TISTE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-06-2026 PDF all 10 filings
Turnover
≈ €140,000
Estimated: probably between €57,000 and €220,000
Total assets
€356,374▼ 2.2%
2024 · €364,251
Net result
-€7,360▼ 1,305%
2024 · -€524
Working capital
-€3,854
2024 · €9,333
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€109
2025
20182025
Net result
-€7,360
▼ 1,305%
2025
lowest quarter of the sector
20182025
Equity
€133,861
▼ 5.2%
2025
middle half of the sector
20182025
Total assets
€356,374
▼ 2.2%
2025
middle half of the sector
20182025
Debt
€222,514
▼ 0.2%
2025
20182025
Working capital
-€3,854
2025
middle half of the sector
20182025
Solvency
37.6%
▼ 1.2pp
2025
middle half of the sector
20182025
Current ratio
0.92
▼ 0.36
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.1%
▼ 1.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€4,295-€8,007▲ 86.4%€31,076▲ 288%-€23,094€18,146€12,543▼ 30.9%€4,619▼ 63.2%-€109
Net result-€5,848--€1,786▲ 69.5%€16,829within the sector's middle half-€6,458below the sector's middle half€7,416within the sector's middle half€2,174within the sector's middle half▼ 70.7%-€524within the sector's middle half-€7,360below the sector's middle half▼ 1,305%
Equity€133,570-€131,784▼ 1.3%€138,612within the sector's middle half▲ 5.2%€132,155within the sector's middle half▼ 4.7%€139,570within the sector's middle half▲ 5.6%€141,744within the sector's middle half▲ 1.6%€141,220within the sector's middle half▼ 0.4%€133,861within the sector's middle half▼ 5.2%
Total assets€324,006-€308,463▼ 4.8%€322,712within the sector's middle half▲ 4.6%€397,854within the sector's middle half▲ 23.3%€396,142within the sector's middle half▼ 0.4%€389,182within the sector's middle half▼ 1.8%€364,251within the sector's middle half▼ 6.4%€356,374within the sector's middle half▼ 2.2%
Debt€190,437-€176,679▼ 7.2%€184,100▲ 4.2%€265,699▲ 44.3%€256,572▼ 3.4%€247,438▼ 3.6%€223,030▼ 9.9%€222,514▼ 0.2%
Working capital€49,194-€53,067▲ 7.9%€56,788within the sector's middle half▲ 7.0%€51,421within the sector's middle half▼ 9.4%€26,108within the sector's middle half▼ 49.2%€244within the sector's middle half▼ 99.1%€9,333within the sector's middle half▲ 38×-€3,854within the sector's middle half
Solvency41.2%-42.7%▲ 1.5pp43.0%within the sector's middle half▲ 0.2pp33.2%within the sector's middle half▼ 9.7pp35.2%within the sector's middle half▲ 2.0pp36.4%within the sector's middle half▲ 1.2pp38.8%within the sector's middle half▲ 2.3pp37.6%within the sector's middle half▼ 1.2pp
Current ratio3.42-3.77▲ 0.352.50within the sector's middle half▼ 1.273.00within the sector's middle half▲ 0.501.76within the sector's middle half▼ 1.241.01within the sector's middle half▼ 0.751.28within the sector's middle half▲ 0.270.92within the sector's middle half▼ 0.36
Return on assets (ROA)-1.8%--0.6%▲ 1.2pp5.2%within the sector's middle half▲ 5.8pp-1.6%below the sector's middle half▼ 6.8pp1.9%within the sector's middle half▲ 3.5pp0.6%within the sector's middle half▼ 1.3pp-0.1%below the sector's middle half▼ 0.7pp-2.1%below the sector's middle half▼ 1.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €109, after a profit of €4,619 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €356,374
Fixed assets
€312,499 ▼ 2.8%
Current assets
€43,875 ▲ 2.3%
Equity and liabilities €356,374
Equity
€133,861 ▼ 5.2%
Debt
€222,514 ▼ 0.2%
Debt's share of the balance-sheet total rises from 61.2% to 62.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€18,082▼
2024 · €22,658
Cash flow
€10,832▼
2024 · €17,515
Quick ratio
0.92▼
2024 · 1.27
Debt to equity
1.66▲
2024 · 1.58
ROE
-5.5%▼
2024 · -0.4%
Interest coverage
2.69▼
2024 · 3.09
Debt ≤ 1 year
€47,729▲
2024 · €33,561
