otherwise
91%
still going
A further 1.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,549 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €74,963 | €79,261 | €56,313 | €55,519 | €84,643 | ▲ 52.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,578 | €14,841 | €17,870 | €19,968 | €20,482 | ▲ 2.6% |
| Other operating charges640/8 | €2,302 | €3,671 | €5,187 | €34,593 | €2,852 | ▼ 91.8% |
| Gross operating margin9900 | €126,187 | €183,585 | €88,794 | €190,681 | €105,341 | ▼ 44.8% |
| Operating profit (loss)9901 | €43,343 | €85,811 | €9,424 | €80,602 | -€2,636 | ▼ 103% |
| Financial income75/76B | €570 | €2,447 | €5 | €9,324 | €2,256 | ▼ 75.8% |
| Recurring financial income75 | €570 | €2,447 | €5 | €9,324 | €2,256 | ▼ 75.8% |
| Financial charges65/66B | €4,275 | €8,304 | €8,611 | €7,018 | €4,699 | ▼ 33.0% |
| Recurring financial charges65 | €4,275 | €8,304 | €8,611 | €7,018 | €4,699 | ▼ 33.0% |
| Profit (loss) for the period before taxes9903 | €39,638 | €79,955 | €817 | €82,908 | -€5,079 | ▼ 106% |
| Income taxes67/77 | €2,741 | €20,555 | €2,048 | €24,512 | €1,092 | ▼ 95.5% |
| Profit (loss) for the period9904 | €36,897 | €59,400 | -€1,231 | €58,395 | -€6,171 | ▼ 111% |
| Profit (loss) for the period to be appropriated9905 | €36,897 | €59,400 | -€1,231 | €58,395 | -€6,171 | ▼ 111% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €443,272 | €546,070 | €529,556 | €451,284 | €476,855 | ▲ 5.7% |
| Fixed assets21/28 | €236,580 | €243,400 | €234,929 | €226,696 | €207,514 | ▼ 8.5% |
| Tangible fixed assets22/27 | €236,580 | €243,400 | €234,929 | €226,696 | €207,514 | ▼ 8.5% |
| Land and buildings22 | €227,151 | €216,122 | €205,541 | €194,961 | €184,706 | ▼ 5.3% |
| Plant, machinery and equipment23 | €6,579 | €22,747 | €20,715 | €17,735 | €12,773 | ▼ 28.0% |
| Furniture and vehicles24 | €2,850 | €4,532 | €8,673 | €14,000 | €10,035 | ▼ 28.3% |
| Current assets29/58 | €206,692 | €302,670 | €294,626 | €224,588 | €269,342 | ▲ 19.9% |
| Amounts receivable after more than one year29 | €20,647 | €10,647 | €10,647 | - | - | - |
| Other amounts receivable291 | €20,647 | €10,647 | €10,647 | - | - | - |
| Stocks and contracts in progress3 | €10,000 | €15,000 | €42,500 | €18,500 | €40,000 | ▲ 116% |
| Stocks30/36 | €10,000 | €15,000 | €17,500 | €8,500 | €15,000 | ▲ 76.5% |
| Contracts in progress37 | - | - | €25,000 | €10,000 | €25,000 | ▲ 150% |
| Amounts receivable within one year40/41 | €154,427 | €249,726 | €238,199 | €116,657 | €146,524 | ▲ 25.6% |
| Trade receivables40 | €132,741 | €228,670 | €216,463 | €110,205 | €118,601 | ▲ 7.6% |
| Other amounts receivable41 | €21,686 | €21,056 | €21,736 | €6,452 | €27,923 | ▲ 333% |
| Cash at bank and in hand54/58 | €20,969 | €23,308 | €2,006 | €68,587 | €81,545 | ▲ 18.9% |
| Deferred charges and accrued income490/1 | €650 | €3,988 | €1,276 | €20,843 | €1,272 | ▼ 93.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €443,272 | €546,070 | €529,556 | €451,284 | €476,855 | ▲ 5.7% |
| Equity10/15 | €110,796 | €176,395 | €145,165 | €153,560 | €89,326 | ▼ 41.8% |
| Contributions10/11 | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | €12,400 | - | - | - | - | - |
| Other1109/19 | €12,400 | - | - | - | - | - |
| Reserves13 | €94,923 | €139,923 | €109,923 | €118,318 | €70,255 | ▼ 40.6% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €93,063 | €138,063 | €108,063 | €116,458 | €68,395 | ▼ 41.3% |
| Profit (loss) carried forward14 | €3,473 | €17,873 | €16,642 | €16,642 | €471 | ▼ 97.2% |
| Amounts payable17/49 | €332,477 | €369,675 | €384,391 | €297,724 | €387,529 | ▲ 30.2% |
| Amounts payable after more than one year17 | €213,214 | €184,827 | €159,895 | €146,754 | €181,194 | ▲ 23.5% |
