TSE
ActiveSummary
TSE has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €42k and a net result of €747. Equity is growing by ~17.3% per year across the filed fiscal years. Its solvency ranks better than 28% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-9
Solvency51▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity tight (current ratio 1.32 against 1.29 in 2024; short-term debt: 73.8% and cash: 13.2% of total assets), and 73.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers 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 →
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 · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 19-01-2026, 12 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
12 d early
2024
4 d early
2023
16 d early
2022
39 d early
2021
39 d early
2020
5 d early
2019
2 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€42k▲ 1.8%
2024 · €41k
2019: €19k
2020: €19k▲ +3.7% vs 2019
2021: €14k▼ -25.5% vs 2020lowest in 7 years
2022: €18k▲ +22.9% vs 2021
2023: €29k▲ +65.1% vs 2022
2024: €41k▲ +41.5% vs 2023
2025: €42k▲ +1.8% vs 2024highest in 7 years
2019 → 2025
Total assets
€162k▼ 1.2%
2024 · €164k
2019: €108klowest in 7 years
2020: €129k▲ +18.9% vs 2019
2021: €144k▲ +12.1% vs 2020
2022: €114k▼ -21.0% vs 2021
2023: €210k▲ +84.9% vs 2022highest in 7 years
2024: €164k▼ -22.1% vs 2023
2025: €162k▼ -1.2% vs 2024
2019 → 2025
Net result
€747▼ 93.9%
2024 · €12k
2019: €238
2020: €697▲ +193% vs 2019
2021: €-5k▼ -808% vs 2020lowest in 7 years
2022: €3k▲ +167% vs 2021
2023: €12k▲ +249% vs 2022
2024: €12k▲ +5.3% vs 2023highest in 7 years
2025: €747▼ -93.9% vs 2024
2019 → 2025
Working capital
€38k▲ 6.2%
2024 · €36k
2019: €-3klowest in 7 years
2020: €8k▲ +328% vs 2019
2021: €4k▼ -45.8% vs 2020
2022: €9k▲ +122% vs 2021
2023: €22k▲ +144% vs 2022
2024: €36k▲ +61.8% vs 2023
2025: €38k▲ +6.2% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€14k-€18k▲ 22.9%€29k▲ 65.1%€41k▲ 41.5%€42k▲ 1.8%
2021: €14klowest in 5 years
2022: €18k▲ +22.9% vs 2021
2023: €29k▲ +65.1% vs 2022
2024: €41k▲ +41.5% vs 2023
2025: €42k▲ +1.8% vs 2024highest in 5 years
Operating result€-5k-€3k€15k▲ 348%€17k▲ 13.4%€1k▼ 92.1%
2021: €-5klowest in 5 years
2022: €3k▲ +169% vs 2021
2023: €15k▲ +348% vs 2022
2024: €17k▲ +13.4% vs 2023highest in 5 years
2025: €1k▼ -92.1% vs 2024
Net result€-5k-€3k€12k▲ 249%€12k▲ 5.3%€747▼ 93.9%
2021: €-5klowest in 5 years
2022: €3k▲ +167% vs 2021
2023: €12k▲ +249% vs 2022
2024: €12k▲ +5.3% vs 2023highest in 5 years
2025: €747▼ -93.9% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 92% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €162k
Fixed assets
€4k ▼ 25.0%
Current assets
€157k ▼ 0.3%
Equity and liabilities €162k
Equity
€42k ▲ 1.8%
Debt
€120k ▼ 2.2%
Debt's share of the balance-sheet total falls from 74.7% to 73.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3k▼
2024 · €18k
Cash flow
€2k▼
2024 · €14k
Current ratio
1.32▲
2024 · 1.29
Debt to equity
2.83▼
2024 · 2.95
ROE
1.8%▼
2024 · 29.3%
ROA
0.5%▼
2024 · 7.4%
Interest coverage
65.02▼
2024 · 778.47
Debt ≤ 1 year
€119k▼
2024 · €122k
Income taxes
€558▼
2024 · €5k
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 · 34 lines
Balance sheet
Code20242025
Assets
Total assets20/58€164k€162k▼
Fixed assets21/28€6k€4k▼
Intangible fixed assets21€6k€4k▼
Current assets29/58€158k€157k▼
Amounts receivable within one year40/41€127k€136k▲
Trade receivables40€110k€124k▲
Other amounts receivable41€17k€12k▼
Cash at bank and in hand54/58€31k€21k▼
Equity and liabilities
Total equity and liabilities10/49€164k€162k▼
Equity10/15€41k€42k▲
Contributions10/11€19k€19k=
Reserves13€23k€24k▲
Distributable reserves133€23k€24k▲
Amounts payable17/49€122k€120k▼
Amounts payable within one year42/48€122k€119k▼
Trade debts44€109k€110k▲
Suppliers440/4€109k€110k▲
Taxes, remuneration and social security45€5k€558▼
Taxes450/3€5k€558▼
Other amounts payable47/48€8k€9k▲
Accrued charges and deferred income492/3€180€180=
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€1k=
Other operating charges640/8€150€160▲
Gross operating margin9900€19k€3k▼
Operating profit (loss)9901€17k€1k▼
Financial charges65/66B€24€44▲
Recurring financial charges65€24€44▲
Profit (loss) for the period before taxes9903€17k€1k▼
Income taxes67/77€5k€558▼
Profit (loss) for the period9904€12k€747▼
Profit (loss) for the period to be appropriated9905€12k€747▼
Appropriation of the result
Profit (loss) to be appropriated9906€12k€747▼
Transfer to equity691/2€12k€747▼
To other reserves6921€12k€747▼
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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1k | €1k | €1k | €1k | €1k | = |
| Other operating charges640/8 | - | €162 | €160 | €150 | €160 | ▲ 6.4% |
