TREEX
ActiveSummary
TREEX has been active since 2009 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €22,632 and a net result of €16,466. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 21% of 812 sector peers (NACE 74, financial year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Overview
- Equity
- €22,632
- Profit
- €16,466
- Parent
- PHICAP GROUP
- Michaël GoldbergDirector
Why 66raises risk1 change of registered office in 24 monthsLast filed accounts filed 33 days late; 2 of the last 3 lateEquity €22,632 (9.4% of total assets)lowers riskSector: Other professional, scientific and technical activities (NACE 74)Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 74, micro): better than 20% on solvency, 16% on liquidity, 49% on profitability and 96% on growth.
The bankruptcy probability was computed on 24-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 12 days after the deadline; the sector median (NACE 74) for financial year 2024 is 3 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Annual accounts filedfinancial year 2024 · micro…
- Resignation: Thomas Maskens (director)Appointment: Michaël Goldberg (sole director)…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (33 days) Filed on 2 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00492037.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 42% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 74, Other professional, scientific and technical activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 1,325 companies that looked in July 2024 the way this one looks now, 1.4% went bankrupt within 24 months and 95.1% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,325 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,383 | €11,396 | €11,446 | €13,514 | €12,720 | €9,727 | €13,633 | €12,826 | ▼ 5.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €226 | €348 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | - | €13,511 | €1,848 | €1,172 | ▼ 36.6% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €33 | - | - |
| Gross operating margin9900 | €56,841 | €80,218 | €88,112 | €44,619 | €38,810 | -€45,325 | €60,063 | €39,717 | ▼ 33.9% |
| Operating profit (loss)9901 | €20,782 | €68,380 | €76,319 | €30,532 | €25,742 | -€68,563 | €44,549 | €25,719 | ▼ 42.3% |
| Financial income75/76B | - | - | - | €1,306 | €2,667 | €6,937 | €760 | €2 | ▼ 99.7% |
| Recurring financial income75 | - | €528 | €977 | €1,306 | €2,667 | €6,937 | €760 | €2 | ▼ 99.7% |
| Financial charges65/66B | - | - | - | €601 | €726 | €1,436 | €2,571 | €2,980 | ▲ 15.9% |
| Recurring financial charges65 | €2,176 | €2,553 | €1,084 | €601 | €726 | €1,436 | €2,571 | €2,980 | ▲ 15.9% |
| Profit (loss) for the period before taxes9903 | €18,606 | €66,356 | €76,212 | €31,237 | €27,682 | -€63,062 | €42,738 | €22,741 | ▼ 46.8% |
| Income taxes67/77 | €5,912 | €20,609 | €21,969 | €10,305 | €10,901 | €249 | €502 | €6,275 | ▲ 13× |
| Profit (loss) for the period9904 | €12,693 | €45,747 | €54,243 | €20,932 | €16,781 | -€63,311 | €42,236 | €16,466 | ▼ 61.0% |
| Profit (loss) for the period to be appropriated9905 | €12,693 | €45,747 | €54,243 | €20,932 | €16,781 | -€63,311 | €42,236 | €16,466 | ▼ 61.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151,180 | €235,565 | €262,515 | €306,218 | €343,547 | €327,302 | €230,323 | €241,355 | ▲ 4.8% |
| Fixed assets21/28 | €35,389 | €35,069 | €23,621 | €24,602 | €18,849 | €59,149 | €49,622 | €38,543 | ▼ 22.3% |
| Intangible fixed assets21 | - | - | - | €1,517 | €1,201 | €885 | €569 | €253 | ▼ 55.6% |
| Tangible fixed assets22/27 | €34,929 | €28,239 | €19,706 | €19,169 | €11,854 | €49,555 | €40,344 | €29,581 | ▼ 26.7% |
| Plant, machinery and equipment23 | - | - | - | €3,288 | €2,528 | €1,768 | €1,008 | €248 | ▼ 75.4% |
| Furniture and vehicles24 | - | - | - | €15,881 | €6,475 | €1,987 | €3,529 | €3,518 | ▼ 0.3% |
| Leasing and similar rights25 | - | - | - | - | - | €45,799 | €35,807 | €25,814 | ▼ 27.9% |
| Assets under construction and advance payments27 | - | - | - | - | €2,850 | - | - | - | - |
| Financial fixed assets28 | €460 | €6,830 | €3,916 | €3,916 | €5,795 | €8,709 | €8,709 | €8,709 | = |
