TRANSIMMODEL
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00457078.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 33 filings
Turnover
€24,600
EBIT margin
-14.8%
Net result
€7,780▲ 220%
2023 · €2,428
Working capital
€45,927▲ 101%
2023 · €22,811
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
€9,737
2025
20182025
Net result
€7,780
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€53,596
2025
middle half of the sector
20182025
Total assets
€96,514
2025
lowest quarter of the sector
20182025
Debt
€42,917
2025
20182025
Working capital
€45,927
2025
middle half of the sector
20182025
Solvency
55.5%
2025
middle half of the sector
20182025
Current ratio
8.38
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232025
Turnover€24,600-
Operating result-€3,636-€2,440€4,630▲ 89.7%€6,581▲ 42.2%€511▼ 92.2%€4,493▲ 779%€9,737-
Net result-€3,723-€2,327€4,559within the sector's middle half▲ 95.9%€4,688within the sector's middle half▲ 2.8%€443within the sector's middle half▼ 90.6%€2,428within the sector's middle half▲ 448%€7,780within the sector's middle half-
EBIT margin-14.8%-
Equity€31,756-€34,083▲ 7.3%€38,642within the sector's middle half▲ 13.4%€43,330within the sector's middle half▲ 12.1%€43,773within the sector's middle half▲ 1.0%€46,201within the sector's middle half▲ 5.5%€53,596within the sector's middle half-
Total assets€88,814-€90,330▲ 1.7%€75,443within the sector's middle half▼ 16.5%€81,958within the sector's middle half▲ 8.6%€80,692within the sector's middle half▼ 1.5%€85,249within the sector's middle half▲ 5.6%€96,514below the sector's middle half-
Debt€57,058-€56,246▼ 1.4%€36,801▼ 34.6%€38,628▲ 5.0%€36,919▼ 4.4%€39,048▲ 5.8%€42,917-
Working capital€4,149-€17,157▲ 314%€9,451within the sector's middle half▼ 44.9%€16,970within the sector's middle half▲ 79.5%€9,395within the sector's middle half▼ 44.6%€22,811within the sector's middle half▲ 143%€45,927within the sector's middle half-
Solvency35.8%-37.7%▲ 2.0pp51.2%within the sector's middle half▲ 13.5pp52.9%within the sector's middle half▲ 1.6pp54.2%within the sector's middle half▲ 1.4pp54.2%within the sector's middle half▼ 0.1pp55.5%within the sector's middle half-
Current ratio3.06-36.13▲ 33.0793.66above the sector's middle half▲ 57.539.78above the sector's middle half▼ 83.8842.92above the sector's middle half▲ 33.1510.72above the sector's middle half▼ 32.208.38above the sector's middle half-
Return on assets (ROA)-4.2%-2.6%▲ 6.8pp6.0%within the sector's middle half▲ 3.5pp5.7%within the sector's middle half▼ 0.3pp0.5%within the sector's middle half▼ 5.2pp2.8%within the sector's middle half▲ 2.3pp8.1%within the sector's middle half-
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 operating result for 2025 is €9,737, against €4,493 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2023 as the grey bar beneath
Assets €96,514
Fixed assets
€44,364 ▼ 26.2%
Current assets
€52,149 ▲ 107%
Equity and liabilities €96,514
Equity
€53,596 ▲ 16.0%
Debt
€42,917 ▲ 9.9%
Debt's share of the balance-sheet total falls from 45.8% to 44.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€21,203▲
2023 · €16,607
Cash flow
€19,245▲
2023 · €14,542
Debt to equity
0.80▼
2023 · 0.85
ROE
14.5%▲
2023 · 5.3%
Interest coverage
10.83▲
2023 · 8.04
Debt ≤ 1 year
€6,223▲
2023 · €2,347
Debt > 1 year
€36,695=
2023 · €36,695
Supplier credit
51 days▲
2023 · 18 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €7,378 | €20,639 | €1,132 | - |
| Depreciation and write-downs of the year | €10,212 | €12,621 | €12,114 | €11,466 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €24,600 | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €7,757 | €7,051 | €7,299 | €8,099 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,476 | €9,967 | €9,974 | €10,212 | €12,621 | €12,114 | €11,466 | - |
| Other operating charges640/8 | - | - | - | €2,222 | €2,316 | €2,494 | €2,858 | - |
| Gross operating margin9900 | €8,879 | €14,488 | €16,810 | €19,016 | €15,449 | €19,101 | €24,061 | - |
| Operating profit (loss)9901 | -€3,636 | €2,440 | €4,630 | €6,581 | €511 | €4,493 | €9,737 | - |
| Financial income75/76B | - | - | - | - | €0 | €0 | - | - |
| Recurring financial income75 | - | - | - | - | €0 | €0 | - | - |
| Financial charges65/66B | - | - | - | €1,893 | €68 | €2,066 | €1,958 | - |