| Gross operating margin9900 | €-3k | €5k | €17k | €19k | €3k | ▼ 84.0% |
| Operating profit (loss)9901 | €-5k | €3k | €15k | €17k | €1k | ▼ 92.1% |
| Financial charges65/66B | - | €37 | €39 | €24 | €44 | ▲ 83.1% |
| Recurring financial charges65 | €105 | €37 | €39 | €24 | €44 | ▲ 83.1% |
| Profit (loss) for the period before taxes9903 | €-5k | €3k | €15k | €17k | €1k | ▼ 92.3% |
| Income taxes67/77 | - | - | €3k | €5k | €558 | ▼ 88.4% |
| Profit (loss) for the period9904 | €-5k | €3k | €12k | €12k | €747 | ▼ 93.9% |
| Profit (loss) for the period to be appropriated9905 | €-5k | €3k | €12k | €12k | €747 | ▼ 93.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €144k | €114k | €210k | €164k | €162k | ▼ 1.2% |
| Fixed assets21/28 | €10k | €9k | €7k | €6k | €4k | ▼ 25.0% |
| Intangible fixed assets21 | €10k | €9k | €7k | €6k | €4k | ▼ 25.0% |
| Current assets29/58 | €134k | €105k | €203k | €158k | €157k | ▼ 0.3% |
| Amounts receivable within one year40/41 | €122k | €93k | €150k | €127k | €136k | ▲ 7.4% |
| Trade receivables40 | - | €71k | €132k | €110k | €124k | ▲ 12.8% |
| Other amounts receivable41 | - | €22k | €18k | €17k | €12k | ▼ 27.3% |
| Cash at bank and in hand54/58 | €12k | €12k | €53k | €31k | €21k | ▼ 31.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €144k | €114k | €210k | €164k | €162k | ▼ 1.2% |
| Equity10/15 | €14k | €18k | €29k | €41k | €42k | ▲ 1.8% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €785 | €785 | €11k | €23k | €24k | ▲ 3.3% |
| Non-distributable reserves130/1 | - | €47 | - | - | - | - |
| Reserves not available under the articles1311 | - | €47 | - | - | - | - |
| Distributable reserves133 | - | €738 | €11k | €23k | €24k | ▲ 3.3% |
| Profit (loss) carried forward14 | €-5k | €-2k | - | - | - | - |
| Amounts payable17/49 | €130k | €96k | €181k | €122k | €120k | ▼ 2.2% |
| Amounts payable within one year42/48 | €130k | €96k | €181k | €122k | €119k | ▼ 2.2% |
| Trade debts44 | €123k | €88k | €169k | €109k | €110k | ▲ 0.7% |
| Suppliers440/4 | - | €88k | €169k | €109k | €110k | ▲ 0.7% |
| Taxes, remuneration and social security45 | - | - | €3k | €5k | €558 | ▼ 88.4% |
| Taxes450/3 | - | - | €3k | €5k | €558 | ▼ 88.4% |
| Other amounts payable47/48 | - | €8k | €8k | €8k | €9k | ▲ 9.3% |
| Accrued charges and deferred income492/3 | - | €180 | €180 | €180 | €180 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-5k | €3k | €12k | €12k | €747 | ▼ 93.9% |
| + Depreciation and write-downs630 | €1k | €1k | €1k | €1k | €1k | = |
| Operating cash flow (approximation) | €-3k | €5k | €13k | €14k | €2k | ▼ 83.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €448 | €41k | €-22k | €-10k | ▲ 54.7% |
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
19-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
27-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Highest result since 2019net €12k ▲5.3%
Operating result €17k, net result €12k, both a record.
15-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
23-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
2021
23-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
30-06
Financial
Weakest financial yearnet €-5k
Net result drops to €-5k, the lowest in the series; recovery starts the following year.
26-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
29-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
28-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
13-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
30-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
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, Aalst · 1 establishment unit since 2009
Ground area
234 m²
Building footprint
193 m²
Volume, LiDAR
1,496 m³
Parcel 41342B0172/00C002, Flanders · tallest building 9.8 m, ±3 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
TSE
since 20092.184.557.487
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41342B0172/00C002 | Flanders | 234 m² | 1 · 193 m² | 9.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 37,089 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
Founded24-11-2009
Fiscal year end30-06
Activities, NACEBEL 2025
70200Business and other management consultancy
46431Wholesale of electrical household appliances and audio-video equipment
47400Retail sale of information and communication equipment
62900Other information technology and computer services
62200Computer consultancy and computer facilities management
64210Activities of holding companies
73300Public relations and communication consultancy
77222Rental and leasing activities
82100Office administrative and support services
82300Organisation of conventions and trade shows
Contact
E-mail
info@tsegroup.be
Scores and ratios are computed by Checked and are not a credit decision.