Equity
€570,468 from €3.0m in 2008
Equity fell by 81% in 17 years.
T.B.W.A.
Lifetime
18 annual accounts with figures on one time axis, 47 filings since 1977peak €40.5m (2008)
€29.8m▼ 7.5%
peak €2.5m (2023)
€815,392▼ 54.0%
peak €3.0m (2008)
€570,468▲ 12.9%
€29.0m▲ 17.0%
peak 127.3 FTE (2019)
74.5 FTE▼ 10.9%
Board27 names since 2018all names
14 directorsKristof Janssens and 13 others
Owners5 names in the annual accounts
99.9%Omnicom Advertising Group Belgium and 2 others
Documentsfilings and deeds
01-10-202662 days late
2025financial year
Result from €1.8m to €815,392Staff from 83.6 FTE to 74.5 FTE3 directors resigning 08-09Appointment: KPMG Bedrijfsrevisoren (statutory auditor) 09-07Appointment: Marieke Michils (director) 28-04Dividend €750,000
Key points
from the 2025 annual accountsResult
€815,392 ▼ 54.0%
The result fell in 2025 from €1.8m to €815,392.
Debts
€29.0m 98% of the balance sheet
Financial debts 1%Suppliers 23%Taxes and wages 7%Other 69%
Of this, €28.5m falls due within a year.
Staff
74.5 FTE from 127.3 in 2019
Between 2019 and 2025, 41% of the full-time equivalents disappeared.
Payment terms
78 days to suppliers
T.B.W.A. pays its suppliers 14 days later than in 2024. Customers pay 51 days later.
Filings
47 annual accounts 62 days
Latest accounts filed late: after the legal deadline.
Checked score
67
Healthy
Financially stronger than 27% of medium-sized companies in advertising and market research (NACE 73)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 117 companies (NACE 73, medium-sized).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.3%▼ -0.1 percentage points vs 01-2025lowest value
03-2025: 0.4%▲ +0.1 percentage points vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.4%● unchanged vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.5%▲ +0.1 percentage points vs 06-2026
08-2026: 0.9%▲ +0.4 percentage points vs 07-2026
09-2026: 1.2%▲ +0.3 percentage points vs 08-2026highest value
10-2026: 0.8%▼ -0.4 percentage points vs 09-2026
11-2026: 0.8%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 1.02, cash €14,233
Equity €570,468 (1.9% of total assets)
Last filed accounts filed 62 days late; 1 of the last 3 accounts late
lowers risk
Founded in 1974
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 73, medium-sized). It does better than 8% of them on solvency, 3% on liquidity, 54% on profitability and 42% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 208 companies had the same profile as T.B.W.A. has now. Each dot is one company, two years later.
99.0%
were still trading
0.0%
stopped another way
0.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of T.B.W.A. itself is higher: 0.8% within 12 months. It rests on far more data about T.B.W.A. than the profile alone.
Test of the method
The method was tested on the 497,447 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 208 companies, not a prediction for T.B.W.A.. 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.
Credit verdict
Credit of up to €35,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.02 (0.94 in 2024), below the usual 1.5. Short-term debt is 96.5% and cash 0% of total assets. 98.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 846 sector peers (2025).
NBB · sector comparisonPosition among 846 sector peers
Solvency
better than 13%
← weakest
strongest →
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 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €570,468
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-10-2026, 62 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
62 days late
2024
57 days early
2023
63 days early
2022
59 days early
2021
83 days early
2020
67 days early
2019
72 days early
← 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 48 days before the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% 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 2 June (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
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
OB
OAG Belgium NV
Director, since 28-04-2020
- Omnicom Advertising Group Belgium 99.9%score 87equity €23.9m (2025) · annual accounts 2025
- TBWA International Holding EURL 0.1%annual accounts 2025
Recent changes
Appointment: Sylvie Consult (director)
Permanent representative: Sylvie Dewaele · General meeting of 30-06-2026 · Gazette deed
2 directors appointed, 1 resignation, 10 reappointments
Reappointments: Marieke Michils, Geert Verdonck, Jasper Govaerts, Kristof Janssens, Frank Marinus, Jochen De Greef and 4 others · Appointments: Sylvie Dewaele and LAJURO · Permanent representative: Stéphanie Vercruysse · General meeting of 30-06-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0414235827
3 directors resigning
Bert Denis, Jan Macken and Gunther Van Lany · General meeting of 28-07-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| T.B.W.A. Zaventem | €29.8m | 4.1% | 1.9% | 74.5 |
| Vlaams Centrum voor Agro- en Visserijmarketing Brussels | €17.0m | 2.8% | 72.3% | 60.7 |
| ICF NEXT Brussels | €48.3m | 4.9% | 67.0% | 129 |
| OGILVY SOCIAL LAB Saint-Josse-ten-Noode | €34.3m | -0.5% | 26.3% | 88.2 |
| SPACE Auderghem | €141.7m | 0.6% | 1.5% | 69.4 |
| REGIE MEDIA BELGE Auderghem | €106.0m | 1.6% | 28.8% | 89.4 |
| HAVAS MEDIA BELGIUM Brussels | €98.3m | -0.6% | 0.1% | 59.2 |
Grey: the largest companies of the sector (advertising and market research (NACE 73)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as T.B.W.A.: advertising agencies (NACE 73110). They are comparable in size and age: total assets between €15m and €59m, founded between 1960 and 2001.
Official details
Source: KBO- Status
- Active since 25-04-1974Normal situation
- Registered office
- 12 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Advertising agenciesNACE 73110
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.009.655.4031930 Zaventem, since 01-05-1974
- Financial year end
- 31 December
- Peppol
- Reachable since 18-12-2025
Annual accounts 2025
- €29.6m▲ 16.9%
- Employeeson 31-12-2025
- 76▼ 2.6%
- Filing
- Filed on 01-10-2026
Insights on T.B.W.A.
T.B.W.A. has existed since 1974. Turnover fell from €40.5m in 2008 to €29.8m in 2025.
Omnicom Advertising Group Belgium holds all the shares. In July 2025, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about T.B.W.A.
- What is the company number of T.B.W.A.?
- The company number of T.B.W.A. is 0414.235.827. The VAT number is the same number with BE in front: BE 0414.235.827.
- Where is T.B.W.A. based?
- The registered office is at Excelsiorlaan 75-77, 1930 Zaventem.Company details
- What does T.B.W.A. do?
- According to the KBO register, the main activity is advertising agencies (NACE 73110).
- What is the legal form of T.B.W.A.?
- T.B.W.A. is a public limited company (NV).
- When was T.B.W.A. founded?
- T.B.W.A. was founded on 25-04-1974.
- Is T.B.W.A. still active?
- Yes, T.B.W.A. is an active enterprise in the KBO register.
- How many employees does T.B.W.A. have?
- T.B.W.A. had an average of 74.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does T.B.W.A. fall under?
- In its 2025 annual accounts, T.B.W.A. states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of T.B.W.A.?
- The turnover of T.B.W.A. was €29.8m in financial year 2025, according to the filed annual accounts.
- Is T.B.W.A. profitable?
- In financial year 2025, T.B.W.A. made a profit of €815,392.
- Where can I find the annual accounts of T.B.W.A.?
- T.B.W.A. filed 47 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of T.B.W.A. due?
- T.B.W.A. must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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