TSE
ActiveSummary
TSE has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €402k and a net result of €6k. Equity is growing by ~21.3% per year across the filed fiscal years. Its solvency ranks better than 62% of 221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability30▼-12
Solvency80▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 2.13 against 2.08 in 2024; short-term debt: 44.4% and cash: 10.1% of total assets), and 44.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 32
Relative position
BE, all sectors
reference
Other manufacturing (NACE 32)
about 28% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
55.5%
Return on assets
0.9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-09-2026, 40 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
40 d late
2024
21 d late
2023
31 d late
2022
70 d late
2021
31 d late
2020
31 d late
2019
68 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€402k▲ 1.6%
2024 · €396k
2018: €9klowest in 8 years
2019: €108k▲ +1169% vs 2018
2020: €179k▲ +65.8% vs 2019
2021: €248k▲ +38.8% vs 2020
2022: €360k▲ +45.1% vs 2021
2023: €379k▲ +5.2% vs 2022
2024: €396k▲ +4.4% vs 2023
2025: €402k▲ +1.6% vs 2024highest in 8 years
2018 → 2025
Total assets
€724k▼ 1.1%
2024 · €732k
2018: €551klowest in 8 years
2019: €570k▲ +3.4% vs 2018
2020: €572k▲ +0.4% vs 2019
2021: €759k▲ +32.7% vs 2020
2022: €794k▲ +4.6% vs 2021highest in 8 years
2023: €731k▼ -7.9% vs 2022
2024: €732k▲ +0.1% vs 2023
2025: €724k▼ -1.1% vs 2024
2018 → 2025
Net result
€6k▼ 62.8%
2024 · €17k
2018: €256khighest in 8 years
2019: €99k▼ -61.2% vs 2018
2020: €71k▼ -28.6% vs 2019
2021: €69k▼ -2.3% vs 2020
2022: €112k▲ +61.4% vs 2021
2023: €19k▼ -83.3% vs 2022
2024: €17k▼ -11.3% vs 2023
2025: €6k▼ -62.8% vs 2024lowest in 8 years
2018 → 2025
Working capital
€364k▲ 0.1%
2024 · €364k
2018: €-41klowest in 8 years
2019: €60k▲ +244% vs 2018
2020: €165k▲ +178% vs 2019
2021: €284k▲ +71.7% vs 2020
2022: €334k▲ +17.6% vs 2021
2023: €351k▲ +5.0% vs 2022
2024: €364k▲ +3.7% vs 2023
2025: €364k▲ +0.1% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€248k-€360k▲ 45.1%€379k▲ 5.2%€396k▲ 4.4%€402k▲ 1.6%
2021: €248klowest in 5 years
2022: €360k▲ +45.1% vs 2021
2023: €379k▲ +5.2% vs 2022
2024: €396k▲ +4.4% vs 2023
2025: €402k▲ +1.6% vs 2024highest in 5 years
Operating result€100k-€162k▲ 61.3%€38k▼ 76.5%€34k▼ 11.1%€9k▼ 73.2%
2021: €100k
2022: €162k▲ +61.3% vs 2021highest in 5 years
2023: €38k▼ -76.5% vs 2022
2024: €34k▼ -11.1% vs 2023
2025: €9k▼ -73.2% vs 2024lowest in 5 years
Net result€69k-€112k▲ 61.4%€19k▼ 83.3%€17k▼ 11.3%€6k▼ 62.8%
2021: €69k
2022: €112k▲ +61.4% vs 2021highest in 5 years
2023: €19k▼ -83.3% vs 2022
2024: €17k▼ -11.3% vs 2023
2025: €6k▼ -62.8% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen three years in a row; 2025 is 73% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €724k
Fixed assets
€39k ▲ 20.1%
Current assets
€686k ▼ 2.1%
Equity and liabilities €724k
Equity
€402k ▲ 1.6%
Debt
€322k ▼ 4.2%
Debt's share of the balance-sheet total falls from 46.0% to 44.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16k▼
2024 · €39k
Cash flow
€13k▼
2024 · €22k
Current ratio
2.13▲
2024 · 2.08
Quick ratio
0.76▼
2024 · 0.77
Debt to equity
0.80▼
2024 · 0.85
ROE
1.5%▼
2024 · 4.2%
ROA
0.9%▼
2024 · 2.3%
Interest coverage
1.22▼
2024 · 2.48
Debt ≤ 1 year
€322k▼
2024 · €337k
Income taxes
€6k▼
2024 · €10k
Staff costs
€79k▼
2024 · €121k
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 · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€732k€724k▼
Fixed assets21/28€32k€39k▲
Intangible fixed assets21€1k€3k▲
Tangible fixed assets22/27€31k€36k▲
Land and buildings22€5k€3k▼
Furniture and vehicles24€0€11k▲
Other tangible fixed assets26€26k€22k▼
Current assets29/58€700k€686k▼
Amounts receivable after more than one year29€30k€30k=
Other amounts receivable291€30k€30k=
Stocks and contracts in progress3€440k€441k▲
Stocks30/36€440k€441k▲
Amounts receivable within one year40/41€115k€135k▲
Trade receivables40€16k€30k▲
Other amounts receivable41€99k€105k▲
Cash at bank and in hand54/58€110k€73k▼
Deferred charges and accrued income490/1€6k€7k▲
Equity and liabilities
Total equity and liabilities10/49€732k€724k▼
Equity10/15€396k€402k▲
Contributions10/11€469k€469k=
Reserves13€2k€2k=
Non-distributable reserves130/1€0-