Debt > 1 year
€172,717▼
2024 · €186,627
Income taxes
€692▼
2024 · €3,367
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €254,672 | €238,492 | - | - | - |
| Mortgages, amount registered | €60,000 | €60,000 | - | - | - |
| Mortgage mandates | €288,000 | €288,000 | - | - | - |
| Carrying value of the mortgaged assets | €259,810 | €278,080 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €112,575 | €30,971 | €29,719 | €1,189 | €9,333 |
| Depreciation and write-downs of the year | €19,904 | €16,186 | €19,244 | €18,039 | €18,191 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,317 | €19,471 | €19,548 | €19,904 | €16,186 | €19,244 | €18,039 | €18,191 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €2,313 | €3,672 | €3,834 | €4,902 | €3,673 | ▼ 25.1% |
| Non-recurring operating charges66A | - | - | - | €16,940 | - | - | - | - | - |
| Gross operating margin9900 | €25,814 | €29,596 | €52,556 | €16,062 | €38,005 | €35,620 | €27,560 | €21,755 | ▼ 21.1% |
| Operating profit (loss)9901 | €4,295 | €8,007 | €31,076 | -€23,094 | €18,146 | €12,543 | €4,619 | -€109 | - |
| Financial income75/76B | - | - | - | €26,019 | €1,206 | €200 | €5,564 | €157 | ▼ 97.2% |
| Recurring financial income75 | €1,392 | €1,780 | €2,539 | €26,019 | €1,206 | €200 | €5,564 | €157 | ▼ 97.2% |
| Financial charges65/66B | - | - | - | €8,961 | €7,755 | €7,752 | €7,339 | €6,717 | ▼ 8.5% |
| Recurring financial charges65 | €10,454 | €9,750 | €9,171 | €8,961 | €7,755 | €7,752 | €7,339 | €6,717 | ▼ 8.5% |
| Profit (loss) for the period before taxes9903 | -€4,767 | €38 | €24,444 | -€6,036 | €11,597 | €4,990 | €2,843 | -€6,668 | - |
| Income taxes67/77 | €1,081 | €1,824 | €7,615 | €421 | €4,182 | €2,817 | €3,367 | €692 | ▼ 79.5% |
| Profit (loss) for the period9904 | -€5,848 | -€1,786 | €16,829 | -€6,458 | €7,416 | €2,174 | -€524 | -€7,360 | ▼ 1,305% |
| Profit (loss) for the period to be appropriated9905 | -€5,916 | -€1,855 | €16,829 | -€6,458 | €7,416 | €2,174 | -€524 | -€7,360 | ▼ 1,305% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €324,006 | €308,463 | €322,712 | €397,854 | €396,142 | €389,182 | €364,251 | €356,374 | ▼ 2.2% |
| Fixed assets21/28 | €254,485 | €236,244 | €228,058 | €320,730 | €335,515 | €345,990 | €321,357 | €312,499 | ▼ 2.8% |
| Tangible fixed assets22/27 | €245,185 | €226,944 | €218,758 | €311,430 | €326,215 | €336,690 | €312,057 | €303,199 | ▼ 2.8% |
| Land and buildings22 | - | - | - | €259,810 | €258,796 | €248,347 | €240,290 | €241,503 | ▲ 0.5% |
| Plant, machinery and equipment23 | - | - | - | €186 | €78 | - | €985 | €589 | ▼ 40.2% |
| Furniture and vehicles24 | - | - | - | €24,893 | €41,511 | €49,725 | €32,877 | €23,914 | ▼ 27.3% |
| Other tangible fixed assets26 | - | - | - | €26,541 | €25,829 | €38,617 | €37,906 | €37,194 | ▼ 1.9% |
| Financial fixed assets28 | €9,300 | €9,300 | €9,300 | €9,300 | €9,300 | €9,300 | €9,300 | €9,300 | = |
| Current assets29/58 | €69,521 | €72,219 | €94,654 | €77,124 | €60,628 | €43,192 | €42,894 | €43,875 | ▲ 2.3% |
| Amounts receivable after more than one year29 | - | - | - | €11,365 | €10,382 | €9,378 | €8,356 | €7,313 | ▼ 12.5% |
| Other amounts receivable291 | - | - | - | €11,365 | €10,382 | €9,378 | €8,356 | €7,313 | ▼ 12.5% |
| Stocks and contracts in progress3 | €1,034 | €1,034 | €1,034 | €315 | €263 | €200 | €138 | €138 | = |
| Stocks30/36 | - | - | - | €315 | €263 | €200 | €138 | €138 | = |
| Amounts receivable within one year40/41 | €44,996 | €35,760 | €42,357 | €27,720 | €39,135 | €13,771 | €13,000 | €14,344 | ▲ 10.3% |
| Trade receivables40 | - | - | - | €13,103 | €34,248 | €13,000 | €13,000 | €14,344 | ▲ 10.3% |
| Other amounts receivable41 | - | - | - | €14,617 | €4,888 | €771 | - | - | - |