| Recurring financial charges65 | €88 | €114 | €71 | €1,893 | €68 | €2,066 | €1,958 | - |
| Profit (loss) for the period before taxes9903 | -€3,723 | €2,327 | €4,559 | €4,688 | €443 | €2,428 | €7,780 | - |
| Profit (loss) for the period9904 | -€3,723 | €2,327 | €4,559 | €4,688 | €443 | €2,428 | €7,780 | - |
| Profit (loss) for the period to be appropriated9905 | -€3,723 | €2,327 | €4,559 | €4,688 | €443 | €2,428 | €7,780 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €88,814 | €90,330 | €75,443 | €81,958 | €80,692 | €85,249 | €96,514 | - |
| Formation expenses20 | - | €0 | €0 | €0 | €0 | €0 | - | - |
| Fixed assets21/28 | €82,651 | €72,684 | €65,890 | €63,055 | €71,073 | €60,091 | €44,364 | - |
| Intangible fixed assets21 | - | €0 | €0 | €0 | €0 | €0 | - | - |
| Tangible fixed assets22/27 | €82,651 | €72,684 | €65,890 | €63,055 | €71,073 | €60,091 | €44,364 | - |
| Land and buildings22 | - | - | - | €63,055 | €71,073 | €59,107 | €43,543 | - |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €984 | €531 | - |
| Furniture and vehicles24 | - | - | - | €0 | €0 | €0 | €290 | - |
| Current assets29/58 | €6,164 | €17,646 | €9,553 | €18,903 | €9,619 | €25,158 | €52,149 | - |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €204 | - |
| Trade receivables290 | - | - | - | - | - | - | €204 | - |
| Cash at bank and in hand54/58 | €6,164 | €17,006 | €8,878 | €13,345 | €8,860 | €24,321 | €51,059 | - |
| Deferred charges and accrued income490/1 | - | - | - | €5,559 | €759 | €837 | €886 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €88,814 | €90,330 | €75,443 | €81,958 | €80,692 | €85,249 | €96,514 | - |
| Equity10/15 | €31,756 | €34,083 | €38,642 | €43,330 | €43,773 | €46,201 | €53,596 | - |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | - |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | - |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | - |
| Reserves13 | €5,006 | €5,006 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | - |
| Profit (loss) carried forward14 | -€35,250 | -€32,923 | -€29,558 | -€24,870 | -€24,427 | -€21,999 | -€14,604 | - |
| Amounts payable17/49 | €57,058 | €56,246 | €36,801 | €38,628 | €36,919 | €39,048 | €42,917 | - |
| Amounts payable after more than one year17 | €55,043 | €55,180 | €36,695 | €36,695 | €36,695 | €36,695 | €36,695 | - |
| Other amounts payable178/9 | - | - | - | €36,695 | €36,695 | €36,695 | €36,695 | - |
| Amounts payable within one year42/48 | €2,015 | €488 | €102 | €1,934 | €224 | €2,347 | €6,223 | - |
| Trade debts44 | €2,015 | €488 | €102 | €99 | €224 | €354 | €1,128 | - |
| Suppliers440/4 | - | - | - | €99 | €224 | €354 | €1,128 | - |
| Taxes, remuneration and social security45 | - | - | - | €423 | €0 | €460 | €550 | - |
| Taxes450/3 | - | - | - | €423 | €0 | €460 | €550 | - |
| Other amounts payable47/48 | - | - | - | €1,411 | €0 | €1,533 | €4,544 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €7 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,723 | €2,327 | €4,559 | €4,688 | €443 | €2,428 | €7,780 | - |
| + Depreciation and write-downs630 | €10,476 | €9,967 | €9,974 | €10,212 | €12,621 | €12,114 | €11,466 | - |
| Operating cash flow (approximation) | €6,753 | €12,294 | €14,533 | €14,900 | €13,064 | €14,542 | €19,245 | - |
| Investment in fixed assets (approximation) | - | €0 | -€3,180 | -€7,378 | -€20,639 | -€1,132 | - | - |
| Change in cash | - | €10,842 | -€8,128 | €4,467 | -€4,485 | €15,462 | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as TRANSIMMODEL has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRANSIMMODEL itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 31,368 companies, not a prediction for TRANSIMMODEL. 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.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00457078 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00135817 | |
| 31-12-2022 | micro format | 01-06-2023 | 2023-00101189 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20048535 | |
| 31-12-2020 | micro format | 19-08-2021 | 2021-50300019 | |
| 31-12-2019 | full format | 14-07-2020 | 2020-30000164 | |
| 31-12-2018 | full format | 01-07-2019 | 2019-28100283 | |
| 31-12-2017 | full format | 21-06-2018 | 2018-21700443 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-59900578 | |
| 31-12-2015 | full format | 25-08-2016 | 2016-47400374 |