TRBA IMMO
ActiveSummary
TRBA IMMO has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.02M and a net result of €-12k. Equity is growing by ~4.2% per year across the filed fiscal years. Its solvency ranks better than 52% of 3200 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability59▲+8
Solvency81▼-2
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €370k at 30 days acceptable
Liquidity short (current ratio 0.06 against 0.66 in 2024; short-term debt: 20.4% and cash: 0.2% of total assets), and 44.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% 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
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
55.9%
Return on assets
-0.1%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 6 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
21 d early
2023
22 d early
2022
21 d early
2021
16 d early
2020
16 d early
2019
3 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-12k
2024 · €574k
2018: €503k
2019: €443k▼ -12.0% vs 2018
2020: €518k▲ +17.0% vs 2019
2021: €442k▼ -14.6% vs 2020
2022: €383k▼ -13.3% vs 2021
2023: €603k▲ +57.5% vs 2022highest in 8 years
2024: €574k▼ -4.8% vs 2023
2025: €-12k▼ -102% vs 2024lowest in 8 years
2018 → 2025
Working capital
€-1.73M▼ 4.9%
2024 · €-1.65M
2018: €-1.37M
2019: €-898k▲ +34.4% vs 2018
2020: €-204k▲ +77.3% vs 2019highest in 8 years
2021: €-801k▼ -293% vs 2020
2022: €-1.41M▼ -75.4% vs 2021
2023: €-1.94M▼ -37.8% vs 2022lowest in 8 years
2024: €-1.65M▲ +14.8% vs 2023
2025: €-1.73M▼ -4.9% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€10.79M-€11.17M▲ 3.6%€11.68M▲ 4.6%€12.26M▲ 4.9%€5.02M▼ 59.1%
2021: €10.79M
2022: €11.17M▲ +3.6% vs 2021
2023: €11.68M▲ +4.6% vs 2022
2024: €12.26M▲ +4.9% vs 2023highest in 5 years
2025: €5.02M▼ -59.1% vs 2024lowest in 5 years
Operating result€884k-€811k▼ 8.3%€928k▲ 14.4%€1.06M▲ 14.1%€58k▼ 94.5%
2021: €884k
2022: €811k▼ -8.3% vs 2021
2023: €928k▲ +14.4% vs 2022
2024: €1.06M▲ +14.1% vs 2023highest in 5 years
2025: €58k▼ -94.5% vs 2024lowest in 5 years
Net result€442k-€383k▼ 13.3%€603k▲ 57.5%€574k▼ 4.8%€-12k
2021: €442k
2022: €383k▼ -13.3% vs 2021
2023: €603k▲ +57.5% vs 2022highest in 5 years
2024: €574k▼ -4.8% vs 2023
2025: €-12k▼ -102% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 95% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.98M
Fixed assets
€8.88M ▼ 51.0%
Current assets
€101k ▼ 96.8%
Equity and liabilities €8.98M
Equity
€5.02M ▼ 59.1%
Provisions
€0 ▼ 100%
Debt
€3.97M ▼ 44.4%
Debt's share of the balance-sheet total rises from 33.5% to 44.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€260k▼
2024 · €1.27M
Cash flow
€190k▼
2024 · €790k
Current ratio
0.06▼
2024 · 0.66
Debt to equity
0.79▲
2024 · 0.58
ROE
-0.2%▼
2024 · 4.7%
ROA
-0.1%▼
2024 · 2.7%
Interest coverage
4.89▲
2024 · 3.51
Debt ≤ 1 year
€1.83M▼
2024 · €4.83M
Debt > 1 year
€2.09M▼
2024 · €2.27M
Income taxes
€17k▼
2024 · €191k
Staff costs
€0▼
2024 · €444k
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 · 59 lines
Balance sheet
Code20242025
Assets
Total assets20/58€21.31M€8.98M▼
Fixed assets21/28€18.13M€8.88M▼
Tangible fixed assets22/27€5.86M€5.62M▼
Land and buildings22€5.80M€5.59M▼
Furniture and vehicles24€21k€0▼
Leasing and similar rights25€21k€0▼
Other tangible fixed assets26€23k€23k=
Financial fixed assets28€12.27M€3.26M▼
Current assets29/58€3.18M€101k▼
Amounts receivable within one year40/41€3.03M€87k▼
Trade receivables40€660k€155▼
Other amounts receivable41€2.37M€86k▼
Cash at bank and in hand54/58€39k€15k▼
Deferred charges and accrued income490/1€110k€0▼
Equity and liabilities
Total equity and liabilities10/49€21.31M€8.98M▼
Equity10/15€12.26M€5.02M▼
Contributions10/11€62k€62k▼
Capital10€62k€62k▼
Issued capital100€62k€62k▼
Revaluation surpluses12€5.36M€2.33M▼
Reserves13€172k€43k▼
Non-distributable reserves130/1€6k€3k▼
Legal reserve130€6k€3k▼
Distributable reserves133€166k€41k▼
Profit (loss) carried forward14€6.66M€2.58M▼
Provisions and deferred taxes16€1.91M€0▼
