TRUST DEVELOPMENT
ActiveSummary
TRUST DEVELOPMENT has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €50k and a net result of €25k. Equity is growing by ~16.8% per year across the filed fiscal years. Its solvency ranks better than 48% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+16
Solvency78▼-22
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days acceptable
Liquidity ample (current ratio 2.09 against 4.71 in 2024; short-term debt: 46.7% and cash: 44% of total assets), and 46.7% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers 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
53.3%
Return on assets
26.9%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
31 d early
2023
1 d early
2022
on the day
2021
2 d early
2020
2 d early
2019
on the day
← 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, micro schema
Equity
€50k▲ 2.6%
2024 · €49k
2018: €8klowest in 8 years
2019: €11k▲ +43.1% vs 2018
2020: €30k▲ +169% vs 2019
2021: €50k▲ +64.0% vs 2020
2022: €35k▼ -29.5% vs 2021
2023: €41k▲ +18.3% vs 2022
2024: €49k▲ +17.8% vs 2023
2025: €50k▲ +2.6% vs 2024highest in 8 years
2018 → 2025
Total assets
€94k▲ 54.0%
2024 · €61k
2018: €52k
2019: €24k▼ -53.8% vs 2018lowest in 8 years
2020: €37k▲ +54.4% vs 2019
2021: €64k▲ +73.4% vs 2020
2022: €50k▼ -21.7% vs 2021
2023: €56k▲ +12.1% vs 2022
2024: €61k▲ +8.8% vs 2023
2025: €94k▲ +54.0% vs 2024highest in 8 years
2018 → 2025
Net result
€25k▲ 242%
2024 · €7k
2018: €8k
2019: €3k▼ -54.9% vs 2018
2020: €19k▲ +461% vs 2019
2021: €19k▲ +1.9% vs 2020
2022: €-15k▼ -176% vs 2021lowest in 8 years
2023: €6k▲ +144% vs 2022
2024: €7k▲ +15.1% vs 2023
2025: €25k▲ +242% vs 2024highest in 8 years
2018 → 2025
Working capital
€48k▲ 5.7%
2024 · €45k
2018: €7klowest in 8 years
2019: €8k▲ +14.4% vs 2018
2020: €29k▲ +254% vs 2019
2021: €50k▲ +70.2% vs 2020highest in 8 years
2022: €33k▼ -33.3% vs 2021
2023: €40k▲ +21.1% vs 2022
2024: €45k▲ +12.2% vs 2023
2025: €48k▲ +5.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€50k-€35k▼ 29.5%€41k▲ 18.3%€49k▲ 17.8%€50k▲ 2.6%
2021: €50k
2022: €35k▼ -29.5% vs 2021lowest in 5 years
2023: €41k▲ +18.3% vs 2022
2024: €49k▲ +17.8% vs 2023
2025: €50k▲ +2.6% vs 2024highest in 5 years
Operating result€27k-€-15k€7k€10k▲ 46.0%€33k▲ 228%
2021: €27k
2022: €-15k▼ -156% vs 2021lowest in 5 years
2023: €7k▲ +146% vs 2022
2024: €10k▲ +46.0% vs 2023
2025: €33k▲ +228% vs 2024highest in 5 years
Net result€19k-€-15k€6k€7k▲ 15.1%€25k▲ 242%
2021: €19k
2022: €-15k▼ -176% vs 2021lowest in 5 years
2023: €6k▲ +144% vs 2022
2024: €7k▲ +15.1% vs 2023
2025: €25k▲ +242% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 228% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €94k
Fixed assets
€2k ▼ 36.9%
Current assets
€92k ▲ 59.7%
Equity and liabilities €94k
Equity
€50k ▲ 2.6%
Debt
€44k ▲ 260%
Debt's share of the balance-sheet total rises from 20.0% to 46.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34k▲
2024 · €11k
Cash flow
€27k▲
2024 · €8k
Current ratio
2.09▼
2024 · 4.71
Debt to equity
0.88▲
2024 · 0.25
ROE
50.5%▲
2024 · 15.1%
ROA
26.9%▲
2024 · 12.1%
Interest coverage
48.75▲
2024 · 13.26
Debt ≤ 1 year
€44k▲
2024 · €12k
Income taxes
€9k▲
2024 · €3k
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 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€61k€94k▲
