TGDS
ActiveSummary
TGDS has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €53,911 and a net result of €2,018. Equity remains stable across the filed fiscal years (±1.6% per year). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-1
Solvency41▲+2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 2.08 against 1.23 in 2024; short-term debt: 1% and cash: 0% of total assets), but 84% of the assets are financed with debt.
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Signals
Six 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
16%
Return on assets
0.6%
Age of the figures
9 mo
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 €53,911
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-06-2026, 59 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
59 d early
2024
29 d early
2023
54 d early
2022
13 d early
2021
51 d early
2020
60 d early
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 25 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€53,911▲ 3.9%
2024 · €51,893
Total assets
€337,425▼ 6.2%
2024 · €359,729
Net result
€2,018▼ 34.0%
2024 · €3,056
Working capital
€3,811▲ 112%
2024 · €1,794
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€256▲ 82.5%€211-€5,834€3,098€2,802▼ 9.5%
Net result-€292▲ 80.2%€175-€5,876€3,056€2,018▼ 34.0%
Equity€54,538▼ 0.5%€54,714▲ 0.3%€48,837▼ 10.7%€51,893▲ 6.3%€53,911▲ 3.9%
Total assets€160,450▲ 10.5%€409,780▲ 155%€378,904▼ 7.5%€359,729▼ 5.1%€337,425▼ 6.2%
Debt€105,912▲ 17.2%€355,067▲ 235%€330,067▼ 7.0%€307,836▼ 6.7%€283,514▼ 7.9%
Working capital-€6,395-€6,015▲ 5.9%€8,807€1,794▼ 79.6%€3,811▲ 112%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 10% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €337,425
Fixed assets
€330,100 ▼ 5.7%
Current assets
€7,326 ▼ 23.9%
Equity and liabilities €337,425
Equity
€53,911 ▲ 3.9%
Debt
€283,514 ▼ 7.9%
Debt's share of the balance-sheet total falls from 85.6% to 84.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,801▼
2024 · €23,096
Cash flow
€22,017▼
2024 · €23,054
Current ratio
2.08▲
2024 · 1.23
Debt to equity
5.26▼
2024 · 5.93
ROE
3.7%▼
2024 · 5.9%
ROA
0.6%▼
2024 · 0.8%
Interest coverage
465.32▼
2024 · 549.91
Debt ≤ 1 year
€3,514▼
2024 · €7,836
Debt > 1 year
€280,000▼
2024 · €300,000
Income taxes
€735
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,972 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 3,972 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,488 | €17,788 | €21,615 | €19,999 | €19,999 | = |
| Other operating charges640/8 | €1,489 | €1,515 | €2,994 | €3,591 | €3,656 | ▲ 1.8% |
| Gross operating margin9900 | €6,721 | €19,514 | €18,775 | €26,687 | €26,457 | ▼ 0.9% |
| Operating profit (loss)9901 | -€256 | €211 | -€5,834 | €3,098 | €2,802 | ▼ 9.5% |
| Financial charges65/66B | €36 | €36 | €42 | €42 | €49 | ▲ 16.7% |
| Recurring financial charges65 | €36 | €36 | €42 | €42 | €49 | ▲ 16.7% |
| Profit (loss) for the period before taxes9903 | -€292 | €175 | -€5,876 | €3,056 | €2,753 | ▼ 9.9% |
| Income taxes67/77 | - | - | - | - | €735 | - |
| Profit (loss) for the period9904 | -€292 | €175 | -€5,876 | €3,056 | €2,018 | ▼ 34.0% |
| Profit (loss) for the period to be appropriated9905 | -€292 | €175 | -€5,876 | €3,056 | €2,018 | ▼ 34.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €160,450 | €409,780 | €378,904 | €359,729 | €337,425 | ▼ 6.2% |
| Fixed assets21/28 | €151,295 | €400,176 | €370,097 | €350,099 | €330,100 | ▼ 5.7% |
| Tangible fixed assets22/27 | €151,295 | €400,176 | €370,097 | €350,099 | €330,100 | ▼ 5.7% |
| Land and buildings22 | €151,295 | €400,176 | €370,097 | €350,099 | €330,100 | ▼ 5.7% |
