TSL
ActiveSummary
TSL has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.39M and a net result of €179k. Equity is growing by ~24.1% per year across the filed fiscal years. Its solvency ranks better than 37% of 868 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▼-2
Solvency53▲+4
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €80k at 30 days acceptable
Liquidity short (current ratio 0.81 against 0.77 in 2024; short-term debt: 31.6% and cash: 6.7% of total assets), and 72.1% 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+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more 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
27.9%
Return on assets
3.6%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-06-2026, 56 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
56 d early
2024
55 d early
2023
54 d early
2022
31 d early
2021
51 d early
2020
29 d early
2019
49 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 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, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€179k▼ 30.5%
2024 · €258k
2018: €194k
2019: €208k▲ +7.2% vs 2018
2020: €242k▲ +16.7% vs 2019
2021: €346k▲ +43.0% vs 2020
2022: €273k▼ -21.3% vs 2021
2023: €527k▲ +93.5% vs 2022highest in 8 years
2024: €258k▼ -51.1% vs 2023
2025: €179k▼ -30.5% vs 2024lowest in 8 years
2018 → 2025
Working capital
€-293k▲ 21.7%
2024 · €-374k
2018: €366khighest in 8 years
2019: €324k▼ -11.3% vs 2018
2020: €218k▼ -32.8% vs 2019
2021: €315k▲ +44.5% vs 2020
2022: €-323k▼ -202% vs 2021
2023: €-385k▼ -19.4% vs 2022lowest in 8 years
2024: €-374k▲ +3.0% vs 2023
2025: €-293k▲ +21.7% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€631k-€784k▲ 24.2%€1.19M▲ 52.0%€1.33M▲ 11.6%€1.39M▲ 4.4%
2021: €631klowest in 5 years
2022: €784k▲ +24.2% vs 2021
2023: €1.19M▲ +52.0% vs 2022
2024: €1.33M▲ +11.6% vs 2023
2025: €1.39M▲ +4.4% vs 2024highest in 5 years
Operating result€451k-€393k▼ 13.0%€650k▲ 65.4%€465k▼ 28.4%€363k▼ 21.9%
2021: €451k
2022: €393k▼ -13.0% vs 2021
2023: €650k▲ +65.4% vs 2022highest in 5 years
2024: €465k▼ -28.4% vs 2023
2025: €363k▼ -21.9% vs 2024lowest in 5 years
Net result€346k-€273k▼ 21.3%€527k▲ 93.5%€258k▼ 51.1%€179k▼ 30.5%
2021: €346k
2022: €273k▼ -21.3% vs 2021
2023: €527k▲ +93.5% vs 2022highest in 5 years
2024: €258k▼ -51.1% vs 2023
2025: €179k▼ -30.5% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 22% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.97M
Fixed assets
€3.69M ▼ 15.6%
Current assets
€1.28M ▲ 3.8%
Equity and liabilities €4.97M
Equity
€1.39M ▲ 4.4%
Debt
€3.58M ▼ 16.2%
Debt's share of the balance-sheet total falls from 76.3% to 72.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.24M▼
2024 · €1.29M
Cash flow
€1.05M▼
2024 · €1.09M
Current ratio
0.81▲
2024 · 0.77
Debt to equity
2.58▼
2024 · 3.21
ROE
12.9%▼
2024 · 19.4%
ROA
3.6%▼
2024 · 4.6%
Interest coverage
11.84▲
2024 · 11.37
Debt ≤ 1 year
€1.57M▼
2024 · €1.60M
Debt > 1 year
€2.01M▼
2024 · €2.67M
Income taxes
€79k▼
2024 · €94k
Staff costs
€2.21M▲
2024 · €2.21M
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 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€5.60M€4.97M▼
Fixed assets21/28€4.37M€3.69M▼
Tangible fixed assets22/27€4.37M€3.69M▼
Plant, machinery and equipment23€39k€34k▼
Furniture and vehicles24€188k€221k▲
Leasing and similar rights25€3.82M€3.03M▼
Assets under construction and advance payments27€327k€404k▲
Financial fixed assets28€95€95=
Current assets29/58€1.23M€1.28M▲
Amounts receivable within one year40/41€717k€944k▲
Trade receivables40€709k€883k▲
Other amounts receivable41€8k€60k▲
Cash at bank and in hand54/58€512k€332k▼
Equity and liabilities
Total equity and liabilities10/49€5.60M€4.97M▼
Equity10/15€1.33M€1.39M▲
