TRANSCURSOR
ActiveFrom the official registers: KBO 22 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
TRANSCURSOR has been active since 2003 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €679,539 and a net result of €109,224. Equity has been growing by about 5.7% per year since 2019. Its solvency ranks better than 78% of 78 sector peers (NACE 50, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
KBO- Status
- Active since 23-09-2003 Normal situation
- Registered office
- 22 active companies are registered at this address Source: KBO register, as of 1 November 2026.
- Activity
- Inland freight water transport NACE 50400
- Establishment unit
- 2.135.742.634 6030 Charleroi, since 01-01-2004
- Financial year end
- 31 March
- Peppol
- Reachable since 27-10-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €220,741
- ▲ 118%
- Turnover
- ≈ €560,000
- estimated
- Profit
- €109,224
- Equity
- €679,539
- ▲ 19.2%
- Total assets
- €900,445
- ▲ 48.6%
- Staff
- ≈ 0.9 FTE
- estimated
Score breakdownraises riskFigures for financial year 2025 (filed on 30-10-2025)lowers riskLiquidity: current ratio 3.16, cash €335,352Equity €679,539 (75.5% of total assets)Sector: Water transport (NACE 50)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 50, micro). It does better than 88% of them on solvency, 83% on liquidity, 75% on profitability and 76% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 11 days before the deadline. In the sector (NACE 50), the median for financial year 2024 was 3 days before the deadline, and 41% of those companies filed late.
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Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 27-10-2025 PDF all 22 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is 8.2 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Water transport (NACE 50). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Comparable companies
These companies have the same main activity as TRANSCURSOR: inland freight water transport (NACE 50400). They are comparable in size and age: total assets between €768,000 and €1.3m, founded between 2001 and 2008.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| TRANSCURSOR Charleroi | 2003 | €0.9m | €0.7m | €0.2m | €0.1m | - | 2025 |
| ARMEMENT MARTINIQUE Brunehaut | 2003 | €1.0m | €0.7m | €0.3m | €0.08m | - | 2024 |
| JORIS PIEN Dendermonde | 2004 | €0.8m | €0.6m | €0.3m | €0.1m | - | 2025 |
| Quantum-Vista Ranst | 2006 | €1.0m | €0.7m | €0.2m | €0.1m | - | 2025 |
| SYLMER SHIPPING Destelbergen | 2001 | €1.3m | -€0.3m | €0.2m | -€0.05m | - | 2025 |
| RIO Y MAR SHIPPING Evergem | 2008 | €0.8m | €0.6m | €0.2m | €0.05m | - | 2026 |
| PAVA SHIPPING Schoten | 2003 | €1.2m | €0.6m | €0.4m | -€0.2m | 1.3 | 2025 |
They were chosen from the 188 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 20,136 companies had the same profile as TRANSCURSOR has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of TRANSCURSOR itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for TRANSCURSOR. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €90 | €4,338 | €38,267 | ▲ 782% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €69,681 | €77,281 | €80,362 | €86,800 | €94,843 | €63,201 | €47,116 | ▼ 25.4% |
| Other operating charges640/8 | - | - | - | €16,492 | €13,406 | €13,417 | €13,347 | ▼ 0.5% |
| Non-recurring operating charges66A | - | - | - | - | - | €5,597 | €1,442 | ▼ 74.2% |
| Gross operating margin9900 | €198,209 | €85,760 | €28,365 | €172,655 | €216,146 | €101,290 | €220,741 | ▲ 118% |
| Operating profit (loss)9901 | €112,661 | -€6,732 | -€64,089 | €69,363 | €107,807 | €14,738 | €120,569 | ▲ 718% |
| Financial income75/76B | - | - | - | €0 | - | €18 | €1 | ▼ 95.2% |
| Recurring financial income75 | €1,177 | €1,198 | €1 | €0 | - | €18 | €1 | ▼ 95.2% |
| Financial charges65/66B | - | - | - | €621 | €313 | €264 | €264 | = |
