TLC
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-04-2026 PDF all 29 filings
Turnover
€38,582▼ 26.9%
2024 · €52,800
EBIT margin
31.7%▼ 18.1pp
2024 · 49.8%
Net result
€16,732▼ 37.6%
2024 · €26,820
Working capital
€302,581▲ 5.9%
2024 · €285,840
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€38,582
▼ 26.9%
2025
20192025
Operating result
€12,222
▼ 53.5%
2025
20192025
Net result
€16,732
▼ 37.6%
2025
middle half of the sector
20192025
EBIT margin
31.7%
▼ 18.1pp
2025
20192025
Equity
€302,332
▲ 5.9%
2025
middle half of the sector
20192025
Total assets
€319,541
▲ 4.4%
2025
lowest quarter of the sector
20192025
Debt
€17,208
▼ 16.4%
2025
20192025
Working capital
€302,581
▲ 5.9%
2025
middle half of the sector
20192025
Solvency
94.6%
▲ 1.3pp
2025
highest quarter of the sector
20192025
Current ratio
18.89
▲ 3.81
2025
highest quarter of the sector
20192025
Return on assets (ROA)
5.2%
▼ 3.5pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€47,246-€55,609▲ 17.7%€58,282▲ 4.8%€52,800▼ 9.4%€52,800=€52,800=€38,582▼ 26.9%
Operating result€27,528-€30,515▲ 10.9%€32,819▲ 7.6%€29,977▼ 8.7%€24,571▼ 18.0%€26,276▲ 6.9%€12,222▼ 53.5%
Net result€24,956-€28,276within the sector's middle half▲ 13.3%€32,633within the sector's middle half▲ 15.4%€30,751within the sector's middle half▼ 5.8%€24,757within the sector's middle half▼ 19.5%€26,820within the sector's middle half▲ 8.3%€16,732within the sector's middle half▼ 37.6%
EBIT margin58.3%-54.9%▼ 3.4pp56.3%▲ 1.4pp56.8%▲ 0.5pp46.5%▼ 10.2pp49.8%▲ 3.2pp31.7%▼ 18.1pp
Equity€172,863-€193,639above the sector's middle half▲ 12.0%€219,772above the sector's middle half▲ 13.5%€244,023above the sector's middle half▲ 11.0%€263,780above the sector's middle half▲ 8.1%€285,600above the sector's middle half▲ 8.3%€302,332within the sector's middle half▲ 5.9%
Total assets€205,409-€224,154within the sector's middle half▲ 9.1%€250,081within the sector's middle half▲ 11.6%€271,824within the sector's middle half▲ 8.7%€285,196above the sector's middle half▲ 4.9%€306,179above the sector's middle half▲ 7.4%€319,541below the sector's middle half▲ 4.4%
Debt€32,546-€30,515▼ 6.2%€30,309▼ 0.7%€27,801▼ 8.3%€21,415▼ 23.0%€20,579▼ 3.9%€17,208▼ 16.4%
Working capital€172,405-€194,144above the sector's middle half▲ 12.6%€219,381above the sector's middle half▲ 13.0%€244,321above the sector's middle half▲ 11.4%€263,730above the sector's middle half▲ 7.9%€285,840above the sector's middle half▲ 8.4%€302,581within the sector's middle half▲ 5.9%
Solvency84.2%-86.4%above the sector's middle half▲ 2.2pp87.9%above the sector's middle half▲ 1.5pp89.8%above the sector's middle half▲ 1.9pp92.5%above the sector's middle half▲ 2.7pp93.3%above the sector's middle half▲ 0.8pp94.6%above the sector's middle half▲ 1.3pp
Current ratio6.42-7.63above the sector's middle half▲ 1.218.24above the sector's middle half▲ 0.619.90above the sector's middle half▲ 1.6613.32above the sector's middle half▲ 3.4215.09above the sector's middle half▲ 1.7718.89above the sector's middle half▲ 3.81
Return on assets (ROA)12.1%-12.6%within the sector's middle half▲ 0.5pp13.0%within the sector's middle half▲ 0.4pp11.3%within the sector's middle half▼ 1.7pp8.7%within the sector's middle half▼ 2.6pp8.8%within the sector's middle half▲ 0.1pp5.2%within the sector's middle half▼ 3.5pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 53% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €319,541
Fixed assets
€50 =
Current assets
€319,491 ▲ 4.4%
Equity and liabilities €319,541
Equity
€302,332 ▲ 5.9%
Debt
€17,208 ▼ 16.4%
Debt's share of the balance-sheet total falls from 6.7% to 5.4%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.06▼
2024 · 0.07
ROE
5.5%▼
2024 · 9.4%
Debt ≤ 1 year
€16,909▼
2024 · €20,289
Income taxes
€8,672▼
2024 · €10,843
Customer credit
55 days▲
2024 · 30 days
Supplier credit
25 days▲
2024 · 13 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €47,246 | €55,609 | €58,282 | €52,800 | €52,800 | €52,800 | €38,582 | ▼ 26.9% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €24,566 | €22,350 | €28,673 | €26,773 | €26,350 | ▼ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €530 | €475 | €341 | €341 | - | - | - | - |
| Other operating charges640/8 | - | - | €771 | €348 | €384 | €290 | €396 | ▲ 36.7% |
| Gross operating margin9900 | €28,405 | €31,356 | €33,932 | €30,666 | €24,956 | €26,566 | €12,618 | ▼ 52.5% |
| Operating profit (loss)9901 | €27,528 | €30,515 | €32,819 | €29,977 | €24,571 | €26,276 | €12,222 | ▼ 53.5% |
| Financial income75/76B | - | - | €9,941 | €10,052 | €11,721 | €11,503 | €13,297 | ▲ 15.6% |
