TOW MANAGEMENT
ActiveSummary
TOW MANAGEMENT has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €28,649 and a net result of €24,018. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 49% of 8968 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+5
Solvency79▲+43
Growth78=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 1.9 against 0.99 in 2023; short-term debt: 44.5% and cash: 55.5% of total assets), and 46.1% of the assets are financed with debt.
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Signals
Four 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
53.9%
Return on assets
45.2%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-09-2025, 57 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
not confirmed
2024
57 d late
2023
29 d late
2022
56 d late
2021
31 d late
2020
86 d late
2019
122 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 64 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€28,649▲ 519%
2023 · €4,632
Total assets
€53,155▲ 22.9%
2023 · €43,242
Net result
€24,018▲ 165%
2023 · €9,063
Working capital
€21,198
2023 · -€218
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€26,068▼ 489%€11,565€14,404▲ 24.5%€9,180▼ 36.3%€32,597▲ 255%
Net result-€26,481below the sector's middle half▼ 446%€11,015within the sector's middle half€14,021within the sector's middle half▲ 27.3%€9,063within the sector's middle half▼ 35.4%€24,018within the sector's middle half▲ 165%
Equity-€29,468below the sector's middle half▼ 886%-€18,453below the sector's middle half▲ 37.4%-€4,432below the sector's middle half▲ 76.0%€4,632below the sector's middle half€28,649within the sector's middle half▲ 519%
Total assets€18,583below the sector's middle half▼ 57.0%€23,666below the sector's middle half▲ 27.4%€27,481below the sector's middle half▲ 16.1%€43,242below the sector's middle half▲ 57.4%€53,155below the sector's middle half▲ 22.9%
Debt€48,051▲ 4.0%€42,119▼ 12.3%€31,913▼ 24.2%€38,611▲ 21.0%€24,506▼ 36.5%
Working capital-€1,234below the sector's middle half▲ 87.0%€9,215within the sector's middle half€7,631within the sector's middle half▼ 17.2%-€218below the sector's middle half€21,198within the sector's middle half
Solvency-158.6%below the sector's middle half▼ 151.7pp-78.0%below the sector's middle half▲ 80.6pp-16.1%below the sector's middle half▲ 61.8pp10.7%below the sector's middle half▲ 26.8pp53.9%within the sector's middle half▲ 43.2pp
Current ratio0.85below the sector's middle half▲ 0.072.29within the sector's middle half▲ 1.451.55within the sector's middle half▼ 0.750.99below the sector's middle half▼ 0.551.90within the sector's middle half▲ 0.90
Return on assets (ROA)-142.5%below the sector's middle half▼ 131.3pp46.5%above the sector's middle half▲ 189.0pp51.0%above the sector's middle half▲ 4.5pp21.0%within the sector's middle half▼ 30.1pp45.2%above the sector's middle half▲ 24.2pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 255% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €52,749
Fixed assets
€7,887 ▲ 111%
Current assets
€44,862 ▲ 16.8%
Equity and liabilities €53,155
Equity
€28,649 ▲ 519%
Debt
€24,506 ▼ 36.5%
Debt's share of the balance-sheet total falls from 89.3% to 46.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€34,941▲
2023 · €11,318
Cash flow
€26,362▲
2023 · €11,201
Debt to equity
0.86▼
2023 · 8.34
ROE
83.8%▼
2023 · 195.7%
Interest coverage
259.09▲
2023 · 96.55
Debt ≤ 1 year
€23,664▼
2023 · €38,611
Income taxes
€8,714▲
2023 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a higher bankruptcy probability: 1.0% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 34,696 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,839 | €4,433 | €3,145 | €2,138 | €2,345 | ▲ 9.7% |
| Other operating charges640/8 | - | €348 | €348 | €384 | €387 | ▲ 0.8% |
| Gross operating margin9900 | -€20,766 | €16,346 | €17,896 | €11,702 | €35,329 | ▲ 202% |
| Operating profit (loss)9901 | -€26,068 | €11,565 | €14,404 | €9,180 | €32,597 | ▲ 255% |
| Financial income75/76B | - | - | €3 | €0 | €270 | ▲ 56,052% |
| Recurring financial income75 | - | - | €3 | €0 | €270 | ▲ 56,052% |
| Financial charges65/66B | - | €133 | €89 | €117 | €135 | ▲ 15.0% |
| Recurring financial charges65 | €268 | €133 | €89 | €117 | €135 | ▲ 15.0% |
| Profit (loss) for the period before taxes9903 | -€26,336 | €11,432 | €14,318 | €9,063 | €32,731 | ▲ 261% |
| Income taxes67/77 | €145 | €417 | €297 | €0 | €8,714 | ▲ 12,447,871% |
| Profit (loss) for the period9904 | -€26,481 | €11,015 | €14,021 | €9,063 | €24,018 | ▲ 165% |
| Profit (loss) for the period to be appropriated9905 | -€26,481 | €11,015 | €14,021 | €9,063 | €24,018 | ▲ 165% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €18,583 | €23,666 | €27,481 | €43,242 | €53,155 | ▲ 22.9% |
| Formation expenses20 | €3,227 | €2,521 | €1,816 | €1,111 | €406 | ▼ 63.5% |