| Recurring financial charges65 | €2,300 | €1,720 | €1,050 | €621 | €313 | €264 | €264 | = |
| Profit (loss) for the period before taxes9903 | €111,538 | -€7,253 | -€65,137 | €68,743 | €107,494 | €14,492 | €120,306 | ▲ 730% |
| Income taxes67/77 | €28 | €38,201 | €216 | €236 | €18,000 | €35,703 | €11,082 | ▼ 69.0% |
| Profit (loss) for the period9904 | €111,510 | -€45,454 | -€65,353 | €68,507 | €89,494 | -€21,211 | €109,224 | - |
| Profit (loss) for the period to be appropriated9905 | €111,510 | -€45,454 | -€65,353 | €68,507 | €89,494 | -€21,211 | €109,224 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €627,356 | €559,255 | €563,162 | €581,048 | €646,426 | €606,093 | €900,445 | ▲ 48.6% |
| Fixed assets21/28 | €342,300 | €341,183 | €299,064 | €262,570 | €260,360 | €239,168 | €201,466 | ▼ 15.8% |
| Tangible fixed assets22/27 | €327,800 | €326,683 | €284,564 | €248,070 | €245,860 | €224,668 | €186,966 | ▼ 16.8% |
| Land and buildings22 | - | - | - | - | - | €20,406 | €18,288 | ▼ 10.4% |
| Plant, machinery and equipment23 | - | - | - | €161,036 | €185,294 | €169,974 | €145,650 | ▼ 14.3% |
| Furniture and vehicles24 | - | - | - | €87,034 | €60,566 | €34,288 | €23,027 | ▼ 32.8% |
| Financial fixed assets28 | €14,500 | €14,500 | €14,500 | €14,500 | €14,500 | €14,500 | €14,500 | = |
| Current assets29/58 | €285,057 | €218,072 | €264,098 | €318,478 | €386,066 | €366,925 | €698,979 | ▲ 90.5% |
| Amounts receivable within one year40/41 | €75,170 | €162,307 | €68,422 | €87,153 | €92,936 | €68,767 | €4,137 | ▼ 94.0% |
| Trade receivables40 | - | - | - | €81,173 | €84,173 | €64,290 | €1,075 | ▼ 98.3% |
| Other amounts receivable41 | - | - | - | €5,980 | €8,763 | €4,477 | €3,063 | ▼ 31.6% |
| Current investments50/53 | €85,265 | €344 | €159,506 | €159,496 | €159,488 | €159,488 | €359,489 | ▲ 125% |
| Cash at bank and in hand54/58 | €124,622 | €55,421 | €36,170 | €71,829 | €127,642 | €132,670 | €335,352 | ▲ 153% |
| Deferred charges and accrued income490/1 | - | - | - | - | €6,000 | €6,000 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €627,356 | €559,255 | €563,162 | €581,048 | €646,426 | €606,093 | €900,445 | ▲ 48.6% |
| Equity10/15 | €544,333 | €498,879 | €433,525 | €502,032 | €591,526 | €570,315 | €679,539 | ▲ 19.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Share premium1100/10 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €141,737 | €141,737 | €319,506 | €300,906 | €300,906 | €300,906 | €500,906 | ▲ 66.5% |
| Non-distributable reserves130/1 | - | - | - | €161,029 | €161,029 | €161,029 | €361,029 | ▲ 124% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Own shares acquired1312 | - | - | - | €159,169 | €159,169 | €159,169 | €359,169 | ▲ 126% |
| Tax-exempt reserves132 | - | - | - | €139,877 | €139,877 | €139,877 | €139,877 | = |
| Profit (loss) carried forward14 | €383,995 | €338,541 | €114,019 | €182,526 | €272,020 | €250,809 | €160,033 | ▼ 36.2% |
| Amounts payable17/49 | €83,024 | €60,376 | €129,637 | €79,016 | €54,900 | €35,778 | €220,906 | ▲ 517% |
| Amounts payable after more than one year17 | €44,683 | €20,568 | €91,555 | €55,555 | €29,555 | - | - | - |
| Other amounts payable178/9 | - | - | - | €55,555 | €29,555 | - | - | - |
| Amounts payable within one year42/48 | €38,340 | €39,808 | €38,082 | €23,461 | €25,345 | €35,778 | €220,906 | ▲ 517% |
| Trade debts44 | €13,878 | €14,743 | €16,563 | €22,326 | €23,965 | €34,828 | €38,195 | ▲ 9.7% |
| Suppliers440/4 | - | - | - | €22,326 | €23,965 | €34,828 | €38,195 | ▲ 9.7% |
| Taxes, remuneration and social security45 | - | - | - | €950 | €950 | €950 | €950 | = |
| Taxes450/3 | - | - | - | €950 | €950 | €950 | €950 | = |
| Other amounts payable47/48 | - | - | - | €184 | €430 | - | €181,760 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €111,510 | -€45,454 | -€65,353 | €68,507 | €89,494 | -€21,211 | €109,224 | - |
| + Depreciation and write-downs630 | €69,681 | €77,281 | €80,362 | €86,800 | €94,843 | €63,201 | €47,116 | ▼ 25.4% |
