TSAR
ActiveSummary
TSAR has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €4k and a net result of €-2k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 14% of 37953 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability31▲+31
Solvency34▼-4
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity short (current ratio 0.83 against 0.87 in 2023; short-term debt: 72.8% and cash: 1.9% of total assets), and 90.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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 →
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
9.2%
Return on assets
-5.7%
Age of the figures
21 mo
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 €-2k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 37953 sector peers (2024).
NBB · sector comparisonPosition among 37953 sector peers
Solvency
better than 14%
← weakest
strongest →
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 confirmed
2024
22 d early
2023
43 d early
2022
20 d early
2021
131 d early
2020
234 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€4k▼ 38.2%
2023 · €6k
2020: €2klowest in 5 years
2021: €18k▲ +961% vs 2020
2022: €19k▲ +1.4% vs 2021highest in 5 years
2023: €6k▼ -68.8% vs 2022
2024: €4k▼ -38.2% vs 2023
2020 → 2024
Total assets
€39k▼ 9.4%
2023 · €43k
2020: €9klowest in 5 years
2021: €31k▲ +245% vs 2020
2022: €52k▲ +67.8% vs 2021highest in 5 years
2023: €43k▼ -16.7% vs 2022
2024: €39k▼ -9.4% vs 2023
2020 → 2024
Net result
€-2k▲ 82.7%
2023 · €-13k
2020: €-765
2021: €17k▲ +2281% vs 2020highest in 5 years
2022: €267▼ -98.4% vs 2021
2023: €-13k▼ -4916% vs 2022lowest in 5 years
2024: €-2k▲ +82.7% vs 2023
2020 → 2024
Working capital
€-5k▼ 52.6%
2023 · €-3k
2020: €-3k
2021: €14k▲ +603% vs 2020highest in 5 years
2022: €9k▼ -36.1% vs 2021
2023: €-3k▼ -136% vs 2022
2024: €-5k▼ -52.6% vs 2023lowest in 5 years
2020 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€2k-€18k▲ 961%€19k▲ 1.4%€6k▼ 68.8%€4k▼ 38.2%
2020: €2klowest in 5 years
2021: €18k▲ +961% vs 2020
2022: €19k▲ +1.4% vs 2021highest in 5 years
2023: €6k▼ -68.8% vs 2022
2024: €4k▼ -38.2% vs 2023
Operating result€1k-€23k▲ 1,897%€3k▼ 85.3%€-10k€3k
2020: €1k
2021: €23k▲ +1897% vs 2020highest in 5 years
2022: €3k▼ -85.3% vs 2021
2023: €-10k▼ -404% vs 2022lowest in 5 years
2024: €3k▲ +127% vs 2023
Net result€-765-€17k€267▼ 98.4%€-13k€-2k▲ 82.7%
2020: €-765
2021: €17k▲ +2281% vs 2020highest in 5 years
2022: €267▼ -98.4% vs 2021
2023: €-13k▼ -4916% vs 2022lowest in 5 years
2024: €-2k▲ +82.7% vs 2023
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €3k after a loss of €10k in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €39k
Fixed assets
€15k ▼ 31.7%
Current assets
€24k ▲ 14.9%
Equity and liabilities €39k
Equity
€4k ▼ 38.2%
Debt
€36k ▼ 5.0%
Debt's share of the balance-sheet total rises from 86.6% to 90.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€10k▲
2023 · €-3k
Cash flow
€5k▲
2023 · €-6k
Current ratio
0.83▼
2023 · 0.87
Debt to equity
9.92▲
2023 · 6.45
ROE
-61.8%▲
2023 · -220.2%
ROA
-5.7%▲
2023 · -29.6%
Interest coverage
2.31▲
2023 · -1.35
Debt ≤ 1 year
€29k▲
2023 · €24k
Debt > 1 year
€7k▼
2023 · €11k
Income taxes
€986▲
2023 · €161
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 · 2024 against 2023 · 48 lines
Balance sheet
Code20232024
Assets
Total assets20/58€43k€39k▼
Fixed assets21/28€23k€15k▼