| Fixed assets21/28 | €8,539 | €4,811 | €4,122 | €3,738 | €7,887 | ▲ 111% |
| Tangible fixed assets22/27 | €8,339 | €4,611 | €3,922 | €3,538 | €7,687 | ▲ 117% |
| Plant, machinery and equipment23 | - | - | - | - | €1,184 | - |
| Furniture and vehicles24 | - | €3,159 | €3,528 | €3,243 | €6,307 | ▲ 94.5% |
| Other tangible fixed assets26 | - | €1,452 | €394 | €295 | €197 | ▼ 33.3% |
| Financial fixed assets28 | €200 | €200 | €200 | €200 | €200 | = |
| Current assets29/58 | €6,818 | €16,334 | €21,543 | €38,393 | €44,862 | ▲ 16.8% |
| Amounts receivable within one year40/41 | €4,306 | €98 | €20,570 | €27,564 | €14,226 | ▼ 48.4% |
| Trade receivables40 | - | - | €20,570 | €25,482 | - | - |
| Other amounts receivable41 | - | €98 | - | €2,082 | €14,226 | ▲ 583% |
| Cash at bank and in hand54/58 | €409 | €14,105 | €354 | €10,829 | €29,519 | ▲ 173% |
| Deferred charges and accrued income490/1 | - | €2,131 | €619 | - | €1,117 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €18,583 | €23,666 | €27,481 | €43,242 | €53,155 | ▲ 22.9% |
| Equity10/15 | -€29,468 | -€18,453 | -€4,432 | €4,632 | €28,649 | ▲ 519% |
| Contributions10/11 | - | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €21,860 | ▲ 1,075% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €1,860 | €21,860 | ▲ 1,075% |
| Profit (loss) carried forward14 | -€37,828 | -€26,813 | -€12,792 | -€3,728 | €289 | ▲ 108% |
| Amounts payable17/49 | €48,051 | €42,119 | €31,913 | €38,611 | €24,506 | ▼ 36.5% |
| Amounts payable after more than one year17 | €40,000 | €35,000 | €18,000 | - | - | - |
| Other amounts payable178/9 | - | €35,000 | €18,000 | - | - | - |
| Amounts payable within one year42/48 | €8,051 | €7,119 | €13,913 | €38,611 | €23,664 | ▼ 38.7% |
| Trade debts44 | €3,174 | €4,784 | €25 | €1,250 | €5,485 | ▲ 339% |
| Suppliers440/4 | - | €4,784 | €25 | €1,250 | €5,485 | ▲ 339% |
| Advances received on contracts in progress46 | - | - | - | €18,505 | - | - |
| Taxes, remuneration and social security45 | - | €417 | €4,876 | - | €18,179 | - |
| Taxes450/3 | - | €417 | €4,876 | - | €18,179 | - |
| Other amounts payable47/48 | - | €1,919 | €9,011 | €18,855 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €842 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€26,481 | €11,015 | €14,021 | €9,063 | €24,018 | ▲ 165% |
| + Depreciation and write-downs630 | €4,839 | €4,433 | €3,145 | €2,138 | €2,345 | ▲ 9.7% |
| Operating cash flow (approximation) | -€21,642 | €15,448 | €17,166 | €11,201 | €26,362 | ▲ 135% |
| Investment in fixed assets (approximation) | - | -€705 | -€2,455 | -€1,755 | -€6,494 | ▼ 270% |
| Change in cash | - | €13,696 | -€13,751 | €10,475 | €18,691 | ▲ 78.4% |
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
2025
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 57 days late
2024
31-12
Financial
Highest result since 2018net €24,018 ▲165%
Operating result €32,597, net result €24,018, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
25-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 56 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Back to profitnet €11,015
Net result €11,015 after 3 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 2.29
Current ratio from 0.85 to 2.29; short-term debt falls from €8,051 to €7,119.
25-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 86 days late
2020
31-12
Financial
Weakest financial yearnet -€26,481
Net result drops to -€26,481, the lowest in the series; recovery starts the following year.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
2019
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
27-10
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 88 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Schaarbeek · 1 establishment unit since 2008
Ground area
224 m²
Building footprint
118 m²
Volume, LiDAR
1,375 m³
Parcel 21904B0485/00H002, Brussels · tallest building 16.5 m, ±4 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
TOW MANAGEMENT
since 20082.174.268.460
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21904B0485/00H002 | Brussels | 223 m² | 1 · 118 m² | 16.5 m · 4 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 9,851 companies in this sector we hold annual accounts for 3,760. 2,805 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company (pre-2019)
Founded08-10-2008
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
70200Business and other management consultancy
73200Market research and public opinion polling
73300Public relations and communication consultancy
74130Interior design
82300Organisation of conventions and trade shows
85592Vocational training
85599Other education
E-invoicing
Reachable via Peppol
Peppol ID
0208:0806946760
Also
9925:BE0806946760
Registered
30-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.