| Operating cash flow (approximation) | €181,191 | €31,827 | €15,008 | €155,307 | €184,337 | €41,990 | €156,340 | ▲ 272% |
| Investment in fixed assets (approximation) | - | -€76,164 | -€38,243 | -€50,306 | -€92,634 | -€42,008 | -€9,414 | ▲ 77.6% |
| Change in cash | - | -€69,201 | -€19,252 | €35,660 | €55,813 | €5,028 | €202,682 | ▲ 40× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | full format | 27-10-2025 | 2025-00552975 | |
| 31-03-2024 | full format | 31-10-2024 | 2024-00523898 | |
| 31-03-2023 | full format | 30-10-2023 | 2023-00497302 | |
| 31-03-2022 | full format | 28-10-2022 | 2022-20476482 | |
| 31-03-2021 | full format | 04-10-2021 | 2021-71400481 | |
| 31-03-2020 | full format | 01-10-2020 | 2020-57700541 | |
| 31-03-2019 | full format | 01-10-2019 | 2019-68400025 | |
| 31-03-2018 | full format | 29-10-2018 | 2018-70500020 | |
| 31-03-2017 | full format | 27-10-2017 | 2017-68600043 | |
| 31-03-2016 | full format | 07-10-2016 | 2016-65200005 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 19-01-2024 Converted to unavailable equity
Mandate history
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| BONNEVIE HENRY |
|
| BONNEVIE Henri |
|
| BONNEVIE Quentin Fernand Robert |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Organe d'administration, un ou plusieurs administrateurs”“Administrateur, portée aux frais généraux”
Capital, shares and profit
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Nominatives, numéro d'ordre”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Libre de céder tout ou partie librement”
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Apport en numéraire avec émission nouvelles actions, offertes par priorité actionnaires ayant exercé totalité droit préférence,selon…”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “En tout temps par décision de l'assemblée générale délibérant dans formes prévues pour modifications aux statuts”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, peut désigner un ou plusieurs liquidateurs et déterminer pouvoirs et…”
Articles of association, deed of 19-01-2024 (in French)
Network & group
TRANSCURSOR shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of TRANSCURSOR. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
19-01
Gazette deed
Resignation: BONNEVIE Henri (statutory manager)Appointments: BONNEVIE Henri (director) and BONNEVIE Quentin Fernand Robert (director) · Director discharge · Power of attorney12 points ▸
- Director resignation, BONNEVIE Henri (statutory manager)
- Director appointment, BONNEVIE Henri (director (not named in the articles))
- Director discharge, BONNEVIE Henri
- Director appointment, BONNEVIE Quentin Fernand Robert (director (not named in the articles))
- Power of attorney, Grégoire DANDOY
- Registered office clause, “6030 Marchienne-au-Pont,Quai du Sud,1, assemblée générale” (deed in French)
- General meeting, 20-11-2023
- Other provision, “adaptation statuts CSA et maintien forme SRL, adapter” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “autorisation distributions acomptes sur dividendes, respect double test actif net et liquidité” (deed in French)
- Amendment of the articles
- Capital
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 20254 activities
- Le transport par eau (61).
- Elle peut accomplir toutes opérations commerciales,industrielles,financières,mobilières ou immobilières se rapportant directement ou indirectement à son objet.
- Elle peut s'intéresser par toutes voies dans toutes sociétés,associations ou entreprises ayant un objet similaire ou connexe au sien ou susceptible de favoriser le développement de ses activités.
- La société peut également exercer les fonctions d'administrateur ou de liquidateur dans d'autres sociétés.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52044B0199/00H002 | Wallonia | 562 m² | - | - |