TOLEMAIL
Judicial reorganisationSummary
The file of TOLEMAIL contains 3 judicial reorganisation notices, as published in the Belgian State Gazette. During the judicial reorganisation Checked does not compute a bankruptcy probability from the figures: of the Belgian companies that opened one in 2023 and 2024, about one in four went bankrupt within twelve months. The 2025 annual accounts show equity of €782,427 and a net result of €45,673. Equity is shrinking by ~11.9% per year across the filed fiscal years. Its solvency ranks better than 80% of 101 sector peers (fiscal year 2025).
Are you a creditor?
Judicial reorganisation
Source: Belgian Official Gazette
Your claim still exists, but while the moratorium runs you cannot enforce it. What you do now depends on the track of the reorganisation.
The procedure
- Court
- Enterprise Court of Walloon Brabant
- Opened
- 18 December 2023
- Track
- Reorganisation by transfer under court supervision
- Docket number
- 20230048
- Moratorium until
- 27 May 2024 (passed; an extension would be in a later judgment)
- Delegated judge
- Serge Sztencel
- Official Gazette
- 27-12-2023 (pdf) ↗search the document for 2023/148968
What to do now
- Do not attach assets or start enforcement for debts from before the opening while the moratorium runs.
- A court officer sells the business or part of it; creditors are paid from the proceeds, according to their ranking.
- What you deliver after the opening is not covered by the moratorium: agree clear payment terms.
- The file is in RegSol, where you can read the documents of the procedure.
Deadlines: the judgment sets how long the moratorium runs. That date is in RegSol and in the publication in the Official Gazette.
View the file in RegSol ↗
Watch
Follow this reorganisation: you are alerted to an extension, the court's approval, the closure or a bankruptcy.
General information, not legal advice. If in doubt, your lawyer or your accountant can help.Creditor guide for this company
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Checked score
Score 2025
44
/ 100
Weak
An ongoing judicial reorganisation from the Belgian State Gazette caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability74▲+2
Solvency94▼-6
Growth32=
Track record60
Credit verdict
No credit on open account during an ongoing judicial reorganisation
Liquidity ample (current ratio 3.03 against 3.98 in 2024; short-term debt: 29.7% and cash: 4.3% of total assets), and 30.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
1 d early
2023
15 d early
2022
1 d late
2021
10 d late
2020
1 d early
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 37% of the sector filed 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. Usually files around 1 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
What should you check before you do business with this company?Supplier due diligence What held for this company on a given day: board, seat, name?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Manufacture of electrical equipment sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
In the rankings
#4 company by equity in Walloon Brabant, Electrical equipment sector#4 oldest company in Walloon Brabant, Electrical equipment sector#6 company by total assets in Walloon Brabant, Electrical equipment sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€45,673▲ 83.0%
2024 · €24,954
Working capital
€679,295▲ 6.3%
2024 · €638,963
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 27, Manufacture of electrical equipment, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€23,925▼ 81.7%-€440,017-€812,302▼ 84.6%€32,119€48,507▲ 51.0%
