TS - Systems
ActiveSummary
TS - Systems has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €331,068 and a net result of €145,146. Equity is growing by ~21.1% per year across the filed fiscal years. Its solvency ranks better than 29% of 7460 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability84▲+14
Solvency53▲+6
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity short (current ratio 0.97 against 0.95 in 2023; short-term debt: 40.6% and cash: 12.7% of total assets), and 72% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-08-2025, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
31 d late
2023
31 d late
2022
31 d late
2021
31 d late
2020
33 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 31 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
Equity
€331,068▲ 78.1%
2023 · €185,922
Total assets
€1.2m▲ 39.4%
2023 · €848,546
Net result
€145,146▲ 2,517%
2023 · €5,547
Working capital
-€12,631▲ 12.1%
2023 · -€14,376
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. 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 fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€135,139▲ 84.0%€43,021▼ 68.2%-€15,564€105,749€292,284▲ 176%
Net result€95,660above the sector's middle half▲ 48.2%€14,006within the sector's middle half▼ 85.4%-€56,560below the sector's middle half€5,547below the sector's middle half€145,146above the sector's middle half▲ 2,517%
Equity€222,930above the sector's middle half▲ 75.2%€236,935within the sector's middle half▲ 6.3%€180,375within the sector's middle half▼ 23.9%€185,922within the sector's middle half▲ 3.1%€331,068within the sector's middle half▲ 78.1%
Total assets€333,931above the sector's middle half▲ 66.8%€564,166within the sector's middle half▲ 68.9%€627,613within the sector's middle half▲ 11.2%€848,546within the sector's middle half▲ 35.2%€1.2mwithin the sector's middle half▲ 39.4%
Debt€111,002▲ 52.3%€327,231▲ 195%€447,237▲ 36.7%€662,624▲ 48.2%€852,170▲ 28.6%
Working capital€198,189above the sector's middle half▲ 103%-€20,960below the sector's middle half-€102,280below the sector's middle half▼ 388%-€14,376below the sector's middle half▲ 85.9%-€12,631below the sector's middle half▲ 12.1%
Solvency66.8%above the sector's middle half▲ 3.2pp42.0%within the sector's middle half▼ 24.8pp28.7%within the sector's middle half▼ 13.3pp21.9%below the sector's middle half▼ 6.8pp28.0%within the sector's middle half▲ 6.1pp
Current ratio3.33above the sector's middle half▲ 0.720.92below the sector's middle half▼ 2.420.68below the sector's middle half▼ 0.230.95below the sector's middle half▲ 0.270.97below the sector's middle half▲ 0.02
Return on assets (ROA)28.6%above the sector's middle half▼ 3.6pp2.5%within the sector's middle half▼ 26.2pp-9.0%below the sector's middle half▼ 11.5pp0.7%below the sector's middle half▲ 9.7pp12.3%within the sector's middle half▲ 11.6pp
Staff (FTE)1.8within the sector's middle half▲ 80.0%3within the sector's middle half▲ 66.7%3within the sector's middle half=4within the sector's middle half▲ 33.3%5.2within the sector's middle half▲ 30.0%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 176% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.2m
Fixed assets
€715,656 ▲ 26.1%
Current assets
€467,582 ▲ 66.3%
Equity and liabilities €1.2m
Equity
€331,068 ▲ 78.1%
Debt
€852,170 ▲ 28.6%
Debt's share of the balance-sheet total falls from 78.1% to 72.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€524,376▲
2023 · €257,461
Cash flow
€377,239▲
2023 · €157,258
Debt to equity
2.57▼
2023 · 3.56
ROE
43.8%▲
2023 · 3.0%
Interest coverage
11.64▼
2023 · 27.92
Debt ≤ 1 year
€480,214▲
2023 · €295,600
Debt > 1 year
€371,956▲
2023 · €367,024
Income taxes
€102,559▲
2023 · €91,524
Staff costs
€193,134▲
2023 · €111,412
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,053 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
2.4%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,340 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% | 1.0% |
| 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% 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 5,053 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.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €24,719 | €54,504 | €111,412 | €193,134 | ▲ 73.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,193 | €37,645 | €91,437 | €151,712 | €232,092 | ▲ 53.0% |
| Other operating charges640/8 | - | €10,759 | €14,338 | €9,478 | €25,830 | ▲ 173% |
| Non-recurring operating charges66A | - | - | - | - | €214 | - |
| Gross operating margin9900 | €206,148 | €116,144 | €144,716 | €378,351 | €743,555 | ▲ 96.5% |
| Operating profit (loss)9901 | €135,139 | €43,021 | -€15,564 | €105,749 | €292,284 | ▲ 176% |
| Financial income75/76B | - | €0 | €45 | €544 | €475 | ▼ 12.6% |
| Recurring financial income75 | €88 | €0 | €45 | €544 | €475 | ▼ 12.6% |
| Financial charges65/66B | - | €15,015 | €4,247 | €9,223 | €45,054 | ▲ 389% |
| Recurring financial charges65 | €2,566 | €15,015 | €4,247 | €9,223 | €45,054 | ▲ 389% |
| Profit (loss) for the period before taxes9903 | €132,660 | €28,006 | -€19,765 | €97,071 | €247,705 | ▲ 155% |
| Income taxes67/77 | €37,000 | €14,000 | €36,795 | €91,524 | €102,559 | ▲ 12.1% |
| Profit (loss) for the period9904 | €95,660 | €14,006 | -€56,560 | €5,547 | €145,146 | ▲ 2,517% |
