TRANS - FORM
ActiveSummary
TRANS - FORM has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €930,376 and a net result of -€45,763. Equity is growing by ~14.7% per year across the filed fiscal years. Its solvency ranks better than 84% of 851 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability14▼-3
Solvency96=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity short (current ratio 0.09 against 0.41 in 2024; short-term debt: 25% and cash: 0.3% of total assets), and 29% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
71%
Return on assets
-3.5%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€45,763
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-07-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
17 d early
2023
26 d early
2022
91 d late
2021
28 d late
2020
30 d late
2019
94 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 26 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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 14 July (4 of the last 5 filed years within 45 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#5 oldest company in Liège, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€45,763▼ 87.7%
2024 · -€24,379
Working capital
-€297,855▼ 46.6%
2024 · -€203,178
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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-€200,575▼ 764%€284,919€509,676▲ 78.9%-€39,628-€49,137▼ 24.0%
Net result€54,619above the sector's middle half€182,056above the sector's middle half▲ 233%€350,340above the sector's middle half▲ 92.4%-€24,379below the sector's middle half-€45,763below the sector's middle half▼ 87.7%
Equity€468,122above the sector's middle half▲ 13.2%€650,177above the sector's middle half▲ 38.9%€1.0mabove the sector's middle half▲ 53.9%€976,139within the sector's middle half▼ 2.4%€930,376within the sector's middle half▼ 4.7%
Total assets€1.4mabove the sector's middle half▲ 32.9%€2.0mabove the sector's middle half▲ 44.8%€1.4mabove the sector's middle half▼ 31.9%€1.4mwithin the sector's middle half▼ 0.5%€1.3mwithin the sector's middle half▼ 4.9%
Debt€866,290▲ 52.2%€1.3m▲ 52.2%€322,632▼ 75.5%€344,825▲ 6.9%€327,193▼ 5.1%
Working capital€246,878above the sector's middle half€216,290above the sector's middle half▼ 12.4%€557,665above the sector's middle half▲ 158%-€203,178below the sector's middle half-€297,855below the sector's middle half▼ 46.6%
Solvency33.3%within the sector's middle half▼ 5.8pp32.0%within the sector's middle half▼ 1.4pp72.2%above the sector's middle half▲ 40.3pp70.8%above the sector's middle half▼ 1.4pp71.0%above the sector's middle half▲ 0.2pp
Current ratio1.50within the sector's middle half▲ 0.891.16within the sector's middle half▼ 0.332.73within the sector's middle half▲ 1.560.41below the sector's middle half▼ 2.320.09below the sector's middle half▼ 0.32
Return on assets (ROA)3.9%within the sector's middle half▲ 5.8pp8.9%within the sector's middle half▲ 5.1pp25.3%above the sector's middle half▲ 16.3pp-1.8%below the sector's middle half▼ 27.1pp-3.5%below the sector's middle half▼ 1.7pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €49,137 in 2025 against €39,628 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€1.3m ▲ 3.6%
Current assets
€29,338 ▼ 79.3%
Equity and liabilities €1.3m
Equity
€930,376 ▼ 4.7%
Provisions
€53,093 ▼ 7.6%
Debt
€327,193 ▼ 5.1%
Debt's share of the balance-sheet total falls from 25.0% to 25.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€37,449▼
2024 · -€28,268
Cash flow
