TC BW
ActiveSummary
The computed 12-month bankruptcy probability of TC BW is 5.2% (elevated). The 2024 annual accounts show equity of €46,777 and a net result of -€14,784. Equity is growing by ~71.7% per year across the filed fiscal years. Its solvency ranks better than 75% of 36381 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
59
/ 100
Fair
An elevated bankruptcy probability caps the score. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability50▼-19
Solvency94▲+5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
5.2%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days only on tighter terms
Liquidity ample (current ratio 1.79 against 1.51 in 2023; short-term debt: 31.1% and cash: 36.2% of total assets), and 31.1% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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 2024Solvency, return and age of the figures
Solvency
68.9%
Return on assets
-21.8%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-07-2025, 1 day ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
1 d early
2023
61 d late
2022
31 d late
2021
5 d early
2020
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 17 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
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Financials · fiscal year 2024, micro schema
Equity
€46,777▼ 24.0%
2023 · €61,561
Total assets
€67,927▼ 29.2%
2023 · €95,958
Net result
-€14,784
2023 · €114
Working capital
€16,764▼ 4.1%
2023 · €17,472
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Line20202021202220232024
Operating result-€1,069-€4,809€51,296▲ 967%€3,268▼ 93.6%-€6,955
Net result-€1,069below the sector's middle half-€4,508within the sector's middle half€51,007above the sector's middle half▲ 1,031%€114below the sector's middle half▼ 99.8%-€14,784below the sector's middle half
Equity€5,931below the sector's middle half-€10,440below the sector's middle half▲ 76.0%€61,447within the sector's middle half▲ 489%€61,561within the sector's middle half▲ 0.2%€46,777within the sector's middle half▼ 24.0%
Total assets€8,496below the sector's middle half-€36,203below the sector's middle half▲ 326%€77,719within the sector's middle half▲ 115%€95,958within the sector's middle half▲ 23.5%€67,927within the sector's middle half▼ 29.2%
Debt€2,565-€25,764▲ 905%€16,272▼ 36.8%€34,396▲ 111%€21,150▼ 38.5%
Working capital€2,931below the sector's middle half--€977below the sector's middle half€49,761within the sector's middle half€17,472within the sector's middle half▼ 64.9%€16,764within the sector's middle half▼ 4.1%
Solvency69.8%above the sector's middle half-28.8%within the sector's middle half▼ 41.0pp79.1%above the sector's middle half▲ 50.2pp64.2%within the sector's middle half▼ 14.9pp68.9%within the sector's middle half▲ 4.7pp
Current ratio2.14within the sector's middle half-0.96below the sector's middle half▼ 1.184.06above the sector's middle half▲ 3.101.51within the sector's middle half▼ 2.551.79within the sector's middle half▲ 0.28
Return on assets (ROA)-12.6%below the sector's middle half-12.5%within the sector's middle half▲ 25.0pp65.6%above the sector's middle half▲ 53.2pp0.1%below the sector's middle half▼ 65.5pp-21.8%below the sector's middle half▼ 21.9pp
Staff (FTE)1.1
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €6,955 after €3,268 in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €67,927
Fixed assets
€30,013 ▼ 31.9%
Current assets
€37,914 ▼ 26.9%
Equity and liabilities €67,927
Equity
€46,777 ▼ 24.0%
Debt
€21,150 ▼ 38.5%
Debt's share of the balance-sheet total falls from 35.8% to 31.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€8,721▼
2023 · €10,641
Cash flow
€892▼
2023 · €7,488
Debt to equity
0.45▼
2023 · 0.56
ROE
-31.6%▼
2023 · 0.2%
Interest coverage
26.05▼
2023 · 32.78
Debt ≤ 1 year
€21,150▼
2023 · €34,396
Income taxes
€7,494▲
2023 · €2,833
Staff costs
€42,221▼
2023 · €56,239
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,592 companies that looked in July 2024 the way this one looks now, 3.0% went bankrupt within 24 months and 87% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
3.0%
went bankrupt
9.5%
stopped otherwise
87%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 5.2% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 3,592 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €8,235 | €2,107 | €56,239 | €42,221 | ▼ 24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €584 | €3,000 | €7,373 | €15,676 | ▲ 113% |
| Other operating charges640/8 | - | €798 | €645 | €868 | €2,233 | ▲ 157% |
| Non-recurring operating charges66A | - | €891 | €413 | €38 | €116 | ▲ 205% |
| Gross operating margin9900 | -€717 | €15,317 | €57,460 | €67,786 | €53,290 | ▼ 21.4% |
