TCS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 6 filings
Equity
€35,778▼ 30.7%
2024 · €51,638
Total assets
€40,836▼ 45.0%
2024 · €74,302
Net result
-€15,860▲ 65.9%
2024 · -€46,551
Working capital
€32,314▼ 24.2%
2024 · €42,623
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€14,823
▲ 67.1%
2025
20202025
Net result
-€15,860
▲ 65.9%
2025
lowest quarter of the sector
20202025
Equity
€35,778
▼ 30.7%
2025
middle half of the sector
20202025
Total assets
€40,836
▼ 45.0%
2025
lowest quarter of the sector
20202025
Debt
€5,058
▼ 77.7%
2025
20202025
Working capital
€32,314
▼ 24.2%
2025
middle half of the sector
20202025
Solvency
87.6%
▲ 18.1pp
2025
highest quarter of the sector
20202025
Current ratio
26.22
▲ 23.34
2025
highest quarter of the sector
20202025
Return on assets (ROA)
-38.8%
▲ 23.8pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€78,613-€12,645▼ 83.9%€41,719▲ 230%€96,582▲ 132%-€45,007-€14,823▲ 67.1%
Net result€53,381above the sector's middle half-€6,671within the sector's middle half▼ 87.5%€30,142within the sector's middle half▲ 352%€72,996above the sector's middle half▲ 142%-€46,551below the sector's middle half-€15,860below the sector's middle half▲ 65.9%
Equity€53,381within the sector's middle half-€60,052within the sector's middle half▲ 12.5%€60,193within the sector's middle half▲ 0.2%€98,189within the sector's middle half▲ 63.1%€51,638within the sector's middle half▼ 47.4%€35,778within the sector's middle half▼ 30.7%
Total assets€86,322within the sector's middle half-€95,896within the sector's middle half▲ 11.1%€108,717within the sector's middle half▲ 13.4%€163,328within the sector's middle half▲ 50.2%€74,302within the sector's middle half▼ 54.5%€40,836below the sector's middle half▼ 45.0%
Debt€32,941-€35,844▲ 8.8%€48,524▲ 35.4%€65,138▲ 34.2%€22,664▼ 65.2%€5,058▼ 77.7%
Working capital€48,118within the sector's middle half-€53,027within the sector's middle half▲ 10.2%€52,628within the sector's middle half▼ 0.8%€92,226within the sector's middle half▲ 75.2%€42,623within the sector's middle half▼ 53.8%€32,314within the sector's middle half▼ 24.2%
Solvency61.8%within the sector's middle half-62.6%within the sector's middle half▲ 0.8pp55.4%within the sector's middle half▼ 7.3pp60.1%within the sector's middle half▲ 4.8pp69.5%within the sector's middle half▲ 9.4pp87.6%above the sector's middle half▲ 18.1pp
Current ratio2.46within the sector's middle half-2.48within the sector's middle half▲ 0.022.08within the sector's middle half▼ 0.392.42within the sector's middle half▲ 0.332.88within the sector's middle half▲ 0.4626.22above the sector's middle half▲ 23.34
Return on assets (ROA)61.8%above the sector's middle half-7.0%within the sector's middle half▼ 54.9pp27.7%above the sector's middle half▲ 20.8pp44.7%above the sector's middle half▲ 17.0pp-62.7%below the sector's middle half▼ 107.3pp-38.8%below the sector's middle half▲ 23.8pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €14,823, smaller than the loss of €45,007 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €40,836
Fixed assets
€7,241 ▼ 19.7%
Current assets
€33,595 ▼ 48.5%
Equity and liabilities €40,836
Equity
€35,778 ▼ 30.7%
Debt
€5,058 ▼ 77.7%
Debt's share of the balance-sheet total falls from 30.5% to 12.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€13,049▲
2024 · -€43,558
Cash flow
-€14,086▲
2024 · -€45,103
Debt to equity
0.14▼
2024 · 0.44
ROE
-44.3%▲
2024 · -90.1%
Interest coverage
-28.85▲
2024 · -37.43
Debt ≤ 1 year
€1,281▼
2024 · €22,664
Income taxes
€585▲
2024 · €381
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,851 | €2,056 | - | €4,500 | - |
| Depreciation and write-downs of the year | €1,089 | €1,516 | €1,602 | €1,448 | €1,774 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €89 awarded · €89 paidAnnual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,104 | €1,089 | €1,516 | €1,602 | €1,448 | €1,774 | ▲ 22.5% |
| Other operating charges640/8 | - | €2,054 | €2,060 | €2,213 | €3,806 | €1,960 | ▼ 48.5% |
| Gross operating margin9900 | €80,390 | €15,788 | €45,295 | €100,396 | -€39,752 | -€11,089 | ▲ 72.1% |
| Operating profit (loss)9901 | €78,613 | €12,645 | €41,719 | €96,582 | -€45,007 | -€14,823 | ▲ 67.1% |
| Financial income75/76B | - | - | - | €0 | €0 | - | - |