| Current assets29/58 | €115,791 | €200,496 | €238,894 | €281,616 | €324,698 | €268,153 | €180,701 | €202,812 | ▲ 12.2% |
| Amounts receivable after more than one year29 | - | - | - | €25,198 | €25,915 | €26,653 | €3,694 | - | - |
| Other amounts receivable291 | - | - | - | €25,198 | €25,915 | €26,653 | €3,694 | - | - |
| Amounts receivable within one year40/41 | €115,005 | €171,111 | €156,480 | €130,417 | €169,358 | €183,806 | €64,849 | €155,705 | ▲ 140% |
| Trade receivables40 | - | - | - | €71,705 | €103,493 | €89,940 | €51,353 | €120,366 | ▲ 134% |
| Other amounts receivable41 | - | - | - | €58,713 | €65,864 | €93,866 | €13,496 | €35,340 | ▲ 162% |
| Cash at bank and in hand54/58 | - | €29,026 | €52,722 | €119,789 | €121,992 | €45,171 | €102,836 | €46,342 | ▼ 54.9% |
| Deferred charges and accrued income490/1 | - | - | - | €6,212 | €7,434 | €12,523 | €9,322 | €765 | ▼ 91.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151,180 | €235,565 | €262,515 | €306,218 | €343,547 | €327,302 | €230,323 | €241,355 | ▲ 4.8% |
| Equity10/15 | €54,724 | €100,470 | €154,713 | €175,645 | €192,427 | €129,116 | €6,167 | €22,632 | ▲ 267% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €48,383 | €94,129 | €148,372 | €169,304 | €186,086 | €186,086 | €20,900 | €20,900 | = |
| Non-distributable reserves130/1 | - | - | - | €205 | €205 | €205 | €205 | €205 | = |
| Reserves not available under the articles1311 | - | - | - | €205 | €205 | €205 | €205 | €205 | = |
| Distributable reserves133 | - | - | - | €169,099 | €185,881 | €185,881 | €20,695 | €20,695 | = |
| Profit (loss) carried forward14 | €141 | €141 | €141 | €141 | €141 | -€63,169 | -€20,934 | -€4,468 | ▲ 78.7% |
| Amounts payable17/49 | €96,456 | €135,095 | €107,802 | €130,573 | €151,121 | €198,186 | €224,156 | €218,722 | ▼ 2.4% |
| Amounts payable after more than one year17 | €22,377 | €15,341 | €8,203 | €3,499 | €265 | €35,766 | €27,757 | €19,748 | ▼ 28.9% |
| Financial debts170/4 | - | - | - | €3,499 | €265 | €35,766 | €27,757 | €19,748 | ▼ 28.9% |
| Amounts payable within one year42/48 | €74,079 | €119,754 | €99,599 | €127,073 | €150,856 | €162,420 | €196,399 | €198,975 | ▲ 1.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €42,120 | €25,234 | €40,274 | €23,009 | €83,009 | ▲ 261% |
| Trade debts44 | €26,238 | €48,463 | €16,751 | €48,687 | €78,301 | €87,345 | €145,741 | €109,735 | ▼ 24.7% |
| Suppliers440/4 | - | - | - | €48,687 | €78,301 | €87,345 | €145,741 | €109,735 | ▼ 24.7% |
| Taxes, remuneration and social security45 | - | - | - | €36,267 | €47,321 | €34,800 | €27,648 | €6,231 | ▼ 77.5% |
| Taxes450/3 | - | - | - | €36,267 | €47,321 | €34,800 | €27,648 | €6,231 | ▼ 77.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,693 | €45,747 | €54,243 | €20,932 | €16,781 | -€63,311 | €42,236 | €16,466 | ▼ 61.0% |
| + Depreciation and write-downs630 | €10,383 | €11,396 | €11,446 | €13,514 | €12,720 | €9,727 | €13,633 | €12,826 | ▼ 5.9% |
| Operating cash flow (approximation) | €23,076 | €57,143 | €65,689 | €34,447 | €29,502 | -€53,583 | €55,869 | €29,292 | ▼ 47.6% |
| Investment in fixed assets (approximation) | - | -€11,076 | €2 | -€14,494 | -€6,968 | -€50,027 | -€4,106 | -€1,747 | ▲ 57.4% |
| Change in cash | - | - | €23,696 | €67,067 | €2,203 | -€76,821 | €57,665 | -€56,495 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-09-2026 | 2026-00492037 |
| 31-12-2024 | micro format | 07-08-2025 | 2025-00372276 |
| 31-12-2023 | micro format | 09-09-2024 | 2024-00456367 |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00118158 |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20245288 |
| 31-12-2020 | micro format | 30-06-2021 | 2021-28600382 |
| 31-12-2019 | micro format | 29-10-2020 | 2020-64700133 |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54400468 |
| 31-12-2017 | micro format | 24-07-2018 | 2018-39300254 |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56400078 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Michaël Goldberg |
|
| Thomas Maskens |
|
Owners and capital
Owners
1 ownerChain of control
- PHICAP GROUP
- TREEX
Highest known parent: PHICAP GROUP. The sources do not say who stands above it.
