TSM CONCEPT
ActiveSummary
The computed 12-month bankruptcy probability of TSM CONCEPT is 2.3% (moderate). The 2025 annual accounts show equity of €26,843 and a net result of -€8,261. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 82% of 18716 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability43▼-54
Solvency99▲+1
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days acceptable
Liquidity ample (current ratio 3.76 against 3.34 in 2024; short-term debt: 26.5% and cash: 65.1% of total assets), and 26.5% of the assets are financed with debt.
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Signals
Six 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
73.5%
Return on assets
-22.6%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 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 · 10 filingsDeviation from the deadline
2025
28 d late
2024
30 d late
2023
55 d late
2022
17 d late
2021
9 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 29 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% of the sector filed late.
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. Usually files around 28 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€79,272
EBIT margin
8.6%
Net result
-€8,261
2024 · €10,949
Working capital
€26,720▼ 12.9%
2024 · €30,667
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€79,272
Operating result€12,780▼ 49.6%€6,851▼ 46.4%€1,268▼ 81.5%€12,723▲ 903%-€3,223
Net result€2,189within the sector's middle half▼ 91.2%€5,909within the sector's middle half▲ 170%€891within the sector's middle half▼ 84.9%€10,949within the sector's middle half▲ 1,129%-€8,261below the sector's middle half
EBIT margin8.6%
Equity€35,207within the sector's middle half▲ 6.6%€41,116within the sector's middle half▲ 16.8%€24,155within the sector's middle half▼ 41.3%€35,104within the sector's middle half▲ 45.3%€26,843within the sector's middle half▼ 23.5%
Total assets€45,605below the sector's middle half▼ 10.5%€59,063within the sector's middle half▲ 29.5%€25,518below the sector's middle half▼ 56.8%€48,236below the sector's middle half▲ 89.0%€36,520below the sector's middle half▼ 24.3%
Debt€10,398▼ 42.0%€17,947▲ 72.6%€1,363▼ 92.4%€13,132▲ 863%€9,677▼ 26.3%
Working capital€34,387within the sector's middle half▲ 4.1%€27,777within the sector's middle half▼ 19.2%€14,567within the sector's middle half▼ 47.6%€30,667within the sector's middle half▲ 111%€26,720within the sector's middle half▼ 12.9%
Solvency77.2%above the sector's middle half▲ 12.4pp69.6%above the sector's middle half▼ 7.6pp94.7%above the sector's middle half▲ 25.0pp72.8%above the sector's middle half▼ 21.9pp73.5%above the sector's middle half▲ 0.7pp
Current ratio4.31above the sector's middle half▲ 1.472.55within the sector's middle half▼ 1.7611.68above the sector's middle half▲ 9.143.34above the sector's middle half▼ 8.353.76above the sector's middle half▲ 0.43
Return on assets (ROA)4.8%within the sector's middle half▼ 44.3pp10.0%within the sector's middle half▲ 5.2pp3.5%within the sector's middle half▼ 6.5pp22.7%above the sector's middle half▲ 19.2pp-22.6%below the sector's middle half▼ 45.3pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €3,223 after €12,723 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €36,520
Fixed assets
€122 ▼ 97.2%
Current assets
€36,397 ▼ 16.9%
Equity and liabilities €36,520
Equity
€26,843 ▼ 23.5%
Debt
€9,677 ▼ 26.3%
Debt's share of the balance-sheet total falls from 27.2% to 26.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€1,091▼
2024 · €17,874
Cash flow
-€3,947▼
2024 · €16,101
Quick ratio
3.72▲
2024 · 3.27
Debt to equity
0.36▼
2024 · 0.37
ROE
-30.8%▼
2024 · 31.2%
Interest coverage
5.18▼
2024 · 23.11
Debt ≤ 1 year
€9,677▼
2024 · €13,132
Income taxes
€4,827▲
2024 · €1,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,805 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
2.0%
went bankrupt
9.8%
stopped otherwise
88%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.3% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 4,805 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | €79,272 | - | - | - | - |
| Non-recurring operating income76A | €463 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €99,672 | €70,115 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €280 | €981 | €5,030 | €5,152 | €4,314 | ▼ 16.3% |
| Other operating charges640/8 | €1,428 | €918 | €1,033 | €352 | €63 | ▼ 82.0% |
| Non-recurring operating charges66A | - | €407 | - | - | - | - |
| Gross operating margin9900 | €14,487 | €9,156 | €7,330 | €18,226 | €1,154 | ▼ 93.7% |
| Operating profit (loss)9901 | €12,780 | €6,851 | €1,268 | €12,723 | -€3,223 | ▼ 125% |
| Financial income75/76B | - | €0 | €2 | - | - | - |
| Recurring financial income75 | - | €0 | €2 | - | - | - |
| Financial charges65/66B | €223 | €267 | €179 | €774 | €211 | ▼ 72.8% |
| Recurring financial charges65 | €223 | €267 | €179 | €774 | €211 | ▼ 72.8% |
