Equity
€9,496 from €117,329 in 2024
Equity fell by 92% in 1 year.
TRUST COMPONENTS
Lifetime
7 annual accounts with figures on one time axispeak €364,313 (2024)
€238,608▼ 34.5%
lowest -€107,833 (2025)
-€107,833▼ €193,735
peak €117,329 (2024)
€9,496▼ 91.9%
€1.4m▲ 53.6%
Board4 names since 2020
2 directorsMGSVH MANAGEMENT and 1 other
Documentsfilings and deeds
15-05-202677 days before the deadline
2025micro format
Gross margin from €364,313 to €238,608Loss of €107,833Equity from €117,329 to €9,496Debts from €935,819 to €1.4mInvestments €683,440Cash from €115,477 to €31,471
Key points
from the 2025 annual accountsDebts
€1.4m 99% of the balance sheet
Financial debts 62%Suppliers 10%Taxes and wages 4%Other 23%
Of this, €441,371 falls due within a year.
Investments
€670,216 4.6 × depreciation
Green is investment, beige is depreciation.
Staff
3 employees on 31-12-2025
In 2025, 3 people joined and 2 left.
Filings
7 annual accounts 2 late
The 2021 accounts came latest: 31 days after the end of the period.
Position in the sector
-€107,833
Lower net result than 95% of companies in retail trade. Sector median €5,052 · 22,900 companies.
Checked score
54
Fair
Financially stronger than 22% of micro companies in retail trade (NACE 47)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.1% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.6% across 40,275 companies (NACE 47, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.2%
01-2025: 1.2%● unchanged vs 12-2024
02-2025: 1.2%● unchanged vs 01-2025
03-2025: 1.2%● unchanged vs 02-2025
04-2025: 1.2%● unchanged vs 03-2025
05-2025: 1.4%▲ +0.2 percentage points vs 04-2025
06-2025: 1.5%▲ +0.1 percentage points vs 05-2025
07-2025: 1.6%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.5%▼ -1.1 percentage points vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.4%▼ -0.1 percentage points vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026lowest value
04-2026: 0.5%▲ +0.1 percentage points vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 1.2%▲ +0.7 percentage points vs 05-2026
07-2026: 1.2%● unchanged vs 06-2026
08-2026: 1.2%● unchanged vs 07-2026
09-2026: 1.2%● unchanged vs 08-2026
10-2026: 1.1%▼ -0.1 percentage points vs 09-2026
11-2026: 1.1%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Equity €9,496 (0.7% of total assets)
Loss of €107,833 (financial year 2025)
Sector: Retail trade (NACE 47)
lowers risk
Size: total assets €1.4m
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 47, micro). It does better than 19% of them on solvency, 38% on liquidity, 23% on profitability and 6% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 849 companies had the same profile as TRUST COMPONENTS has now. Each dot stands for 3 companies, two years later.
91.9%
were still trading
3.3%
stopped another way
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TRUST COMPONENTS itself: 1.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 849 companies, not a prediction for TRUST COMPONENTS. 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.
Credit verdict
Credit of up to €500 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is tight, with a current ratio of 1.03 (1.82 in 2024), below the usual 1.5. Short-term debt is 30.5% and cash 2.2% of total assets. 99.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 22917 sector peers (2025).
NBB · sector comparisonPosition among 22917 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-05-2026, 77 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
77 days early
2024
29 days early
2023
20 days late
2022
on the day
2021
31 days late
2020
3 days early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 8 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 July (4 of the last 5 accounts filed within 31 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- Thomas Fabry 50%deed of 19-05-2020
- Maxime Ganhy 50%deed of 19-05-2020
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0697763758
Changes of role: TFB MANAGEMENT (director) and MGSVH MANAGEMENT (director)
Permanent representatives: FABRY Thomas and GANHY Maxime · General meeting of 18-12-2023 · Gazette deed
2 directors appointed, 1 manager resigning, 1 resignation
Resignations: Thomas FABRY (manager) and Maxime GANHY · Appointments: TFB MANAGEMENT and MGSVH MANAGEMENT · Gazette deed
Appointment: Maxime Ganhy (manager)
Thomas Fabry holds 50% of the shares · Maxime Ganhy holds 50% of the shares · General meeting of 23-02-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TRUST COMPONENTS Fernelmont | €1.4m | €238,608 | 0.7% | - |
| BATAIA Ghent | €1.5m | €260,997 | 9.8% | 2.8 |
| RIJWIELEN FIDES Bever | €1.3m | €207,075 | 1.2% | 3.2 |
| BFZcycles Eghezée | €1.1m | €254,593 | 37.0% | 3 |
| Fietsservice Bevel Nijlen | €1.6m | €231,967 | 20.3% | 2.2 |
| FIETSEN KODA Zulte | €1.4m | €198,716 | 19.7% | 2.1 |
| Electric Mobility Systems Lennik | €1.4m | €259,058 | 40.2% | 1 |
These companies have the same main activity as TRUST COMPONENTS: retail sale of bicycles (NACE 47632). They are comparable in size and age: total assets between €1.1m and €1.6m, founded between 2016 and 2019.
Official details
Source: KBO- Status
- Active since 08-06-2018Normal situation
- Activity
- Retail sale of bicyclesNACE 47632and 1 other
- Joint committee
- 111Metal, mechanical and electrical engineering · annual accounts 2023
- Establishment unit
- 2.280.940.7465380 Fernelmont, since 08-06-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 22-01-2026
Annual accounts 2025
- ≈ €1.4mestimated
- €1.4m▲ 37.4%
- Employeeson 31-12-2025
- 3▲ 50.0%
- Filing
- Filed on 15-05-2026, 77 days before the end of the filing period
Insights on TRUST COMPONENTS
TRUST COMPONENTS files the micro format. That format states no turnover. The gross margin rose from -€14,970 in 2019 to €238,608 in 2025.
The balance sheet grew most from 2021 to 2023 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TRUST COMPONENTS
- What is the company number of TRUST COMPONENTS?
- The company number of TRUST COMPONENTS is 0697.763.758. The VAT number is the same number with BE in front: BE 0697.763.758.
- Where is TRUST COMPONENTS based?
- The registered office is at Rue du Trou du Sart, ZI, Nov. 5, 5380 Fernelmont.Company details
- What does TRUST COMPONENTS do?
- According to the KBO register, the main activity is retail sale of bicycles (NACE 47632).
- What is the legal form of TRUST COMPONENTS?
- TRUST COMPONENTS is a private limited company (BV).
- When was TRUST COMPONENTS founded?
- TRUST COMPONENTS was founded on 08-06-2018.
- Is TRUST COMPONENTS still active?
- Yes, TRUST COMPONENTS is an active enterprise in the KBO register.
- How many employees does TRUST COMPONENTS have?
- TRUST COMPONENTS had an average of 3.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does TRUST COMPONENTS fall under?
- In its 2023 annual accounts, TRUST COMPONENTS states joint committee 111 (Metal, mechanical and electrical engineering).
- What is the turnover of TRUST COMPONENTS?
- The turnover in financial year 2025 is ≈ €1.4m. This figure is estimated from the gross margin of €238,608 and 211 comparable companies (NACE 47). It probably lies between €790,000 and €2.3m.
- Is TRUST COMPONENTS profitable?
- In financial year 2025, TRUST COMPONENTS made a loss of €107,833.
- Where can I find the annual accounts of TRUST COMPONENTS?
- TRUST COMPONENTS filed 7 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TRUST COMPONENTS due?
- TRUST COMPONENTS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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