TSPH
ActiveSummary
TSPH has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €6.7m and a net result of €354,888. Its solvency ranks better than 29% of 9,849 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Overview
Activity
Other specialised construction activities
NACE 43990
Largest company by total assets in Aarschot, Construction sector1 site
Size
≈ €310,000turnover 2025, estimated
- Equity
- €6.7m
- Profit
- €354,888
Turnover estimated from the gross margin
Why 64raises riskLiquidity: current ratio 0.09, cash €87,190Founded in 2024Sector: Specialised construction activities (NACE 43)lowers riskSize: total assets €24.5mShow the evidence
Checked score
Score 2025
64
/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially better than 43% of its sector peers (NACE 43, medium-sized)
Financial strength
Weak
Solvency
52
equity 27.4% of total assets
Liquidity
50
short-term debt 8.6% · cash 0.4%
Profitability
22
return on assets 1.4%
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
01-2026: 1.9%
02-2026: 1.9%● unchanged vs 01-2026
03-2026: 2.0%▲ +0.1 percentage points vs 02-2026
04-2026: 2.4%▲ +0.4 percentage points vs 03-2026
05-2026: 2.4%● unchanged vs 04-2026
06-2026: 2.7%▲ +0.3 percentage points vs 05-2026
07-2026: 3.0%▲ +0.3 percentage points vs 06-2026
08-2026: 3.0%● unchanged vs 07-2026highest value
09-2026: 1.3%▼ -1.7 percentage points vs 08-2026
10-2026: 1.3%● unchanged vs 09-2026lowest value
Credit of up to €430,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record
Liquidity insufficient (current ratio 0.09, below 1; short-term debt: 8.6% and cash: 0.4% of total assets), and 72.6% of the assets are financed with debt and provisions.
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 43, medium-sized): better than 39% on solvency, 74% on liquidity and 15% on profitability.
The bankruptcy probability was computed on 29-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 1 filingDeviation from the deadline
2025
31 days late
← before the deadline
after the deadline →
Searched, nothing found (1)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Capital & shares · Amendment of…Auditor report · Capital increase…
- IncorporationAppointments: FABRITRO (director) and GDT…
Financials · financial year 2025, abbreviated format
In the rankings
#1 company by total assets in Aarschot, Construction sector#1 company by equity in Aarschot, Construction sector
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00506929.
Turnover
≈ €310,000
Estimated: probably between €200,000 and €580,000
Total assets
€24.5m
Net result
€354,888
Working capital
-€1.9m
Turnover and EBIT margin not published: the abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
Assets €24.5m
Fixed assets
€24.4m
Current assets
€182,742
Equity and liabilities €24.5m
Equity
€6.7m
Debt
€17.8m
Debt finances 72.6% of the balance-sheet total.
Key figures and ratios
EBITDA
€54,364
Cash flow
€467,514
Current ratio
0.09
Debt to equity
2.65
ROE
5.3%
ROA
1.4%
Interest coverage
0.14
Debt ≤ 1 year
€2.1m
Debt > 1 year
€15.6m
Annual accounts
| Line | 2025 |
|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €112,626 |
| Other operating charges640/8 | €937 |
| Gross operating margin9900 | €55,301 |
| Operating profit (loss)9901 | -€58,262 |
| Financial income75/76B | €800,000 |
| Recurring financial income75 | €800,000 |
| Financial charges65/66B | €386,850 |
| Recurring financial charges65 | €386,850 |
| Profit (loss) for the period before taxes9903 | €354,888 |
| Profit (loss) for the period9904 | €354,888 |
| Profit (loss) for the period to be appropriated9905 | €354,888 |
| Line | 2025 | |
|---|---|---|
| Assets | ||
| Total assets20/58 | €24.5m | |
| Fixed assets21/28 | €24.4m | |
| Intangible fixed assets21 | €0.6m | |
| Financial fixed assets28 | €23.8m | |
| Current assets29/58 | €0.2m | |
| Amounts receivable within one year40/41 | €0.02m | |
| Trade receivables40 | €0.003m | |
| Other amounts receivable41 | €0.02m | |
| Cash at bank and in hand54/58 | €0.09m | |
| Deferred charges and accrued income490/1 | €0.08m | |
| Equity and liabilities | ||
| Total equity and liabilities10/49 | €24.5m | |
| Equity10/15 | €6.7m | |
| Contributions10/11 | €6.4m | |
| Reserves13 | €0.4m | |
| Distributable reserves133 | €0.4m | |
| Amounts payable17/49 | €17.8m | |
| Amounts payable after more than one year17 | €15.6m | |
| Financial debts170/4 | €15.6m | |
| Amounts payable within one year42/48 | €2.1m | |
| Current portion of amounts payable after more than one year42 | €0.7m | |
| Trade debts44 | €0.2m | |
| Suppliers440/4 | €0.2m | |