Net result€4,665within the sector's middle half▼ 95.0%-€445,267below the sector's middle half-€842,064below the sector's middle half▼ 89.1%€24,954within the sector's middle half€45,673within the sector's middle half▲ 83.0%
Equity€2.0mwithin the sector's middle half▲ 0.2%€1.6mwithin the sector's middle half▼ 22.3%€711,801within the sector's middle half▼ 54.2%€736,755within the sector's middle half▲ 3.5%€782,427within the sector's middle half▲ 6.2%
Total assets€2.3mwithin the sector's middle half▼ 0.6%€1.9mwithin the sector's middle half▼ 20.8%€920,836below the sector's middle half▼ 50.3%€964,505below the sector's middle half▲ 4.7%€1.1mbelow the sector's middle half▲ 16.9%
Debt€335,691▼ 5.2%€293,500▼ 12.6%€205,069▼ 30.1%€223,784▲ 9.1%€340,644▲ 52.2%
Working capital€2.0mwithin the sector's middle half▲ 0.1%€1.6mwithin the sector's middle half▼ 22.0%€592,038within the sector's middle half▼ 62.0%€638,963within the sector's middle half▲ 7.9%€679,295within the sector's middle half▲ 6.3%
Solvency85.5%above the sector's middle half▲ 0.7pp83.9%above the sector's middle half▼ 1.5pp77.3%above the sector's middle half▼ 6.6pp76.4%above the sector's middle half▼ 0.9pp69.4%above the sector's middle half▼ 7.0pp
Current ratio7.21above the sector's middle half▲ 0.126.86above the sector's middle half▼ 0.354.02above the sector's middle half▼ 2.843.98above the sector's middle half▼ 0.043.03above the sector's middle half▼ 0.96
Return on assets (ROA)0.2%within the sector's middle half▼ 3.7pp-24.1%below the sector's middle half▼ 24.3pp-91.4%below the sector's middle half▼ 67.4pp2.6%within the sector's middle half▲ 94.0pp4.1%within the sector's middle half▲ 1.5pp
Staff (FTE)24.8within the sector's middle half▼ 5.0%22.4within the sector's middle half▼ 9.7%19.5within the sector's middle half▼ 12.9%18.4within the sector's middle half▼ 5.6%16.7within the sector's middle half▼ 9.2%
above
within
below
the middle half (P25 to P75) of NACE 27, Manufacture of electrical equipment, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 51% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€112,870 ▲ 1.3%
Current assets
€1.0m ▲ 18.9%
Equity and liabilities €1.1m
Equity
€782,427 ▲ 6.2%
Provisions
€3,966 =
Debt
€340,644 ▲ 52.2%
Debt's share of the balance-sheet total rises from 23.2% to 30.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€87,186▲
2024 · €63,388
Cash flow
€84,352▲
2024 · €56,224
Quick ratio
1.53▲
2024 · 1.51
Debt to equity
0.44▲
2024 · 0.30
ROE
5.8%▲
2024 · 3.4%
Interest coverage
12.76▲
2024 · 8.40
Debt ≤ 1 year
€334,872▲
2024 · €214,117
Debt > 1 year
€0▼
2024 · €3,695
Income taxes
€14▲
2024 · €4
Staff costs
€625,522▼
2024 · €677,469
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €5,374 | €2,624 | €92,117 | €3,018 | €92 | ▼ 96.9% |
| Remuneration, social security and pensions62 | €637,865 | €589,951 | €790,596 | €677,469 | €625,522 | ▼ 7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,255 | €9,398 | €16,859 | €31,269 | €38,679 | ▲ 23.7% |
| Other operating charges640/8 | €10,535 | €9,188 | €6,450 | €4,729 | €5,364 | ▲ 13.4% |
| Non-recurring operating charges66A | €9,550 | €7,325 | €2,318 | €134 | €1,337 | ▲ 899% |
| Gross operating margin9900 | €690,130 | €175,845 | €3,922 | €745,720 | €719,408 | ▼ 3.5% |
| Operating profit (loss)9901 | €23,925 | -€440,017 | -€812,302 | €32,119 | €48,507 | ▲ 51.0% |
| Financial income75/76B | €7,746 | €3,227 | €827 | €383 | €4,013 | ▲ 947% |
