TWS Projects
ActiveSummary
TWS Projects has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €154,031 and a net result of €55,461. Equity is growing by ~32.4% per year across the filed fiscal years. Its solvency ranks better than 44% of 1532 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+5
Solvency50▲+6
Growth78=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity tight (current ratio 1.17 against 0.99 in 2024; short-term debt: 51% and cash: 42.3% of total assets), and 74.8% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
25.2%
Return on assets
9.1%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
on the day
2024
1 d early
2023
7 d early
2022
4 d early
2021
2 d early
2020
31 d late
2019
83 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 14 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€154,031▲ 56.3%
2024 · €98,570
Total assets
€610,305▲ 15.4%
2024 · €528,640
Net result
€55,461▲ 117%
2024 · €25,551
Working capital
€51,370
2024 · -€1,285
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€33,955▲ 7.5%€33,689▼ 0.8%€7,932▼ 76.5%€46,960▲ 492%€101,468▲ 116%
Net result€23,017▲ 4.3%€23,199▲ 0.8%€2,847▼ 87.7%€25,551▲ 798%€55,461▲ 117%
Equity€46,973▲ 96.1%€70,172▲ 49.4%€73,019▲ 4.1%€98,570▲ 35.0%€154,031▲ 56.3%
Total assets€339,761▲ 138%€368,419▲ 8.4%€472,062▲ 28.1%€528,640▲ 12.0%€610,305▲ 15.4%
Debt€292,788▲ 146%€298,247▲ 1.9%€399,043▲ 33.8%€430,070▲ 7.8%€456,275▲ 6.1%
Working capital€99,812▲ 107%€51,782▼ 48.1%€8,786▼ 83.0%-€1,285€51,370
Staff (FTE)0.7
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 116% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €610,305
Fixed assets
€247,738 ▼ 21.1%
Current assets
€362,567 ▲ 68.9%
Equity and liabilities €610,305
Equity
€154,031 ▲ 56.3%
Debt
€456,275 ▲ 6.1%
Debt's share of the balance-sheet total falls from 81.4% to 74.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€221,833▲
2024 · €173,049
Cash flow
€175,826▲
2024 · €151,640
Current ratio
1.17▲
2024 · 0.99
Debt to equity
2.96▼
2024 · 4.36
ROE
36.0%▲
2024 · 25.9%
ROA
9.1%▲
2024 · 4.8%
Interest coverage
17.24▼
2024 · 17.64
Debt ≤ 1 year
€311,198▲
2024 · €215,901
Debt > 1 year
€96,787▼
2024 · €165,878
Income taxes
€28,815▲
2024 · €14,801
Staff costs
€8▼
2024 · €19,904
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,677 companies that looked in July 2024 the way this one looks now, 1.3% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.3%
went bankrupt
1.2%
stopped otherwise
97%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 2,677 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €14,065 | €19,904 | €8 | ▼ 100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,857 | €58,834 | €91,839 | €126,089 | €120,366 | ▼ 4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €48,898 | €9,330 | €10,246 | ▲ 9.8% |
| Other operating charges640/8 | €2,264 | €697 | €499 | €3,634 | €2,723 | ▼ 25.1% |
| Non-recurring operating charges66A | - | - | - | €3,743 | €2,666 | ▼ 28.8% |
| Gross operating margin9900 | €71,075 | €93,220 | €163,233 | €209,660 | €237,476 | ▲ 13.3% |
| Operating profit (loss)9901 | €33,955 | €33,689 | €7,932 | €46,960 | €101,468 | ▲ 116% |
| Financial income75/76B | €450 | €4,472 | €2,366 | €6,297 | €3,843 | ▼ 39.0% |
| Recurring financial income75 | €450 | €4,472 | €2,366 | €6,297 | €3,843 | ▼ 39.0% |
| Financial charges65/66B | €809 | €2,982 | €4,591 | €12,904 | €21,035 | ▲ 63.0% |
| Recurring financial charges65 | €809 | €2,982 | €4,591 | €9,807 | €12,868 | ▲ 31.2% |
| Non-recurring financial charges66B | - | - | - | €3,097 | €8,168 | ▲ 164% |
| Profit (loss) for the period before taxes9903 | €33,596 | €35,178 | €5,707 | €40,352 | €84,275 | ▲ 109% |
| Income taxes67/77 | €10,579 | €11,979 | €2,860 | €14,801 | €28,815 | ▲ 94.7% |
| Profit (loss) for the period9904 | €23,017 | €23,199 | €2,847 | €25,551 | €55,461 | ▲ 117% |
| Profit (loss) for the period to be appropriated9905 | €23,017 | €23,199 | €2,847 | €25,551 | €55,461 | ▲ 117% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €339,761 | €368,419 | €472,062 | €528,640 | €610,305 | ▲ 15.4% |
| Fixed assets21/28 | €160,382 | €188,868 | €305,986 | €314,024 | €247,738 | ▼ 21.1% |
| Tangible fixed assets22/27 | €160,382 | €187,968 | €305,086 | €313,724 | €247,438 | ▼ 21.1% |
| Plant, machinery and equipment23 | €349 | €1,972 | €2,431 | €1,600 | €768 | ▼ 52.0% |
| Furniture and vehicles24 | €160,034 | €180,372 | €297,699 | €307,047 | €242,547 | ▼ 21.0% |