Tangible fixed assets22/27€23k€15k▼
Furniture and vehicles24€20k€14k▼
Other tangible fixed assets26€3k€2k▼
Current assets29/58€21k€24k▲
Amounts receivable within one year40/41€17k€23k▲
Trade receivables40€11k€12k▲
Other amounts receivable41€6k€11k▲
Cash at bank and in hand54/58€3k€732▼
Deferred charges and accrued income490/1€294€307▲
Equity and liabilities
Total equity and liabilities10/49€43k€39k▼
Equity10/15€6k€4k▼
Contributions10/11€3k€3k=
Reserves13€3k€1k▼
Distributable reserves133€3k€1k▼
Profit (loss) carried forward14€335€106▼
Amounts payable17/49€38k€36k▼
Amounts payable after more than one year17€11k€7k▼
Financial debts170/4€11k€7k▼
Amounts payable within one year42/48€24k€29k▲
Current portion of amounts payable after more than one year42€5k€5k▲
Financial debts43-€1k
Credit institutions430/8-€1k
Trade debts44€5k€8k▲
Suppliers440/4€5k€8k▲
Taxes, remuneration and social security45€14k€14k▲
Taxes450/3€11k€11k▲
Remuneration and social security454/9€3k€3k▲
Accrued charges and deferred income492/3€3k€0▼
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€7k▲
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A-€147
Gross operating margin9900€-1k€12k▲
Operating profit (loss)9901€-10k€3k▲
Financial income75/76B€294€307▲
Recurring financial income75€294€307▲
Financial charges65/66B€3k€4k▲
Recurring financial charges65€3k€4k▲
Profit (loss) for the period before taxes9903€-13k€-1k▲
Income taxes67/77€161€986▲
Profit (loss) for the period9904€-13k€-2k▲
Profit (loss) for the period to be appropriated9905€-13k€-2k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-13k€-2k▲
Profit (loss) brought forward from the previous period14P€183€335▲
Transfer from equity791/2€13k€2k▼
Transfer to equity691/2€0-
To other reserves6921€0-
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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €286 | €968 | €3k | €7k | €7k | ▲ 3.3% |
| Other operating charges640/8 | - | - | €252 | €2k | €1k | ▼ 28.3% |
| Non-recurring operating charges66A | - | - | - | - | €147 | - |
| Gross operating margin9900 | €3k | €25k | €7k | €-1k | €12k | ▲ 919% |
| Operating profit (loss)9901 | €1k | €23k | €3k | €-10k | €3k | ▲ 127% |
| Financial income75/76B | - | - | €11 | €294 | €307 | ▲ 4.4% |
| Recurring financial income75 | €1 | €8 | €11 | €294 | €307 | ▲ 4.4% |
| Financial charges65/66B | - | - | €2k | €3k | €4k | ▲ 69.2% |
| Recurring financial charges65 | €2k | €2k | €2k | €3k | €4k | ▲ 69.2% |
| Profit (loss) for the period before taxes9903 | €-566 | €22k | €2k | €-13k | €-1k | ▲ 90.2% |
| Income taxes67/77 | €199 | €5k | €2k | €161 | €986 | ▲ 514% |
| Profit (loss) for the period9904 | €-765 | €17k | €267 | €-13k | €-2k | ▲ 82.7% |
| Profit (loss) for the period to be appropriated9905 | €-765 | €17k | €267 | €-13k | €-2k | ▲ 82.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9k | €31k | €52k | €43k | €39k | ▼ 9.4% |
| Fixed assets21/28 | €4k | €5k | €27k | €23k | €15k | ▼ 31.7% |
| Tangible fixed assets22/27 | €4k | €5k | €27k | €23k | €15k | ▼ 31.7% |
| Furniture and vehicles24 | - | - | €23k | €20k | €14k | ▼ 30.0% |
| Other tangible fixed assets26 | - | - | €4k | €3k | €2k | ▼ 43.2% |
| Current assets29/58 | €5k | €26k | €25k | €21k | €24k | ▲ 14.9% |
| Amounts receivable within one year40/41 | €7 | €17k | €19k | €17k | €23k | ▲ 31.0% |
