TSPO
ActiveSummary
TSPO has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €418,003 and a net result of €143,889. Equity is growing by ~15% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability84▲+10
Solvency60▲+7
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days acceptable
Liquidity ample (current ratio 1.76 against 1.69 in 2023; short-term debt: 44.6% and cash: 5.1% of total assets), but 65% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 18-06-2026, 43 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
43 d early
2024
44 d early
2023
7 d late
2022
24 d early
2021
27 d early
2020
19 d early
2019
32 d early
← 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 26 days before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 41% 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 4 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, full schema
In the rankings
#10 employer in Thimister-Clermont, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€143,889▲ 195%
2023 · €48,851
Working capital
€407,929▲ 2.8%
2023 · €396,655
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 42, Civil engineering, 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
Line20202021202220232024
Operating result€87,096▼ 46.5%€1,737▼ 98.0%€44,644▲ 2,471%€86,719▲ 94.2%€226,195▲ 161%
Net result€56,612within the sector's middle half▼ 56.2%-€14,543below the sector's middle half€30,308within the sector's middle half€48,851within the sector's middle half▲ 61.2%€143,889within the sector's middle half▲ 195%
Equity€289,498below the sector's middle half▲ 24.3%€274,955below the sector's middle half▼ 5.0%€305,263below the sector's middle half▲ 11.0%€354,114below the sector's middle half▲ 16.0%€418,003below the sector's middle half▲ 18.0%
Total assets€960,285below the sector's middle half▼ 6.8%€912,169below the sector's middle half▼ 5.0%€1.1mbelow the sector's middle half▲ 23.5%€1.3mbelow the sector's middle half▲ 13.4%€1.2mbelow the sector's middle half▼ 6.4%
Debt€670,788▼ 15.8%€637,214▼ 5.0%€821,467▲ 28.9%€923,790▲ 12.5%€777,676▼ 15.8%
Working capital€356,440within the sector's middle half▲ 41.7%€279,797within the sector's middle half▼ 21.5%€330,058within the sector's middle half▲ 18.0%€396,655within the sector's middle half▲ 20.2%€407,929within the sector's middle half▲ 2.8%
Solvency30.1%within the sector's middle half▲ 7.5pp30.1%within the sector's middle half=27.1%within the sector's middle half▼ 3.1pp27.7%within the sector's middle half▲ 0.6pp35.0%within the sector's middle half▲ 7.2pp
Current ratio1.77within the sector's middle half▲ 0.361.61within the sector's middle half▼ 0.161.66within the sector's middle half▲ 0.041.69within the sector's middle half▲ 0.031.76within the sector's middle half▲ 0.08
Return on assets (ROA)5.9%within the sector's middle half▼ 6.7pp-1.6%below the sector's middle half▼ 7.5pp2.7%within the sector's middle half▲ 4.3pp3.8%within the sector's middle half▲ 1.1pp12.0%above the sector's middle half▲ 8.2pp
Staff (FTE)20.8within the sector's middle half▼ 7.6%21.2within the sector's middle half▲ 1.9%23within the sector's middle half▲ 8.5%23.1within the sector's middle half▲ 0.4%22.7within the sector's middle half▼ 1.7%
above
within
below
the middle half (P25 to P75) of NACE 42, Civil engineering, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 161% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.2m
Fixed assets
€254,139 ▼ 16.8%
Current assets
€941,540 ▼ 3.2%
Equity and liabilities €1.2m
Equity
€418,003 ▲ 18.0%
Debt
€777,676 ▼ 15.8%
Debt's share of the balance-sheet total falls from 72.3% to 65.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€287,707▲
2023 · €167,340
Cash flow
€205,401▲
2023 · €129,473
Quick ratio
1.55▲
2023 · 1.50
Debt to equity
1.86▼
2023 · 2.61
ROE
34.4%▲
