TS 33
ActiveSummary
TS 33 has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11.6m and a net result of €2.4m. Equity is growing by about 30% per year across the filed financial years. Its solvency ranks better than 32% of 11,012 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, abbreviated format
In the rankings
#1 company by total assets in Pelt, Real estate sector#1 company by equity in Pelt, Real estate sector
Equity
€11.6m▲ 61.2%
2024 · €7.2m
Total assets
€88.6m▼ 1.0%
2024 · €89.5m
Net result
€2.4m▲ 232%
2024 · €728,474
Working capital
€17.6m
2024 · -€7.6m
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 4% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€4.1m
2025
Net result€2.4m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€88.6m
2025
Equity€11.6m
2025
Debt€76.7m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€17.6m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)2.7%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency13.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio2.13
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate 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), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€1.2m-€0.3m▼ 76.4%€0.2m▼ 45.6%-€4.3m-€0.3m▲ 93.7%€3.9m€4.1m▲ 4.3%
Net result€0.8m-€0.2mabove the sector's middle half▼ 77.5%€2.0mabove the sector's middle half▲ 961%-€4.8mbelow the sector's middle half€6.2mabove the sector's middle half€0.7mabove the sector's middle half▼ 88.3%€2.4mabove the sector's middle half▲ 232%
Equity€0.8m-€3.3mabove the sector's middle half▲ 305%€5.3mabove the sector's middle half▲ 58.9%€0.5mwithin the sector's middle half▼ 90.4%€6.7mabove the sector's middle half▲ 1,233%€7.2mabove the sector's middle half▲ 7.5%€11.6mabove the sector's middle half▲ 61.2%
Total assets€5.1m-€39.3mabove the sector's middle half▲ 666%€58.6mabove the sector's middle half▲ 49.4%€100.2mabove the sector's middle half▲ 70.9%€97.8mabove the sector's middle half▼ 2.4%€89.5mabove the sector's middle half▼ 8.5%€88.6mabove the sector's middle half▼ 1.0%
Debt€4.1m-€35.5m▲ 765%€52.8m▲ 48.9%€99.2m▲ 87.9%€91.0m▼ 8.3%€82.0m▼ 10.0%€76.7m▼ 6.5%
Working capital€0.5m-€3.2mabove the sector's middle half▲ 551%-€23.3mbelow the sector's middle half-€60.7mbelow the sector's middle half▼ 161%€5.3mabove the sector's middle half-€7.6mbelow the sector's middle half€17.6mabove the sector's middle half
Solvency16.0%-8.4%within the sector's middle half▼ 7.5pp9.0%below the sector's middle half▲ 0.5pp0.5%below the sector's middle half▼ 8.5pp6.9%below the sector's middle half▲ 6.4pp8.1%within the sector's middle half▲ 1.2pp13.1%within the sector's middle half▲ 5.1pp
Current ratio1.23-1.17within the sector's middle half▼ 0.070.51below the sector's middle half▼ 0.660.34below the sector's middle half▼ 0.171.26within the sector's middle half▲ 0.920.71within the sector's middle half▼ 0.552.13within the sector's middle half▲ 1.42
Return on assets (ROA)15.9%-0.5%within the sector's middle half▼ 15.4pp3.3%within the sector's middle half▲ 2.9pp-4.7%below the sector's middle half▼ 8.1pp6.4%above the sector's middle half▲ 11.1pp0.8%within the sector's middle half▼ 5.5pp2.7%within the sector's middle half▲ 1.9pp
