Equity
€1.4m ▲ 4.4%
TSL paid out €120,000 in dividends. That is 67% of the 2025 profit.
TSL
Lifetime
9 annual accounts with figures on one time axispeak €4.0m (2024)
€4.0m▼ 1.4%
peak €527,221 (2023)
€179,076▼ 30.5%
peak €1.4m (2025)
€1.4m▲ 4.4%
€3.6m▼ 16.2%
peak 36.3 FTE (2024)
35.3 FTE▼ 2.8%
Board3 names since 2016
3 directorsWESTRANS LOGISTICS and 2 others
Owners
99.91%WESTRANS LOGISTICS
Documentsfilings and deeds
05-06-202656 days before the deadline
2025financial year
Result from €257,684 to €179,076Dividend €120,000Debts from €4.3m to €3.6mCash from €511,554 to €331,572
Key points
from the 2025 annual accountsResult
€179,076 ▼ 30.5%
The result fell in 2025 from €257,684 to €179,076.
Turnover
≈ €7.5m estimated
The accounts state no turnover.
Debts
€3.6m 72% of the balance sheet
Financial debts 62%Suppliers 5%Taxes and wages 6%Other 26%
Of this, €1.6m falls due within a year.
Investments
€212,379 0.2 × depreciation
Green is investment, beige is depreciation.
Filings
9 annual accounts since 2017
The last five annual accounts were filed 31 to 56 days before the end of the period.
Checked score
69
Healthy
Financially stronger than 46% of small companies in land transport (NACE 49)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.7% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 1,181 companies (NACE 49, small).
About 7 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.7%
01-2025: 0.7%● unchanged vs 12-2024
02-2025: 0.7%● unchanged vs 01-2025
03-2025: 0.7%● unchanged vs 02-2025
04-2025: 0.8%▲ +0.1 percentage points vs 03-2025
05-2025: 0.8%● unchanged vs 04-2025
06-2025: 1.0%▲ +0.2 percentage points vs 05-2025highest value
07-2025: 0.5%▼ -0.5 percentage points vs 06-2025
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.4%▼ -0.1 percentage points vs 11-2025lowest value
01-2026: 0.4%● unchanged vs 12-2025lowest value
02-2026: 0.4%● unchanged vs 01-2026lowest value
03-2026: 0.4%● unchanged vs 02-2026lowest value
04-2026: 0.5%▲ +0.1 percentage points vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.7%▲ +0.2 percentage points vs 06-2026
08-2026: 0.7%● unchanged vs 07-2026
09-2026: 0.7%● unchanged vs 08-2026
10-2026: 0.7%● unchanged vs 09-2026
11-2026: 0.7%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Liquidity: current ratio 0.81, cash €331,572
Sector: Land transport and transport via pipelines (NACE 49)
Size: 35.3 FTE, total assets €5.0m
lowers risk
Figures for financial year 2025 (filed on 05-06-2026)
Calculation
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 49, small). It does better than 36% of them on solvency, 48% on liquidity, 53% on profitability and 47% on growth.
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 low class on 30-06-2025, 0.8% 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).
Comparable companies, two years later
In July 2024, 4,107 companies had the same profile as TSL has now. Each dot stands for 11 companies, two years later.
97.9%
were still trading
0.9%
stopped another way
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TSL itself: 0.7% within 12 months.
Test of the method
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 4,107 companies, not a prediction for TSL. 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.
Credit verdict
Credit of up to €95,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.81 (0.77 in 2024), below 1. Short-term debt is 31.6% and cash 6.7% of total assets. 72.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 days early
2024
55 days early
2023
54 days early
2022
31 days early
2021
51 days early
2020
29 days early
2019
49 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 46 days before the deadline. In the sector (NACE 49), the median for financial year 2024 was on the deadline day, and 49% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 8 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- WESTRANS LOGISTICS 99.91%score 96equity €1.4m (2025) · 2025 annual accounts of WESTRANS LOGISTICS
Recent changes
2 managers resigning, 2 directors reappointed
Resignations: Westrans Logistics SPRL (manager) and DECLERCQ Daniel Gustaaf (manager) · Reappointments: Westrans Logistics SPRL (director) and DECLERCQ Daniel Gustaaf (director) · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0657857166
Registered office moved within Saintes
New registered office: Rue Illya prigogine 2 à 1480 Saintes · Previous registered office: Avenue Léon Champagne 2, 1480 Saintes · General meeting of 01-07-2022 · Gazette deed
Appointment: Declercq Daniël (manager)
General meeting of 01-09-2019 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TSL Tubize | €5.0m | €4.0m | 27.9% | 35.3 |
| Quatra Transport Lokeren | €4.4m | €4.1m | -0.2% | 39.5 |
| RIKSTRANS Temse | €4.6m | €2.9m | 47.4% | 31.3 |
| DEVEUX CONTAINER Herstal | €6.5m | €2.8m | 86.8% | 30.5 |
| SMEERS TRANSPORT & LOGISTICS Bilzen-Hoeselt | €5.3m | €2.7m | 14.0% | 30.4 |
| DEJONGHE Ypres | €5.2m | €4.0m | 33.0% | 32.7 |
| LC MOBILITE ET SERVICES Anhée | €3.7m | €2.3m | 16.7% | 36.8 |
These companies have the same main activity as TSL: freight transport by road (NACE 49410). They are comparable in size and age: total assets between €3.7m and €6.5m, founded between 2010 and 2016.
Official details
Source: KBO- Status
- Active since 30-06-2016Normal situation
- Activity
- Freight transport by roadNACE 49410and 2 others
- Establishment unit
- 2.254.985.2291480 Tubize, since 30-06-2016
- Financial year end
- 31 December
- Peppol
- Reachable since 31-10-2023
Annual accounts 2025
- €5.0m▼ 11.3%
- Employeeson 31-12-2025
- 36=
- Filing
- Filed on 05-06-2026, 56 days before the end of the filing period
Insights on TSL
TSL has existed since 2016. The gross margin grew from €2.6m in 2017 to €4.0m in 2025 and staff from 21.9 to 35.3 full-time equivalents.
WESTRANS LOGISTICS holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about TSL
- What is the company number of TSL?
- The company number of TSL is 0657.857.166. The VAT number is the same number with BE in front: BE 0657.857.166.
- Where is TSL based?
- The registered office is at Rue Ilya Prigogine 2, 1480 Tubize.Company details
- What does TSL do?
- According to the KBO register, the main activity is freight transport by road (NACE 49410).
- What is the legal form of TSL?
- TSL is a private limited company (BV).
- When was TSL founded?
- TSL was founded on 30-06-2016.
- Is TSL still active?
- Yes, TSL is an active enterprise in the KBO register.
- How many employees does TSL have?
- TSL had an average of 35.3 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of TSL?
- The turnover in financial year 2025 is ≈ €7.5m. This figure is estimated from the gross margin of €4.0m and 31 comparable companies (NACE 49410). It probably lies between €6.5m and €8.7m.
- Is TSL profitable?
- In financial year 2025, TSL made a profit of €179,076.
- Where can I find the annual accounts of TSL?
- TSL filed 9 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of TSL due?
- TSL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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