TSL
Annual accounts 2025
full format, filed on 05-06-2026, 56 days before the deadline€4.0m
▼ 1.4%
€362,867
▼ 21.9%
€179,076
▼ 30.5%
-€292,796
▲ €81,226
27.9%
▲ 4.2 percentage points
0.81
▲ 0.05
The turnover shown is an estimate from the gross margin.
Turnover ≈ €7.5m. Estimated: probably between €6.5m and €8.7m.
Balance sheet
balance sheet total €5.0m on 31-12-2025What the company ownsHow it is paid for
in €m
in €m
Position in the sector
27.9%
Higher than 37% of 1,085 companies in 2025.
0.81
Higher than 20% of 1,077 companies in 2025.
3.6%
Higher than 54% of 1,084 companies in 2025.
TSL
Middle half of the sector
80% of the sector
Full accounts in land transport (NACE 49)
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff
€62,605
Staff costs divided by the average number of full-time equivalents.
level
people who joined
people who left
In 2025, 3 people joined and 3 left.
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
5.0m | 5.6m | 6.0m | 5.4m | 2.6m | 1.6m | 1.3m | 970,031 | 886,947 | |
21/28 |
3.7m | 4.4m | 4.7m | 3.7m | 842,194 | 570,874 | 375,672 | 122,637 | 70,006 | |
22/27 |
3.7m | 4.4m | 4.7m | 3.7m | 840,849 | 569,529 | 374,327 | 120,792 | 68,161 | |
23 |
34,321 | 38,801 | 39,465 | 41,338 | - | - | - | - | - | |
24 |
220,566 | 187,756 | 129,901 | 30,190 | 13,130 | 18,063 | 17,529 | 15,738 | 68,161 | |
25 |
3.0m | 3.8m | 4.2m | 3.4m | 812,543 | - | - | - | - | |
27 |
403,543 | 327,231 | 285,653 | 251,387 | 15,176 | 17,570 | 9,856 | 3,442 | - | |
28 |
95 | 95 | 95 | 95 | 1,345 | 1,345 | 1,345 | 1,845 | 1,845 | |
29/58 |
1.3m | 1.2m | 1.3m | 1.7m | 1.7m | 1.0m | 922,698 | 847,394 | 816,941 | |
40/41 |
943,942 | 717,215 | 960,482 | 1.0m | 1.1m | 648,959 | 510,015 | 599,531 | 700,442 | |
40 |
883,457 | 708,972 | 919,310 | 962,631 | 688,355 | 418,862 | 300,683 | 385,266 | 526,408 | |
41 |
60,485 | 8,243 | 41,171 | 39,900 | 444,948 | 230,097 | 209,332 | 214,265 | 174,034 | |
54/58 |
331,572 | 511,554 | 345,585 | 657,252 | 577,551 | 371,983 | 412,683 | 247,862 | 116,499 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
5.0m | 5.6m | 6.0m | 5.4m | 2.6m | 1.6m | 1.3m | 970,031 | 886,947 | |
10/15 |
1.4m | 1.3m | 1.2m | 783,691 | 631,174 | 404,881 | 402,793 | 405,275 | 451,648 | |
10/11 |
365,000 | 365,000 | 365,000 | 365,000 | 365,000 | 365,000 | 365,000 | 365,000 | - | |
10 |
- | - | - | - | - | - | - | - | 365,000 | |
100 |
- | - | - | - | - | - | 365,000 | 365,000 | 365,000 | |
13 |
1.0m | 963,597 | 825,913 | 418,691 | 266,174 | 39,881 | 37,793 | 40,275 | 86,648 | |
130/1 |
- | - | 36,500 | 36,500 | 36,500 | 36,500 | - | - | - | |
130 |
- | - | - | - | - | - | 36,500 | 36,500 | 36,500 | |
1311 |
- | - | 36,500 | 36,500 | 36,500 | 36,500 | - | - | - | |
132 |
- | - | - | - | - | - | - | 3,433 | 9,439 | |
133 |
1.0m | 963,597 | 789,413 | 382,191 | 229,674 | 3,381 | 1,293 | 343 | 40,709 | |
16 |
- | - | - | - | - | - | - | 1,767 | 4,713 | |
168 |
- | - | - | - | - | - | - | 1,767 | 4,713 | |
17/49 |
