Checked.be
Active
BE 0405.447.429Public limited company
Tubeco
Barmbeekstraat 18 ·8791 Waregem, Belgium· 58 yrs active
Sector: Vervaardiging van papier en karton
(17120)
Conclusion
The computed 12-month bankruptcy probability of Tubeco is 0.3% (very low). The 2025 annual accounts show equity of €4.40M and a net result of €467k. Equity is shrinking by ~4% per year across the filed fiscal years. The company has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 8 annual accounts.
Key figures
| Equity | €4.40M |
| Net result | €467k |
| Staff (FTE) | 25 |
| Active | 58 yrs |
Financial profile
81
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
100
Profitability
53
Solvency
99
Growth
53
Stability
100
Bankruptcy probability (12 mo)
0.3%
Very low
0%0,5%1,5%4%10%≥25%
Long track record
−Higher-failure-rate sector
+Annual accounts: healthy financial profile
−
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1968, 58 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Health barometer
100
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 04-06-2026 with the NBB · fiscal year 2025 · verkort
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~4%/year over 8 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
€11.50M
-6.7%
18-25
€1.04M
+2.7%
18-25
€467k
+3.0%
18-25
€887k
+4.3%
18-25
€7.68M
-5.8%
18-25
€4.40M
+11.9%
18-25
€3.16M
+8.9%
18-25
25
+2.5%
18-25
Show 15 other metrics
€1.50M
+6.7%
18-25
€203k
-0.5%
18-25
€0
-100.0%
18-25
€2.76M
-24.3%
18-25
€1.31M
-32.4%
18-25
€1.45M
-15.1%
18-25
3.41
+36.6%
18-25
1.27
+44.6%
18-25
57.3%
+18.8%
18-25
0.63
-32.3%
18-25
10.6%
-8.0%
18-25
6.1%
+9.3%
18-25
21.7%
+450.7%
18-25
32.4%
+291.9%
18-25
13.90
+22.9%
18-25
Figures by fiscal year
| Fiscal year | 2025 |
|---|---|
| Deposit | verkort |
| Revenue | - |
| EBITDA | €1.04M |
| Net profit | €467k |
| Cash flow | €887k |
| Staff costs | €1.50M |
| Income taxes | €203k |
| Dividends | €0 |
| Total assets | €7.68M |
| Equity | €4.40M |
| Debt | €2.76M |
| of which ≤ 1y | €1.31M |
| of which > 1y | €1.45M |
| Working capital | €3.16M |
| Employees (FTE) | 25.0 |
Ratios (computed)
| 2025 | |
|---|---|
| Current ratio | 3.41 |
| Quick ratio | 1.27 |
| Working capital ratio | 41.2% |
| Solvency | 57.3% |
| Debt / equity | 0.63 |
| Long-term debt ratio | 0.33 |
| Interest coverage | 13.90 |
| Gross margin | - |
| Net margin | - |
| ROA | 6.1% |
| ROE | 10.6% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2025
Full annual accounts (27 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €7.68M |
| Fixed assets | 21/28 | €3.20M |
| Intangible fixed assets | 21 | €16k |
| Tangible fixed assets | 22/27 | €3.19M |
| Financial fixed assets | 28 | €2k |
| Current assets | 29/58 | €4.47M |
| Stocks & contracts in progress | 3 | €2.81M |
| Amounts receivable within one year | 40/41 | €1.35M |
| Cash & bank | 54/58 | €244k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €7.68M |
| Equity | 10/15 | €4.40M |
| Contributions / capital | 10/11 | €1.87M |
| Reserves | 13 | €2.52M |
| Accumulated profits (losses) | 14 | €0 |
| Provisions & deferred taxes | 16 | €524k |
| Amounts payable | 17/49 | €2.76M |
| Amounts payable after one year | 17 | €1.45M |
| Amounts payable within one year | 42/48 | €1.31M |
| Trade debts payable within one year | 44 | €741k |
| Income statement | ||
| Gross operating margin | 9900 | €2.64M |
| Operating result | 9901 | €625k |
| Financial income | 75 | €66k |
| Financial charges | 65 | €75k |
| Result before taxes | 9903 | €617k |
| Income taxes | 67/77 | €203k |
| Net result for the period | 9904 | €467k |
| Result to be appropriated | 9905 | €630k |
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Directors & mandates
Directors derived from a single State Gazette act, under verification
All 3 current directors first appear in the same act (24015128). Founders or capital subscribers may have been counted as directors here; the real board composition is being verified.
