T.W.Z.
ActiveSummary
T.W.Z. has been active since 1990 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €82.4m and a net result of €8.7m. Equity has been stable since 2018 (±0.7% per year). Its solvency ranks better than 86% of 280 sector peers (NACE 38, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Official details
Source: KBO- Status
- Active since 05-07-1990 Normal situation
- Activity
- Materials recovery from waste NACE 38210and 3 others
- Establishment units
- 2.049.438.962 9940 Evergem, since 17-08-1990
- 2.261.365.156 9000 Gent, since 12-11-2008and 2 others
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Board
- Sarp Industries saChair · permanent representative Jérôme Eloy
- Demisan nvManaging director · permanent representative Ivo De Vlieghere
- Betramin nvDirector · permanent representative Héliane De Vlieghere-haus
- Auditor
- Figurad bedrijfsrevisoren BV
Shareholders
- Veolia Environnementconsolidatesannual accounts 2025
- BETRAMIN26.5%· score 942025 annual accounts of BETRAMIN
- Holdings
- Shares in 6 companies including PCB Decontamination and Sarpi Netherlands
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Turnover
- €22.3m
- ▲ 3.6%
- Profit
- €8.7m
- ▲ 20.5%
- Equity
- €82.4m
- ▲ 0.2%
- Total assets
- €108.6m
- ▲ 5.9%
- Employees on 31-12-2025
- 58
- ▲ 3.6%
Score breakdownraises riskLiquidity: current ratio 0.72, cash €3.4mSector: Waste collection, recovery and disposal activities (NACE 38)lowers riskFounded in 1990Equity €82.4m (75.9% of total assets)Show the evidence
Checked score
Score 2025
95
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 72% of medium-sized companies in waste collection and treatment (NACE 38)
Financial strength · tick: 2024
Strong
Solvency
100=
equity 75.9% of total assets
Liquidity
47-2
short-term debt 20.9% · cash 3.1%
Profitability
86+1
return on assets 8.0%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025lowest value
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.1%▼ -0.1 percentage points vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.2%▲ +0.1 percentage points vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.3%▲ +0.1 percentage points vs 07-2026
09-2026: 0.4%▲ +0.1 percentage points vs 08-2026highest value
10-2026: 0.1%▼ -0.3 percentage points vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €2,200,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.72 (0.61 in 2024), below 1. Short-term debt is 20.9% and cash 3.1% of total assets. 24.1% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 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 38, medium-sized). It does better than 97% of them on solvency, 53% on liquidity, 87% on profitability and 52% on growth.
The bankruptcy probability was computed on 03-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €82.4m
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 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 days early
2024
29 days early
2023
113 days early
2022
82 days early
2021
48 days early
2020
54 days early
2019
65 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 60 days before the deadline. In the sector (NACE 38), the median for financial year 2024 was 8 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 13 June (4 of the last 5 accounts filed within 34 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Key points
- Positive: Higher net result than 95% of companies in waste collection and treatmentsector median €138,965 · 278 companies €8.7m View
- New directorslatest change 06-06-2026 · 5 in office 4 joined View
- Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
- Positive: 8 profitable years in a rowprofit 2025: €8.7m 8 years View
Recent changes
- · Gazette deed 6 reappointedReappointments: Sarp Industries sa, Sotrenor sa and 3 others · Permanent representatives: Clément Leveaux and Ivo De Vlieghere
- · Gazette deed Permanent representative: Catherine Ricou
- · Gazette deed Reappointment: Demisan BV (afgevaardigd bestuurder)Permanent representative: Ivo De Vlieghere
Companies linked to T.W.Z.
Comparable companies
These companies have the same main activity as T.W.Z.: materials recovery from waste (NACE 38210). They are comparable in size and age: total assets between €43m and €137m, founded between 1975 and 2006.
| Company | Total assets | Turnover |
|---|---|---|
| T.W.Z. Evergem | €108.6m | €22.3m |
| Bebat Tienen | €137.0m | €42.0m |
| Intergemeentelijke opdrachthoudende Vereniging voor huisvuilverwerking Meetjesland Eeklo | €53.7m | €25.0m |
| BIONERGA Hasselt | €82.9m | €22.6m |
| Recupel Zaventem | €97.8m | €41.5m |
| Intercommunale voor Slib- en Vuilverwijdering van Antwerpse Gemeenten Antwerpen | €42.7m | €29.4m |
| Veolia Treatment & Recycling BE Sint-Gillis (bij-Brussel) | €44.9m | €41.4m |
Key facts about T.W.Z.
- What is the company number of T.W.Z.?
- The company number of T.W.Z. is 0441.198.659. The VAT number is the same number with BE in front: BE 0441.198.659.
- Where is T.W.Z. based?
- The registered office is at Durmakker 4, 9940 Evergem.Company details
- What does T.W.Z. do?
- According to the KBO register, the main activity is materials recovery from waste (NACE 38210).
- What is the legal form of T.W.Z.?
- The legal form of T.W.Z. is Public limited company (NV).
- When was T.W.Z. founded?
- T.W.Z. was founded on 05-07-1990.
- Is T.W.Z. still active?
- Yes, T.W.Z. is an active enterprise in the KBO register.
- How many employees does T.W.Z. have?
- T.W.Z. had an average of 54.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of T.W.Z.?
- The turnover of T.W.Z. was €22.3m in financial year 2025, according to the filed annual accounts.
- Is T.W.Z. profitable?
- In financial year 2025, T.W.Z. made a profit of €8.7m.
- Where can I find the annual accounts of T.W.Z.?
- T.W.Z. filed 35 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of T.W.Z. due?
- T.W.Z. must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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