Provisions for liabilities and charges160/5€1.91M€0▼
Other liabilities and charges164/5€1.91M€0▼
Amounts payable17/49€7.14M€3.97M▼
Amounts payable after more than one year17€2.27M€2.09M▼
Financial debts170/4€2.27M€2.09M▼
Amounts payable within one year42/48€4.83M€1.83M▼
Current portion of amounts payable after more than one year42€212k€158k▼
Trade debts44€192k€0▼
Suppliers440/4€192k€0▼
Taxes, remuneration and social security45€301k€17k▼
Taxes450/3€255k€17k▼
Remuneration and social security454/9€45k€368▼
Other amounts payable47/48€4.12M€1.66M▼
Accrued charges and deferred income492/3€43k€43k=
Income statement
Code20242025
Non-recurring operating income76A€0-
Remuneration, social security and pensions62€444k€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€215k€202k▼
Other operating charges640/8€70k€74k▲
Gross operating margin9900€1.79M€334k▼
Operating profit (loss)9901€1.06M€58k▼
Financial income75/76B€70k€0▼
Recurring financial income75€70k€0▼
Financial charges65/66B€363k€53k▼
Recurring financial charges65€363k€53k▼
Profit (loss) for the period before taxes9903€765k€5k▼
Income taxes67/77€191k€17k▼
Profit (loss) for the period9904€574k€-12k▼
Profit (loss) for the period to be appropriated9905€574k€-12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€6.66M€2.58M▼
Profit (loss) brought forward from the previous period14P€6.09M€2.59M▼
Profit to be distributed694/7€0-
Return on contributions (dividend)694€0-
Social balance
Average headcount (FTE)90875.90.0▼
The notes to these accounts (21 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €5k | €0 | €2k | €0 | - | - |
| Remuneration, social security and pensions62 | €442k | €468k | €478k | €444k | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €144k | €174k | €212k | €215k | €202k | ▼ 6.0% |
| Other operating charges640/8 | €64k | €63k | €72k | €70k | €74k | ▲ 6.0% |
| Gross operating margin9900 | €1.53M | €1.52M | €1.69M | €1.79M | €334k | ▼ 81.3% |
| Operating profit (loss)9901 | €884k | €811k | €928k | €1.06M | €58k | ▼ 94.5% |
| Financial income75/76B | €3k | €4k | €135k | €70k | €0 | ▼ 100% |
| Recurring financial income75 | €3k | €4k | €135k | €70k | €0 | ▼ 100% |
| Financial charges65/66B | €257k | €265k | €260k | €363k | €53k | ▼ 85.3% |
| Recurring financial charges65 | €257k | €265k | €260k | €363k | €53k | ▼ 85.3% |
| Profit (loss) for the period before taxes9903 | €630k | €549k | €803k | €765k | €5k | ▼ 99.3% |
| Income taxes67/77 | €188k | €166k | €199k | €191k | €17k | ▼ 91.1% |
| Profit (loss) for the period9904 | €442k | €383k | €603k | €574k | €-12k | ▼ 102% |
| Profit (loss) for the period to be appropriated9905 | €442k | €383k | €603k | €574k | €-12k | ▼ 102% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €17.84M | €18.39M | €19.87M | €21.31M | €8.98M | ▼ 57.8% |
| Fixed assets21/28 | €16.37M | €17.17M | €18.04M | €18.13M | €8.88M | ▼ 51.0% |
| Tangible fixed assets22/27 | €5.40M | €6.20M | €6.08M | €5.86M | €5.62M | ▼ 4.2% |
| Land and buildings22 | €4.48M | €6.18M | €6.00M | €5.80M | €5.59M | ▼ 3.5% |
| Furniture and vehicles24 | - | - | €27k | €21k | €0 | ▼ 100% |
| Leasing and similar rights25 | €0 | - | €27k | €21k | €0 | ▼ 100% |
| Other tangible fixed assets26 | €23k | €23k | €23k | €23k | €23k | = |
| Assets under construction and advance payments27 | €901k | €0 | - | - | - | - |
| Financial fixed assets28 | €10.97M | €10.97M | €11.97M | €12.27M | €3.26M | ▼ 73.4% |
| Current assets29/58 | €1.48M | €1.22M | €1.83M | €3.18M | €101k | ▼ 96.8% |
| Amounts receivable within one year40/41 | €1.33M | €1.06M | €1.71M | €3.03M | €87k | ▼ 97.1% |
| Trade receivables40 | €601k | €347k | €835k | €660k | €155 | ▼ 100.0% |
| Other amounts receivable41 | €734k | €713k | €870k | €2.37M | €86k | ▼ 96.4% |
| Cash at bank and in hand54/58 | €34k | €53k | €14k | €39k | €15k | ▼ 63.1% |