Fixed assets21/28€4k€2k▼
Tangible fixed assets22/27€4k€2k▼
Plant, machinery and equipment23€2k€1k▼
Furniture and vehicles24€1k€899▼
Current assets29/58€57k€92k▲
Amounts receivable after more than one year29€28k€34k▲
Other amounts receivable291€28k€34k▲
Amounts receivable within one year40/41€21k€14k▼
Trade receivables40€12k€14k▲
Other amounts receivable41€9k-
Cash at bank and in hand54/58€4k€41k▲
Deferred charges and accrued income490/1€4k€2k▼
Equity and liabilities
Total equity and liabilities10/49€61k€94k▲
Equity10/15€49k€50k▲
Contributions10/11€7k€7k=
Reserves13€42k€43k▲
Distributable reserves133€42k€43k▲
Amounts payable17/49€12k€44k▲
Amounts payable within one year42/48€12k€44k▲
Current portion of amounts payable after more than one year42€4k€4k=
Trade debts44€2k€2k▲
Suppliers440/4€2k€2k▲
Taxes, remuneration and social security45€5k€8k▲
Taxes450/3€5k€8k▲
Other amounts payable47/48€2k€30k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€664€1k▲
Other operating charges640/8€334€459▲
Gross operating margin9900€11k€35k▲
Operating profit (loss)9901€10k€33k▲
Financial income75/76B€2k€2k▲
Recurring financial income75€2k€2k▲
Financial charges65/66B€806€702▼
Recurring financial charges65€806€702▼
Profit (loss) for the period before taxes9903€11k€34k▲
Income taxes67/77€3k€9k▲
Profit (loss) for the period9904€7k€25k▲
Profit (loss) for the period to be appropriated9905€7k€25k▲
Appropriation of the result
Profit (loss) to be appropriated9906€3k€25k▲
Profit (loss) brought forward from the previous period14P€-4k-
Transfer from equity791/2-€19k
Transfer to equity691/2€3k€20k▲
To other reserves6921€3k€20k▲
Profit to be distributed694/7-€24k
Return on contributions (dividend)694-€19k
Directors or managers695-€5k
The notes to these accounts (6 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €98 | €276 | €657 | €664 | €1k | ▲ 99.0% |
| Other operating charges640/8 | €292 | €353 | €546 | €334 | €459 | ▲ 37.4% |
| Gross operating margin9900 | €27k | €-14k | €8k | €11k | €35k | ▲ 214% |
| Operating profit (loss)9901 | €27k | €-15k | €7k | €10k | €33k | ▲ 228% |
| Financial income75/76B | €2k | €939 | €607 | €2k | €2k | ▲ 33.4% |
| Recurring financial income75 | €2k | €939 | €607 | €2k | €2k | ▲ 33.4% |
| Financial charges65/66B | €591 | €486 | €681 | €806 | €702 | ▼ 13.0% |
| Recurring financial charges65 | €591 | €486 | €681 | €806 | €702 | ▼ 13.0% |
| Profit (loss) for the period before taxes9903 | €28k | €-14k | €7k | €11k | €34k | ▲ 218% |
| Income taxes67/77 | €8k | €185 | €388 | €3k | €9k | ▲ 164% |
| Profit (loss) for the period9904 | €19k | €-15k | €6k | €7k | €25k | ▲ 242% |
| Profit (loss) for the period to be appropriated9905 | €19k | €-15k | €6k | €7k | €25k | ▲ 242% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €64k | €50k | €56k | €61k | €94k | ▲ 54.0% |
| Fixed assets21/28 | €852 | €3k | €2k | €4k | €2k | ▼ 36.9% |
| Tangible fixed assets22/27 | €852 | €3k | €2k | €4k | €2k | ▼ 36.9% |
| Plant, machinery and equipment23 | - | €765 | €503 | €2k | €1k | ▼ 40.5% |
| Furniture and vehicles24 | €852 | €2k | €2k | €1k | €899 | ▼ 30.5% |
| Current assets29/58 | €63k | €47k | €54k | €57k | €92k | ▲ 59.7% |
| Amounts receivable after more than one year29 | - | - | €16k | €28k | €34k | ▲ 21.4% |