| Operating profit (loss)9901 | -€1,069 | €4,809 | €51,296 | €3,268 | -€6,955 | ▼ 313% |
| Financial income75/76B | - | - | €0 | €4 | - | - |
| Recurring financial income75 | - | - | €0 | €4 | - | - |
| Financial charges65/66B | - | €301 | €289 | €325 | €335 | ▲ 3.2% |
| Recurring financial charges65 | - | €301 | €289 | €325 | €335 | ▲ 3.2% |
| Profit (loss) for the period before taxes9903 | -€1,069 | €4,508 | €51,007 | €2,947 | -€7,290 | ▼ 347% |
| Income taxes67/77 | - | - | - | €2,833 | €7,494 | ▲ 165% |
| Profit (loss) for the period9904 | -€1,069 | €4,508 | €51,007 | €114 | -€14,784 | ▼ 13,018% |
| Profit (loss) for the period to be appropriated9905 | -€1,069 | €4,508 | €51,007 | €114 | -€14,784 | ▼ 13,018% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8,496 | €36,203 | €77,719 | €95,958 | €67,927 | ▼ 29.2% |
| Fixed assets21/28 | €3,000 | €11,417 | €11,686 | €44,089 | €30,013 | ▼ 31.9% |
| Tangible fixed assets22/27 | - | €8,417 | €5,417 | €37,820 | €22,144 | ▼ 41.4% |
| Furniture and vehicles24 | - | €8,417 | €5,417 | €37,820 | €22,144 | ▼ 41.4% |
| Financial fixed assets28 | €3,000 | €3,000 | €6,269 | €6,269 | €7,869 | ▲ 25.5% |
| Current assets29/58 | €5,496 | €24,787 | €66,033 | €51,869 | €37,914 | ▼ 26.9% |
| Amounts receivable within one year40/41 | - | €14,111 | €41,012 | €26,366 | €10,014 | ▼ 62.0% |
| Trade receivables40 | - | €13,669 | €6,892 | €117 | - | - |
| Other amounts receivable41 | - | €442 | €34,120 | €26,249 | €10,014 | ▼ 61.9% |
| Cash at bank and in hand54/58 | €4,820 | €9,745 | €23,125 | €22,840 | €24,566 | ▲ 7.6% |
| Deferred charges and accrued income490/1 | - | €931 | €1,896 | €2,662 | €3,335 | ▲ 25.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8,496 | €36,203 | €77,719 | €95,958 | €67,927 | ▼ 29.2% |
| Equity10/15 | €5,931 | €10,440 | €61,447 | €61,561 | €46,777 | ▼ 24.0% |
| Contributions10/11 | - | €7,000 | €7,000 | €7,000 | €7,000 | = |
| Profit (loss) carried forward14 | -€1,069 | €3,440 | €54,447 | €54,561 | €39,777 | ▼ 27.1% |
| Amounts payable17/49 | €2,565 | €25,764 | €16,272 | €34,396 | €21,150 | ▼ 38.5% |
| Amounts payable within one year42/48 | €2,565 | €25,764 | €16,272 | €34,396 | €21,150 | ▼ 38.5% |
| Trade debts44 | €889 | €11,379 | €4,649 | €31,366 | €9,646 | ▼ 69.2% |
| Suppliers440/4 | - | €11,379 | €4,649 | €31,366 | €9,646 | ▼ 69.2% |
| Advances received on contracts in progress46 | - | €5,100 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €1,312 | €3,644 | €3,031 | €5,503 | ▲ 81.6% |
| Taxes450/3 | - | €1,312 | - | €176 | €561 | ▲ 218% |
| Remuneration and social security454/9 | - | - | €3,644 | €2,854 | €4,942 | ▲ 73.2% |
| Other amounts payable47/48 | - | €7,972 | €7,979 | - | €6,000 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,069 | €4,508 | €51,007 | €114 | -€14,784 | ▼ 13,018% |
| + Depreciation and write-downs630 | - | €584 | €3,000 | €7,373 | €15,676 | ▲ 113% |
| Operating cash flow (approximation) | -€1,069 | €5,092 | €54,007 | €7,488 | €892 | ▼ 88.1% |
| Investment in fixed assets (approximation) | - | -€9,000 | -€3,269 | -€39,776 | -€1,600 | ▲ 96.0% |
| Change in cash | - | €4,925 | €13,380 | -€285 | €1,725 | ▲ 705% |
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
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€14,784
Net result drops to -€14,784, the lowest in the series.
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Highest result since 2020net €51,007 ▲1,031%
Operating result €51,296, net result €51,007, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 4.06
Current ratio from 0.96 to 4.06; short-term debt falls from €25,764 to €16,272.
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €4,508
Net result €4,508 after one loss-making year.
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Oudergem · 1 establishment unit since 2020
Ground area
245 m²
Building footprint
173 m²
Volume, LiDAR
1,926 m³
2 parcels, Brussels · tallest building 18.4 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
TC BW
since 20202.351.593.962
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21616A0269/00R005 | Brussels | 163 m² | 1 · 91 m² | 18.4 m · 5 fl. |
| 21332B0298/00H013 | Brussels | 82 m² | 1 · 82 m² | 12.7 m · 3 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.
Recognitions · licences · registrations
Dual-learning approval
1 live approvalMonteur sanitaire en verwarmingsinstallaties duaal (so)
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Of 9,537 companies in sector 43222 we hold annual accounts for 5,668. 4,500 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
Founded08-01-2020
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0740907378
Registered
28-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.