| Recurring financial income75 | €7,746 | €3,227 | €827 | €283 | €3,661 | ▲ 1,192% |
| Non-recurring financial income76B | - | - | - | €100 | €352 | ▲ 252% |
| Financial charges65/66B | €21,875 | €8,481 | €28,766 | €7,544 | €6,833 | ▼ 9.4% |
| Recurring financial charges65 | €21,875 | €8,481 | €7,224 | €7,544 | €6,833 | ▼ 9.4% |
| Non-recurring financial charges66B | - | - | €21,541 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €9,796 | -€445,271 | -€840,240 | €24,959 | €45,686 | ▲ 83.0% |
| Income taxes67/77 | €5,131 | -€4 | €1,824 | €4 | €14 | ▲ 209% |
| Profit (loss) for the period9904 | €4,665 | -€445,267 | -€842,064 | €24,954 | €45,673 | ▲ 83.0% |
| Profit (loss) for the period to be appropriated9905 | €4,665 | -€445,267 | -€842,064 | €24,954 | €45,673 | ▲ 83.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.3m | €1.9m | €920,836 | €964,505 | €1.1m | ▲ 16.9% |
| Fixed assets21/28 | €20,279 | €27,800 | €132,746 | €111,426 | €112,870 | ▲ 1.3% |
| Intangible fixed assets21 | - | - | €27,570 | €21,133 | €21,425 | ▲ 1.4% |
| Tangible fixed assets22/27 | €7,706 | €15,227 | €92,603 | €77,219 | €78,507 | ▲ 1.7% |
| Plant, machinery and equipment23 | - | - | €69,295 | €61,887 | €45,139 | ▼ 27.1% |
| Furniture and vehicles24 | €7,706 | €15,227 | €13,620 | €9,402 | €31,194 | ▲ 232% |
| Other tangible fixed assets26 | - | - | €9,687 | €5,930 | €2,173 | ▼ 63.4% |
| Financial fixed assets28 | €12,573 | €12,573 | €12,573 | €13,073 | €12,938 | ▼ 1.0% |
| Current assets29/58 | €2.3m | €1.8m | €788,090 | €853,080 | €1.0m | ▲ 18.9% |
| Amounts receivable after more than one year29 | €11,556 | - | - | - | - | - |
| Other amounts receivable291 | €11,556 | - | - | - | - | - |
| Stocks and contracts in progress3 | €921,735 | €784,977 | €447,723 | €530,201 | €503,020 | ▼ 5.1% |
| Stocks30/36 | €921,735 | €784,977 | €447,723 | €530,201 | €503,020 | ▼ 5.1% |
| Amounts receivable within one year40/41 | €467,791 | €398,785 | €104,746 | €293,932 | €458,826 | ▲ 56.1% |
| Trade receivables40 | €454,711 | €394,916 | €104,743 | €293,847 | €445,099 | ▲ 51.5% |
| Other amounts receivable41 | €13,080 | €3,869 | €3 | €85 | €13,727 | ▲ 16,041% |
| Cash at bank and in hand54/58 | €889,851 | €611,589 | €217,173 | €28,897 | €47,979 | ▲ 66.0% |
| Deferred charges and accrued income490/1 | €27,577 | €28,180 | €18,449 | €49 | €4,342 | ▲ 8,694% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.3m | €1.9m | €920,836 | €964,505 | €1.1m | ▲ 16.9% |
| Equity10/15 | €2.0m | €1.6m | €711,801 | €736,755 | €782,427 | ▲ 6.2% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €1.8m | €1.8m | €1.8m | €1.8m | €981,977 | ▼ 45.9% |
| Non-distributable reserves130/1 | €20,916 | €20,916 | €20,916 | €20,916 | €20,916 | = |
| Legal reserve130 | €20,900 | €20,900 | €20,900 | €20,900 | €20,900 | = |
| Other1319 | €16 | €16 | €16 | €16 | €16 | = |
| Tax-exempt reserves132 | €56,062 | €56,062 | €56,062 | €56,062 | €56,062 | = |
| Distributable reserves133 | €1.7m | €1.7m | €1.7m | €1.7m | €905,000 | ▼ 48.0% |
| Profit (loss) carried forward14 | €83,155 | -€362,112 | -€1.2m | -€1.2m | -€299,550 | ▲ 74.6% |
| Provisions and deferred taxes16 | €3,966 | €3,966 | €3,966 | €3,966 | €3,966 | = |
| Provisions for liabilities and charges160/5 | €3,966 | €3,966 | €3,966 | €3,966 | €3,966 | = |
| Pensions and similar obligations160 | €3,966 | €3,966 | €3,966 | €3,966 | €3,966 | = |
| Amounts payable17/49 | €335,691 | €293,500 | €205,069 | €223,784 | €340,644 | ▲ 52.2% |
| Amounts payable after more than one year17 | €12,162 | €20,195 | €9,017 | €3,695 | €0 | ▼ 100% |