3.6m | 4.3m | 4.8m | 4.6m | 1.9m | 1.2m | 895,577 | 562,988 | 430,586 | |
17 |
2.0m | 2.7m | 3.1m | 2.6m | 526,204 | 384,045 | 297,232 | 81,210 | 27,873 | |
170/4 |
2.0m | 2.7m | 3.1m | 2.6m | 526,204 | 384,045 | 297,232 | 81,210 | 27,873 | |
42/48 |
1.6m | 1.6m | 1.7m | 2.0m | 1.4m | 802,889 | 598,344 | 481,778 | 402,713 | |
42 |
715,323 | 775,508 | 703,637 | 508,872 | 220,619 | 140,767 | 88,948 | 52,665 | 35,830 | |
43 |
212,657 | 16,937 | - | - | 70,000 | 40,098 | 20,113 | 20,067 | - | |
430/8 |
212,657 | 16,937 | - | - | 70,000 | 40,098 | 20,113 | 20,067 | - | |
44 |
194,362 | 234,433 | 303,901 | 341,435 | 188,322 | 101,841 | 109,625 | 144,893 | 209,736 | |
440/4 |
194,362 | 234,433 | 303,901 | 341,435 | 188,322 | 101,841 | 109,625 | 144,893 | 209,736 | |
45 |
228,196 | 156,494 | 207,578 | 203,073 | 73,920 | 47,331 | 33,276 | 9,819 | 126,627 | |
450/3 |
14,137 | 12,765 | 29,185 | 37,776 | 10,818 | 10,981 | 17,432 | 9,800 | 75,018 | |
454/9 |
214,059 | 143,729 | 178,393 | 165,297 | 63,102 | 36,351 | 15,844 | 19 | 51,609 | |
47/48 |
217,771 | 419,420 | 476,444 | 929,378 | 842,810 | 472,852 | 346,382 | 254,333 | 30,520 | |
| Income statement | ||||||||||
9900 |
4.0m | 4.0m | 3.8m | 2.9m | 2.3m | 1.8m | 1.9m | 1.9m | 2.6m | |
62 |
2.2m | 2.2m | 2.0m | 1.7m | 1.4m | 1.2m | 1.3m | 1.2m | 1.9m | |
630 |
875,369 | 828,480 | 629,374 | 368,321 | 185,515 | 118,728 | 101,389 | 82,910 | 112,686 | |
640/8 |
507,390 | 511,876 | 495,022 | 375,227 | 302,872 | 252,791 | 281,226 | 245,933 | 390,355 | |
66A |
- | - | - | - | - | - | - | 10,423 | 756 | |
9901 |
362,867 | 464,852 | 649,607 | 392,637 | 451,178 | 313,138 | 284,683 | 295,578 | 174,457 | |
75/76B |
36 | 220 | 341 | 276 | 43 | - | - | 334 | 2 | |
75 |
36 | 220 | 341 | 276 | 43 | - | - | 334 | 2 | |
65/66B |
104,615 | 113,721 | 121,230 | 119,617 | 14,585 | 11,006 | 8,932 | 16,633 | 4,161 | |
65 |
104,615 | 113,721 | 121,230 | 119,617 | 14,585 | 11,006 | 8,932 | 6,210 | 4,161 | |
66B |
- | - | - | - | - | - | - | 10,423 | - | |
9903 |
258,287 | 351,350 | 528,718 | 273,297 | 436,636 | 302,132 | 275,750 | 279,279 | 170,298 | |
780 |
- | - | - | - | - | - | - | - | 2,356 | |
67/77 |
79,211 | 93,666 | 1,497 | 779 | 90,344 | 60,044 | 70,000 | 88,598 | 73,300 | |
9904 |
179,076 | 257,684 | 527,221 | 272,518 | 346,293 | 242,088 | 207,518 | 193,627 | 99,354 | |
789 |
- | - | - | - | - | - | 3,433 | 6,007 | 4,291 | |
9905 |
179,076 | 257,684 | 527,221 | 272,518 | 346,293 | 242,088 | 210,950 | 199,634 | 103,645 | |
| Appropriation of the result | ||||||||||
9906 |
179,076 | 257,684 | 527,221 | 272,518 | 346,293 | 242,088 | 210,950 | 199,634 | 77,209 | |
14P |
- | - | - | - | - | - | - | - | -26,436 | |
791/2 |
- | - | - | - | - | - | - | 40,366 | - | |
691/2 |
59,076 | 137,684 | 407,221 | 152,518 | 226,293 | 2,088 | 950 | - | 77,209 | |
6920 |
- | - | - | - | - | - | - | - | 36,500 | |
6921 |
59,076 | 137,684 | 407,221 | 152,518 | 226,293 | 2,088 | 950 | - | 40,709 | |
694/7 |
120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 240,000 | 210,000 | 240,000 | - | |