| Cash at bank and in hand54/58 | €8,086 | €20,523 | €36,669 | €35,162 | €8,583 | €17,995 | €18,506 | €22,081 | ▲ 19.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,563 | €2,266 | €1,848 | €2,895 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €324,006 | €308,463 | €322,712 | €397,854 | €396,142 | €389,182 | €364,251 | €356,374 | ▼ 2.2% |
| Equity10/15 | €133,570 | €131,784 | €138,612 | €132,155 | €139,570 | €141,744 | €141,220 | €133,861 | ▼ 5.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €118,247 | €118,316 | €118,316 | €118,316 | €120,970 | €123,144 | €123,144 | €123,144 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €456 | €456 | €456 | €456 | €456 | = |
| Distributable reserves133 | - | - | - | €116,000 | €118,654 | €120,828 | €120,828 | €120,828 | = |
| Profit (loss) carried forward14 | -€3,277 | -€5,133 | €1,696 | -€4,762 | €0 | - | -€524 | -€7,883 | ▼ 1,405% |
| Amounts payable17/49 | €190,437 | €176,679 | €184,100 | €265,699 | €256,572 | €247,438 | €223,030 | €222,514 | ▼ 0.2% |
| Amounts payable after more than one year17 | €170,109 | €157,527 | €146,234 | €238,492 | €221,771 | €204,490 | €186,627 | €172,717 | ▼ 7.5% |
| Financial debts170/4 | - | - | - | €238,492 | €221,771 | €204,490 | €186,627 | €172,717 | ▼ 7.5% |
| Amounts payable within one year42/48 | €20,327 | €19,152 | €37,866 | €25,703 | €34,520 | €42,949 | €33,561 | €47,729 | ▲ 42.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,181 | €16,721 | €26,781 | €20,956 | €28,936 | ▲ 38.1% |
| Trade debts44 | €2,534 | €886 | €2,665 | €1,487 | €7,478 | €3,788 | €1,862 | €69 | ▼ 96.3% |
| Suppliers440/4 | - | - | - | €1,487 | €7,478 | €3,788 | €1,862 | €69 | ▼ 96.3% |
| Taxes, remuneration and social security45 | - | - | - | €5,035 | €7,321 | €12,243 | €3,041 | €3,919 | ▲ 28.9% |
| Taxes450/3 | - | - | - | €5,035 | €7,321 | €12,243 | €3,041 | €3,919 | ▲ 28.9% |
| Other amounts payable47/48 | - | - | - | €3,000 | €3,000 | €136 | €7,701 | €14,806 | ▲ 92.2% |
| Accrued charges and deferred income492/3 | - | - | - | €1,505 | €281 | - | €2,843 | €2,068 | ▼ 27.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,848 | -€1,786 | €16,829 | -€6,458 | €7,416 | €2,174 | -€524 | -€7,360 | ▼ 1,305% |
| + Depreciation and write-downs630 | €19,317 | €19,471 | €19,548 | €19,904 | €16,186 | €19,244 | €18,039 | €18,191 | ▲ 0.8% |
| Operating cash flow (approximation) | €13,469 | €17,685 | €36,377 | €13,446 | €23,602 | €21,417 | €17,515 | €10,832 | ▼ 38.2% |
| Investment in fixed assets (approximation) | - | -€1,230 | -€11,362 | -€112,575 | -€30,971 | -€29,719 | €6,593 | -€9,333 | - |
| Change in cash | - | €12,437 | €16,146 | -€1,507 | -€26,579 | €9,413 | €510 | €3,575 | ▲ 601% |
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, 6,908 companies had the same profile as TISTE has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TISTE itself: 0.2% 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 6,908 companies, not a prediction for TISTE. 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 | abbreviated format | 03-06-2026 | 2026-00134824 | |
| 31-12-2024 | abbreviated format | 28-07-2025 | 2025-00313948 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00187134 | |
| 31-12-2022 | abbreviated format | 18-08-2023 | 2023-00334446 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20082190 | |
| 31-12-2020 | abbreviated format | 24-06-2021 | 2021-24300588 | |
| 31-12-2019 | abbreviated format | 30-08-2020 | 2020-48600070 | |
| 31-12-2018 | abbreviated format | 28-08-2019 | 2019-54300061 | |
| 31-12-2017 | abbreviated format | 16-08-2018 | 2018-45800601 | |
| 31-12-2016 | abbreviated format | 03-08-2017 | 2017-40300192 |