Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The micro format states no turnover.
Of this, €52,207 falls due within a year.
Board changed. Latest change 01-01-2026 · 1 in office.
Less equity than 80% of companies in wholesale trade. Sector median €56,439 · 13,835 companies.
Negative equity caps the score at 59.
The dashed line is the sector median: 0.4% across 26,891 companies (NACE 46, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 46, micro). It does better than 16% of them on solvency, 67% on liquidity and 26% on profitability.
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 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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).
In July 2024, 1,555 companies had the same profile as TSK Brussels has now. Each dot stands for 4 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TSK Brussels itself: 1.5% within 12 months.
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 1,555 companies, not a prediction for TSK Brussels. 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.
Liquidity is insufficient, with a current ratio of 0.9, below 1. Short-term debt is 66.9% and cash 36.9% of total assets. Equity is negative.
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.
| Company | ||||
|---|---|---|---|---|
| TSK Brussels Brussels | €77,983 | €7,843 | -1.3% | - |
| R.A.M COMPANY Vilvoorde | €107,966 | €10,775 | 11.1% | - |
| SHAMS & TTA Aalst | €59,991 | €10,725 | 2.3% | - |
| GS INVESTISSEMENT Mons | €55,618 | €8,872 | 30.7% | - |
| IMMO Nicaise Ham-sur-Heure-Nalinnes | €39,504 | €7,212 | 61.4% | - |
| Auto Solution Services Aubel | €48,395 | €16,354 | 28.3% | - |
| BIGAT ENTREPRISE Tubize | €53,970 | €19,854 | 29.8% | - |
These companies have the same main activity as TSK Brussels: agents specialised in the wholesale of other particular products (NACE 46180). They are comparable in size and age: total assets between €39,500 and €108,000, founded between 2023 and 2025.
The computed 12-month bankruptcy probability of TSK Brussels is 1.5% (moderate). The 2025 annual accounts show negative equity (-€988) and a net result of -€2,988.
Its solvency ranks better than 19% of 13,805 sector peers (NACE 46, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €69,000. Estimated: probably between €32,000 and €110,000.
Higher than 19% of 13,805 companies in 2025.
Higher than 24% of 13,186 companies in 2025.
Higher than 24% of 13,365 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 |
|---|---|---|
| Balance sheet: assets | ||
20/58 |
77,983 | |
21/28 |
30,824 | |
21 |
29,784 | |
22/27 |
1,040 | |
24 |
1,040 | |
29/58 |
47,159 | |
40/41 |
18,348 | |
40 |
16,098 | |
41 |
2,250 | |
54/58 |
28,811 | |
| Balance sheet: equity and liabilities | ||
10/49 |
77,983 | |
10/15 |
-988 | |
10/11 |
2,000 | |
14 |
-2,988 | |
17/49 |
78,971 | |
17 |
26,662 | |
170/4 |
26,662 | |
42/48 |
52,207 | |
42 |
9,504 | |
44 |
38,698 | |
440/4 |
38,698 | |
45 |
4,005 | |
450/3 |
3,234 | |
454/9 |
771 | |
492/3 |
101 | |
| Income statement | ||
9900 |
7,843 | |
62 |
2,964 | |
630 |
5,275 | |
9901 |
-395 | |
75/76B |
71 | |
75 |
71 | |
65/66B |
2,664 | |
65 |
2,664 | |
9903 |
-2,988 | |
9904 |
-2,988 | |
9905 |
-2,988 | |
| Appropriation of the result | ||
9906 |
-2,988 | |
| Document | ||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 18-08-2026.
2025 annual accounts filed 18 days after the deadline. Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00404113.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-08-2026 | 2026-00404113 |
| Line | Trend | 2025 |
|---|---|---|
| 4,879 | ||
| 2,287 | ||
| 36,098 | ||
| -5,048 | ||
| -1.3% | ||
| 0.90 | ||
| -3.8% | ||
| 1.83 |
The equity ratios are withheld because equity of -€988 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 |
|---|---|
| Tangible fixed assets | €1,098 |
| Intangible fixed assets | €35,000 |
| €5,275 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Equity is negative. Debt (€78,971) exceeds the balance-sheet total (€77,983).
TSK Brussels has no parent and no holdings in its annual accounts. Cela, Halil ibrahim is the only director. TSK Brussels shares no director with another company.
| TSL-7
registered office since 30-06-2026 |
founded in 2026 1039.630.855 |
| Iftimie, Mihai (sole trader)
establishment since 01-04-2024 |
founded in 2024 1007.631.050 |
| Reçi, Mirela (sole trader)
establishment since 05-06-2012 |
founded in 2026 0846.355.484 |
| Cluci, Gheorghe (sole trader)
establishment since 01-07-2005 |
founded in 2005 0874.433.521 |
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 7 October 2024, TSK Brussels was incorporated as a private limited company by two natural persons, with a starting capital of €20,000.12 Cela, Halil ibrahim has served as director since 2026.3 The company has filed annual accounts once, for financial year 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| Leopold I-straat 181 registered office 1020 Brussels | 12-02-2025 | 2.369.844.117 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21816C0089/00M006 | 695 m² | 1 · 188 m² | 16.7 m · 3 |
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