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TOSCA CAPITAL

Active
Foreign entity· 8 yrs active
RUE GOETHE 24 ·L.1637 LUXEMBOURG, Belgium
KBO/BCE: BE 0696.850.770
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Checked processes every Belgian company, act by act, from the Belgian Official Gazette. The data below is real and verified, this company's full, act-by-act verified dossier is still being assembled.

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Age8 yrs
Board2
Connections19

Summary

Conclusion

the dossier summarised in one paragraph

For the legal form of TOSCA CAPITAL, Checked does not compute a bankruptcy probability. The 2024 annual accounts show negative equity (€-15.58M) and a net result of €-884k. The figures fluctuate too strongly year-on-year for a reliable trend projection. The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 7 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

For this legal form (e.g. co-owners' association, public body or foreign branch) we don't show a bankruptcy probability: some of these forms legally cannot go bankrupt and no reliable figure is possible here.

Signals

1 signal · with evidence
Negative equity
Equity is negative for financial year 2024: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).
View the annual accounts

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide
Deadline passed, not yet counted as missing
The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 12 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.
Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 06-10-2025, 67 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.
How we compute the deadline
The year end is derived from 7 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.
Deadline per financial year
Year closed Due by Filed Variance Reference
31-12-2025 31-07-2026 nothing on record not filed -
31-12-2024 31-07-2025 06-10-2025 67 d late 2025-00530743
31-12-2023 31-07-2024 29-07-2024 2 d early 2024-00295260
31-12-2022 31-07-2023 31-08-2023 31 d late 2023-00390790
31-12-2021 31-07-2022 30-06-2022 31 d early 2022-20141845
31-12-2020 31-07-2021 22-07-2021 9 d early 2021-38800571
31-12-2019 31-07-2020 28-10-2020 89 d late 2020-64500332
31-12-2018 31-07-2019 24-12-2019 146 d late 2019-77500487

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals
More than 3 years active
Founded in 2018, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Financials

TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-884k
Working capital€-101k+42.5%

Annual accounts & ratios

Source: NBB · 2024
Annual accounts filed on 06-10-2025 with the NBB · fiscal year 2024 · volledig
€-30.00M€-20.00M€-10.00M€0€10.00MOperating result 2020: €-3k€-3kNet result 2020: €917k€917kOperating result 2021: €-3k€-3kNet result 2021: €-4k€-4kOperating result 2022: €-17.20M€-17.20MNet result 2022: €-25.90M€-25.90MOperating result 2023: €8.17M€8.17MNet result 2023: €9.70M€9.70MOperating result 2024: €-565k€-565kNet result 2024: €-884k€-884k20202021202220232024
Operating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
volatile Too volatile to project: the yearly deviation from the trend is ~156% of the level (threshold 35%). We therefore deliberately show no projection line.
€-30.00M€-20.00M€-10.00M€02018: €1.51M2019: €1.50M2020: €1.50M2021: €1.50M2022: €-24.40M2023: €-14.70M2024: €-15.58M2018201920202021202220232024
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

EBITDA
€-29k
- 18-24
Net profit
€-884k
- 18-24
Cash flow
€-348k
- 18-24
Total assets
€1.19M
-90.5% 18-24
Equity
€-15.58M
-6.0% 18-24
Working capital
€-101k
+42.5% 18-24
Staff costs
€-349
- 18-24
Income taxes
€0
-100.0% 18-24
Debt
€16.77M
-38.3% 18-24
Debt ≤ 1y
€197k
-98.2% 18-24
Debt > 1y
€15.38M
0.0% 18-24
Current ratio
0.49
-50.2% 18-24
Quick ratio
0.49
-50.2% 18-24
Solvency
-1310.2%
-1012.4% 18-24
Debt / equity
-1.08
+41.8% 18-24
ROE
5.7%
- 18-24
ROA
-74.3%
- 18-24
Interest coverage
-0.05
- 18-24
Figures by fiscal year
Fiscal year2024
Depositvolledig
Revenue-
EBITDA€-29k
Net profit€-884k
Cash flow€-348k
Staff costs-
Income taxes-
Dividends-
Total assets€1.19M
Equity€-15.58M
Debt€16.77M
of which ≤ 1y€197k
of which > 1y€15.38M
Working capital€-101k
Employees (FTE)-
Ratios (computed)
2024
Current ratio0.49
Quick ratio0.49
Working capital ratio-8.5%
Solvency-1310.2%
Debt / equity-1.08
Long-term debt ratio-0.99
Interest coverage-0.05
Gross margin-
Net margin-
ROA-74.3%
ROE5.7%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2024
Balance sheet, Assets
TOTAL ASSETS 20/58€1.19M
Fixed assets 21/28€1.09M
Intangible fixed assets 21€1.07M
Financial fixed assets 28€22k
Current assets 29/58€97k
Amounts receivable within one year 40/41€91k
Cash & bank 54/58€5k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€1.19M
Equity 10/15€-15.58M
Contributions / capital 10/11€530k
Reserves 13€53k
Accumulated profits (losses) 14€-16.16M
Amounts payable 17/49€16.77M
Amounts payable after one year 17€15.38M
Amounts payable within one year 42/48€197k
Trade debts payable within one year 44€325
Income statement
Gross operating margin 9900€-28k
Operating result 9901€-565k
Financial income 75€280k
Financial charges 65€599k
Result before taxes 9903€-884k
Net result for the period 9904€-884k
Result to be appropriated 9905€-884k
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.