2023 · 13.8%
Interest coverage
10.87▲
2023 · 8.15
Debt ≤ 1 year
€533,611▼
2023 · €575,688
Debt > 1 year
€220,849▼
2023 · €245,825
Income taxes
€56,642▲
2023 · €17,337
Staff costs
€1.3m▲
2023 · €1.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,338 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% | 1.9% |
| 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 20,134 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €965,369 | €1.0m | €1.2m | €1.3m | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,328 | €48,029 | €54,381 | €80,621 | €61,512 | ▼ 23.7% |
| Other operating charges640/8 | - | €7,844 | €3,215 | €20,969 | €53,901 | ▲ 157% |
| Gross operating margin9900 | €1.1m | €1.0m | €1.1m | €1.4m | €1.6m | ▲ 14.4% |
| Operating profit (loss)9901 | €87,096 | €1,737 | €44,644 | €86,719 | €226,195 | ▲ 161% |
| Financial income75/76B | - | €57 | €2,327 | €5 | €801 | ▲ 14,704% |
| Recurring financial income75 | €591 | €57 | €2,327 | €5 | €801 | ▲ 14,704% |
| Financial charges65/66B | - | €12,249 | €15,236 | €20,536 | €26,465 | ▲ 28.9% |
| Recurring financial charges65 | €10,513 | €12,249 | €15,236 | €20,536 | €26,465 | ▲ 28.9% |
| Profit (loss) for the period before taxes9903 | €77,173 | -€10,456 | €31,734 | €66,189 | €200,531 | ▲ 203% |
| Income taxes67/77 | €20,561 | €4,087 | €1,426 | €17,337 | €56,642 | ▲ 227% |
| Profit (loss) for the period9904 | €56,612 | -€14,543 | €30,308 | €48,851 | €143,889 | ▲ 195% |
| Profit (loss) for the period to be appropriated9905 | €56,612 | -€14,543 | €30,308 | €48,851 | €143,889 | ▲ 195% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €960,285 | €912,169 | €1.1m | €1.3m | €1.2m | ▼ 6.4% |
| Fixed assets21/28 | €140,830 | €176,032 | €294,593 | €305,562 | €254,139 | ▼ 16.8% |
| Intangible fixed assets21 | - | - | - | - | €866 | - |
| Tangible fixed assets22/27 | €88,985 | €124,186 | €242,747 | €253,716 | €200,145 | ▼ 21.1% |
| Plant, machinery and equipment23 | - | €7,896 | €13,979 | €13,877 | €19,607 | ▲ 41.3% |
| Furniture and vehicles24 | - | €116,290 | €228,769 | €239,839 | €180,538 | ▼ 24.7% |
| Financial fixed assets28 | €51,846 | €51,846 | €51,846 | €51,846 | €53,129 | ▲ 2.5% |
| Current assets29/58 | €819,455 | €736,137 | €832,137 | €972,343 | €941,540 | ▼ 3.2% |
| Stocks and contracts in progress3 | €102,859 | €119,379 | €124,689 | €110,908 | €115,182 | ▲ 3.9% |
| Stocks30/36 | - | €105,452 | €110,762 | €96,982 | €101,255 | ▲ 4.4% |
| Contracts in progress37 | - | €13,927 | €13,927 | €13,927 | €13,927 | = |
| Amounts receivable within one year40/41 | €688,035 | €551,560 | €609,507 | €794,992 | €760,630 | ▼ 4.3% |
| Trade receivables40 | - | €501,752 | €556,946 | €743,793 | €652,552 | ▼ 12.3% |
| Other amounts receivable41 | - | €49,808 | €52,562 | €51,198 | €108,078 | ▲ 111% |
| Cash at bank and in hand54/58 | €5,199 | €61,860 | €73,484 | €50,233 | €60,597 | ▲ 20.6% |
| Deferred charges and accrued income490/1 | - | €3,339 | €24,457 | €16,209 | €5,131 | ▼ 68.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €960,285 | €912,169 | €1.1m | €1.3m | €1.2m | ▼ 6.4% |
| Equity10/15 | €289,498 | €274,955 | €305,263 | €354,114 | €418,003 | ▲ 18.0% |
| Contributions10/11 | - | €31,000 | €31,000 | €31,000 | €31,000 | = |
| Reserves13 | €132,327 | €132,327 | €132,327 | €132,327 | €132,327 | = |
| Non-distributable reserves130/1 | - | €3,100 | €3,100 | €0 | - | - |
| Reserves not available under the articles1311 | - | €3,100 | €3,100 | €0 | - | - |
| Distributable reserves133 | - | €129,227 | €129,227 | €132,327 | €132,327 | = |
| Profit (loss) carried forward14 | €126,171 | €111,628 | €141,936 | €190,787 | €254,676 | ▲ 33.5% |
| Amounts payable17/49 | €670,788 | €637,214 | €821,467 | €923,790 | €777,676 | ▼ 15.8% |
| Amounts payable after more than one year17 | €171,434 | €176,042 | €245,102 | €245,825 | €220,849 | ▼ 10.2% |