| Profit (loss) for the period before taxes9903 | €12,556 | €6,585 | €1,091 | €11,949 | -€3,434 | ▼ 129% |
| Income taxes67/77 | €10,368 | €676 | €200 | €1,000 | €4,827 | ▲ 383% |
| Profit (loss) for the period9904 | €2,189 | €5,909 | €891 | €10,949 | -€8,261 | ▼ 175% |
| Profit (loss) for the period to be appropriated9905 | €2,189 | €5,909 | €891 | €10,949 | -€8,261 | ▼ 175% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €45,605 | €59,063 | €25,518 | €48,236 | €36,520 | ▼ 24.3% |
| Fixed assets21/28 | €820 | €13,339 | €9,588 | €4,436 | €122 | ▼ 97.2% |
| Tangible fixed assets22/27 | €820 | €13,339 | €9,588 | €4,436 | €122 | ▼ 97.2% |
| Furniture and vehicles24 | €820 | €13,339 | €9,588 | €4,436 | €122 | ▼ 97.2% |
| Current assets29/58 | €44,785 | €45,724 | €15,930 | €43,799 | €36,397 | ▼ 16.9% |
| Stocks and contracts in progress3 | €292 | €237 | €5,487 | €827 | €437 | ▼ 47.2% |
| Stocks30/36 | €292 | €237 | €5,487 | €827 | €437 | ▼ 47.2% |
| Amounts receivable within one year40/41 | €8,337 | €5,141 | €6,211 | €15,524 | €11,058 | ▼ 28.8% |
| Trade receivables40 | €8,132 | €3,828 | €1,835 | €15,524 | €10,960 | ▼ 29.4% |
| Other amounts receivable41 | €205 | €1,312 | €4,376 | - | €99 | - |
| Cash at bank and in hand54/58 | €34,488 | €39,362 | €3,114 | €26,331 | €23,785 | ▼ 9.7% |
| Deferred charges and accrued income490/1 | €1,668 | €984 | €1,118 | €1,118 | €1,118 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €45,605 | €59,063 | €25,518 | €48,236 | €36,520 | ▼ 24.3% |
| Equity10/15 | €35,207 | €41,116 | €24,155 | €35,104 | €26,843 | ▼ 23.5% |
| Contributions10/11 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €77 | €77 | €77 | €77 | €77 | = |
| Non-distributable reserves130/1 | €77 | €77 | €77 | €77 | €77 | = |
| Reserves not available under the articles1311 | €77 | €77 | €77 | €77 | €77 | = |
| Profit (loss) carried forward14 | €28,931 | €34,839 | €5,478 | €16,427 | €8,166 | ▼ 50.3% |
| Amounts payable17/49 | €10,398 | €17,947 | €1,363 | €13,132 | €9,677 | ▼ 26.3% |
| Amounts payable within one year42/48 | €10,398 | €17,947 | €1,363 | €13,132 | €9,677 | ▼ 26.3% |
| Trade debts44 | €3,882 | €13,002 | - | €3,316 | €6,071 | ▲ 83.1% |
| Suppliers440/4 | €3,882 | €13,002 | - | €3,316 | €6,071 | ▲ 83.1% |
| Taxes, remuneration and social security45 | €5,393 | €3,155 | €1,363 | €4,517 | €1,711 | ▼ 62.1% |
| Taxes450/3 | €4,293 | €2,055 | €1,363 | €4,517 | €1,711 | ▼ 62.1% |
| Remuneration and social security454/9 | €1,100 | €1,100 | - | - | - | - |
| Other amounts payable47/48 | €1,122 | €1,790 | - | €5,298 | €1,895 | ▼ 64.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,189 | €5,909 | €891 | €10,949 | -€8,261 | ▼ 175% |
| + Depreciation and write-downs630 | €280 | €981 | €5,030 | €5,152 | €4,314 | ▼ 16.3% |
| Operating cash flow (approximation) | €2,469 | €6,889 | €5,921 | €16,101 | -€3,947 | ▼ 125% |
| Investment in fixed assets (approximation) | - | -€13,500 | -€1,279 | €0 | €0 | - |
| Change in cash | - | €4,874 | -€36,248 | €23,217 | -€2,546 | ▼ 111% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
31-12
Financial
Weakest financial yearnet -€8,261
Net result drops to -€8,261, the lowest in the series.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
24-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 55 days late
2023
31-12
Financial
Liquidity times 5current ratio 11.68
Current ratio from 2.55 to 11.68; short-term debt falls from €17,947 to €1,363.
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 17 days late
2022
09-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Back to profitnet €25,011
Net result €25,011 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 31 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 29 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 59 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Anderlecht · 2 establishment units since 2015
Ground area
779 m²
Building footprint
269 m²
Volume, LiDAR
3,020 m³
2 parcels, Brussels · tallest building 13.9 m, ±4 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
2 establishment units
TSM CONCEPT
since 20152.239.525.706
KEPOUREL
since 20162.301.072.897
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21001A0743/00B006 | Brussels | 687 m² | 1 · 178 m² | 12.4 m · 4 fl. |
| 21001A0856/00L010indicative | Brussels | 91 m² | 1 · 91 m² | 13.9 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 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 12,951 companies in sector 47120 we hold annual accounts for 2,192. 1,447 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
Founded24-02-2015
Fiscal year end31-12
Activities, NACEBEL 2025
47120Other non-specialised retail sale
46423Wholesale of clothing, excluding workwear and underwear
46900Non-specialised wholesale trade
47781Retail sale of solid, liquid and gaseous fuels, excluding motor fuels
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0598902744
Registered
21-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.