Contributions10/11€365k€365k=
Reserves13€964k€1.02M▲
Distributable reserves133€964k€1.02M▲
Amounts payable17/49€4.27M€3.58M▼
Amounts payable after more than one year17€2.67M€2.01M▼
Financial debts170/4€2.67M€2.01M▼
Amounts payable within one year42/48€1.60M€1.57M▼
Current portion of amounts payable after more than one year42€776k€715k▼
Financial debts43€17k€213k▲
Credit institutions430/8€17k€213k▲
Trade debts44€234k€194k▼
Suppliers440/4€234k€194k▼
Taxes, remuneration and social security45€156k€228k▲
Taxes450/3€13k€14k▲
Remuneration and social security454/9€144k€214k▲
Other amounts payable47/48€419k€218k▼
Income statement
Code20242025
Remuneration, social security and pensions62€2.21M€2.21M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€828k€875k▲
Other operating charges640/8€512k€507k▼
Gross operating margin9900€4.01M€3.96M▼
Operating profit (loss)9901€465k€363k▼
Financial income75/76B€220€36▼
Recurring financial income75€220€36▼
Financial charges65/66B€114k€105k▼
Recurring financial charges65€114k€105k▼
Profit (loss) for the period before taxes9903€351k€258k▼
Income taxes67/77€94k€79k▼
Profit (loss) for the period9904€258k€179k▼
Profit (loss) for the period to be appropriated9905€258k€179k▼
Appropriation of the result
Profit (loss) to be appropriated9906€258k€179k▼
Transfer to equity691/2€138k€59k▼
To other reserves6921€138k€59k▼
Profit to be distributed694/7€120k€120k=
Return on contributions (dividend)694€120k€120k=
Social balance
Average headcount (FTE)908736.335.3▼
The notes to these accounts (14 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €1.36M | €1.72M | €2.02M | €2.21M | €2.21M | ▲ 0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €186k | €368k | €629k | €828k | €875k | ▲ 5.7% |
| Other operating charges640/8 | €303k | €375k | €495k | €512k | €507k | ▼ 0.9% |
| Gross operating margin9900 | €2.30M | €2.86M | €3.79M | €4.01M | €3.96M | ▼ 1.4% |
| Operating profit (loss)9901 | €451k | €393k | €650k | €465k | €363k | ▼ 21.9% |
| Financial income75/76B | €43 | €276 | €341 | €220 | €36 | ▼ 83.8% |
| Recurring financial income75 | €43 | €276 | €341 | €220 | €36 | ▼ 83.8% |
| Financial charges65/66B | €15k | €120k | €121k | €114k | €105k | ▼ 8.0% |
| Recurring financial charges65 | €15k | €120k | €121k | €114k | €105k | ▼ 8.0% |
| Profit (loss) for the period before taxes9903 | €437k | €273k | €529k | €351k | €258k | ▼ 26.5% |
| Income taxes67/77 | €90k | €779 | €1k | €94k | €79k | ▼ 15.4% |
| Profit (loss) for the period9904 | €346k | €273k | €527k | €258k | €179k | ▼ 30.5% |
| Profit (loss) for the period to be appropriated9905 | €346k | €273k | €527k | €258k | €179k | ▼ 30.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.55M | €5.41M | €5.98M | €5.60M | €4.97M | ▼ 11.3% |
| Fixed assets21/28 | €842k | €3.75M | €4.67M | €4.37M | €3.69M | ▼ 15.6% |
| Tangible fixed assets22/27 | €841k | €3.75M | €4.67M | €4.37M | €3.69M | ▼ 15.6% |
| Plant, machinery and equipment23 | - | €41k | €39k | €39k | €34k | ▼ 11.5% |
| Furniture and vehicles24 | €13k | €30k | €130k | €188k | €221k | ▲ 17.5% |
| Leasing and similar rights25 | €813k | €3.42M | €4.22M | €3.82M | €3.03M | ▼ 20.6% |
| Assets under construction and advance payments27 | €15k | €251k | €286k | €327k | €404k | ▲ 23.3% |
| Financial fixed assets28 | €1k | €95 | €95 | €95 | €95 | = |
| Current assets29/58 | €1.71M | €1.66M | €1.31M | €1.23M | €1.28M | ▲ 3.8% |
| Amounts receivable within one year40/41 | €1.13M | €1.00M | €960k | €717k | €944k | ▲ 31.6% |
| Trade receivables40 | €688k | €963k | €919k | €709k | €883k | ▲ 24.6% |
| Other amounts receivable41 | €445k | €40k | €41k | €8k | €60k | ▲ 634% |
| Cash at bank and in hand54/58 | €578k | €657k | €346k | €512k | €332k | ▼ 35.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.55M | €5.41M | €5.98M | €5.60M | €4.97M | ▼ 11.3% |