| Financial debts170/4 | - | €176,042 | €245,102 | €245,825 | €220,849 | ▼ 10.2% |
| Amounts payable within one year42/48 | €463,015 | €456,340 | €502,079 | €575,688 | €533,611 | ▼ 7.3% |
| Current portion of amounts payable after more than one year42 | - | €77,485 | €96,974 | €87,466 | €85,886 | ▼ 1.8% |
| Financial debts43 | - | €0 | - | €126,000 | €70,000 | ▼ 44.4% |
| Credit institutions430/8 | - | €0 | - | €126,000 | €70,000 | ▼ 44.4% |
| Trade debts44 | €235,969 | €272,087 | €325,900 | €273,049 | €198,870 | ▼ 27.2% |
| Suppliers440/4 | - | €272,087 | €325,900 | €273,049 | €198,870 | ▼ 27.2% |
| Taxes, remuneration and social security45 | - | €106,677 | €77,929 | €87,348 | €97,031 | ▲ 11.1% |
| Taxes450/3 | - | €3 | €0 | - | - | - |
| Remuneration and social security454/9 | - | €106,674 | €77,929 | €87,348 | €97,031 | ▲ 11.1% |
| Other amounts payable47/48 | - | €92 | €1,275 | €1,825 | €81,825 | ▲ 4,384% |
| Accrued charges and deferred income492/3 | - | €4,832 | €74,287 | €102,278 | €23,216 | ▼ 77.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,612 | -€14,543 | €30,308 | €48,851 | €143,889 | ▲ 195% |
| + Depreciation and write-downs630 | €51,328 | €48,029 | €54,381 | €80,621 | €61,512 | ▼ 23.7% |
| Operating cash flow (approximation) | €107,940 | €33,486 | €84,689 | €129,473 | €205,401 | ▲ 58.6% |
| Investment in fixed assets (approximation) | - | -€83,231 | -€172,942 | -€91,590 | -€10,089 | ▲ 89.0% |
| Change in cash | - | €56,661 | €11,624 | -€23,250 | €10,364 | ▲ 145% |
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
18-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €143,889 ▲195%
Operating result €226,195, net result €143,889, both a record.
07-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 7 days late
2023
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Back to profitnet €30,308
Net result €30,308 after one loss-making year.
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€14,543
Net result drops to -€14,543, the lowest in the series; recovery starts the following year.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €200,000Eq €232,886 ▲125%
2 profitable years in a row build equity to €232,886.
21-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
21-06
NBB filing
Annual accounts filed
fiscal year 2016 · 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, Thimister-Clermont · 1 establishment unit since 2001
Ground area
1,837 m²
Building footprint
550 m²
Parcel 63077C0556/00M000, Wallonia. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Route Zénobe Gramme 11, 4890 Thimister-Clermont
since 20012.095.119.727
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63077C0556/00M000 | Wallonia | 1,837 m² | 1 · 550 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.
Structure & network
Owners and holdings
1 ownerChain of control
- MO INVEST
- TSPO
Highest known parent: MO INVEST. The sources do not say who stands above it.
Owners 1
- MO INVESTparentSourceaccounts MO INVEST 2024100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Recognised contractor
4 categoriesTSPO SRL43664
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Of 1,823 companies in sector 42220 we hold annual accounts for 957. 563 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
Founded15-01-2001
Fiscal year end31-12
Activities, NACEBEL 2025
42220Construction of utility projects for electricity and telecommunications
43211General electrical installation work
43240Other construction installation
43310Plastering work
43990Other specialised construction activities
Contact
E-mail
info@tspo.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473807683
Also
9925:BE0473807683
Registered
22-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.