TR 11
ActiveSummary
TR 11 has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-180k) and a net result of €-251k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 15% of 14128 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability9▼-65
Solvency19▼-29
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.89 against 0.25 in 2024; short-term debt: 70.5% and cash: 62.7% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2025Solvency, return and age of the figures
Solvency
-5.8%
Return on assets
-8.1%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-180k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 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
21 d late
2024
100 d early
2023
34 d early
2022
2 d early
2021
1 d early
2020
38 d early
2019
16 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, micro schema
Turnover
€84k
EBIT margin
7.6%
Net result
€-251k
2024 · €13k
2018: €17k
2019: €-553▼ -103% vs 2018
2020: €-2k▼ -233% vs 2019
2021: €-16k▼ -753% vs 2020
2022: €-22k▼ -38.0% vs 2021
2023: €38k▲ +277% vs 2022highest in 8 years
2024: €13k▼ -65.4% vs 2023
2025: €-251k▼ -1988% vs 2024lowest in 8 years
2018 → 2025
Working capital
€-244k▼ 320%
2024 · €-58k
2018: €-27k
2019: €-25k▲ +8.0% vs 2018
2020: €-16k▲ +36.7% vs 2019highest in 8 years
2021: €-216k▼ -1265% vs 2020
2022: €-56k▲ +74.0% vs 2021
2023: €-37k▲ +33.3% vs 2022
2024: €-58k▼ -54.7% vs 2023
2025: €-244k▼ -320% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€41k-€19k▼ 53.4%€57k▲ 203%€71k▲ 23.2%€-180k
2021: €41k
2022: €19k▼ -53.4% vs 2021
2023: €57k▲ +203% vs 2022
2024: €71k▲ +23.2% vs 2023highest in 5 years
2025: €-180k▼ -355% vs 2024lowest in 5 years
Operating result€-13k-€-15k▼ 16.0%€44k€22k▼ 49.1%€-226k
2021: €-13k
2022: €-15k▼ -16.0% vs 2021
2023: €44k▲ +390% vs 2022highest in 5 years
2024: €22k▼ -49.1% vs 2023
2025: €-226k▼ -1119% vs 2024lowest in 5 years
Net result€-16k-€-22k▼ 38.0%€38k€13k▼ 65.4%€-251k
2021: €-16k
2022: €-22k▼ -38.0% vs 2021
2023: €38k▲ +277% vs 2022highest in 5 years
2024: €13k▼ -65.4% vs 2023
2025: €-251k▼ -1988% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €226k after €22k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.09M
Fixed assets
€1.16M ▲ 310%
Current assets
€1.94M ▲ 10,034%
Key figures and ratios
EBITDA
€-185k▼
2024 · €52k
Cash flow
€-209k▼
2024 · €44k
Solvency
-5.8%▼
2024 · 23.5%
Current ratio
0.89▲
2024 · 0.25
Debt to equity
-18.18▼
2024 · 3.26
ROA
-8.1%▼
2024 · 4.4%
Interest coverage
-7.42▼
2024 · 10.86
Debt
€3.27M▲
2024 · €230k
Debt ≤ 1 year
€2.18M▲
2024 · €77k
Debt > 1 year
€1.09M▲
2024 · €153k
Income taxes
€0▼
2024 · €4k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 37 lines
Balance sheet
Code20242025
Assets
Total assets20/58€301k€3.09M▲
Fixed assets21/28€282k€1.16M▲
Tangible fixed assets22/27€282k€1.16M▲
Land and buildings22€279k€1.16M▲
Plant, machinery and equipment23€3k€0▼
Current assets29/58€19k€1.94M▲
Cash at bank and in hand54/58€4k€1.94M▲
Deferred charges and accrued income490/1€15k€0▼
Equity and liabilities
Total equity and liabilities10/49€301k€3.09M▲
Equity10/15€71k€-180k▼
Contributions10/11€41k€41k=
Profit (loss) carried forward14€30k€-221k▼
Amounts payable17/49€230k€3.27M▲
Amounts payable after more than one year17€153k€1.09M▲
Financial debts170/4€110k€1.09M▲
Other amounts payable178/9€43k€0▼
Amounts payable within one year42/48€77k€2.18M▲
Current portion of amounts payable after more than one year42€66k€65k▼
Trade debts44€2k€61k▲
Suppliers440/4€2k€61k▲
Taxes, remuneration and social security45€10k€1.86M▲
Taxes450/3€10k€1.86M▲
Other amounts payable47/48-€190k
Accrued charges and deferred income492/3€403€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30k€41k▲
Other operating charges640/8€10k€3k▼
Non-recurring operating charges66A-€29k
Gross operating margin9900€63k€-153k▼
Operating profit (loss)9901€22k€-226k▼
Financial charges65/66B€5k€25k▲
Recurring financial charges65€5k€25k▲
Profit (loss) for the period before taxes9903€17k€-251k▼
Income taxes67/77€4k€0▼
Profit (loss) for the period9904€13k€-251k▼
Profit (loss) for the period to be appropriated9905€13k€-251k▼
Appropriation of the result
Profit (loss) to be appropriated9906€30k€-221k▼
Profit (loss) brought forward from the previous period14P€17k€30k▲
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32k | €31k | €31k | €30k | €41k | ▲ 35.8% |
| Other operating charges640/8 | €8k | €9k | €6k | €10k | €3k | ▼ 70.2% |
| Non-recurring operating charges66A | - | - | - | - | €29k | - |
| Gross operating margin9900 | €28k | €25k | €81k | €63k | €-153k | ▼ 344% |
| Operating profit (loss)9901 | €-13k | €-15k | €44k | €22k | €-226k | ▼ 1,119% |