Reserves not available under the articles1311€0-
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€-75k€-69k▲
Amounts payable17/49€337k€322k▼
Amounts payable within one year42/48€337k€322k▼
Current portion of amounts payable after more than one year42€0€9k▲
Financial debts43€200k€200k=
Credit institutions430/8€200k€200k=
Trade debts44€92k€86k▼
Suppliers440/4€92k€86k▼
Taxes, remuneration and social security45€44k€27k▼
Taxes450/3€24k€14k▼
Remuneration and social security454/9€21k€13k▼
Other amounts payable47/48€0-
Accrued charges and deferred income492/3-€829
Income statement
Code20242025
Non-recurring operating income76A€5k€0▼
Remuneration, social security and pensions62€121k€79k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€7k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-769€0▲
Other operating charges640/8€13k€2k▼
Gross operating margin9900€172k€97k▼
Operating profit (loss)9901€34k€9k▼
Financial income75/76B€9k€16k▲
Recurring financial income75€9k€16k▲
Financial charges65/66B€16k€13k▼
Recurring financial charges65€16k€13k▼
Profit (loss) for the period before taxes9903€27k€12k▼
Income taxes67/77€10k€6k▼
Profit (loss) for the period9904€17k€6k▼
Profit (loss) for the period to be appropriated9905€17k€6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-75k€-69k▲
Profit (loss) brought forward from the previous period14P€-92k€-75k▲
Social balance
Average headcount (FTE)90872.51.7▼
The notes to these accounts (16 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5k | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €67k | €77k | €91k | €121k | €79k | ▼ 34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19k | €15k | €9k | €5k | €7k | ▲ 29.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €19k | - | - | €-769 | €0 | ▲ 100% |
| Other operating charges640/8 | €3k | €6k | €3k | €13k | €2k | ▼ 85.2% |
| Non-recurring operating charges66A | €2k | - | - | - | - | - |
| Gross operating margin9900 | €211k | €260k | €140k | €172k | €97k | ▼ 43.7% |
| Operating profit (loss)9901 | €100k | €162k | €38k | €34k | €9k | ▼ 73.2% |
| Financial income75/76B | €1k | €2k | €3k | €9k | €16k | ▲ 77.2% |
| Recurring financial income75 | €1k | €2k | €3k | €9k | €16k | ▲ 77.2% |
| Financial charges65/66B | €6k | €7k | €11k | €16k | €13k | ▼ 17.3% |
| Recurring financial charges65 | €6k | €7k | €11k | €16k | €13k | ▼ 17.3% |
| Profit (loss) for the period before taxes9903 | €96k | €157k | €30k | €27k | €12k | ▼ 55.5% |
| Income taxes67/77 | €26k | €45k | €11k | €10k | €6k | ▼ 43.9% |
| Profit (loss) for the period9904 | €69k | €112k | €19k | €17k | €6k | ▼ 62.8% |
| Profit (loss) for the period to be appropriated9905 | €69k | €112k | €19k | €17k | €6k | ▼ 62.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €759k | €794k | €731k | €732k | €724k | ▼ 1.1% |
| Fixed assets21/28 | €46k | €31k | €29k | €32k | €39k | ▲ 20.1% |
| Intangible fixed assets21 | - | - | - | €1k | €3k | ▲ 174% |
| Tangible fixed assets22/27 | €46k | €31k | €29k | €31k | €36k | ▲ 14.9% |
| Land and buildings22 | - | - | €6k | €5k | €3k | ▼ 29.2% |
| Plant, machinery and equipment23 | €9k | €1k | €561 | - | - | - |
| Furniture and vehicles24 | €4k | €2k | €443 | €0 | €11k | - |
| Other tangible fixed assets26 | €33k | €27k | €22k | €26k | €22k | ▼ 17.7% |
| Current assets29/58 | €714k | €764k | €703k | €700k | €686k | ▼ 2.1% |
| Amounts receivable after more than one year29 | €30k | €30k | €30k | €30k | €30k | = |
| Other amounts receivable291 | €30k | €30k | €30k | €30k | €30k | = |
| Stocks and contracts in progress3 | €371k | €438k | €445k | €440k | €441k | ▲ 0.2% |
| Stocks30/36 | €371k | €438k | €445k | €440k | €441k | ▲ 0.2% |
| Amounts receivable within one year40/41 | €108k | €109k | €119k | €115k | €135k | ▲ 17.6% |
| Trade receivables40 | €101k | €68k | €29k | €16k | €30k | ▲ 87.7% |
| Other amounts receivable41 | €7k | €41k | €90k | €99k | €105k | ▲ 6.1% |
| Cash at bank and in hand54/58 | €204k | €186k | €107k | €110k | €73k | ▼ 33.2% |
| Deferred charges and accrued income490/1 | €968 | €949 | €1k | €6k | €7k | ▲ 17.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €759k | €794k | €731k | €732k | €724k | ▼ 1.1% |
| Equity10/15 | €248k | €360k | €379k | €396k | €402k | ▲ 1.6% |