694 |
120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 240,000 | 210,000 | 240,000 | - | |
| Social balance sheet | ||||||||||
9087 |
35.3 | 36.3 | 34.6 | 33.1 | 27.7 | 24.8 | 25.4 | 24.3 | 21.9 | |
Hours worked1013 |
71,019 | 73,667 | 62,154 | 58,778 | 48,727 | 42,507 | 48,567 | 49,038 | - | |
| Document | ||||||||||
The notes to these accounts have 14 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 05-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 05-06-2026 | 2026-00139621 | |
| 31-12-2024 | full format | 06-06-2025 | 2025-00123444 | |
| 31-12-2023 | full format | 07-06-2024 | 2024-00114146 | |
| 31-12-2022 | full format | 30-06-2023 | 2023-00179838 | |
| 31-12-2021 | full format | 10-06-2022 | 2022-20060245 | |
| 31-12-2020 | full format | 02-07-2021 | 2021-29900163 | |
| 31-12-2019 | full format | 12-06-2020 | 2020-16500387 | |
| 31-12-2018 | full format | 27-06-2019 | 2019-24700564 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-25500409 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.2m | 1.3m | 1.3m | 760,958 | 636,693 | 431,866 | 386,072 | 378,488 | 287,143 | ||
| 1.1m | 1.1m | 1.2m | 640,838 | 531,808 | 360,816 | 308,907 | 276,538 | 212,040 | ||
| 212,379 | 531,534 | 1.6m | 3.3m | 456,835 | 313,930 | 382,148 | 135,542 | 363,149 | ||
| -179,982 | 165,969 | -311,667 | 79,701 | 205,568 | -40,700 | 164,821 | 131,363 | - | ||
| -292,796 | -374,022 | -385,493 | -322,975 | 315,184 | 218,053 | 324,353 | 365,616 | 414,228 | ||
| 27.9% | 23.7% | 19.9% | 14.5% | 24.7% | 25.4% | 31.0% | 41.8% | 50.9% | ||
| 0.81 | 0.77 | 0.77 | 0.84 | 1.23 | 1.27 | 1.54 | 1.76 | 2.03 | ||
| 2.58 | 3.21 | 4.02 | 5.90 | 3.04 | 2.93 | 2.22 | 1.39 | 0.95 | ||
| 12.9% | 19.4% | 44.3% | 34.8% | 54.9% | 59.8% | 51.5% | 47.8% | 22.0% | ||
| 3.6% | 4.6% | 8.8% | 5.0% | 13.6% | 15.2% | 16.0% | 20.0% | 11.2% | ||
| 11.84 | 11.37 | 10.55 | 6.36 | 43.65 | - | - | - | 69.01 |
EBIT margin: not included in this filing.
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.
Social balance sheet
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 36 | 36 | 37 | 37 | 31 |
| full-time | 36 | 35 | 37 | 37 | 31 |
| part-time | - | 1 | - | - | - |
| in full-time equivalents | 36 | 35.8 | 37 | 37 | 31 |
| 35.3 | 36.3 | 34.6 | 33.1 | 27.7 | |
| On a permanent contract | 34 | 34 | 35 | 35 | 28 |
| Joined | 3 | 3 | 7 | 12 | 7 |
| Left | 3 | 4 | 7 | 6 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €50,000 | €50,000 | €50,000 | - | - |
| €1.9m | €1.9m | €1.9m | - | - | |
| Carrying value of the mortgaged assets | €1.6m | €1.7m | €1.8m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €212,379 | €531,534 | €1.6m | €3.3m | €456,835 |
| €875,369 | €828,480 | €629,374 | €368,321 | €185,515 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on TSL
The operating result for 2025 is 22% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
Debt's share of the balance-sheet total falls from 76.3% to 72.1%. Equity is higher and debt is lower.