TDGC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-06-2026 PDF all 10 filings
Turnover
≈ €240,000
Estimated: probably between €180,000 and €320,000
Total assets
€1.6m▼ 4.5%
2024 · €1.7m
Net result
€42,099▲ 24.7%
2024 · €33,769
Working capital
-€828,227▼ 3.5%
2024 · -€800,472
In the rankings
#10 company by total assets in Esneux, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€71,588
▲ 28.7%
2025
20182025
Net result
€42,099
▲ 24.7%
2025
highest quarter of the sector
20182025
Equity
€167,020
▲ 33.7%
2025
middle half of the sector
20182025
Total assets
€1.6m
▼ 4.5%
2025
highest quarter of the sector
20182025
Debt
€1.4m
▼ 7.6%
2025
20182025
Working capital
-€828,227
▼ 3.5%
2025
lowest quarter of the sector
20182025
Solvency
10.5%
▲ 3.0pp
2025
middle half of the sector
20182025
Current ratio
0.03
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.6%
▲ 0.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.009m-€0.001m€0.02m▲ 27×€0.08m▲ 244%€0.02m▼ 71.3%€0.03m▲ 16.4%€0.06m▲ 120%€0.07m▲ 28.7%
Net result-€0.02m--€0.01m▲ 38.9%€0.003mwithin the sector's middle half€0.06mabove the sector's middle half▲ 17×€0.003mwithin the sector's middle half▼ 95.5%€0.005mwithin the sector's middle half▲ 90.0%€0.03mabove the sector's middle half▲ 564%€0.04mabove the sector's middle half▲ 24.7%
Equity€0.004m-€0.02m▲ 404%€0.02mwithin the sector's middle half▲ 16.7%€0.08mwithin the sector's middle half▲ 244%€0.09mwithin the sector's middle half▲ 3.2%€0.09mwithin the sector's middle half▲ 5.9%€0.1mwithin the sector's middle half▲ 37.0%€0.2mwithin the sector's middle half▲ 33.7%
Total assets€1.1m-€1.3m▲ 23.6%€1.4mabove the sector's middle half▲ 4.5%€1.6mabove the sector's middle half▲ 18.7%€1.8mabove the sector's middle half▲ 8.6%€1.7mabove the sector's middle half▼ 1.0%€1.7mabove the sector's middle half▼ 4.3%€1.6mabove the sector's middle half▼ 4.5%
Debt€1.1m-€1.3m▲ 22.2%€1.3m▲ 4.3%€1.5m▲ 14.6%€1.7m▲ 8.9%€1.6m▼ 1.3%€1.5m▼ 6.5%€1.4m▼ 7.6%
Working capital-€0.3m--€0.4m▼ 32.8%-€0.5mbelow the sector's middle half▼ 16.0%-€0.5mbelow the sector's middle half▼ 9.3%-€0.7mbelow the sector's middle half▼ 27.2%-€0.8mbelow the sector's middle half▼ 16.8%-€0.8mbelow the sector's middle half▼ 3.6%-€0.8mbelow the sector's middle half▼ 3.5%
Solvency0.4%-1.6%▲ 1.2pp1.8%below the sector's middle half▲ 0.2pp5.2%below the sector's middle half▲ 3.4pp4.9%below the sector's middle half▼ 0.3pp5.2%within the sector's middle half▲ 0.3pp7.5%within the sector's middle half▲ 2.3pp10.5%within the sector's middle half▲ 3.0pp
Current ratio0.11-0.04▼ 0.080.05below the sector's middle half▲ 0.020.18below the sector's middle half▲ 0.130.07below the sector's middle half▼ 0.120.03below the sector's middle half▼ 0.040.03below the sector's middle half=0.03below the sector's middle half=
Return on assets (ROA)-2.1%--1.0%▲ 1.0pp0.3%within the sector's middle half▲ 1.3pp3.7%within the sector's middle half▲ 3.4pp0.2%within the sector's middle half▼ 3.5pp0.3%within the sector's middle half▲ 0.1pp2.0%within the sector's middle half▲ 1.7pp2.6%within the sector's middle half▲ 0.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 29% higher than in 2024. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.6m ▼ 4.7%
Current assets
€29,015 ▲ 8.9%
Equity and liabilities €1.6m
Equity
€167,020 ▲ 33.7%
Debt
