TSEDEK
ActiveSummary
TSEDEK has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €219,092 and a net result of €21,499. Equity is growing by ~13.9% per year across the filed fiscal years. Its solvency ranks better than 39% of 15369 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability63▼-15
Solvency73▲+6
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €16,000 at 30 days acceptable
Liquidity ample (current ratio 5.72 against 4.14 in 2023; short-term debt: 3.4% and cash: 6.9% of total assets), but 51.7% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-08-2025, 25 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 · 8 filingsDeviation from the deadline
2025
not confirmed
2024
25 d late
2023
72 d late
2022
435 d late
2021
24 d early
2020
31 d late
2019
59 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 100 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€219,092▲ 5.7%
2023 · €207,329
Total assets
€453,511▼ 8.1%
2023 · €493,271
Net result
€21,499▼ 39.4%
2023 · €35,464
Working capital
€72,485▼ 46.0%
2023 · €134,248
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€95,641▲ 192%€41,063▼ 57.1%€33,126▼ 19.3%€56,026▲ 69.1%€41,434▼ 26.0%
Net result€68,409▲ 107%€28,714▼ 58.0%€21,218▼ 26.1%€35,464▲ 67.1%€21,499▼ 39.4%
Equity€154,406▲ 56.2%€183,120▲ 18.6%€204,338▲ 11.6%€207,329▲ 1.5%€219,092▲ 5.7%
Total assets€204,041▲ 84.2%€224,284▲ 9.9%€532,413▲ 137%€493,271▼ 7.4%€453,511▼ 8.1%
Debt€49,635▲ 317%€41,165▼ 17.1%€328,075▲ 697%€285,943▼ 12.8%€234,419▼ 18.0%
Working capital€147,241▲ 63.7%€177,567▲ 20.6%-€98,434€134,248€72,485▼ 46.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Why a figure moved sharply
- 2022 Total assets +137% on 2021. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 26% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €453,511
Fixed assets
€365,664 ▲ 15.6%
Current assets
€87,847 ▼ 50.4%
Equity and liabilities €453,511
Equity
€219,092 ▲ 5.7%
Debt
€234,419 ▼ 18.0%
Debt's share of the balance-sheet total falls from 58.0% to 51.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€48,404▼
2023 · €57,991
Cash flow
€28,469▼
2023 · €37,429
Current ratio
5.72▲
2023 · 4.14
Debt to equity
1.07▼
2023 · 1.38
ROE
9.8%▼
2023 · 17.1%
ROA
4.7%▼
2023 · 7.2%
Interest coverage
4.62▼
2023 · 7.47
Debt ≤ 1 year
€15,362▼
2023 · €42,775
Debt > 1 year
€219,057▼
2023 · €225,679
Income taxes
€11,441▼
2023 · €16,116
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,637 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 96% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.4%
went bankrupt
3.6%
stopped otherwise
96%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 1,637 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,866 | €2,629 | €3,064 | €1,965 | €6,970 | ▲ 255% |
| Other operating charges640/8 | - | €348 | €348 | €7,148 | €3,725 | ▼ 47.9% |
| Gross operating margin9900 | €98,854 | €44,040 | €36,537 | €65,139 | €52,129 | ▼ 20.0% |
| Operating profit (loss)9901 | €95,641 | €41,063 | €33,126 | €56,026 | €41,434 | ▼ 26.0% |
| Financial income75/76B | - | €768 | €768 | €3,320 | €1,978 | ▼ 40.4% |
| Recurring financial income75 | €810 | €768 | €768 | €3,320 | €1,978 | ▼ 40.4% |
| Financial charges65/66B | - | €1,074 | €3,086 | €7,766 | €10,472 | ▲ 34.8% |
| Recurring financial charges65 | €577 | €1,074 | €3,086 | €7,766 | €10,472 | ▲ 34.8% |
| Profit (loss) for the period before taxes9903 | €95,874 | €40,757 | €30,808 | €51,580 | €32,940 | ▼ 36.1% |
| Income taxes67/77 | €27,465 | €12,043 | €9,589 | €16,116 | €11,441 | ▼ 29.0% |
| Profit (loss) for the period9904 | €68,409 | €28,714 | €21,218 | €35,464 | €21,499 | ▼ 39.4% |
| Profit (loss) for the period to be appropriated9905 | €68,409 | €28,714 | €21,218 | €35,464 | €21,499 | ▼ 39.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €204,041 | €224,284 | €532,413 | €493,271 | €453,511 | ▼ 8.1% |
| Fixed assets21/28 | €7,166 | €6,533 | €302,772 | €316,248 | €365,664 | ▲ 15.6% |
| Tangible fixed assets22/27 | €7,141 | €6,508 | €302,747 | €316,223 | €365,639 | ▲ 15.6% |
| Land and buildings22 | - | - | €45,602 | €45,602 | €361,888 | ▲ 694% |
| Plant, machinery and equipment23 | - | €1,713 | €1,296 | €1,847 | €1,104 | ▼ 40.2% |
| Furniture and vehicles24 | - | €2,545 | €2,953 | €2,039 | €1,361 | ▼ 33.3% |
| Other tangible fixed assets26 | - | €2,250 | €1,928 | €1,607 | €1,286 | ▼ 20.0% |
| Assets under construction and advance payments27 | - | - | €250,968 | €265,129 | €0 | ▼ 100% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | = |
| Current assets29/58 | €196,875 | €217,752 | €229,641 | €177,023 | €87,847 | ▼ 50.4% |
| Amounts receivable within one year40/41 | €60,148 | €70,544 | €86,332 | €106,452 | €52,327 | ▼ 50.8% |
| Trade receivables40 | - | €659 | €538 | €20,321 | €697 | ▼ 96.6% |
| Other amounts receivable41 | - | €69,886 | €85,795 | €86,131 | €51,629 | ▼ 40.1% |
| Cash at bank and in hand54/58 | €127,247 | €147,207 | €143,309 | €68,384 | €31,298 | ▼ 54.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,187 | €4,223 | ▲ 93.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €204,041 | €224,284 | €532,413 | €493,271 | €453,511 | ▼ 8.1% |
| Equity10/15 | €154,406 | €183,120 | €204,338 | €207,329 | €219,092 | ▲ 5.7% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €14,260 | ▲ 15.0% |
| Reserves13 | €142,006 | €170,720 | €191,938 | €194,929 | €204,832 | ▲ 5.1% |
| Non-distributable reserves130/1 | - | €170,720 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | €170,720 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | €190,078 | €193,069 | €204,832 | ▲ 6.1% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €49,635 | €41,165 | €328,075 | €285,943 | €234,419 | ▼ 18.0% |
| Amounts payable after more than one year17 | - | - | - | €225,679 | €219,057 | ▼ 2.9% |
| Financial debts170/4 | - | - | - | €225,679 | €219,057 | ▼ 2.9% |
| Amounts payable within one year42/48 | €49,635 | €40,185 | €328,075 | €42,775 | €15,362 | ▼ 64.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €8,867 | - |
| Financial debts43 | - | €229 | €2,377 | €840 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €229 | €2,377 | €840 | €0 | ▼ 100% |
| Trade debts44 | €4,459 | €31,985 | €313,821 | €28,012 | €2,241 | ▼ 92.0% |
| Suppliers440/4 | - | €31,985 | €313,821 | €28,012 | €2,241 | ▼ 92.0% |
| Taxes, remuneration and social security45 | - | €7,786 | €11,877 | €13,923 | €4,255 | ▼ 69.4% |
| Taxes450/3 | - | €7,786 | €11,579 | €13,923 | €4,255 | ▼ 69.4% |
| Remuneration and social security454/9 | - | - | €299 | €0 | - | - |
| Other amounts payable47/48 | - | €184 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €980 | €0 | €17,488 | €0 | ▼ 100% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €68,409 | €28,714 | €21,218 | €35,464 | €21,499 | ▼ 39.4% |
| + Depreciation and write-downs630 | €2,866 | €2,629 | €3,064 | €1,965 | €6,970 | ▲ 255% |
| Operating cash flow (approximation) | €71,275 | €31,343 | €24,282 | €37,429 | €28,469 | ▼ 23.9% |
| Investment in fixed assets (approximation) | - | -€1,997 | -€299,303 | -€15,441 | -€56,385 | ▼ 265% |
| Change in cash | - | €19,960 | -€3,899 | -€74,924 | -€37,087 | ▲ 50.5% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 25 days late
2024
11-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 72 days late
08-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 435 days late
2023
31-12
Financial
Liquidity times 6current ratio 4.14
Current ratio from 0.70 to 4.14; short-term debt falls from €328,075 to €42,775.
2022
31-12
Financial
Equity above €200,000Eq €204,338 ▲11.6%
5 profitable years in a row build equity to €204,338.
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €68,409 ▲107%
Operating result €95,641, net result €68,409, both a record.
31-12
Financial
Equity above €150,000Eq €154,406 ▲56.2%
3 profitable years in a row build equity to €154,406.
28-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 59 days late
2019
31-12
Financial
Liquidity triplescurrent ratio 8.55
Current ratio from 2.82 to 8.55; short-term debt falls from €31,887 to €11,910.
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro 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, Ukkel · 1 establishment unit since 2016
Ground area
2,315 m²
Building footprint
505 m²
Volume, LiDAR
11,366 m³
2 parcels, Brussels · tallest building 28.6 m, ±9 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
TSEDEK
since 20162.259.804.149
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21618B0272/00E002 | Brussels | 2,256 m² | 1 · 416 m² | 28.6 m · 9 fl. |
| 21442A0007/00N004 | Brussels | 59 m² | 1 · 89 m² | 15.4 m · 4 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.
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Of 22,076 companies in sector 69101 we hold annual accounts for 9,058. 7,131 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
Founded28-09-2016
Fiscal year end31-12
Activities, NACEBEL 2025
69101Activities of lawyers
E-invoicing
Reachable via Peppol
Peppol ID
0208:0663554630
Registered
22-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.