| Recurring financial income75 | €187 | - | - | €0 | €0 | - | - |
| Financial charges65/66B | - | €1,388 | €1,442 | €1,496 | €1,164 | €452 | ▼ 61.1% |
| Recurring financial charges65 | €1,486 | €1,388 | €1,442 | €1,496 | €1,164 | €452 | ▼ 61.1% |
| Profit (loss) for the period before taxes9903 | €77,314 | €11,257 | €40,276 | €95,086 | -€46,170 | -€15,275 | ▲ 66.9% |
| Income taxes67/77 | €23,933 | €4,587 | €10,135 | €22,090 | €381 | €585 | ▲ 53.5% |
| Profit (loss) for the period9904 | €53,381 | €6,671 | €30,142 | €72,996 | -€46,551 | -€15,860 | ▲ 65.9% |
| Profit (loss) for the period to be appropriated9905 | €53,381 | €6,671 | €30,142 | €72,996 | -€46,551 | -€15,860 | ▲ 65.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €86,322 | €95,896 | €108,717 | €163,328 | €74,302 | €40,836 | ▼ 45.0% |
| Fixed assets21/28 | €5,263 | €7,025 | €7,565 | €5,964 | €9,015 | €7,241 | ▼ 19.7% |
| Tangible fixed assets22/27 | €1,956 | €3,718 | €4,258 | €2,657 | €5,708 | €3,934 | ▼ 31.1% |
| Plant, machinery and equipment23 | - | €1,656 | €1,538 | €1,105 | €673 | €240 | ▼ 64.3% |
| Furniture and vehicles24 | - | €2,063 | €2,720 | €1,551 | €5,036 | €3,694 | ▼ 26.6% |
| Financial fixed assets28 | €3,307 | €3,307 | €3,307 | €3,307 | €3,307 | €3,307 | = |
| Current assets29/58 | €81,059 | €88,870 | €101,152 | €157,364 | €65,287 | €33,595 | ▼ 48.5% |
| Amounts receivable after more than one year29 | - | €30,000 | - | - | - | - | - |
| Other amounts receivable291 | - | €30,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €2,444 | €76 | €71,484 | €85,444 | €45,891 | €33,424 | ▼ 27.2% |
| Trade receivables40 | - | - | - | €20,109 | €68 | €4,089 | ▲ 60× |
| Other amounts receivable41 | - | €76 | €71,484 | €65,335 | €45,823 | €29,336 | ▼ 36.0% |
| Cash at bank and in hand54/58 | €78,615 | €57,898 | €28,738 | €70,990 | €18,701 | €171 | ▼ 99.1% |
| Deferred charges and accrued income490/1 | - | €896 | €930 | €930 | €695 | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €86,322 | €95,896 | €108,717 | €163,328 | €74,302 | €40,836 | ▼ 45.0% |
| Equity10/15 | €53,381 | €60,052 | €60,193 | €98,189 | €51,638 | €35,778 | ▼ 30.7% |
| Reserves13 | €53,381 | €53,381 | €53,381 | €53,381 | €53,381 | €53,381 | = |
| Distributable reserves133 | - | €53,381 | €53,381 | €53,381 | €53,381 | €53,381 | = |
| Profit (loss) carried forward14 | - | €6,671 | €6,812 | €44,808 | -€1,743 | -€17,603 | ▼ 910% |
| Amounts payable17/49 | €32,941 | €35,844 | €48,524 | €65,138 | €22,664 | €5,058 | ▼ 77.7% |
| Amounts payable within one year42/48 | €32,941 | €35,844 | €48,524 | €65,138 | €22,664 | €1,281 | ▼ 94.3% |
| Trade debts44 | €1,121 | €1,055 | €47 | €1,309 | €193 | €316 | ▲ 63.9% |
| Suppliers440/4 | - | €1,055 | €47 | €1,309 | €193 | €316 | ▲ 63.9% |
| Taxes, remuneration and social security45 | - | €33,111 | €22,390 | €33,394 | €22,471 | €965 | ▼ 95.7% |
| Taxes450/3 | - | €33,111 | €22,390 | €33,394 | €22,471 | €965 | ▼ 95.7% |
| Other amounts payable47/48 | - | €1,678 | €26,087 | €30,435 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €3,777 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,381 | €6,671 | €30,142 | €72,996 | -€46,551 | -€15,860 | ▲ 65.9% |
| + Depreciation and write-downs630 | €1,104 | €1,089 | €1,516 | €1,602 | €1,448 | €1,774 | ▲ 22.5% |
| Operating cash flow (approximation) | €54,485 | €7,760 | €31,657 | €74,598 | -€45,103 | -€14,086 | ▲ 68.8% |
| Investment in fixed assets (approximation) | - | -€2,852 | -€2,056 | €0 | -€4,500 | €0 | - |
| Change in cash | - | -€20,717 | -€29,160 | €42,252 | -€52,289 | -€18,530 | ▲ 64.6% |
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, 3,591 companies had the same profile as TCS has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TCS itself: 1.0% 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 3,591 companies, not a prediction for TCS. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00156865 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00157259 | |
| 31-12-2023 | micro format | 02-07-2024 | 2024-00204940 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00162838 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20170682 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-34700513 |