| Financial debts170/4 | €213,214 | €184,827 | €159,895 | €146,754 | €181,194 | ▲ 23.5% |
| Amounts payable within one year42/48 | €119,263 | €184,848 | €224,497 | €150,970 | €206,335 | ▲ 36.7% |
| Current portion of amounts payable after more than one year42 | €27,821 | €28,387 | €24,933 | €13,140 | €27,732 | ▲ 111% |
| Financial debts43 | - | - | €42,500 | - | - | - |
| Credit institutions430/8 | - | - | €42,500 | - | - | - |
| Trade debts44 | €82,847 | €147,677 | €131,367 | €118,679 | €138,002 | ▲ 16.3% |
| Suppliers440/4 | €82,847 | €147,677 | €131,367 | €118,679 | €138,002 | ▲ 16.3% |
| Taxes, remuneration and social security45 | €7,805 | €7,943 | €12,258 | €15,061 | €20,492 | ▲ 36.1% |
| Taxes450/3 | €4,306 | €7,943 | €10,380 | €11,769 | €13,043 | ▲ 10.8% |
| Remuneration and social security454/9 | €3,498 | - | €1,878 | €3,292 | €7,449 | ▲ 126% |
| Other amounts payable47/48 | €790 | €840 | €13,439 | €4,090 | €20,109 | ▲ 392% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,897 | €59,400 | -€1,231 | €58,395 | -€6,171 | ▼ 111% |
| + Depreciation and write-downs630 | €5,578 | €14,841 | €17,870 | €19,968 | €20,482 | ▲ 2.6% |
| Operating cash flow (approximation) | €42,475 | €74,241 | €16,639 | €78,363 | €14,311 | ▼ 81.7% |
| Investment in fixed assets (approximation) | - | -€21,661 | -€9,399 | -€11,735 | -€1,299 | ▲ 88.9% |
| Change in cash | - | €2,340 | -€21,303 | €66,582 | €12,958 | ▼ 80.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €58,395
Net result €58,395 after one loss-making year.
31-12
Financial
Equity above €150,000Eq €153,560 ▲5.8%
Equity rises from €145,165 to €153,560.
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €150,000Eq €176,395 ▲59.2%
2 profitable years in a row build equity to €176,395.
21-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €36,897
Net result €36,897 after one loss-making year.
31-12
Financial
Equity above €100,000Eq €110,796 ▲49.9%
Equity rises from €73,899 to €110,796.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€55,426
Net result drops to -€55,426, the lowest in the series; recovery starts the following year.
Show earlier events
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €64,538 ▲23.2%
Operating result €93,843, net result €64,538, both a record.
31-12
Financial
Equity above €100,000Eq €129,325 ▲99.6%
2 profitable years in a row build equity to €129,325.
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lendelede · 1 establishment unit since 2017
Ground area
903 m²
Building footprint
540 m²
Volume, LiDAR
1,492 m³
Parcel 34025B0692/00Z000, Flanders · tallest building 8.8 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
TBR-PROJECTS
since 20172.270.601.140
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34025B0692/00Z000 | Flanders | 903 m² | 1 · 540 m² | 8.8 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 8 entries · 3,628 EUR awarded · 3,628 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 1,139 EUR | 1,139 EUR |
| 2024 | 2 | 1,268 EUR | 1,268 EUR |
| 2023 | 2 | 670 EUR | 670 EUR |
| 2022 | 2 | 551 EUR | 551 EUR |
Recognitions · licences · registrations
Dual-learning approval
1 live approval · 2 endedBinnen- en buitenschrijnwerk duaal (so)
Show 2 ended approvals
Medewerker hout duaal (so)
Plaatser binnenschrijnwerk (so)
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Of 1,599 companies in sector 16230 we hold annual accounts for 784. 616 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded05-12-2017
Fiscal year end31-12
Activities, NACEBEL 2025
16230Manufacture of other builders' carpentry and joinery
43320Joinery installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0685632523
Also
9925:BE0685632523
Registered
05-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.