| Financial debts170/4 | €12,162 | €20,195 | €9,017 | €3,695 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €321,387 | €265,693 | €196,053 | €214,117 | €334,872 | ▲ 56.4% |
| Current portion of amounts payable after more than one year42 | €76,724 | €18,891 | €19,277 | €5,322 | €47,650 | ▲ 795% |
| Trade debts44 | €90,210 | €79,163 | €66,380 | €71,892 | €163,494 | ▲ 127% |
| Suppliers440/4 | €90,210 | €79,163 | €66,380 | €71,892 | €163,494 | ▲ 127% |
| Advances received on contracts in progress46 | - | - | €12,523 | €0 | - | - |
| Taxes, remuneration and social security45 | €91,226 | €116,412 | €97,873 | €136,903 | €123,729 | ▼ 9.6% |
| Taxes450/3 | €19,221 | €39,911 | €14,185 | €32,416 | €37,442 | ▲ 15.5% |
| Remuneration and social security454/9 | €72,005 | €76,501 | €83,688 | €104,488 | €86,287 | ▼ 17.4% |
| Other amounts payable47/48 | €63,227 | €51,227 | - | - | - | - |
| Accrued charges and deferred income492/3 | €2,141 | €7,612 | - | €5,972 | €5,772 | ▼ 3.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,665 | -€445,267 | -€842,064 | €24,954 | €45,673 | ▲ 83.0% |
| + Depreciation and write-downs630 | €8,255 | €9,398 | €16,859 | €31,269 | €38,679 | ▲ 23.7% |
| Operating cash flow (approximation) | €12,920 | -€435,869 | -€825,206 | €56,224 | €84,352 | ▲ 50.0% |
| Investment in fixed assets (approximation) | - | -€16,919 | -€121,805 | -€9,949 | -€40,124 | ▼ 303% |
| Change in cash | - | -€278,262 | -€394,416 | -€188,276 | €19,082 | ▲ 110% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €24,954
Net result €24,954 after 2 loss-making years.
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
03-04
Judicial reorganisation
Extension
Tribunal de l’entreprise du Brabant wallon · court-supervised transfer · event 25-03-2024
2023
31-12
Financial
Weakest financial yearnet -€842,064
Net result drops to -€842,064, the lowest in the series; recovery starts the following year.
27-12
Judicial reorganisation
Extension
Tribunal de l’entreprise du Brabant wallon · court-supervised transfer · event 18-12-2023
17-10
Judicial reorganisation
Transfer under judicial authority
Tribunal de l’entreprise du Brabant wallon · court-supervised transfer · event 02-10-2023
01-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 1 day late
2022
10-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 10 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 14 days late
Show earlier events
2019
31-12
Financial
Highest result since 2018net €156,562 ▲165%
Operating result €231,200, net result €156,562, both a record.
08-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 8 days late
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Nivelles · 1 establishment unit since 1982
Ground area
4,982 m²
Building footprint
2,865 m²
Volume, LiDAR
14,457 m³
Parcel 25782C0587/00B000, Wallonia · tallest building 7.2 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Rue de la Recherche 4, 1400 Nivelles
since 19822.021.736.752
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25782C0587/00B000 | Wallonia | 4,982 m² | 1 · 2,865 m² | 7.2 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.
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Of 257 companies in sector 27402 we hold annual accounts for 157. 102 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-12-1982
Fiscal year end31-12
Activities, NACEBEL 2025
27402Manufacture of electrical equipment
E-invoicing
Reachable via Peppol
Peppol ID
0208:0423323341
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.