€1.4m ▼ 7.6%
Debt's share of the balance-sheet total falls from 92.5% to 89.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€148,541▲
2024 · €132,890
Cash flow
€119,051▲
2024 · €111,026
Debt to equity
8.53▼
2024 · 12.34
ROE
25.2%▼
2024 · 27.0%
Interest coverage
9.93▲
2024 · 7.48
Debt ≤ 1 year
€857,242▲
2024 · €827,109
Debt > 1 year
€565,249▼
2024 · €710,091
Income taxes
€14,541▲
2024 · €4,101
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €1.5m | €1.5m | €1.5m | €1.5m |
| Carrying value of the mortgaged assets | €1.7m | €1.7m | €1.6m | €1.7m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €282,131 | €82,815 | - | - |
| Depreciation and write-downs of the year | €70,334 | €75,497 | €77,256 | €76,953 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €1,350 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,261 | €45,838 | €48,170 | €60,211 | €70,334 | €75,497 | €77,256 | €76,953 | ▼ 0.4% |
| Other operating charges640/8 | - | - | - | - | €12,526 | €13,152 | €14,920 | €13,367 | ▼ 10.4% |
| Non-recurring operating charges66A | - | - | - | - | €2,398 | €0 | - | - | - |
| Gross operating margin9900 | €21,541 | €56,898 | €80,686 | €146,922 | €106,945 | €113,890 | €147,810 | €161,908 | ▲ 9.5% |
| Operating profit (loss)9901 | -€9,336 | €803 | €21,947 | €75,515 | €21,686 | €25,241 | €55,634 | €71,588 | ▲ 28.7% |
| Financial income75/76B | - | - | - | - | €118 | €9 | €0 | €11 | ▲ 535× |
| Recurring financial income75 | €68 | €52 | €0 | €176 | €118 | €9 | €0 | €11 | ▲ 535× |
| Financial charges65/66B | - | - | - | - | €19,129 | €20,164 | €17,763 | €14,959 | ▼ 15.8% |
| Recurring financial charges65 | €12,559 | €14,190 | €18,487 | €16,549 | €19,129 | €20,164 | €17,763 | €14,959 | ▼ 15.8% |
| Profit (loss) for the period before taxes9903 | -€21,826 | -€13,336 | €3,460 | €59,142 | €2,676 | €5,086 | €37,871 | €56,640 | ▲ 49.6% |
| Income taxes67/77 | €4 | - | -€4 | - | - | €3 | €4,101 | €14,541 | ▲ 255% |
| Profit (loss) for the period9904 | -€21,830 | -€13,336 | €3,464 | €59,142 | €2,676 | €5,083 | €33,769 | €42,099 | ▲ 24.7% |
| Profit (loss) for the period to be appropriated9905 | -€21,830 | -€13,336 | €3,464 | €59,142 | €2,676 | €5,083 | €33,769 | €42,099 | ▲ 24.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.3m | €1.4m | €1.6m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 4.5% |
| Fixed assets21/28 | €1.0m | €1.3m | €1.3m | €1.5m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 4.7% |
| Tangible fixed assets22/27 | €1.0m | €1.3m | €1.3m | €1.5m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 4.7% |
| Land and buildings22 | - | - | - | - | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 4.7% |
| Furniture and vehicles24 | - | - | - | - | €0.001m | €304 | €0 | - | - |
| Financial fixed assets28 | €0.004m | €0.004m | €0.004m | - | - | - | - | - | - |
| Current assets29/58 | €0.04m | €0.02m | €0.03m | €0.1m | €0.05m | €0.02m | €0.03m | €0.03m | ▲ 8.9% |
| Amounts receivable within one year40/41 | €0.03m | - | €0.001m | €0.04m | €0.01m | €95 | €0.001m | - | - |
| Trade receivables40 | - | - | - | - | €0.01m | €95 | €0.001m | - | - |
| Other amounts receivable41 | - | - | - | - | €0 | - | - | - | - |
| Current investments50/53 | €1 | €9 | €9 | €0.05m | €0.003m | €1 | €1 | €1 | = |