| Other tangible fixed assets26 | - | €5,624 | €4,955 | €5,077 | €4,123 | ▼ 18.8% |
| Financial fixed assets28 | - | €900 | €900 | €300 | €300 | = |
| Current assets29/58 | €179,379 | €179,551 | €166,076 | €214,616 | €362,567 | ▲ 68.9% |
| Amounts receivable within one year40/41 | €114,110 | €156,237 | €118,805 | €106,184 | €102,976 | ▼ 3.0% |
| Trade receivables40 | €103,293 | €142,745 | €94,053 | €100,974 | €102,569 | ▲ 1.6% |
| Other amounts receivable41 | €10,817 | €13,492 | €24,752 | €5,210 | €406 | ▼ 92.2% |
| Cash at bank and in hand54/58 | €65,269 | €22,414 | €34,610 | €107,196 | €258,273 | ▲ 141% |
| Deferred charges and accrued income490/1 | - | €900 | €12,661 | €1,237 | €1,319 | ▲ 6.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €339,761 | €368,419 | €472,062 | €528,640 | €610,305 | ▲ 15.4% |
| Equity10/15 | €46,973 | €70,172 | €73,019 | €98,570 | €154,031 | ▲ 56.3% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | €45,973 | €69,172 | €72,019 | €97,570 | €153,031 | ▲ 56.8% |
| Distributable reserves133 | €45,973 | €69,172 | €72,019 | €97,570 | €153,031 | ▲ 56.8% |
| Amounts payable17/49 | €292,788 | €298,247 | €399,043 | €430,070 | €456,275 | ▲ 6.1% |
| Amounts payable after more than one year17 | €164,931 | €122,187 | €193,463 | €165,878 | €96,787 | ▼ 41.7% |
| Financial debts170/4 | €164,931 | €122,187 | €193,463 | €165,878 | €96,787 | ▼ 41.7% |
| Amounts payable within one year42/48 | €79,566 | €127,768 | €157,290 | €215,901 | €311,198 | ▲ 44.1% |
| Current portion of amounts payable after more than one year42 | €49,472 | €56,371 | €71,750 | €77,689 | €91,116 | ▲ 17.3% |
| Trade debts44 | €7,810 | €46,587 | €80,740 | €114,596 | €188,200 | ▲ 64.2% |
| Suppliers440/4 | €820 | €37,831 | €80,740 | €114,596 | €188,200 | ▲ 64.2% |
| Bills of exchange payable441 | €6,990 | €8,756 | - | - | - | - |
| Advances received on contracts in progress46 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Taxes, remuneration and social security45 | €20,032 | €22,558 | €2,800 | €12,970 | €21,311 | ▲ 64.3% |
| Taxes450/3 | €20,032 | €22,558 | - | €12,680 | €21,311 | ▲ 68.1% |
| Remuneration and social security454/9 | - | - | €2,800 | €290 | - | - |
| Other amounts payable47/48 | €252 | €252 | - | €8,646 | €8,571 | ▼ 0.9% |
| Accrued charges and deferred income492/3 | €48,291 | €48,291 | €48,291 | €48,291 | €48,291 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,017 | €23,199 | €2,847 | €25,551 | €55,461 | ▲ 117% |
| + Depreciation and write-downs630 | €34,857 | €58,834 | €91,839 | €126,089 | €120,366 | ▼ 4.5% |
| Operating cash flow (approximation) | €57,874 | €82,033 | €94,686 | €151,640 | €175,826 | ▲ 15.9% |
| Investment in fixed assets (approximation) | - | -€87,320 | -€208,957 | -€134,127 | -€54,080 | ▲ 59.7% |
| Change in cash | - | -€42,855 | €12,196 | €72,585 | €151,077 | ▲ 108% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2019net €55,461 ▲117%
Operating result €101,468, net result €55,461, both a record.
31-12
Financial
Equity above €150,000Eq €154,031 ▲56.3%
7 profitable years in a row build equity to €154,031.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Liquidity doublescurrent ratio 2.31
Current ratio from 1.09 to 2.31.
22-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 83 days late
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, Houthulst · 1 establishment unit since 2019
Ground area
486 m²
Building footprint
99 m²
Parcel 32006C0692/00H000, Flanders. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
TWS Projects
since 20192.288.414.201
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 32006C0692/00H000 | Flanders | 486 m² | 1 · 99 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.
Public money · subsidies and aid
Flemish government
2022 to 2024 · 3 entries · 13,904 EUR awarded · 13,904 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 5,550 EUR | 7,470 EUR |
| 2023 | 1 | 6,404 EUR | 4,484 EUR |
| 2022 | 1 | 1,950 EUR | 1,950 EUR |
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Of 1,446 companies in sector 77110 we hold annual accounts for 727. 486 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
Founded05-04-2019
Fiscal year end31-12
Activities, NACEBEL 2025
77110Renting and leasing of cars and light motor vehicles
77120Rental and leasing activities
82300Organisation of conventions and trade shows
E-invoicing
Reachable via Peppol
Peppol ID
0208:0724596532
Also
9925:BE0724596532
Registered
02-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.