Owners 1
- PHICAP GROUPconsolidating parentconsolidates
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 07-12-2023 Capital stated in the deed · 186 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
11-04
Gazette deed
Resignation: Thomas Maskens (director)Appointment: Michaël Goldberg (sole director) · Registered-office move · Power of attorney6 facts ▸
- General meeting, 27-02-2025
- Director resignation, Thomas Maskens (director)
- Director appointment, Michaël Goldberg (sole director)
- Board meeting, 27-02-2025
- Registered-office move, Boulevard du Souverain 100,1170 Watermael-Boitsfort
- Power of attorney, Thomas Maskens
28-01
Gazette deed
Amendment of the articlesShare cancellation · Correction5 facts ▸
- General meeting, 23-12-2024
- Other provision, “exclusion d'actionnaire, A.1.1. Constatation de l’exclusion d’un actionnaire” (deed in French)
- Share cancellation, “exclusion”, 1 (deed in French)
- Amendment of the articles, 5
- Correction, “correction d'adresse mail, sixième résolution” (deed in French)
07-12
Gazette deed
Resignation: Thomas Maskens (manager)Appointment: Thomas Maskens (statutory director) · Capital conversion · Director discharge17 facts ▸
- General meeting, 21-11-2023
- Other provision, “adaptation statuts au CSA et maintien forme SRL, adapter statuts” (deed in French)
- Capital conversion, “conversion de plein droit, article 39,§2,deuxième alinéa loi 23 mars introduisant Code des sociétés et des associations” (deed in French)
- Other provision, “formes et majorités modification des statuts, suppression compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “dispense versement compte apports non appelés”, 12400 (deed in French)
- Other provision, “double test de distribution respecté et réalisé avant assemblée, avant tenue présente assemblée” (deed in French)
- Director resignation, Thomas Maskens (manager)
- Director appointment, Thomas Maskens (statutory director) (2 times)
- Director discharge, Thomas Maskens
- Registered-office move, 1050 Ixelles,Avenue de la Couronne 380
- Other provision, “info@treex.be, site internet et adresse électronique” (deed in French)
- Name change, TREEX
- +5 further facts in this act
Show earlier events
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 25 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21017D0290/00E003 | Brussels | 1.7 ha | 1 · 4,778 m² | 28.2 m · 3 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- TREEX
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, peut établir sièges administratifs,agences,ateliers,dépôts et succursales,en Belgique et à l'étranger,par…” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d’administration, assemblée qui nomme fixe nombre,durée et en cas de pluralité pouvoirs” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Numéro d'ordre, registre des actions nominatives avec mentions requises par le Code des sociétés et des associations” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Tous cas de cessions entre vifs à titre onéreux ou gratuit, volontaires ou forcées incluant exclusion et retrait, en usufruit, nue-propriété…” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- “Par l'organe qui procède à l'émission, portés à la connaissance des actionnaires par courrier électronique” (deed in French)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Délibérant formes prévues modifications statuts, en tout temps par décision assemblée générale” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Quelque cause et quelque moment, désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments” (deed in French)