| Trade receivables40 | - | - | €15k | €11k | €12k | ▲ 6.4% |
| Other amounts receivable41 | - | - | €4k | €6k | €11k | ▲ 74.5% |
| Cash at bank and in hand54/58 | €4k | €10k | €5k | €3k | €732 | ▼ 75.9% |
| Deferred charges and accrued income490/1 | - | - | €549 | €294 | €307 | ▲ 4.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9k | €31k | €52k | €43k | €39k | ▼ 9.4% |
| Equity10/15 | €2k | €18k | €19k | €6k | €4k | ▼ 38.2% |
| Contributions10/11 | - | - | €3k | €3k | €3k | = |
| Reserves13 | - | €15k | €16k | €3k | €1k | ▼ 66.7% |
| Distributable reserves133 | - | - | €16k | €3k | €1k | ▼ 66.7% |
| Profit (loss) carried forward14 | €-765 | €916 | €183 | €335 | €106 | ▼ 68.4% |
| Amounts payable17/49 | €7k | €13k | €34k | €38k | €36k | ▼ 5.0% |
| Amounts payable after more than one year17 | - | - | €15k | €11k | €7k | ▼ 36.1% |
| Financial debts170/4 | - | - | €15k | €11k | €7k | ▼ 36.1% |
| Amounts payable within one year42/48 | €7k | €13k | €16k | €24k | €29k | ▲ 19.9% |
| Current portion of amounts payable after more than one year42 | - | - | €4k | €5k | €5k | ▲ 0.8% |
| Financial debts43 | - | - | - | - | €1k | - |
| Credit institutions430/8 | - | - | - | - | €1k | - |
| Trade debts44 | €409 | €2k | €1k | €5k | €8k | ▲ 58.3% |
| Suppliers440/4 | - | - | €1k | €5k | €8k | ▲ 58.3% |
| Taxes, remuneration and social security45 | - | - | €11k | €14k | €14k | ▲ 1.8% |
| Taxes450/3 | - | - | €11k | €11k | €11k | ▲ 1.8% |
| Remuneration and social security454/9 | - | - | €0 | €3k | €3k | ▲ 2.1% |
| Accrued charges and deferred income492/3 | - | - | €2k | €3k | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-765 | €17k | €267 | €-13k | €-2k | ▲ 82.7% |
| + Depreciation and write-downs630 | €286 | €968 | €3k | €7k | €7k | ▲ 3.3% |
| Operating cash flow (approximation) | €-479 | €18k | €3k | €-6k | €5k | ▲ 185% |
| Investment in fixed assets (approximation) | - | €-1k | €-26k | €-2k | €0 | ▲ 100% |
| Change in cash | - | €6k | €-5k | €-2k | €-2k | ▼ 12.9% |
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
09-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-13k
Net result drops to €-13k, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
22-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
22-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 234 days late
2021
31-12
Financial
Back to profitnet €17k
Net result €17k after one loss-making year.
31-12
Financial
Liquidity triplescurrent ratio 2.09
Current ratio from 0.62 to 2.09.
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Ranst · 1 establishment unit since 2019
Ground area
1.2 ha
Building footprint
5,882 m²
Volume, LiDAR
39,992 m³
2 parcels, Flanders · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
TSAR
since 20192.297.702.049
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11015B0003/00D000 | Flanders | 1.1 ha | 1 · 5,823 m² | 8.0 m · 2 fl. |
| 12393F0317/00L006 | Flanders | 160 m² | 1 · 60 m² | 9.4 m · 2 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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 164 EUR awarded · 164 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 164 EUR | 164 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 12,666 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
Founded16-12-2019
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.