Current directors & mandates
-
Current24-01-2024 → present
-
Current24-01-2024 → present
-
Current24-01-2024 → present
Former directors (3)
-
Brigitte HerremanDirectorState Gazette act 24015128 (24-01-2024)Former- → 24-01-2024
-
Carine DruartDirectorState Gazette act 24015128 (24-01-2024)Former- → 24-01-2024
-
NV HELIANLegal entityDirector· perm. rep.: Anne-Marie VannesteState Gazette act 24015128 (24-01-2024)Former- → 24-01-2024
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Legal Structure
| NACE primary | Vervaardiging van papier en karton(17120) |
| Legal form | Public limited company(014) |
| Incorporation | 01-01-1968 |
| Status | Active |
| Postal code | 8791 |
Establishment units
TUBECO
since 19672.039.459.345
Tubeco
since 20022.232.532.105
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint
Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34006A0438/00H006 | Flanders | 1.6 ha | 1 · 1.3 ha | 13.8 m · 2 fl. |
| 34453E0219/00H002 | Flanders | 4,166 m² | 1 · 1,889 m² | 6.4 m |
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.
2026
04-06-2026
NBB filing
Annual accounts filed
2025
09-07-2025
NBB filing
Annual accounts filed
2024
30-08-2024
NBB filing
Annual accounts filed
24-01-2024
State Gazette act
Director changes
2023
31-08-2023
NBB filing
Annual accounts filed
2022
10-06-2022
NBB filing
Annual accounts filed
2021
25-08-2021
NBB filing
Annual accounts filed
2020
31-08-2020
NBB filing
Annual accounts filed
2019
31-07-2019
NBB filing
Annual accounts filed
2018
31-08-2018
NBB filing
Annual accounts filed
2017
07-09-2017
NBB filing
Annual accounts filed
Belgian State Gazette reading coverage
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
All acts · 1
updated 2 years ago
2024
24-01-2024 3 directors appointed, 3 resigning
- Tom Vanneste, Bestuurder
- Thomas Vercaemst, Bestuurder
- Mathias Vercaemst, Bestuurder
- Anne-Marie Vanneste, Bestuurder
- Carine Druart, Bestuurder
- Brigitte Herreman, Bestuurder
Technical details
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"reason": null,
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"via_org": {
"kbo": "0802.094.384",
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"evidence_quote": "De algemene vergadering beslist te benoemen als bestuurder van de vennootschap met ingang vanaf heden voor een duur van zes jaar om aldus van rechtswege te eindigen per 23 oktober 2029: - BV RION, ondernemingsnummer: 0802.094.384. Blijkens beslissing van het bestuursorgaan van BV RION zal het bestuu",
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"via_org": {
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"decharge_status": null,
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"reason": null,
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"via_org": {
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"decharge_status": null,
"mandate_duration": {
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{
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"via_org": {
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"statutory": null,
"compensated": null,
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"decharge_status": "granted",
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"evidence_quote": "De vergadering neemt kennis dat elk van de ontslagnemende bestuurders bevestigen dat de vennootschap haar geen enkele vergoeding verschuldigd is uit hoofde van de ultoefening van hun mandaat als bestuurder.",
"decharge_status": "granted",
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"decharge_status": "granted",
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],
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": "Waregem",
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": "2024-01-24",
"filing_date": "2024-01-15",
"act_kind_objet": "Onderwerp akte:"
},
"decisions": [
{
"body": "algemene_vergadering",
"date": "2023-10-24",
"unanimous": true
},
{
"body": "algemene_vergadering",
"date": "2023-10-24",
"unanimous": true
}
],
"is_correction": false,
"subject_company": {
"kbo": "0405.447.429",
"name_full": "Tubeco",
"legal_form": "NV"
},
"publication_proxy": {
"kind": "none",
"org_kbo": null,
"org_name": null,
"person_name": null,
"org_rep_person_name": null,
"person_role_at_subject": null
},
"co_filed_documents": [],
"corrected_publication_numac": null
}Credit advice
Company registry (CBE)
Activities
Vervaardiging van papier en karton17120Vervaardiging van gegolfd papier, golfkarton en verpakkingsmateriaal van papier en karton17210Vervaardiging van karton21122
Primary activity highlighted.
Names & trade names
| Legal nameNL | Tubeco |
Registered office
Barmbeekstraat 18
8791 Waregem, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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