| Other amounts payable47/48 | €1.2m | |
| Accrued charges and deferred income492/3 | €0.05m | |
| Line | 2025 |
|---|---|
| Profit (loss) for the period9904 | €354,888 |
| + Depreciation and write-downs630 | €112,626 |
| Operating cash flow (approximation) | €467,514 |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (1)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00506929 |
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Of the 15,129 active companies whose main activity is other specialised construction activities (NACE 43990), figures are known for 7,460. 722 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
3 directors, no change since 2024
Board 3
GDT
CurrentDirector (not named in the articles) · since 09-12-2024 · Private limited company · permanent representative: de TROOSTEMBERGH – de TROOSTEMBERG Guillaume Amaury Arnaud Joseph Gobert
PXLL
CurrentDirector (not named in the articles) · since 09-12-2024 · Private limited company · permanent representative: de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain
FABRITRO
CurrentDirector (not named in the articles) · since 16-12-2024 · Legal entity · from a recent deed
Permanent representatives 2
de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain
CurrentPermanent representative · since 09-12-2024 · for PXLL
de TROOSTEMBERGH – de TROOSTEMBERG Guillaume Amaury Arnaud Joseph Gobert
CurrentPermanent representative · since 09-12-2024 · for GDT
"From a recent act": read from a Gazette act not yet processed into our list of directors.
Derived from published Gazette deeds. The KBO keeps the official list of office holders; we do not read it, so the two can differ.
See the directors and other office holders in the KBO →
Mandate history
3 people since 2024, 3 in office
- Board
| Name | Functions and periods |
|---|---|
| GDT |
|
| PXLL |
|
| FABRITROfrom an act |
|
Owners and capital
Capital and shareholders
Shareholders according to the deeds
At incorporation
act of 16-12-2024 ↗
- de TROOSTEMBERGH-de TROOSTEMBERGH Guillaume Amaury Arnaud Joseph Gobert founder
- de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain founder
- de TROOSTEMBERGH-de TROOSTEMBERGH Hélène Marie Sophie founder
- de TROOSTEMBERGH-de TROOSTEMBERGH Julie Marie Sophie Isabelle founder
- de TROOSTEMBERGH-de TROOSTEMBERGH Jérôme Charles Amaury Gobert founder
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 02-12-2025 Capital increase of €6,039,986.40 · to €6,059,986.40 · 3,019,992 new shares · in kind
- 02-12-2025 Capital increase of €319,013.60 · to €6,379,000 · 159,507 new shares · in cash
- 16-12-2024 Incorporation · €20,000 · 10,000 shares
Group and network
Holdings and subsidiaries
5 holdings · 6 subsidiaries in the treeHoldings 5
Source for every holding own accounts 2025
- A.V.G Et CieFRsubsidiaryEquity €983,049Result €258,443100%
- LPW POOLSsubsidiaryEquity €5.4mResult -€283,722100%
- PanaveaFRsubsidiaryEquity €211,401Result €131,135100%
- SAS ECP BOURGOGNEFRsubsidiaryEquity €1.5mResult €438,711100%
- SAS ETUDE ET CONCEPTION POLYESTERFRsubsidiaryEquity €2.6mResult -€147,213100%
All subsidiaries, including indirect ones 6
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
- A.V.G Et CieFR 100%
- PanaveaFR 100%
- SAS ECP BOURGOGNEFR 100%
- SAS ETUDE ET CONCEPTION POLYESTERFR 100%
According to the 2025 annual accounts of TSPH and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
12 connected companiesThis company
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Shareholding
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History
Acts, filings and financial milestones
2026
31-08
NBB filing
Annual accounts filed
financial year 2025 · abbreviated format · 31 days late
2025
02-12
Gazette deed
Capital & shares · Amendment of the articlesAuditor report · Capital increase · Capital contribution12 facts ▸
Gazette deed
Capital & shares · Amendment of the articles
Auditor report · Capital increase · Capital contribution12 facts ▸
- General meeting, 03-11-2025
- Other provision, “verslagen bestuursorgaan over uitgifteprijs en inbreng in natura, bestuursorgaan” (deed in Dutch)
- Auditor report, EUR, “Instituut van de Bedrijfsrevisoren” (deed in Dutch)
- Capital increase, €6,039,986.40
- Capital contribution (2 times)
- Capital, €6,039,986.40
- Share issue, “inbreng in natura”, 3019992 (deed in Dutch)
- Amendment of the articles, 5 (2 times)
- Capital increase, €319,013.60
- Other provision, “vaststelling verwezenlijking inbreng en boeking”, 319013.6 (deed in Dutch)
- Capital, €6,379,000
- Power of attorney, Emmanuel BEELEN
2024
16-12
Gazette deed