Health barometer

FY 2024 · computed
0 / 100 Critical
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Directors

Directors & mandates

4 directors
Current directors & mandates
  • NEXT GENERATION DEVELOPMENTLegal entity
    Manager· perm. rep.: PIRET Gaëtan
    State Gazette act 25151738 (01-12-2025)
    Current
    01-12-2025 → present
    3 events
    • 01-12-2025 Resigned· Manager
    • 01-12-2025 Appointed· Manager
    • 24-08-2022 Appointed· Director
  • WAUCQUEZ Jean-Louis
    Manager
    State Gazette act 25151738 (01-12-2025)
    Current
    01-12-2025 → present
    3 events
    • 01-12-2025 Resigned· Manager
    • 01-12-2025 Appointed· Manager
    • 15-06-2022 Appointed· Director
Former directors (2)
  • Laurent Marian
    Director
    State Gazette act 22071183 (15-06-2022)
    Former
    - → 16-12-2021
  • Olivier Marian
    Director
    State Gazette act 22071183 (15-06-2022)
    Former
    - → 16-12-2021
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary -
Legal form Foreign entity(030)
Incorporation29-05-2018
StatusActive
Postal codeL.1637

Structure & network

Connections & network

19 connected companies
NEXT GENERATION DEVELOPMENT, Sits on the board NGNEXTGENERATI…PMENTGILLION CONSTRUCT, Shared corporate director GCGILLIONCONSTRUCTGILLION DEVELOPMENT, Shared corporate director GDGILLIONDEVELOPMENTGILLION PARTNERS, Shared corporate director GPGILLIONPARTNERSREBETON, Shared corporate director RREBETONEUROPE FOR FAMILY, Shared address EFEUROPE FORFAMILYFiduciaire Montgomery, Shared address FMFiduciaireMontgomeryFMG HOLDING, Shared address FHFMG HOLDINGGREENFLEX BENELUX, Shared address GBGREENFLEXBENELUXLAMIBEL, Shared address LLAMIBELMANAGEMENT ADVICE GROUP, Shared address MAMANAGEMENTADVICE GROUPMICONERGY, Shared address MMICONERGYPERENEVO, Shared address PPERENEVORESIDE ETUDES BRUXELLES COURONNE, Shared address RERESIDE ETUDESBRUXELLE…RONNETOSCA CAPITAL TOSCACAPITAL0696.850.770
Group structureShared directorsShared address / shareholder
Group structure
NEXT GENERATION DEVELOPMENT
Sits on the board · 5 subsidiaries · 2 locations
Control
Network connections
GILLION CONSTRUCT
Shared corporate director
GILLION DEVELOPMENT
Shared corporate director
GILLION PARTNERS
Shared corporate director
REBETON
Shared corporate director
EUROPE FOR FAMILY
Shared address
Fiduciaire Montgomery
Shared address
FMG HOLDING
Shared address
GREENFLEX BENELUX
Shared address
LAMIBEL
Shared address
MICONERGY
Shared address
PERENEVO
Shared address
SDI SICAF-FIIS
Shared address
SINCLAIR BAY
Shared address
VLEURGAT CENTER HOUSE
Shared address
WESTERLAAN
Shared address
WorldGBC Europe
Shared address
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.

Ownership & control

1 party
Control over this companysits on this company's board1
5 subsidiaries · 2 locations
controls
TOSCA CAPITALBE 0696.850.770

Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgisch Staatsblad · acts

8 acts
Address history · 2
01-12-2025
v3.2
13-05-2022
v3.2
All acts · 8 updated 6 months ago
2026
09-02-2026 Publication in the Belgian Official Gazette, Miscellaneous Miscellaneous
Summary: Material correction
2025
01-12-2025 Registered office moved from Watermael-Boitsfort to Luxembourg Registered-office change
  • Chaussée de La Hulpe 177, 1170 Watermael-Boitsfort → rue Goethe 24, L-1637 Luxembourg
Summary: v3.2
09-07-2025 Publication in the Belgian Official Gazette, Miscellaneous Miscellaneous
Summary: proposal
2022
24-08-2022 Gaëtan Jacques M. Piret appointed as director Director changes
  • Gaëtan Jacques M. Piret, Bestuurder
Summary: v3.2
15-06-2022 1 director appointed, 2 resigning Director changes
  • Jean-Louis Waucquez, Bestuurder
  • Olivier Marian, Bestuurder
  • Laurent Marian, Bestuurder
Summary: v3.2
08-06-2022 Articles of association amended Statutes amendment
13-05-2022 Registered office moved from Ixelles to Bruxelles Registered-office change
  • avenue Molière 291, 1050 Ixelles → avenue de la Faisanderie 25, 1150 Bruxelles
Summary: v3.2
2018
07-06-2018 Incorporation of a new SNC Incorporation
Summary: oprichting

Analysis

Snowflake analysis

financial profile on 5 axes
Health0Profitability28Solvency33Growth32Stability100
39 / 100

Fragile profile, watch health in particular.

All 5 axes are computed from data Checked has read.

Health 0
Profitability 28
Solvency 33
Growth 32
Stability 100

Ask AI about this company

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AI due-diligence brief

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Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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The brief is drafted by our AI model at Anthropic in the US, from this dossier's public data. Nothing that identifies you is sent along and we do not keep the brief. Indicative, not legal or investment advice. How it works

Credit advice

verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.

Company registry

Company registry (CBE)

Crossroads Bank
Names & trade names
Legal nameFR TOSCA CAPITAL
Registered office
RUE GOETHE 24
L.1637 LUXEMBOURG, Luxembourg
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.