| Cash at bank and in hand54/58 | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 11.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.01m | €0.007m | €0.008m | €0.009m | ▲ 17.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.3m | €1.4m | €1.6m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 4.5% |
| Equity10/15 | €0.004m | €0.02m | €0.02m | €0.08m | €0.09m | €0.09m | €0.1m | €0.2m | ▲ 33.7% |
| Contributions10/11 | €0.05m | €0.08m | - | - | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Profit (loss) carried forward14 | -€0.04m | -€0.05m | -€0.05m | €0.008m | €0.01m | €0.02m | €0.05m | €0.09m | ▲ 84.3% |
| Amounts payable17/49 | €1.1m | €1.3m | €1.3m | €1.5m | €1.7m | €1.6m | €1.5m | €1.4m | ▼ 7.6% |
| Amounts payable after more than one year17 | €0.7m | €0.9m | €0.8m | €0.9m | €1.0m | €0.9m | €0.7m | €0.6m | ▼ 20.4% |
| Financial debts170/4 | - | - | - | - | €0.9m | €0.8m | €0.7m | €0.5m | ▼ 20.9% |
| Other amounts payable178/9 | - | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable within one year42/48 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 3.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.9% |
| Trade debts44 | €0.001m | €0.01m | €0.002m | €0.005m | €0.005m | €0.004m | €0.001m | €0.002m | ▲ 67.0% |
| Suppliers440/4 | - | - | - | - | €0.005m | €0.004m | €0.001m | €0.002m | ▲ 67.0% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.002m | €0 | €0.004m | €0.005m | ▲ 20.5% |
| Taxes450/3 | - | - | - | - | €0.002m | €0 | €0.004m | €0.005m | ▲ 20.5% |
| Other amounts payable47/48 | - | - | - | - | €0.6m | €0.7m | €0.7m | €0.7m | ▲ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.004m | €0.001m | €0.004m | €0.002m | ▼ 44.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,830 | -€13,336 | €3,464 | €59,142 | €2,676 | €5,083 | €33,769 | €42,099 | ▲ 24.7% |
| + Depreciation and write-downs630 | €23,261 | €45,838 | €48,170 | €60,211 | €70,334 | €75,497 | €77,256 | €76,953 | ▼ 0.4% |
| Operating cash flow (approximation) | €1,431 | €32,503 | €51,634 | €119,353 | €73,010 | €80,581 | €111,026 | €119,051 | ▲ 7.2% |
| Investment in fixed assets (approximation) | - | -€319,780 | -€94,793 | -€226,343 | -€277,254 | -€82,815 | €0 | €0 | - |
| Change in cash | - | €2,150 | €11,235 | -€3,783 | €3,121 | -€6,762 | €1,917 | €2,047 | ▲ 6.7% |
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, 4,107 companies had the same profile as TDGC has now. Two years later, 98.0% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
98.0%
was still going
0.9%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TDGC itself: 0.1% 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 4,107 companies, not a prediction for TDGC. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-06-2026 | 2026-00137049 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00353826 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00327719 | |
| 31-12-2022 | micro format | 28-02-2023 | 2023-00035522 | |
| 31-12-2021 | micro format | 07-03-2022 | 2022-07200510 | |
| 31-12-2020 | micro format | 12-05-2021 | 2021-14100148 | |
| 31-12-2019 | micro format | 21-04-2020 | 2020-09700350 | |
| 31-12-2018 | micro format | 15-05-2019 | 2019-13400188 | |
| 31-12-2017 | micro format | 15-06-2018 | 2018-19600137 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-60100364 |