-€34,075▼
2024 · -€13,019
Debt to equity
0.35▼
2024 · 0.35
ROE
-4.9%▼
2024 · -2.5%
Interest coverage
-32.93▲
2024 · -36.34
Debt ≤ 1 year
€327,193▼
2024 · €344,825
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,155 | €13,093 | €14,230 | €11,360 | €11,688 | ▲ 2.9% |
| Other operating charges640/8 | €6,853 | €2,967 | €4,535 | €5,609 | €4,612 | ▼ 17.8% |
| Gross operating margin9900 | -€174,566 | €300,979 | €528,441 | -€22,659 | -€32,837 | ▼ 44.9% |
| Operating profit (loss)9901 | -€200,575 | €284,919 | €509,676 | -€39,628 | -€49,137 | ▼ 24.0% |
| Financial income75/76B | €269,560 | €4,591 | €7,843 | €11,675 | €159 | ▼ 98.6% |
| Recurring financial income75 | €2,744 | €2,772 | €6,069 | €11,675 | €159 | ▼ 98.6% |
| Non-recurring financial income76B | €266,817 | €1,819 | €1,774 | - | - | - |
| Financial charges65/66B | €933 | €16,540 | €1,604 | €778 | €1,137 | ▲ 46.2% |
| Recurring financial charges65 | €933 | €16,540 | €1,604 | €778 | €1,137 | ▲ 46.2% |
| Profit (loss) for the period before taxes9903 | €68,053 | €272,969 | €515,915 | -€28,731 | -€50,115 | ▼ 74.4% |
| Transfer from deferred taxes780 | €4,352 | €4,352 | €4,352 | €4,352 | €4,352 | = |
| Income taxes67/77 | €17,785 | €95,266 | €169,927 | - | - | - |
| Profit (loss) for the period9904 | €54,619 | €182,056 | €350,340 | -€24,379 | -€45,763 | ▼ 87.7% |
| Transfer from tax-exempt reserves789 | €8,451 | €8,451 | €8,451 | €8,451 | €8,451 | = |
| Profit (loss) for the period to be appropriated9905 | €63,070 | €190,507 | €358,791 | -€15,928 | -€37,312 | ▼ 134% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.4m | €2.0m | €1.4m | €1.4m | €1.3m | ▼ 4.9% |
| Fixed assets21/28 | €660,626 | €500,035 | €504,648 | €1.2m | €1.3m | ▲ 3.6% |
| Tangible fixed assets22/27 | €660,126 | €499,535 | €504,148 | €501,217 | €545,779 | ▲ 8.9% |
| Land and buildings22 | €506,102 | €345,512 | €332,419 | €329,301 | €376,183 | ▲ 14.2% |
| Plant, machinery and equipment23 | - | - | €17,706 | €17,892 | €15,572 | ▼ 13.0% |
| Furniture and vehicles24 | €154,024 | €154,024 | €154,024 | €154,024 | €154,024 | = |
| Financial fixed assets28 | €500 | €500 | €500 | €735,544 | €735,544 | = |
| Current assets29/58 | €744,286 | €1.5m | €880,298 | €141,648 | €29,338 | ▼ 79.3% |
| Stocks and contracts in progress3 | €728,991 | €862,012 | - | - | - | - |
| Stocks30/36 | €728,991 | €862,012 | - | - | - | - |
| Amounts receivable within one year40/41 | €8,399 | €473,413 | €11,302 | €23,410 | €23,410 | = |
| Trade receivables40 | - | €473,413 | €6,273 | - | - | - |
| Other amounts receivable41 | €8,399 | - | €5,029 | €23,410 | €23,410 | = |
| Current investments50/53 | - | - | €600,000 | - | - | - |
| Cash at bank and in hand54/58 | €4,696 | €199,103 | €268,996 | €116,360 | €3,708 | ▼ 96.8% |
| Deferred charges and accrued income490/1 | €2,200 | - | - | €1,878 | €2,221 | ▲ 18.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.4m | €2.0m | €1.4m | €1.4m | €1.3m | ▼ 4.9% |
| Equity10/15 | €468,122 | €650,177 | €1.0m | €976,139 | €930,376 | ▼ 4.7% |
| Contributions10/11 | €92,718 | €92,718 | €92,718 | €92,718 | €92,718 | = |
| Capital10 | €92,718 | €92,718 | €92,718 | €92,718 | €92,718 | = |
| Issued capital100 | €92,718 | €92,718 | €92,718 | €92,718 | €92,718 | = |
| Reserves13 | €375,404 | €557,459 | €907,799 | €883,420 | €837,657 | ▼ 5.2% |
| Non-distributable reserves130/1 | €9,272 | €9,272 | €9,272 | €9,272 | €9,272 | = |
| Legal reserve130 | €9,272 | €9,272 | €9,272 | €9,272 | €9,272 | = |
