TRANSFORCE

Bankruptcy

Private limited companyfounded 2016Walenstraat 63A, 3500 Hasselt, BelgiumKBO/BCE: BE 0660.951.565

The KBO register records for TRANSFORCE the legal situation: open bankruptcy (code 050); this is today's state according to the register itself, which carries no start date. The 2023 annual accounts show negative equity (€-678k) and a net result of €-1.62M.

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Signals

Five signals. The signal on the left, the evidence on the right.

+raises risk○neutral

Negative equity

Equity is negative for financial year 2023: liabilities exceed assets. This is the trigger point of the alarm-bell procedure (Belgian CAC).

NBB · annual accounts 2023

Equity per financial year

212223

2021 to 2023 · latest year -€678k

The KBO register records the legal situation: open bankruptcy (code 050). This is today's state according to the register itself; the register carries no start date.

KBO · legal situation

In judicial reorganisation

Ongoing procedure under court protection (Book XX WER). The company is restructuring.

Belgian State Gazette

Filed after the deadline

The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 31-08-2024, 31 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 · 3 filings

Deviation from the deadline

2025

not confirmed

2024

not filed

2023

31 d late

2022

50 d late

2021

31 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2023, abbreviated schema

Equity

€-678k▼ 178%

2022 · €-243k

2021: €27k 2022: €-243k

2021 → 2023

Total assets

€677k▲ 27.8%

2022 · €530k

2021: €313k 2022: €530k

2021 → 2023

Net result

€-1.62M▼ 65.7%

2022 · €-977k

2021: €-206k 2022: €-977k

2021 → 2023

Working capital

€-813k▼ 343%

2022 · €-183k

2021: €28k 2022: €-183k

2021 → 2023

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line202120222023Trend

Equity€27k-€-243k€-678k▼ 178%

Operating result€-171k-€-946k▼ 452%€-1.56M▼ 64.7%

Net result€-206k-€-977k▼ 374%€-1.62M▼ 65.7%

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 stays negative: a loss of €1.56M in 2023 against €946k in 2022; the loss grows and 2023 is the lowest year so far.

Balance-sheet composition

2023 in colour, 2022 as the grey bar beneath

Assets €661k

68.4%

31.6%

Fixed assets €452k▲ 43.7%

Current assets €209k▲ 0.1%

Key figures and ratios

2023 value · change against 2022

EBITDA

€-1.45M▼

2022 · €-873k

Cash flow

€-1.51M▼

2022 · €-904k

Solvency

-100.1%▼

2022 · -46.0%

Current ratio

0.20▼

2022 · 0.53

Quick ratio

0.20▼

2022 · 0.53

Debt / equity

-2.00▲

2022 · -3.18

ROE

238.7%▼

2022 · 401.2%

ROA

-239.1%▼

2022 · -184.4%

Interest coverage

-23.98▲

2022 · -28.30

Debt

€1.36M▲

2022 · €773k

Debt ≤ 1 year

€1.02M▲

2022 · €392k

Debt > 1 year

€316k▼

2022 · €369k

Income taxes

€789

Staff costs

€1.01M▲

2022 · €464k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2023 against 2022

Balance sheet Code20222023

Assets

Total assets20/58€530k€677k▲

Formation expenses20€6k€16k▲

Fixed assets21/28€315k€452k▲

Intangible fixed assets21€6k€17k▲

Tangible fixed assets22/27€248k€374k▲

Plant, machinery and equipment23€2k€53k▲

Furniture and vehicles24€77k€107k▲

Leasing and similar rights25€168k€215k▲

Financial fixed assets28€61k€61k=

Current assets29/58€209k€209k▲

Amounts receivable within one year40/41€169k€191k▲

Trade receivables40€158k€157k▼

Other amounts receivable41€11k€34k▲

Cash at bank and in hand54/58€37k€12k▼

Deferred charges and accrued income490/1€3k€6k▲

Equity and liabilities

Total equity and liabilities10/49€530k€677k▲

Equity10/15€-243k€-678k▼

Contributions10/11€901k€2.04M▲

Revaluation surpluses12-€45k

Profit (loss) carried forward14€-1.14M€-2.76M▼

Amounts payable17/49€773k€1.36M▲

Amounts payable after more than one year17€369k€316k▼

Financial debts170/4€369k€316k▼

Amounts payable within one year42/48€392k€1.02M▲

Current portion of amounts payable after more than one year42€82k€129k▲

Financial debts43-€94k

Credit institutions430/8-€46k

Other loans439-€48k

Trade debts44€178k€340k▲

Suppliers440/4€178k€340k▲

Taxes, remuneration and social security45€132k€456k▲

Taxes450/3€12k€134k▲

Remuneration and social security454/9€120k€322k▲

Other amounts payable47/48€847€3k▲

Accrued charges and deferred income492/3€12k€18k▲

Income statement Code20222023

Remuneration, social security and pensions62€464k€1.01M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€73k€108k▲

Other operating charges640/8€10k€31k▲

Operating charges capitalised as restructuring costs649-€-12k

Gross operating margin9900€-399k€-419k▼

Operating profit (loss)9901€-946k€-1.56M▼

Financial income75/76B€58€7▼

Recurring financial income75€58€7▼

Financial charges65/66B€31k€60k▲

Recurring financial charges65€31k€60k▲

Profit (loss) for the period before taxes9903€-977k€-1.62M▼

Income taxes67/77-€789

Profit (loss) for the period9904€-977k€-1.62M▼

Profit (loss) for the period to be appropriated9905€-977k€-1.62M▼

Appropriation of the result

Profit (loss) to be appropriated9906€-1.14M€-2.76M▼

Profit (loss) brought forward from the previous period14P€-168k€-1.14M▼

Social balance

Average headcount (FTE)908711.324.3▲

The notes to these accounts (23 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 5Signals 1Financial 1Filings 3

2024

04-12

Judicial reorganisation Opening

Ondernemingsrechtbank Antwerpen · collectif · event 29-11-2024

31-08

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema · 31 days late

2023

31-12

Financial Weakest financial yearnet €-1.62M

Net result drops to €-1.62M, the lowest in the series.

19-09

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema · 50 days late

2022

31-08

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 31 days late

SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

10 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, Hasselt · 2 establishment units since 2016

establishment All 2 establishment units on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Walenstraat 63A3500 Hasselt

Ground area

1.8 ha

Building footprint

7,165 m²

Volume, LiDAR

32,796 m³