| Deferred charges and accrued income490/1 | €110k | €110k | €110k | €110k | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €17.84M | €18.39M | €19.87M | €21.31M | €8.98M | ▼ 57.8% |
| Equity10/15 | €10.79M | €11.17M | €11.68M | €12.26M | €5.02M | ▼ 59.1% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | ▼ 0.8% |
| Capital10 | €62k | €62k | €62k | €62k | €62k | ▼ 0.8% |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | ▼ 0.8% |
| Revaluation surpluses12 | €5.36M | €5.36M | €5.36M | €5.36M | €2.33M | ▼ 56.5% |
| Reserves13 | €172k | €172k | €172k | €172k | €43k | ▼ 74.8% |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €3k | ▼ 55.2% |
| Legal reserve130 | €6k | €6k | €6k | €6k | €3k | ▼ 55.2% |
| Distributable reserves133 | €166k | €166k | €166k | €166k | €41k | ▼ 75.6% |
| Profit (loss) carried forward14 | €5.19M | €5.58M | €6.09M | €6.66M | €2.58M | ▼ 61.2% |
| Provisions and deferred taxes16 | €2.03M | €1.99M | €1.95M | €1.91M | €0 | ▼ 100% |
| Provisions for liabilities and charges160/5 | €2.03M | €1.99M | €1.95M | €1.91M | €0 | ▼ 100% |
| Other liabilities and charges164/5 | €2.03M | €1.99M | €1.95M | €1.91M | €0 | ▼ 100% |
| Amounts payable17/49 | €5.03M | €5.23M | €6.23M | €7.14M | €3.97M | ▼ 44.4% |
| Amounts payable after more than one year17 | €2.71M | €2.56M | €2.43M | €2.27M | €2.09M | ▼ 7.7% |
| Financial debts170/4 | €1.61M | €2.56M | €2.43M | €2.27M | €2.09M | ▼ 7.7% |
| Other amounts payable178/9 | €1.10M | - | - | - | - | - |
| Amounts payable within one year42/48 | €2.28M | €2.63M | €3.77M | €4.83M | €1.83M | ▼ 62.1% |
| Current portion of amounts payable after more than one year42 | €146k | €149k | €150k | €212k | €158k | ▼ 25.2% |
| Trade debts44 | €271k | €254k | €345k | €192k | €0 | ▼ 100% |
| Suppliers440/4 | €271k | €254k | €345k | €192k | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | €262k | €234k | €268k | €301k | €17k | ▼ 94.2% |
| Taxes450/3 | €214k | €182k | €216k | €255k | €17k | ▼ 93.3% |
| Remuneration and social security454/9 | €48k | €52k | €51k | €45k | €368 | ▼ 99.2% |
| Other amounts payable47/48 | €1.60M | €1.99M | €3.00M | €4.12M | €1.66M | ▼ 59.9% |
| Accrued charges and deferred income492/3 | €43k | €43k | €43k | €43k | €43k | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €442k | €383k | €603k | €574k | €-12k | ▼ 102% |
| + Depreciation and write-downs630 | €144k | €174k | €212k | €215k | €202k | ▼ 6.0% |
| Operating cash flow (approximation) | €586k | €557k | €815k | €790k | €190k | ▼ 75.9% |
| Investment in fixed assets (approximation) | - | €-975k | €-1.09M | €-300k | €9.04M | ▲ 3,114% |
| Change in cash | - | €19k | €-38k | €25k | €-25k | ▼ 199% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 26 days late
2025
31-12
Financial
Weakest financial yearnet €-12k
Net result drops to €-12k, the lowest in the series.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €603k ▲57.5%
Net result €603k, the highest in the series.
10-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Equity above €10MEq €10.34M ▲5.3%
3 profitable years in a row build equity to €10.34M.
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
08-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 8 days late
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 20 days late
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Mouscron · 1 establishment unit since 2004
Ground area
4.3 ha
Building footprint
9,189 m²
Volume, LiDAR
51,408 m³
2 parcels, Wallonia · tallest building 8.9 m, ±2 floors. Linked by address, not a title deed.
12
companies at this address
See who is registered here
1 establishment unit
SA STAMAN
since 20042.137.676.793
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54007B0246/00A000 | Wallonia | 2.3 ha | 1 · 385 m² | 8.0 m · 1 fl. |
| 54007B0405/00R000 | Wallonia | 1.9 ha | 1 · 8,804 m² | 8.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 11,218 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
Founded27-05-1988
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.