| Current assets29/58 | €9,155 | €9,605 | €8,807 | €9,630 | €7,326 | ▼ 23.9% |
| Amounts receivable within one year40/41 | €7,300 | €7,300 | €7,300 | €7,300 | €7,300 | = |
| Other amounts receivable41 | €7,300 | €7,300 | €7,300 | €7,300 | €7,300 | = |
| Cash at bank and in hand54/58 | €1,855 | €2,305 | €1,507 | €2,330 | €26 | ▼ 98.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €160,450 | €409,780 | €378,904 | €359,729 | €337,425 | ▼ 6.2% |
| Equity10/15 | €54,538 | €54,714 | €48,837 | €51,893 | €53,911 | ▲ 3.9% |
| Contributions10/11 | €173,525 | €173,525 | €173,525 | €173,525 | €173,525 | = |
| Capital10 | €173,525 | €173,525 | €173,525 | €173,525 | €173,525 | = |
| Issued capital100 | €173,525 | €173,525 | €173,525 | €173,525 | €173,525 | = |
| Reserves13 | €600 | €600 | €600 | €600 | €600 | = |
| Non-distributable reserves130/1 | €600 | €600 | €600 | €600 | €600 | = |
| Legal reserve130 | €600 | €600 | €600 | €600 | €600 | = |
| Profit (loss) carried forward14 | -€119,587 | -€119,412 | -€125,288 | -€122,232 | -€120,214 | ▲ 1.7% |
| Amounts payable17/49 | €105,912 | €355,067 | €330,067 | €307,836 | €283,514 | ▼ 7.9% |
| Amounts payable after more than one year17 | €90,361 | €339,447 | €330,067 | €300,000 | €280,000 | ▼ 6.7% |
| Financial debts170/4 | €90,361 | €339,447 | €330,067 | €300,000 | €280,000 | ▼ 6.7% |
| Amounts payable within one year42/48 | €15,550 | €15,620 | €0 | €7,836 | €3,514 | ▼ 55.2% |
| Trade debts44 | €2,625 | €15,620 | €0 | €387 | €253 | ▼ 34.7% |
| Suppliers440/4 | €2,625 | €15,620 | €0 | €387 | €253 | ▼ 34.7% |
| Taxes, remuneration and social security45 | - | - | - | - | €735 | - |
| Taxes450/3 | - | - | - | - | €735 | - |
| Other amounts payable47/48 | €12,925 | - | - | €7,449 | €2,527 | ▼ 66.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€292 | €175 | -€5,876 | €3,056 | €2,018 | ▼ 34.0% |
| + Depreciation and write-downs630 | €5,488 | €17,788 | €21,615 | €19,999 | €19,999 | = |
| Operating cash flow (approximation) | €5,196 | €17,963 | €15,739 | €23,054 | €22,017 | ▼ 4.5% |
| Investment in fixed assets (approximation) | - | -€266,669 | €8,464 | €0 | €0 | - |
| Change in cash | - | €450 | -€798 | €824 | -€2,305 | ▼ 380% |
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
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €3,056
Net result €3,056 after one loss-making year.
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€5,876
Net result drops to -€5,876, the lowest in the series; recovery starts the following year.
18-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €175
Net result €175 after 4 loss-making years.
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
01-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
31-12
Financial
Liquidity quadruplescurrent ratio 16.56
Current ratio from 3.71 to 16.56; short-term debt falls from €2,234 to €778.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
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, Brasschaat · 1 establishment unit since 1999
Ground area
1,380 m²
Building footprint
197 m²
Volume, LiDAR
1,036 m³
Parcel 11322E0171/00M005, Flanders · tallest building 8.0 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Frilinglei 37, 2930 Brasschaat
since 19992.090.993.960
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11322E0171/00M005 | Flanders | 1,380 m² | 1 · 196 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPublic limited company
Founded21-01-1999
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0465310483
Registered
02-01-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.