TBS
ActiveSummary
TBS has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €700k and a net result of €-11k. Equity is shrinking by ~5.1% per year across the filed fiscal years. Its solvency ranks better than 51% of 438 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79=
Solvency67=
Growth36=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14k at 30 days acceptable
Liquidity short (current ratio 0.24 against 0.17 in 2024; short-term debt: 48.6% and cash: 11.4% of total assets), and 57.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-08-2026, 19 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
19 d late
2024
49 d late
2023
29 d late
2022
32 d late
2021
30 d late
2020
121 d late
2019
91 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€144k▲ 3.3%
2024 · €140k
2018: €115klowest in 8 years
2019: €116k▲ +1.3% vs 2018
2020: €117k▲ +1.2% vs 2019
2021: €120k▲ +1.9% vs 2020
2022: €125k▲ +4.8% vs 2021
2023: €134k▲ +7.3% vs 2022
2024: €140k▲ +3.8% vs 2023
2025: €144k▲ +3.3% vs 2024highest in 8 years
2018 → 2025
EBIT margin
-2.2%▲ 1.0pp
2024 · -3.3%
2018: 6.5%highest in 8 years
2019: -25.7%▼ -495% vs 2018lowest in 8 years
2020: -24.4%▲ +5.0% vs 2019
2021: -13.9%▲ +43.1% vs 2020
2022: -12.1%▲ +13.0% vs 2021
2023: -18.0%▼ -48.6% vs 2022
2024: -3.3%▲ +81.9% vs 2023
2025: -2.2%▲ +32.1% vs 2024
2018 → 2025
Net result
€-11k▲ 3.9%
2024 · €-11k
2018: €-5khighest in 8 years
2019: €-26k▼ -465% vs 2018lowest in 8 years
2020: €-26k▲ +3.6% vs 2019
2021: €-16k▲ +37.5% vs 2020
2022: €-17k▼ -9.4% vs 2021
2023: €-25k▼ -44.7% vs 2022
2024: €-11k▲ +55.7% vs 2023
2025: €-11k▲ +3.9% vs 2024
2018 → 2025
Working capital
€-616k▲ 7.0%
2024 · €-662k
2018: €-380khighest in 8 years
2019: €-443k▼ -16.7% vs 2018
2020: €-435k▲ +1.7% vs 2019
2021: €-465k▼ -6.7% vs 2020
2022: €-402k▲ +13.4% vs 2021
2023: €-733k▼ -82.1% vs 2022lowest in 8 years
2024: €-662k▲ +9.6% vs 2023
2025: €-616k▲ +7.0% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€120k-€125k▲ 4.8%€134k▲ 7.3%€140k▲ 3.8%€144k▲ 3.3%
2021: €120klowest in 5 years
2022: €125k▲ +4.8% vs 2021
2023: €134k▲ +7.3% vs 2022
2024: €140k▲ +3.8% vs 2023
2025: €144k▲ +3.3% vs 2024highest in 5 years
Equity€765k-€747k▼ 2.3%€722k▼ 3.4%€711k▼ 1.5%€700k▼ 1.5%
2021: €765khighest in 5 years
2022: €747k▼ -2.3% vs 2021
2023: €722k▼ -3.4% vs 2022
2024: €711k▼ -1.5% vs 2023
2025: €700k▼ -1.5% vs 2024lowest in 5 years
Operating result€-17k-€-15k▲ 8.9%€-24k▼ 59.4%€-5k▲ 81.2%€-3k▲ 29.9%
2021: €-17k
2022: €-15k▲ +8.9% vs 2021
2023: €-24k▼ -59.4% vs 2022lowest in 5 years
2024: €-5k▲ +81.2% vs 2023
2025: €-3k▲ +29.9% vs 2024highest in 5 years
Net result€-16k-€-17k▼ 9.4%€-25k▼ 44.7%€-11k▲ 55.7%€-11k▲ 3.9%
2021: €-16k
2022: €-17k▼ -9.4% vs 2021
2023: €-25k▼ -44.7% vs 2022lowest in 5 years
2024: €-11k▲ +55.7% vs 2023
2025: €-11k▲ +3.9% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3k in 2025 against €5k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.66M
Fixed assets
€1.47M ▼ 4.6%
Current assets
€192k ▲ 37.5%
Equity and liabilities €1.66M
Equity
€700k ▼ 1.5%
Provisions
€154k ▼ 8.3%
Debt
€809k ▲ 0.8%
Debt's share of the balance-sheet total rises from 47.7% to 48.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€93k▲
2024 · €91k
Cash flow
€85k▲
2024 · €85k
Current ratio
0.24▲
2024 · 0.17
Debt to equity
1.15▲
2024 · 1.13
ROE
-1.5%▲
2024 · -1.6%
ROA
-0.6%▲
2024 · -0.7%
Interest coverage
7.99▲
2024 · 7.87
Debt ≤ 1 year
€809k▲
2024 · €802k
Income taxes
€10k▲
2024 · €9k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.68M€1.66M▼
Fixed assets21/28€1.54M€1.47M▼
Tangible fixed assets22/27€1.54M€1.47M▼
Land and buildings22€1.14M€1.06M▼
Furniture and vehicles24€23k€13k▼
Assets under construction and advance payments27€382k€397k▲
Current assets29/58€140k€192k▲
Amounts receivable within one year40/41€866€315▼
Trade receivables40€125-