| Other amounts receivable291 | - | - | €16k | €28k | €34k | ▲ 21.4% |
| Amounts receivable within one year40/41 | €45k | €20k | €23k | €21k | €14k | ▼ 34.3% |
| Trade receivables40 | €42k | €8k | €10k | €12k | €14k | ▲ 15.8% |
| Other amounts receivable41 | €3k | €11k | €13k | €9k | - | - |
| Current investments50/53 | €4k | €4k | €4k | - | - | - |
| Cash at bank and in hand54/58 | €12k | €22k | €9k | €4k | €41k | ▲ 919% |
| Deferred charges and accrued income490/1 | €2k | €2k | €1k | €4k | €2k | ▼ 41.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €64k | €50k | €56k | €61k | €94k | ▲ 54.0% |
| Equity10/15 | €50k | €35k | €41k | €49k | €50k | ▲ 2.6% |
| Contributions10/11 | €7k | €7k | €7k | €7k | €7k | = |
| Reserves13 | €41k | €41k | €38k | €42k | €43k | ▲ 3.0% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €39k | €39k | €38k | €42k | €43k | ▲ 3.0% |
| Profit (loss) carried forward14 | €1k | €-13k | €-4k | - | - | - |
| Amounts payable17/49 | €14k | €15k | €15k | €12k | €44k | ▲ 260% |
| Amounts payable within one year42/48 | €13k | €14k | €14k | €12k | €44k | ▲ 260% |
| Current portion of amounts payable after more than one year42 | €4k | €4k | €4k | €4k | €4k | = |
| Trade debts44 | €1k | €6k | €4k | €2k | €2k | ▲ 1.4% |
| Suppliers440/4 | €1k | €6k | €4k | €2k | €2k | ▲ 1.4% |
| Taxes, remuneration and social security45 | €8k | €5k | €6k | €5k | €8k | ▲ 69.5% |
| Taxes450/3 | €8k | €5k | €6k | €5k | €8k | ▲ 69.5% |
| Other amounts payable47/48 | - | - | - | €2k | €30k | ▲ 1,641% |
| Accrued charges and deferred income492/3 | €1k | €1k | €1k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19k | €-15k | €6k | €7k | €25k | ▲ 242% |
| + Depreciation and write-downs630 | €98 | €276 | €657 | €664 | €1k | ▲ 99.0% |
| Operating cash flow (approximation) | €19k | €-14k | €7k | €8k | €27k | ▲ 231% |
| Investment in fixed assets (approximation) | - | €-2k | €0 | €-2k | €0 | ▲ 100% |
| Change in cash | - | €9k | €-12k | €-5k | €37k | ▲ 809% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €25k ▲242%
Operating result €33k, net result €25k, both a record.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-15k
Net result drops to €-15k, the lowest in the series; recovery starts the following year.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity triplescurrent ratio 5.48
Current ratio from 1.66 to 5.48; short-term debt falls from €13k to €7k.
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Glabbeek · 1 establishment unit since 1997
Ground area
3,801 m²
Building footprint
578 m²
Volume, LiDAR
2,693 m³
2 parcels, Flanders · tallest building 10.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
TRUST DEVELOPMENT BVBA
since 19972.080.992.864
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24004B0289/00S000 | Flanders | 2,525 m² | 1 · 178 m² | 10.5 m · 2 fl. |
| 24004B0295/00X000 | Flanders | 1,276 m² | 1 · 399 m² | 9.7 m · 1 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.
Recognitions · licences · registrations
Legal Entity Identifier
254900TGXUV0OAF55I24
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 38,046 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-03-1997
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.