| Profit (loss) for the period to be appropriated9905 | €95,660 | €14,006 | -€56,560 | €5,547 | €145,146 | ▲ 2,517% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €333,931 | €564,166 | €627,613 | €848,546 | €1.2m | ▲ 39.4% |
| Fixed assets21/28 | €50,839 | €327,789 | €406,063 | €567,322 | €715,656 | ▲ 26.1% |
| Tangible fixed assets22/27 | €46,789 | €323,739 | €402,013 | €563,272 | €711,126 | ▲ 26.2% |
| Plant, machinery and equipment23 | - | €31,622 | €46,080 | €36,839 | €43,895 | ▲ 19.2% |
| Furniture and vehicles24 | - | €292,117 | €355,932 | €526,433 | €667,230 | ▲ 26.7% |
| Financial fixed assets28 | €4,050 | €4,050 | €4,050 | €4,050 | €4,530 | ▲ 11.9% |
| Current assets29/58 | €283,092 | €236,377 | €221,550 | €281,225 | €467,582 | ▲ 66.3% |
| Amounts receivable within one year40/41 | €57,317 | €92,525 | €93,429 | €134,781 | €313,725 | ▲ 133% |
| Trade receivables40 | - | €49,333 | - | €62,165 | €58,536 | ▼ 5.8% |
| Other amounts receivable41 | - | €43,193 | €93,429 | €72,615 | €255,189 | ▲ 251% |
| Cash at bank and in hand54/58 | €225,775 | €143,851 | €128,121 | €146,444 | €150,180 | ▲ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €3,677 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €333,931 | €564,166 | €627,613 | €848,546 | €1.2m | ▲ 39.4% |
| Equity10/15 | €222,930 | €236,935 | €180,375 | €185,922 | €331,068 | ▲ 78.1% |
| Contributions10/11 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €204,380 | €218,385 | €161,825 | €167,372 | €312,518 | ▲ 86.7% |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Tax-exempt reserves132 | - | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Distributable reserves133 | - | €209,030 | €152,470 | €158,017 | €303,163 | ▲ 91.9% |
| Amounts payable17/49 | €111,002 | €327,231 | €447,237 | €662,624 | €852,170 | ▲ 28.6% |
| Amounts payable after more than one year17 | €26,099 | €69,894 | €123,407 | €367,024 | €371,956 | ▲ 1.3% |
| Financial debts170/4 | - | €69,894 | €123,407 | €367,024 | €371,956 | ▲ 1.3% |
| Amounts payable within one year42/48 | €84,903 | €257,337 | €323,830 | €295,600 | €480,214 | ▲ 62.5% |
| Current portion of amounts payable after more than one year42 | - | - | €43,657 | - | €157,981 | - |
| Financial debts43 | - | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Credit institutions430/8 | - | €125,000 | €125,000 | €125,000 | €125,000 | = |
| Trade debts44 | €28,595 | €26,416 | €132,250 | €119,026 | €88,978 | ▼ 25.2% |
| Suppliers440/4 | - | €26,416 | €132,250 | €119,026 | €88,978 | ▼ 25.2% |
| Taxes, remuneration and social security45 | - | €34,099 | €22,923 | €50,245 | €108,255 | ▲ 115% |
| Taxes450/3 | - | €30,322 | €13,655 | €46,525 | €102,557 | ▲ 120% |
| Remuneration and social security454/9 | - | €3,777 | €9,267 | €3,720 | €5,697 | ▲ 53.2% |
| Other amounts payable47/48 | - | €71,822 | - | €1,329 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €95,660 | €14,006 | -€56,560 | €5,547 | €145,146 | ▲ 2,517% |
| + Depreciation and write-downs630 | €25,193 | €37,645 | €91,437 | €151,712 | €232,092 | ▲ 53.0% |
| Operating cash flow (approximation) | €120,852 | €51,650 | €34,878 | €157,258 | €377,239 | ▲ 140% |
| Investment in fixed assets (approximation) | - | -€314,595 | -€169,711 | -€312,971 | -€380,426 | ▼ 21.6% |
| Change in cash | - | -€81,924 | -€15,730 | €18,323 | €3,736 | ▼ 79.6% |
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
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 31 days late
2024
31-12
Financial
Highest result since 2018net €145,146 ▲2,517%
Operating result €292,284, net result €145,146, both a record.
31-12
Financial
Equity above €200,000Eq €331,068 ▲78.1%
2 profitable years in a row build equity to €331,068.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 31 days late
2023
31-12
Financial
Back to profitnet €5,547
Net result €5,547 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€56,560
Net result drops to -€56,560, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
02-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 33 days late
2020
31-12
Financial
Equity above €200,000Eq €222,930 ▲75.2%
3 profitable years in a row build equity to €222,930.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-12
Financial
Equity above €100,000Eq €127,270 ▲103%
2 profitable years in a row build equity to €127,270.
Show earlier events
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
19-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
22-01
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Beveren-Kruibeke-Zwijndrecht · 1 establishment unit since 2011
Ground area
3,005 m²
Building footprint
782 m²
Volume, LiDAR
4,306 m³
2 parcels, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
TS-SYSTEMS
since 20112.197.677.431
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46014A0177/00A000 | Flanders | 1,800 m² | 1 · 539 m² | 8.8 m · 2 fl. |
| 11056B0529/00Z000 | Flanders | 1,205 m² | 1 · 243 m² | 5.6 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
Recognised contractor
5 categoriesTS - Systems BVBA41974
Legal Entity Identifier
254900XZVAAQZFV0A864
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Of 8,464 companies in sector 43120 we hold annual accounts for 3,234. 2,406 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
Founded09-02-2011
Fiscal year end31-12
Activities, NACEBEL 2025
43120Site preparation
42110Construction of roads and motorways
E-invoicing
Reachable via Peppol
Peppol ID
0208:0833642546
Also
9925:BE0833642546
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.