Active BE 0673.846.231Private limited company

Trustworks

Admiraal de Boisotstraat 43 ·2000 Antwerpen, Belgium· 9 yrs active

Sector: Public relations and communication consultancy (73300)

Conclusion Checked

Trustworks has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €56k and a net result of €47k. Equity is shrinking by ~34.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 30% of 2547 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.7% (low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€56k
Net result	€47k
Better than sector	30%
Active	9 yrs

Financial profile 5 of 5 axes measured · computed by Checked

81 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 86

Profitability 100

Solvency 59

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.7% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

More than 3 years active

Founded in 2017, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2024 · computed

86 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€5k

estimate, not credit advice

Score history

93 2022

75 2023

86 2024

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.33 (≥ 1.0) +5

Quick ratio Quick ratio 1.33 (≥ 1.0) +5

Profitability ROE 84% (≥ 10%) +10

Interest coverage Interest coverage 14.5× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.

Financial overview7 NBB filings

Annual accounts filed on 18-06-2025 with the NBB · fiscal year 2024 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining At this pace, equity would indicatively turn negative around fiscal year 2027, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 73, Advertising, market research and public relations activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	33.0%	56.2%	better than 30% of 2547 sector peers
Net result	€47k	€19k	better than 73% of 2549 sector peers
Equity	€56k	€43k	better than 57% of 2547 sector peers
Gross operating margin	€78k	€37k	better than 74% of 2546 sector peers
Total assets	€169k	€93k	better than 72% of 2549 sector peers

EBITDA

€77k

+54.8% 22-24

Net profit

€47k

+124.7% 22-24

Cash flow

€59k

+57.6% 22-24

Total assets

€169k

+11.9% 22-24

Equity

€56k

+12.0% 22-24

Working capital

€37k

+84.3% 22-24

Income taxes

€14k

+85.2% 22-24

Dividends

€41k

-37.2% 22-24

Debt

€113k

+11.9% 22-24

Debt ≤ 1y

€113k

+11.9% 22-24

Debt > 1y

€10k

- 22-24

Current ratio

1.33

+10.8% 22-24

Quick ratio

1.33

+10.8% 22-24

Solvency

33.0%

+0.1% 22-24

Debt / equity

2.03

-0.1% 22-24

ROE

83.9%

+100.6% 22-24

ROA

27.7%

+100.8% 22-24

Interest coverage

14.48

+35.4% 22-24

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2024	2023	2022
Deposit	micro schema	micro schema	micro schema
Revenue	-	-	-
EBITDA	€77k	€49k	€64k
Net profit	€47k	€21k	€37k
Cash flow	€59k	€37k	€53k
Staff costs	-	-	-
Income taxes	€14k	€7k	€11k
Dividends	€41k	€65k	€29k
Total assets	€169k	€151k	€161k
Equity	€56k	€50k	€94k
Debt	€113k	€101k	€67k
of which ≤ 1y	€113k	€101k	€57k
of which > 1y	-	-	€10k
Working capital	€37k	€20k	€76k
Employees (FTE)	-	-	-

Ratios (computed)

	2024	2023	2022
Current ratio	1.33	1.20	2.32
Quick ratio	1.33	1.20	2.32
Working capital ratio	22.1%	13.4%	46.9%
Solvency	33.0%	33.0%	58.4%
Debt / equity	2.03	2.03	0.71
Long-term debt ratio	-	-	0.11
Interest coverage	14.48	10.69	72.14
Gross margin	-	-	-
Net margin	-	-	-
ROA	27.7%	13.8%	23.1%
ROE	83.9%	41.8%	39.5%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2024

Assets

Fixed assets €18k · 10.9% Current assets €151k · 89.1%

Equity & liabilities

Equity €56k · 33.0% Debt €113k · 67.0%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€169k	€151k	€161k
Fixed assets	21/28	€18k	€30k	€28k
Tangible fixed assets	22/27	€18k	€30k	€28k
Current assets	29/58	€151k	€122k	€133k
Amounts receivable within one year	40/41	€16k	€15k	€16k
Cash & bank	54/58	€133k	€102k	€107k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€169k	€151k	€161k
Equity	10/15	€56k	€50k	€94k
Contributions / capital	10/11	€19k	€19k	€19k
Reserves	13	€37k	€31k	€75k
Accumulated profits (losses)	14	€0	-	-
Amounts payable	17/49	€113k	€101k	€67k
Amounts payable after one year	17	-	-	€10k
Amounts payable within one year	42/48	€113k	€101k	€57k
Trade debts payable within one year	44	€0	€3k	€520
Income statement
Gross operating margin	9900	€78k	€50k	€66k
Operating result	9901	€64k	€33k	€49k
Financial income	75	€1k	€10	€98
Financial charges	65	€5k	€5k	€893
Result before taxes	9903	€60k	€28k	€48k
Income taxes	67/77	€14k	€7k	€11k
Net result for the period	9904	€47k	€21k	€37k
Result to be appropriated	9905	€47k	€21k	€37k

Directors & mandates 1 directors

Current directors & mandates

VAN de LOOCK Elfi Jossie Eed
Non-statutory director
State Gazette act 23321392 (10-03-2023)

Current
10-03-2023 → present

Legal Structure

NACE primary	Public relations and communication consultancy(73300)
Legal form	Private limited company(610)
Incorporation	04-04-2017
Status	Active
Postal code	2000

Establishment units 1 location

Trustworks

Admiraal de Boisotstraat 43, 2000 AntwerpenHoldings

since 20172.263.355.339

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11811L3698/00V002	Flanders	154 m²	1 · 100 m²	13.3 m · 4 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 8 events

All 10Financial 2Gazette 1Filings 7

2025

18-06

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Highest result since 2022net €47k ▲125%

Operating result €64k, net result €47k, both a record.

13-06

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

31-12

Financial Weakest financial yearnet €21k ▼44%

Net result drops to €21k, the lowest in the series; recovery starts the following year.

23-06

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

10-03

State Gazette act Director changes

Lars HANSEN · correction

2022

14-06

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

15-06

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

22-06

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

28-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 28 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 2 acts read

We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2023

10-03-2023 VAN de LOOCK Elfi Jossie Eed appointed as non-statutory director Director changes·Lars HANSENcorrection

VAN de LOOCK Elfi Jossie Eed, Niet-statutair bestuurder

Notary: Lars HANSEN · AntwerpenFirm: Deckers notarissen

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Activities of head offices; management consultancy activities70210Public relations and communication consultancy73300

Names & trade names

Legal nameNL

Trustworks

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