| Contributions10/11 | €469k | €469k | €469k | €469k | €469k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €0 | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €0 | - | - |
| Distributable reserves133 | - | - | - | €2k | €2k | = |
| Profit (loss) carried forward14 | €-222k | €-110k | €-92k | €-75k | €-69k | ▲ 8.2% |
| Amounts payable17/49 | €511k | €434k | €352k | €337k | €322k | ▼ 4.2% |
| Amounts payable within one year42/48 | €430k | €430k | €352k | €337k | €322k | ▼ 4.5% |
| Current portion of amounts payable after more than one year42 | €24k | €30k | €238 | €0 | €9k | - |
| Financial debts43 | €250k | €200k | €200k | €200k | €200k | = |
| Credit institutions430/8 | €250k | €200k | €200k | €200k | €200k | = |
| Trade debts44 | €113k | €130k | €86k | €92k | €86k | ▼ 7.0% |
| Suppliers440/4 | €113k | €130k | €86k | €92k | €86k | ▼ 7.0% |
| Taxes, remuneration and social security45 | €32k | €60k | €56k | €44k | €27k | ▼ 39.6% |
| Taxes450/3 | €19k | €48k | €42k | €24k | €14k | ▼ 41.1% |
| Remuneration and social security454/9 | €13k | €12k | €14k | €21k | €13k | ▼ 38.0% |
| Other amounts payable47/48 | €10k | €10k | €10k | €0 | - | - |
| Accrued charges and deferred income492/3 | €81k | €4k | - | - | €829 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69k | €112k | €19k | €17k | €6k | ▼ 62.8% |
| + Depreciation and write-downs630 | €19k | €15k | €9k | €5k | €7k | ▲ 29.5% |
| Operating cash flow (approximation) | €89k | €127k | €28k | €22k | €13k | ▼ 40.7% |
| Investment in fixed assets (approximation) | - | €0 | €-7k | €-9k | €-13k | ▼ 50.8% |
| Change in cash | - | €-18k | €-79k | €3k | €-36k | ▼ 1,391% |
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
Next filing, fiscal year 2026, expected by
2026
09-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 40 days late
2025
31-12
Financial
Weakest financial yearnet €6k ▼62.8%
Net result drops to €6k, the lowest in the series.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 21 days late
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 31 days late
2023
09-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 70 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Equity above €200kEq €248k ▲38.8%
4 profitable years in a row build equity to €248k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Equity above €150kEq €179k ▲65.8%
3 profitable years in a row build equity to €179k.
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 68 days late
2019
31-12
Financial
Equity above €100kEq €108k ▲1,169%
2 profitable years in a row build equity to €108k.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
10-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 163 days late
2018
09-01
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 162 days late
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, Knokke-Heist · 1 establishment unit since 2000
Ground area
1.0 ha
Building footprint
5,761 m²
Volume, LiDAR
42,294 m³
2 parcels, Flanders · tallest building 10.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Diksmuidestraat(STA) 64, 8840 Staden
since 20002.067.786.612
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36019E1102/00Y000 | Flanders | 9,791 m² | 1 · 5,668 m² | 10.7 m · 2 fl. |
| 31333K0092/00V000 | Flanders | 410 m² | 1 · 92 m² | 8.6 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 to 2025 · 4 entries · 23,948 EUR awarded · 18,948 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 10,000 EUR | 9,823 EUR |
| 2024 | 1 | 10,323 EUR | 5,500 EUR |
| 2023 | 1 | 1,125 EUR | 1,125 EUR |
| 2022 | 1 | 2,500 EUR | 2,500 EUR |
Schemes
Subsidies voor internationaal ondernemen
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 1,530 companies in sector 32123 we hold annual accounts for 225. 131 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
Founded24-06-1994
Fiscal year end31-12
Activities, NACEBEL 2025
32123Manufacture of jewellery
47553Retail trade
14291Manufacture of wearing apparel
15200Manufacture of leather and related products
31004Manufacture of dining room, living room, bedroom and bathroom furniture
43990Other specialised construction activities
46441Wholesale trade
46494Wholesale of non-electrical household articles
47711Retail sale of women's outerwear
Scores and ratios are computed by Checked and are not a credit decision.