Other amounts receivable41€741€315▼
Cash at bank and in hand54/58€136k€189k▲
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€1.68M€1.66M▼
Equity10/15€711k€700k▼
Contributions10/11€280k€280k=
Capital10€280k€280k=
Issued capital100€280k€280k=
Reserves13€398k€371k▼
Non-distributable reserves130/1€70k€70k=
Legal reserve130€70k€70k=
Tax-exempt reserves132€328k€301k▼
Profit (loss) carried forward14€33k€49k▲
Provisions and deferred taxes16€169k€154k▼
Deferred taxes168€169k€154k▼
Amounts payable17/49€802k€809k▲
Amounts payable within one year42/48€802k€809k▲
Trade debts44€16k€21k▲
Suppliers440/4€16k€21k▲
Taxes, remuneration and social security45€3k€723▼
Taxes450/3€3k€723▼
Other amounts payable47/48€783k€786k▲
Income statement
Code20242025
Operating income70/76A€140k€144k▲
Turnover70€140k€144k▲
Operating charges60/66A€144k€147k▲
Services and other goods61€38k€41k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€96k€96k▲
Other operating charges640/8€10k€10k▲
Operating profit (loss)9901€-5k€-3k▲
Financial charges65/66B€12k€12k▲
Recurring financial charges65€12k€12k▲
Debt charges650€12k€12k▲
Non-recurring financial charges66B€225€401▲
Profit (loss) for the period before taxes9903€-16k€-15k▲
Transfer from deferred taxes780€14k€14k=
Income taxes67/77€9k€10k▲
Taxes670/3€9k€10k▲
Tax adjustments and reversals of tax provisions77€334-
Profit (loss) for the period9904€-11k€-11k▲
Transfer from tax-exempt reserves789€27k€27k=
Profit (loss) for the period to be appropriated9905€16k€17k▲
Appropriation of the result
Profit (loss) to be appropriated9906€33k€49k▲
Profit (loss) brought forward from the previous period14P€17k€33k▲
The notes to these accounts (22 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €120k | €125k | €136k | €140k | €144k | ▲ 3.3% |
| Turnover70 | €120k | €125k | €134k | €140k | €144k | ▲ 3.3% |
| Other operating income74 | - | - | €2k | - | - | - |
| Non-recurring operating income76A | €249 | - | - | - | - | - |
| Operating charges60/66A | €137k | €141k | €160k | €144k | €147k | ▲ 2.2% |
| Services and other goods61 | €44k | €38k | €56k | €38k | €41k | ▲ 7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €85k | €95k | €96k | €96k | €96k | ▲ 0.2% |
| Other operating charges640/8 | €8k | €7k | €8k | €10k | €10k | ▲ 3.3% |
| Operating profit (loss)9901 | €-17k | €-15k | €-24k | €-5k | €-3k | ▲ 29.9% |
| Financial income75/76B | €430 | - | €771 | - | - | - |
| Recurring financial income75 | €430 | - | €771 | - | - | - |
| Non-recurring financial income76B | €430 | - | €771 | - | - | - |
| Financial charges65/66B | €7k | €10k | €10k | €12k | €12k | ▲ 1.6% |
| Recurring financial charges65 | €6k | €6k | €9k | €12k | €12k | ▲ 0.1% |
| Debt charges650 | €6k | €6k | €9k | €12k | €12k | ▲ 0.1% |
| Non-recurring financial charges66B | €871 | €4k | €890 | €225 | €401 | ▲ 78.2% |
| Profit (loss) for the period before taxes9903 | €-23k | €-25k | €-34k | €-16k | €-15k | ▲ 7.2% |
| Transfer from deferred taxes780 | €14k | €14k | €14k | €14k | €14k | = |
| Income taxes67/77 | €7k | €6k | €6k | €9k | €10k | ▲ 8.4% |
| Taxes670/3 | €7k | €6k | €6k | €9k | €10k | ▲ 4.5% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €334 | - | - |
| Profit (loss) for the period9904 | €-16k | €-17k | €-25k | €-11k | €-11k | ▲ 3.9% |
| Transfer from tax-exempt reserves789 | €27k | €27k | €27k | €27k | €27k | = |
| Profit (loss) for the period to be appropriated9905 | €11k | €10k | €2k | €16k | €17k | ▲ 2.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.47M | €1.40M | €1.70M | €1.68M | €1.66M | ▼ 1.1% |
| Fixed assets21/28 | €1.44M | €1.35M | €1.64M | €1.54M | €1.47M | ▼ 4.6% |
| Tangible fixed assets22/27 | €1.44M | €1.35M | €1.64M | €1.54M | €1.47M | ▼ 4.6% |
| Land and buildings22 | €1.39M | €1.30M | €1.22M | €1.14M | €1.06M | ▼ 6.7% |