IncorporationAppointments: FABRITRO (director) and GDT (director) · Permanent representatives: de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain and de TROOSTEMBERGH – de TROOSTEMBERG Guillaume Amaury Arnaud Joseph Gobert · Founder13 facts ▸
Gazette deed
Incorporation
Appointments: FABRITRO (director) and GDT (director) · Permanent representatives: de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain and de TROOSTEMBERGH – de TROOSTEMBERG Guillaume Amaury Arnaud Joseph Gobert · Founder13 facts ▸
- Founder, de TROOSTEMBERGH-de TROOSTEMBERGH Guillaume Amaury Arnaud Joseph Gobert
- Founder, de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain
- Founder, de TROOSTEMBERGH-de TROOSTEMBERGH Hélène Marie Sophie
- Founder, de TROOSTEMBERGH-de TROOSTEMBERGH Julie Marie Sophie Isabelle
- Founder, de TROOSTEMBERGH-de TROOSTEMBERGH Jérôme Charles Amaury Gobert
- Incorporation, 09-12-2024
- Founding capital, €20,000
- Registered office clause, “3200 Aarschot, Nieuwlandlaan 87” (deed in Dutch)
- Director appointment, FABRITRO (director (not named in the articles))
- Director appointment, GDT (director (not named in the articles))
- Permanent representative, de FABRIBECKERS de CORTILS de GRÂCE Edmond Pierre Marie Ghislain
- Permanent representative, de TROOSTEMBERGH – de TROOSTEMBERG Guillaume Amaury Arnaud Joseph Gobert
- +1 further fact in this act
Gazette deedNBB filing
2 of 2 deeds read
Register details
Identification
Legal formPrivate limited company
Founded12-12-2024
Financial year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
42990Civil engineering
Contact
E-mail
info@tsph.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:1017330753
Registered
06-01-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 1017.330.753
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Aarschot · 1 establishment unit since 2024
Ground area
6,845 m²
Building footprint
7,586 m²
Building volume
42,904 m³
Parcel 24662F0032/00T000, Flanders · tallest building 8.9 m. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Nieuwlandlaan 87, 3200 Aarschot
since 2024unit no. 2.369.088.705
1 parcel
Flanders
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24662F0032/00T000 | Flanders | 6,845 m² | 1 · 7,586 m² | 8.9 m · 2 |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “De groot- en kleinhandel,de import en export,de levering,de plaatsing en fabricatie van zwembaden,toebehoren,en accessoires voor zwembaden…” (deed in Dutch)
8 activities (deed in Dutch)
- De groot- en kleinhandel,de import en export,de levering,de plaatsing en fabricatie van zwembaden,toebehoren,en accessoires voor zwembaden.
- Het beheer,de aankoop,de verkoop,het verkavelen,het in huur nemen of geven,het productief maken,het exploiteren,het opbouwen van alle onroerende goederen in eigen beheer;
- Het verstrekken van alle commerciële,financiële en administratieve diensten aan derden,tussenpersoon in handelsaangelegenheden,uitbating van agenturen,import export en distributie;
- De vennootschap kan commissies ontvangen op diverse bemiddelingen door contacten die verband houden met haar voorwerp;
- Het beheer van eigen roerende beleggingen en vermogens;
- Het verwerven (op eender welke wijze) en/of aanhouden van participaties en belangen door associatie,inbreng,fusie,financiële tussenkomst of op gelijk welke andere wijze,in alle vennootschappen,verenigingen of ondernemingen met een identiek,gelijklopend of samenhangend voorwerp met het hare of die van aard kunnen zijn de ontwikkeling van haar onderneming te begunstigen of een bron van afzetten te vormen;
- Het beheren van vermogen en in bezit nemen van aandelen in verschillende vennootschappen.
- Het uitoefenen van een bestuurdersmandaat of mandaat van vereffenaar in andere ondernemingen,het verlenen van managementprestaties en het vervullen van interim-opdrachten,het deelnemen aan het toezicht op ondernemingen.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- TSPH
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaamse Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Één of meer bestuurders, algemene vergadering bepaalt aantal,duur opdracht en bij meerdere bevoegdheid” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Wednesday of June at 18:00
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Beslissing algemene vergadering in vormen vereist voor statutenwijziging” (deed in Dutch)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Bij ontbinding om welke reden en op welk ogenblik ook, aanduiden één of meerdere vereffenaars,omlijnen bevoegdheden,bepalen vergoeding” (deed in Dutch)