Staff (FTE)0below the sector's middle half0within the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
the middle half of NACE 68, Real estate 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.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
Why a figure moved sharply
- 2021 Net result +961% on 2020. This financial year ran 15 months, the previous one 12. The accounts now follow the abbreviated format, last year the micro format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €88.6m
Fixed assets
€55.4m ▼ 22.0%
Current assets
€33.2m ▲ 79.8%
Equity and liabilities €88.6m
Equity
€11.6m ▲ 61.2%
Provisions
€260,184 ▼ 3.7%
Debt
€76.7m ▼ 6.5%
Debt's share of the balance-sheet total falls from 91.6% to 86.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.4m▲
2024 · €4.3m
Cash flow
€2.7m▲
2024 · €1.1m
Quick ratio
1.66▲
2024 · 0.45
Debt to equity
6.58▼
2024 · 11.34
ROE
20.8%▲
2024 · 10.1%
Interest coverage
1.67▲
2024 · 1.58
Debt ≤ 1 year
€15.6m▼
2024 · €26.1m
Debt > 1 year
€61.1m▲
2024 · €55.9m
Income taxes
€72,982▼
2024 · €84,657
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €375 | €0.008m | €0.02m | €1.0m | €5.4m | €5.0m | ▼ 6.3% |
| Remuneration, social security and pensions62 | - | - | €0.008m | €0.008m | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 21.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.3m | €0 | ▼ 100% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €0.1m | -€0.1m | €0 | - | - | - |
| Other operating charges640/8 | - | €0.1m | €0.5m | €0.5m | €0.3m | €2.1m | €0.3m | ▼ 85.2% |
| Non-recurring operating charges66A | - | €0.06m | €0.02m | €0.002m | €0.1m | €0.03m | €0 | ▼ 100% |
| Gross operating margin9900 | €1.5m | €0.8m | €1.2m | -€3.6m | €0.5m | €6.7m | €4.7m | ▼ 29.8% |
| Operating profit (loss)9901 | €1.2m | €0.3m | €0.2m | -€4.3m | -€0.3m | €3.9m | €4.1m | ▲ 4.3% |
| Financial income75/76B | - | €0.2m | €2.8m | €0.003m | €7.5m | €0.1m | €1.0m | ▲ 890% |
| Recurring financial income75 | €0.03m | €0.2m | €2.8m | €468 | €0.04m | €0.05m | €0.1m | ▲ 86.4% |
| Non-recurring financial income76B | - | - | - | €0.002m | €7.4m | €0.05m | €0.9m | ▲ 1,779% |
| Financial charges65/66B | - | €0.2m | €0.4m | €0.5m | €1.4m | €3.2m | €2.6m | ▼ 18.5% |
| Recurring financial charges65 | €0.06m | €0.2m | €0.4m | €0.5m | €1.1m | €2.7m | €2.6m | ▼ 3.5% |
| Non-recurring financial charges66B | - | - | - | - | €0.3m | €0.5m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €1.2m | €0.3m | €2.6m | -€4.8m | €5.8m | €0.8m | €2.5m | ▲ 209% |
| Transfer from deferred taxes780 | - | €0.03m | €0.02m | €0.01m | €0.4m | €0.01m | €0.01m | = |
| Income taxes67/77 | €0.4m | €0.1m | €0.7m | €0 | - | €0.08m | €0.07m | ▼ 13.8% |
| Profit (loss) for the period9904 | €0.8m | €0.2m | €2.0m | -€4.8m | €6.2m | €0.7m | €2.4m | ▲ 232% |
| Transfer from tax-exempt reserves789 | - | €0.08m | €0.05m | €0.5m | €0.2m | €0.4m | €0.02m | ▼ 93.5% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.3m | €2.0m | -€4.2m | €6.4m | €1.1m | €2.4m | ▲ 122% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.1m | €39.3m | €58.6m | €100.2m | €97.8m | €89.5m | €88.6m | ▼ 1.0% |