| Furniture and vehicles24 | €53k | €43k | €33k | €23k | €13k | ▼ 43.6% |
| Assets under construction and advance payments27 | - | - | €382k | €382k | €397k | ▲ 4.0% |
| Current assets29/58 | €25k | €52k | €66k | €140k | €192k | ▲ 37.5% |
| Amounts receivable within one year40/41 | €315 | €630 | €1k | €866 | €315 | ▼ 63.6% |
| Trade receivables40 | - | - | - | €125 | - | - |
| Other amounts receivable41 | €315 | €630 | €1k | €741 | €315 | ▼ 57.5% |
| Cash at bank and in hand54/58 | €22k | €49k | €62k | €136k | €189k | ▲ 38.7% |
| Deferred charges and accrued income490/1 | €3k | €3k | €2k | €3k | €3k | ▲ 6.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.47M | €1.40M | €1.70M | €1.68M | €1.66M | ▼ 1.1% |
| Equity10/15 | €765k | €747k | €722k | €711k | €700k | ▼ 1.5% |
| Contributions10/11 | €280k | €280k | €280k | €280k | €280k | = |
| Capital10 | €280k | €280k | €280k | €280k | €280k | = |
| Issued capital100 | €280k | €280k | €280k | €280k | €280k | = |
| Reserves13 | €480k | €453k | €426k | €398k | €371k | ▼ 6.8% |
| Non-distributable reserves130/1 | €70k | €70k | €70k | €70k | €70k | = |
| Legal reserve130 | €70k | €70k | €70k | €70k | €70k | = |
| Tax-exempt reserves132 | €410k | €383k | €356k | €328k | €301k | ▼ 8.3% |
| Profit (loss) carried forward14 | €5k | €15k | €17k | €33k | €49k | ▲ 50.5% |
| Provisions and deferred taxes16 | €211k | €197k | €183k | €169k | €154k | ▼ 8.3% |
| Deferred taxes168 | €211k | €197k | €183k | €169k | €154k | ▼ 8.3% |
| Amounts payable17/49 | €490k | €455k | €799k | €802k | €809k | ▲ 0.8% |
| Amounts payable within one year42/48 | €490k | €455k | €799k | €802k | €809k | ▲ 0.8% |
| Trade debts44 | €15k | €18k | €19k | €16k | €21k | ▲ 33.1% |
| Suppliers440/4 | €15k | €18k | €19k | €16k | €21k | ▲ 33.1% |
| Taxes, remuneration and social security45 | €11k | €13k | - | €3k | €723 | ▼ 77.0% |
| Taxes450/3 | €11k | €13k | - | €3k | €723 | ▼ 77.0% |
| Other amounts payable47/48 | €464k | €424k | €780k | €783k | €786k | ▲ 0.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-16k | €-17k | €-25k | €-11k | €-11k | ▲ 3.9% |
| + Depreciation and write-downs630 | €85k | €95k | €96k | €96k | €96k | ▲ 0.2% |
| Operating cash flow (approximation) | €69k | €78k | €70k | €85k | €85k | ▲ 0.7% |
| Investment in fixed assets (approximation) | - | €-2k | €-387k | €-350 | €-25k | ▼ 7,122% |
| Change in cash | - | €27k | €13k | €74k | €53k | ▼ 29.1% |
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
19-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 19 days late
2025
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 49 days late
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 32 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 30 days late
2021
29-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 121 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 91 days late
2019
31-12
Financial
Weakest financial yearnet €-26k
Net result drops to €-26k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Etterbeek · 1 establishment unit since 1987
Ground area
6,086 m²
Building footprint
535 m²
Volume, LiDAR
6,816 m³
2 parcels, Brussels, Wallonia · tallest building 24.7 m, ±4 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
PRESSES DE GEDIT MONOBLOC
since 19872.030.857.524
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57463K0315/00T000 | Wallonia | 5,866 m² | 1 · 433 m² | 16.2 m · 4 fl. |
| 21363B0354/00F010 | Brussels | 219 m² | 1 · 102 m² | 24.7 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,187 companies in sector 77399 we hold annual accounts for 710. 481 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded03-06-1987
Fiscal year end31-12
Activities, NACEBEL 2025
77399Renting and leasing of other machinery, equipment and tangible goods
Scores and ratios are computed by Checked and are not a credit decision.