Losses
-€15,077 in two years
The 2023 and 2024 financial years closed with a loss. 2023 was the heaviest.
TSAR
Lifetime
5 annual accounts with figures on one time axispeak €25,003 (2021)
€11,593▲ €13,009
lowest -€12,848 (2023)
-€2,229▲ €10,620
peak €18,683 (2022)
€3,606▼ 38.2%
€35,766▼ 5.0%
Board2 names since 2019
1 directorThomas Martha Robert LIERMAN
Documentsfilings and deeds
09-07-202522 days before the deadline
2024micro format
Gross margin from -€1,416 to €11,593Loss of €2,229Equity from €5,835 to €3,606Cash from €3,042 to €732
Key points
from the 2024 annual accountsTurnover
≈ €54,000 estimated
The micro format states no turnover.
Debts
€35,766 91% of the balance sheet
Financial debts 24%Suppliers 23%Taxes and wages 39%Other 14%
Of this, €28,680 falls due within a year.
Filings
5 annual accounts 102 days past the deadline
2025 accounts not filed: deadline was 31-07-2026.
At the same address
7 companies
Position in the sector
€3,606
Less equity than 88% of companies in head offices and management consultancy. Sector median €90,106 · 37,624 companies.
Checked score
32
Weak
Financially stronger than 13% of micro companies in head offices and management consultancy (NACE 70)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
7.6% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 48,570 companies (NACE 70, micro).
About 8 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025lowest value
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.4%▲ +0.1 percentage points vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.3%▼ -0.1 percentage points vs 07-2025
09-2025: 0.7%▲ +0.4 percentage points vs 08-2025
10-2025: 0.7%● unchanged vs 09-2025
11-2025: 0.7%● unchanged vs 10-2025
12-2025: 0.7%● unchanged vs 11-2025
01-2026: 2.5%▲ +1.8 percentage points vs 12-2025
02-2026: 2.5%● unchanged vs 01-2026
03-2026: 2.4%▼ -0.1 percentage points vs 02-2026
04-2026: 2.5%▲ +0.1 percentage points vs 03-2026
05-2026: 2.5%● unchanged vs 04-2026
06-2026: 2.4%▼ -0.1 percentage points vs 05-2026
07-2026: 2.5%▲ +0.1 percentage points vs 06-2026
08-2026: 3.7%▲ +1.2 percentage points vs 07-2026
09-2026: 4.7%▲ +1.0 percentage point vs 08-2026
10-2026: 7.6%▲ +2.9 percentage points vs 09-2026highest value
11-2026: 7.6%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
2 changes of registered office in 24 months
Figures for financial year 2024 (filed on 10-07-2025)
lowers risk
Sector: Activities of head offices; management consultancy activities (NACE 70)
Size: total assets €39,371
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 70, micro). It does better than 16% of them on solvency, 6% on liquidity, 16% on profitability and 16% 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 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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 TSAR 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.
The bankruptcy probability of TSAR itself is higher: 7.6% within 12 months. It rests on far more data about TSAR than the profile alone.
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 TSAR. 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
No publishable credit limit, so credit only on tighter terms
Liquidity is insufficient, with a current ratio of 0.83 (0.87 in 2023), below 1. Short-term debt is 72.8% and cash 1.9% of total assets. 90.8% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Eight signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
2021222324
2020 to 2024 · latest year -€2,229
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 37582 sector peers (2024).
NBB · sector comparisonPosition among 37582 sector peers
Solvency
better than 14%
← weakest
strongest →
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 102 days later.
NBB · 5 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline10-11-2026 today
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-07-2025, 22 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not filed
2024
22 days early
2023
43 days early
2022
20 days early
2021
131 days early
2020
234 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 4 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (1)
Recent changes
Registered office moved from Lier to Ranst
New registered office: Oostmalsesteenweg 236 bus J, 2520 Ranst · Previous registered office: Tulpenlaan 25, 2500 Lier · Board meeting of 17-11-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0739607380
Registered office moved from Antwerp to Lier
New registered office: Tulpenlaan 25, 2500 Lier · Previous registered office: Adrinkhovenlaan 133, 2150 Antwerpen · Resignation: Thomas Lierman (director) · General meeting of 25-07-2025 · Gazette deed
Registered office moved from Mortsel to Borsbeek
New registered office: Adrinkhovenlaan 133 te 2150 Borsbeek · Previous registered office: Cantecroylaan 30 bus 16, 2640 Mortsel · General meeting of 13-05-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TSAR Ranst | €39,371 | €11,593 | 9.2% | - |
| Debacker Lint | €44,649 | €11,656 | 75.2% | - |
| SVEN VERHEYDEN Heist-op-den-Berg | €41,812 | €12,604 | 91.8% | - |
| Mix & Match Consulting Herentals | €33,388 | €10,710 | 53.1% | - |
| SNDCLSH Edegem | €33,619 | €13,561 | 40.6% | - |
| Mylivet Antwerp | €37,124 | €14,393 | -209.2% | - |
| Pesesse Coaching Bouillon | €39,966 | €11,691 | 23.8% | - |
These companies have the same main activity as TSAR: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €33,400 and €44,600, founded between 2019 and 2020.
Official details
Source: KBO- Status
- Active since 16-12-2019Normal situation
- Activity
- Business and other management consultancyNACE 70200
- Establishment unit
- 2.297.702.0492500 Lier, since 16-12-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 02-12-2025
Insights on TSAR
TSAR files the micro format. That format states no turnover. The gross margin rose from €2,547 in 2020 to €11,593 in 2024.
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 TSAR
- What is the company number of TSAR?
- The company number of TSAR is 0739.607.380. The VAT number is the same number with BE in front: BE 0739.607.380.
- Where is TSAR based?
- The registered office is at Oostmalsesteenweg 236, 2520 Ranst.Company details
- What does TSAR do?
- According to the KBO register, the main activity is business and other management consultancy (NACE 70200).
- What is the legal form of TSAR?
- TSAR is a private limited company (BV).
- When was TSAR founded?
- TSAR was founded on 16-12-2019.
- Is TSAR still active?
- Yes, TSAR is an active enterprise in the KBO register.
- What is the turnover of TSAR?
- The turnover in financial year 2024 is ≈ €54,000. This figure is estimated from the gross margin of €11,593 and 205 comparable companies (NACE 70200). It probably lies between €26,000 and €110,000. It is a rough estimate.Financials
- Is TSAR profitable?
- In financial year 2024, TSAR made a loss of €2,229.
- Where can I find the annual accounts of TSAR?
- TSAR filed 5 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
Next steps
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