| Fixed assets21/28 | €2.5m | €16.8m | €34.6m | €69.4m | €72.0m | €71.0m | €55.4m | ▼ 22.0% |
| Intangible fixed assets21 | €0.1m | €0.1m | €0.08m | €0.07m | €0.05m | €0.03m | €0.02m | ▼ 49.9% |
| Tangible fixed assets22/27 | €2.3m | €6.1m | €6.4m | €11.2m | €13.1m | €9.6m | €9.8m | ▲ 1.7% |
| Land and buildings22 | - | €5.6m | €5.8m | €10.7m | €10.4m | €9.1m | €8.8m | ▼ 2.9% |
| Plant, machinery and equipment23 | - | €0.06m | €0.06m | €0.07m | €0.07m | €0.05m | €0.02m | ▼ 62.1% |
| Furniture and vehicles24 | - | €0.5m | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 11.9% |
| Leasing and similar rights25 | - | - | - | - | €0.02m | €0.02m | €0.02m | ▼ 12.1% |
| Other tangible fixed assets26 | - | €0.04m | €0.08m | €0.07m | €0.07m | €0.1m | €0.6m | ▲ 385% |
| Assets under construction and advance payments27 | - | - | - | €0.02m | €2.3m | €0.1m | €0.2m | ▲ 25.1% |
| Financial fixed assets28 | €0.05m | €10.6m | €28.1m | €58.1m | €58.9m | €61.3m | €45.6m | ▼ 25.7% |
| Current assets29/58 | €2.6m | €22.4m | €24.0m | €30.8m | €25.8m | €18.5m | €33.2m | ▲ 79.8% |
| Amounts receivable after more than one year29 | - | €0.3m | €6.1m | €6.1m | €5.1m | €5.2m | €8.1m | ▲ 54.6% |
| Other amounts receivable291 | - | €0.3m | €6.1m | €6.1m | €5.1m | €5.2m | €8.1m | ▲ 54.6% |
| Stocks and contracts in progress3 | €0.07m | €2.3m | €4.3m | €0.02m | €0.03m | €6.7m | €7.3m | ▲ 9.0% |
| Stocks30/36 | - | €2.3m | €4.3m | €0.02m | €0.03m | €6.7m | €7.3m | ▲ 9.0% |
| Amounts receivable within one year40/41 | €0.6m | €5.8m | €6.9m | €14.2m | €18.4m | €4.9m | €2.5m | ▼ 49.0% |
| Trade receivables40 | - | €0.2m | €2.0m | €0.5m | €0.5m | €3.2m | €0.2m | ▼ 93.9% |
| Other amounts receivable41 | - | €5.6m | €5.0m | €13.7m | €17.9m | €1.7m | €2.3m | ▲ 35.2% |
| Current investments50/53 | - | - | - | - | - | - | €12.9m | - |
| Cash at bank and in hand54/58 | €1.9m | €13.9m | €6.7m | €10.5m | €2.2m | €1.5m | €2.3m | ▲ 48.6% |
| Deferred charges and accrued income490/1 | - | €0.1m | - | - | - | €0.1m | €0.2m | ▲ 45.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.1m | €39.3m | €58.6m | €100.2m | €97.8m | €89.5m | €88.6m | ▼ 1.0% |
| Equity10/15 | €0.8m | €3.3m | €5.3m | €0.5m | €6.7m | €7.2m | €11.6m | ▲ 61.2% |
| Contributions10/11 | €0.006m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €2.1m | ▲ 2,688% |
| Capital10 | - | €0.07m | - | - | - | - | - | - |
| Issued capital100 | - | €0.07m | - | - | - | - | - | - |
| Reserves13 | €0.9m | €3.2m | €3.1m | €3.1m | €2.9m | €2.7m | €2.7m | ▼ 0.9% |
| Non-distributable reserves130/1 | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | €0.007m | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Tax-exempt reserves132 | - | €2.1m | €2.0m | €1.5m | €1.3m | €0.7m | €0.7m | ▼ 3.4% |
| Distributable reserves133 | - | €1.1m | €1.1m | €1.6m | €1.6m | €2.0m | €2.0m | = |
| Profit (loss) carried forward14 | -€0.1m | €0.04m | €2.0m | -€2.7m | €3.7m | €4.5m | €6.9m | ▲ 54.7% |