| Financial charges65/66B | €3k | €7k | €5k | €5k | €25k | ▲ 415% |
| Recurring financial charges65 | €3k | €7k | €5k | €5k | €25k | ▲ 415% |
| Profit (loss) for the period before taxes9903 | €-16k | €-22k | €38k | €17k | €-251k | ▼ 1,546% |
| Income taxes67/77 | - | - | - | €4k | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €-16k | €-22k | €38k | €13k | €-251k | ▼ 1,988% |
| Profit (loss) for the period to be appropriated9905 | €-16k | €-22k | €38k | €13k | €-251k | ▼ 1,988% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €389k | €371k | €351k | €301k | €3.09M | ▲ 928% |
| Fixed assets21/28 | €374k | €343k | €312k | €282k | €1.16M | ▲ 310% |
| Tangible fixed assets22/27 | €374k | €343k | €312k | €282k | €1.16M | ▲ 310% |
| Land and buildings22 | €365k | €336k | €307k | €279k | €1.16M | ▲ 315% |
| Plant, machinery and equipment23 | €9k | €7k | €5k | €3k | €0 | ▼ 100% |
| Current assets29/58 | €15k | €28k | €39k | €19k | €1.94M | ▲ 10,034% |
| Amounts receivable within one year40/41 | €168 | €0 | - | - | - | - |
| Trade receivables40 | €168 | €0 | - | - | - | - |
| Other amounts receivable41 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €15k | €16k | €13k | €4k | €1.94M | ▲ 45,013% |
| Deferred charges and accrued income490/1 | - | €12k | €27k | €15k | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €389k | €371k | €351k | €301k | €3.09M | ▲ 928% |
| Equity10/15 | €41k | €19k | €57k | €71k | €-180k | ▼ 355% |
| Contributions10/11 | €41k | €41k | €41k | €41k | €41k | = |
| Reserves13 | €0 | - | - | - | - | - |
| Non-distributable reserves130/1 | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | €0 | - | - | - | - | - |
| Distributable reserves133 | €0 | - | - | - | - | - |
| Profit (loss) carried forward14 | €0 | €-22k | €17k | €30k | €-221k | ▼ 836% |
| Amounts payable17/49 | €349k | €352k | €294k | €230k | €3.27M | ▲ 1,321% |
| Amounts payable after more than one year17 | €118k | €261k | €217k | €153k | €1.09M | ▲ 614% |
| Financial debts170/4 | €118k | €240k | €175k | €110k | €1.09M | ▲ 897% |
| Other amounts payable178/9 | - | €21k | €42k | €43k | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €231k | €84k | €77k | €77k | €2.18M | ▲ 2,732% |
| Current portion of amounts payable after more than one year42 | €30k | €64k | €70k | €66k | €65k | ▼ 0.6% |
| Trade debts44 | €1k | €3k | €6k | €2k | €61k | ▲ 3,812% |
| Suppliers440/4 | €1k | €3k | €6k | €2k | €61k | ▲ 3,812% |
| Taxes, remuneration and social security45 | €8k | €16k | €0 | €10k | €1.86M | ▲ 19,374% |
| Taxes450/3 | €8k | €16k | €0 | €10k | €1.86M | ▲ 19,374% |
| Other amounts payable47/48 | €191k | €0 | - | - | €190k | - |
| Accrued charges and deferred income492/3 | - | €7k | €287 | €403 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-16k | €-22k | €38k | €13k | €-251k | ▼ 1,988% |
| + Depreciation and write-downs630 | €32k | €31k | €31k | €30k | €41k | ▲ 35.8% |
| Operating cash flow (approximation) | €16k | €9k | €69k | €44k | €-209k | ▼ 580% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €-915k | - |
| Change in cash | - | €795 | €-3k | €-8k | €1.93M | ▲ 23,505% |
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
2026
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 21 days late
2025
31-12
Financial
Weakest financial yearnet €-251k
Net result drops to €-251k, the lowest in the series.
20-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
27-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Back to profitnet €38k
Net result €38k after 4 loss-making years.
28-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
23-03
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
14-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
02-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
03-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Tielt · 1 establishment unit since 2005
Ground area
3,170 m²
Building footprint
428 m²
Parcel 37007E0413/00B000, Flanders. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
TR 11
since 20052.147.828.339
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37007E0413/00B000 | Flanders | 3,170 m² | 1 · 428 m² | - |
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 7,321 companies in sector 68110 we hold annual accounts for 5,384. 3,497 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-06-2005
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
63920Other information service activities
68203Renting and operating of own or leased non-residential real estate, excluding land
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.