| Recurring financial income75 | €6,327 | €7,666 | €9,941 | €10,052 | €11,721 | €11,503 | €13,297 | ▲ 15.6% |
| Financial charges65/66B | - | - | €97 | €108 | €597 | €116 | €115 | ▼ 0.8% |
| Recurring financial charges65 | €729 | €304 | €97 | €108 | €597 | €116 | €115 | ▼ 0.8% |
| Profit (loss) for the period before taxes9903 | €33,126 | €37,877 | €42,663 | €39,921 | €35,696 | €37,663 | €25,404 | ▼ 32.5% |
| Income taxes67/77 | €8,170 | €9,601 | €10,030 | €9,170 | €10,939 | €10,843 | €8,672 | ▼ 20.0% |
| Profit (loss) for the period9904 | €24,956 | €28,276 | €32,633 | €30,751 | €24,757 | €26,820 | €16,732 | ▼ 37.6% |
| Profit (loss) for the period to be appropriated9905 | €24,956 | €28,276 | €32,633 | €30,751 | €24,757 | €26,820 | €16,732 | ▼ 37.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €205,409 | €224,154 | €250,081 | €271,824 | €285,196 | €306,179 | €319,541 | ▲ 4.4% |
| Fixed assets21/28 | €1,208 | €733 | €391 | €50 | €50 | €50 | €50 | = |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,158 | €683 | €341 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €341 | - | - | - | - | - |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €204,201 | €223,421 | €249,690 | €271,774 | €285,146 | €306,129 | €319,491 | ▲ 4.4% |
| Amounts receivable after more than one year29 | - | - | €190,000 | €190,000 | €190,000 | €190,000 | €190,000 | = |
| Other amounts receivable291 | - | - | €190,000 | €190,000 | €190,000 | €190,000 | €190,000 | = |
| Amounts receivable within one year40/41 | €11,213 | €31,168 | €54,446 | €75,181 | €92,123 | €112,154 | €128,117 | ▲ 14.2% |
| Trade receivables40 | - | - | €5,210 | €5,601 | €5,046 | €4,400 | €5,821 | ▲ 32.3% |
| Other amounts receivable41 | - | - | €49,236 | €69,581 | €87,077 | €107,754 | €122,296 | ▲ 13.5% |
| Cash at bank and in hand54/58 | €2,988 | €2,253 | €5,244 | €6,593 | €2,790 | €3,668 | €1,066 | ▼ 70.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €232 | €308 | €308 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €205,409 | €224,154 | €250,081 | €271,824 | €285,196 | €306,179 | €319,541 | ▲ 4.4% |
| Equity10/15 | €172,863 | €193,639 | €219,772 | €244,023 | €263,780 | €285,600 | €302,332 | ▲ 5.9% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €26,616 | €48,436 | €65,168 | ▲ 34.5% |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | - | €24,757 | €46,577 | €63,309 | ▲ 35.9% |
| Profit (loss) carried forward14 | €164,804 | €185,580 | €211,713 | €235,964 | €230,964 | €230,964 | €230,964 | = |
| Amounts payable17/49 | €32,546 | €30,515 | €30,309 | €27,801 | €21,415 | €20,579 | €17,208 | ▼ 16.4% |
| Amounts payable within one year42/48 | €31,796 | €29,277 | €30,309 | €27,453 | €21,415 | €20,289 | €16,909 | ▼ 16.7% |
| Trade debts44 | €1,604 | €2,068 | €1,163 | €1,351 | €2,147 | €954 | €1,814 | ▲ 90.1% |
| Suppliers440/4 | - | - | €1,163 | €1,351 | €2,147 | €954 | €1,814 | ▲ 90.1% |
| Taxes, remuneration and social security45 | - | - | €22,645 | €19,603 | €14,268 | €14,335 | €15,096 | ▲ 5.3% |
| Taxes450/3 | - | - | €22,645 | €19,603 | €14,268 | €14,335 | €15,096 | ▲ 5.3% |
| Other amounts payable47/48 | - | - | €6,500 | €6,500 | €5,000 | €5,000 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €348 | - | €290 | €299 | ▲ 3.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,956 | €28,276 | €32,633 | €30,751 | €24,757 | €26,820 | €16,732 | ▼ 37.6% |
| + Depreciation and write-downs630 | €530 | €475 | €341 | €341 | - | - | - | - |
| Operating cash flow (approximation) | €25,485 | €28,751 | €32,975 | €31,093 | €24,757 | €26,820 | €16,732 | ▼ 37.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€735 | €2,991 | €1,349 | -€3,803 | €877 | -€2,602 | - |
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, 31,368 companies had the same profile as TLC has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TLC 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 31,368 companies, not a prediction for TLC. 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.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 30-04-2026 | 2026-00103666 | |
| 30-09-2024 | micro format | 29-04-2025 | 2025-00087562 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00081997 | |
| 30-09-2022 | micro format | 24-05-2023 | 2023-00098083 | |
| 30-09-2021 | micro format | 31-05-2022 | 2022-20046922 | |
| 30-09-2020 | micro format | 30-06-2021 | 2021-30100518 | |
| 30-09-2019 | micro format | 31-05-2020 | 2020-14000198 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-12300202 | |
| 30-09-2017 | micro format | 30-04-2018 | 2018-11700262 | |
| 30-09-2016 | full format | 30-06-2017 | 2017-26300361 |