| Provisions and deferred taxes16 | €0.2m | €0.5m | €0.6m | €0.5m | €0.06m | €0.3m | €0.3m | ▼ 3.7% |
| Provisions for liabilities and charges160/5 | - | - | €0.1m | €0 | - | - | - | - |
| Other liabilities and charges164/5 | - | - | €0.1m | €0 | - | - | - | - |
| Deferred taxes168 | - | €0.5m | €0.5m | €0.5m | €0.06m | €0.3m | €0.3m | ▼ 3.7% |
| Amounts payable17/49 | €4.1m | €35.5m | €52.8m | €99.2m | €91.0m | €82.0m | €76.7m | ▼ 6.5% |
| Amounts payable after more than one year17 | €2.0m | €16.2m | €5.5m | €7.7m | €70.5m | €55.9m | €61.1m | ▲ 9.2% |
| Financial debts170/4 | - | €16.2m | €5.5m | €7.7m | €20.6m | €8.4m | €19.0m | ▲ 126% |
| Other amounts payable178/9 | - | - | - | - | €50.0m | €47.5m | €42.0m | ▼ 11.5% |
| Amounts payable within one year42/48 | €2.1m | €19.2m | €47.3m | €91.5m | €20.5m | €26.1m | €15.6m | ▼ 40.1% |
| Current portion of amounts payable after more than one year42 | - | €0.5m | €0.6m | €0.6m | €0.8m | €7.1m | €1.0m | ▼ 86.4% |
| Financial debts43 | - | €0.1m | €3.5m | €5.0m | €1.8m | €5.9m | €13.4m | ▲ 127% |
| Credit institutions430/8 | - | €0.1m | €3.5m | €5.0m | €1.8m | €5.9m | €13.4m | ▲ 127% |
| Trade debts44 | €0.2m | €0.2m | €2.3m | €0 | €0.6m | €1.7m | €0.7m | ▼ 60.0% |
| Suppliers440/4 | - | €0.2m | €2.3m | €0 | €0.6m | €1.7m | €0.7m | ▼ 60.0% |
| Advances received on contracts in progress46 | - | €0.8m | - | €15.1m | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | €0.7m | €0.7m | €0.7m | €0 | €0.1m | €0.6m | ▲ 340% |
| Taxes450/3 | - | €0.7m | €0.7m | €0.7m | €0 | €0.1m | €0.6m | ▲ 340% |
| Other amounts payable47/48 | - | €16.9m | €40.2m | €70.1m | €17.3m | €11.3m | €0.01m | ▼ 99.9% |
| Accrued charges and deferred income492/3 | - | €0.007m | - | - | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.8m | €0.2m | €2.0m | -€4.8m | €6.2m | €0.7m | €2.4m | ▲ 232% |
| + Depreciation and write-downs630 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 21.7% |
| Operating cash flow (approximation) | €1.1m | €0.5m | €2.3m | -€4.4m | €6.6m | €1.1m | €2.7m | ▲ 146% |
| Investment in fixed assets (approximation) | - | -€14.6m | -€18.2m | -€35.1m | -€3.1m | €0.7m | €15.3m | ▲ 2,239% |
| Change in cash | - | €12.1m | -€7.2m | €3.7m | -€8.2m | -€0.7m | €0.7m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-07-2026 | 2026-00351220 |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00351105 |
| 31-12-2023 | abbreviated format | 15-07-2024 | 2024-00259052 |
| 31-12-2022 | abbreviated format | 12-07-2024 | 2024-00246762 |
| 31-12-2021 | abbreviated format | 01-12-2022 | 2022-20530401 |
| 30-09-2020 | micro format | 20-09-2021 | 2021-67600583 |
| 30-09-2019 | micro format | 31-03-2020 | 2020-08100228 |
| 30-09-2018 | micro format | 26-04-2019 | 2019-10800572 |
| 31-12-2016 | abbreviated format | 13-09-2017 | 2017-61000386 |
| 31-12-2015 | abbreviated format | 15-12-2016 | 2016-70000024 |
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Of the 9,540 active companies whose main activity is development of residential building projects (NACE 68121), figures are known for 7,338. 1,088 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.