| Tax-exempt reserves132 | €137,714 | €129,263 | €120,811 | €112,360 | €103,909 | ▼ 7.5% |
| Distributable reserves133 | €228,418 | €418,925 | €777,716 | €761,788 | €724,477 | ▼ 4.9% |
| Provisions and deferred taxes16 | €70,500 | €66,148 | €61,796 | €57,445 | €53,093 | ▼ 7.6% |
| Deferred taxes168 | €70,500 | €66,148 | €61,796 | €57,445 | €53,093 | ▼ 7.6% |
| Amounts payable17/49 | €866,290 | €1.3m | €322,632 | €344,825 | €327,193 | ▼ 5.1% |
| Amounts payable after more than one year17 | €368,881 | - | - | - | - | - |
| Financial debts170/4 | €368,881 | - | - | - | - | - |
| Amounts payable within one year42/48 | €497,408 | €1.3m | €322,632 | €344,825 | €327,193 | ▼ 5.1% |
| Trade debts44 | €15,382 | €185,544 | €2,639 | €1,008 | €1,028 | ▲ 1.9% |
| Suppliers440/4 | €15,382 | €185,544 | €2,639 | €1,008 | €1,028 | ▲ 1.9% |
| Advances received on contracts in progress46 | - | €391,250 | - | - | - | - |
| Taxes, remuneration and social security45 | €2,785 | €173,091 | €54,927 | €55,029 | €102 | ▼ 99.8% |
| Taxes450/3 | €2,785 | €173,091 | €54,927 | €55,029 | €102 | ▼ 99.8% |
| Other amounts payable47/48 | €479,241 | €568,351 | €265,066 | €288,788 | €326,063 | ▲ 12.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,619 | €182,056 | €350,340 | -€24,379 | -€45,763 | ▼ 87.7% |
| + Depreciation and write-downs630 | €19,155 | €13,093 | €14,230 | €11,360 | €11,688 | ▲ 2.9% |
| Operating cash flow (approximation) | €73,774 | €195,148 | €364,570 | -€13,019 | -€34,075 | ▼ 162% |
| Investment in fixed assets (approximation) | - | €147,497 | -€18,843 | -€743,472 | -€56,250 | ▲ 92.4% |
| Change in cash | - | €194,407 | €69,893 | -€152,635 | -€112,653 | ▲ 26.2% |
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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€45,763
Net result drops to -€45,763, the lowest in the series.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €350,340 ▲92.4%
Operating result €509,676, net result €350,340, both a record.
31-12
Financial
Liquidity doublescurrent ratio 2.73
Current ratio from 1.16 to 2.73; short-term debt falls from €1.3m to €322,632.
31-12
Financial
Equity above €1mEq €1.0m ▲53.9%
3 profitable years in a row build equity to €1.0m.
30-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 91 days late
2022
31-12
Financial
Equity above €500,000Eq €650,177 ▲38.9%
2 profitable years in a row build equity to €650,177.
28-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 28 days late
2021
31-12
Financial
Back to profitnet €54,619
Net result €54,619 after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 1.50
Current ratio from 0.61 to 1.50; short-term debt falls from €569,080 to €497,408.
Show earlier events
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
02-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 94 days late
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Liège
Ground area
184 m²
Building footprint
152 m²
Parcel 62078A0431/00G014, Wallonia. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62078A0431/00G014 | Wallonia | 184 m² | 1 · 152 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2025 annual accounts of TRANS - FORM and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 29,785 companies in sector 41001 we hold annual accounts for 16,058. 6,714 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
Founded04-10-1973
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0413674316
Registered
18-11-2025
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.