| Equity10/15 | €631k | €784k | €1.19M | €1.33M | €1.39M | ▲ 4.4% |
| Contributions10/11 | €365k | €365k | €365k | €365k | €365k | = |
| Reserves13 | €266k | €419k | €826k | €964k | €1.02M | ▲ 6.1% |
| Non-distributable reserves130/1 | €37k | €37k | €37k | - | - | - |
| Reserves not available under the articles1311 | €37k | €37k | €37k | - | - | - |
| Distributable reserves133 | €230k | €382k | €789k | €964k | €1.02M | ▲ 6.1% |
| Amounts payable17/49 | €1.92M | €4.62M | €4.79M | €4.27M | €3.58M | ▼ 16.2% |
| Amounts payable after more than one year17 | €526k | €2.64M | €3.10M | €2.67M | €2.01M | ▼ 24.7% |
| Financial debts170/4 | €526k | €2.64M | €3.10M | €2.67M | €2.01M | ▼ 24.7% |
| Amounts payable within one year42/48 | €1.40M | €1.98M | €1.69M | €1.60M | €1.57M | ▼ 2.2% |
| Current portion of amounts payable after more than one year42 | €221k | €509k | €704k | €776k | €715k | ▼ 7.8% |
| Financial debts43 | €70k | - | - | €17k | €213k | ▲ 1,156% |
| Credit institutions430/8 | €70k | - | - | €17k | €213k | ▲ 1,156% |
| Trade debts44 | €188k | €341k | €304k | €234k | €194k | ▼ 17.1% |
| Suppliers440/4 | €188k | €341k | €304k | €234k | €194k | ▼ 17.1% |
| Taxes, remuneration and social security45 | €74k | €203k | €208k | €156k | €228k | ▲ 45.8% |
| Taxes450/3 | €11k | €38k | €29k | €13k | €14k | ▲ 10.7% |
| Remuneration and social security454/9 | €63k | €165k | €178k | €144k | €214k | ▲ 48.9% |
| Other amounts payable47/48 | €843k | €929k | €476k | €419k | €218k | ▼ 48.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €346k | €273k | €527k | €258k | €179k | ▼ 30.5% |
| + Depreciation and write-downs630 | €186k | €368k | €629k | €828k | €875k | ▲ 5.7% |
| Operating cash flow (approximation) | €532k | €641k | €1.16M | €1.09M | €1.05M | ▼ 2.9% |
| Investment in fixed assets (approximation) | - | €-3.27M | €-1.55M | €-526k | €-194k | ▲ 63.1% |
| Change in cash | - | €80k | €-312k | €166k | €-180k | ▼ 208% |
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
05-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €179k ▼30.5%
Net result drops to €179k, the lowest in the series.
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Highest result since 2018net €527k ▲93.5%
Operating result €650k, net result €527k, both a record.
31-12
Financial
Equity above €1MEq €1.19M ▲52%
6 profitable years in a row build equity to €1.19M.
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
10-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €500kEq €631k ▲55.9%
4 profitable years in a row build equity to €631k.
02-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
12-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Tubize · 1 establishment unit since 2016
Ground area
7,038 m²
Building footprint
2,983 m²
Parcel 25105A0520/00B000, Wallonia. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
TSL
since 20162.254.985.229
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25105A0520/00B000 | Wallonia | 7,038 m² | 1 · 2,983 m² | - |
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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteTubize2.254.985.229
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TRANSPORT VAN DELM
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Inotra
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Of 12,590 companies in sector 49410 we hold annual accounts for 8,199. 3,629 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
Founded30-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
52249Warehousing and support activities for transportation
52250Logistics services
Scores and ratios are computed by Checked and are not a credit decision.