Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 47 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 38.6 to 34.7.
Financials
Financial year 2025
TWG Service from Brugge, company number BE0429665161, closed financial year 2025 with a result of € 266,963 after tax. For that financial year TWG Service recorded revenue of € 38.8 million and equity of € 2 million. Compared with financial year 2024, the result moved from € 322,621 to € 266,963. The company is profitable. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 10, 2026.
€ 2 million
▲ 15% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 266,963
▼ 17% vs 2024
Profit after tax over the fiscal year.
€ 4.4 million
▼ 31% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 1.6 million.
People and assets in 2025
34.7
▼ 2.7 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.9 million
▲ 4% vs 2024
€ 84,200 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 321,097
▲ 12% vs 2024
Of which on lease € 123,989.
Debts at end 2025
€ 4.1 million
▼ 17% vs 2024
€ 809,484 is repaid this year. At this pace the long-term loan is gone in ≈ 5 years.
€ 3.6 million
▼ 11% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 31 days on average.
€ 371,792
▲ 10% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 7,366,339 | € 20,213,774 | € 45,751,991 | € 38,812,830 | ▼ 15% |
| Profit after taxes | € 105,198 | € 148,923 | € 322,621 | € 266,963 | ▼ 17% |
| Equity | € 2,699,401 | € 1,454,125 | € 1,776,746 | € 2,043,710 | ▲ 15% |
| Total debts | € 13,514,464 | € 21,867,595 | € 28,014,652 | € 27,461,963 | ▼ 2% |
| Cash | € 672,226 | € 3,457,951 | € 6,334,417 | € 4,392,863 | ▼ 31% |
| Retained profit | € 1,730,400 | € 990,700 | € 1,313,321 | € 1,580,284 | ▲ 20% |
| Bank debt | € 8,303,821 | € 5,771,331 | € 4,946,148 | € 4,126,342 | ▼ 17% |
| Balance sheet total | € 16,213,865 | € 23,321,720 | € 29,794,398 | € 29,508,672 | ▼ 1% |
| Employees (FTE) | 28.1 | 38.6 | 37.4 | 34.7 | ▼ 2.7 |
Key figures of TWG Service, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to TWG Service?
What happened at TWG Service in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Lacosy BV stepped down as director. NBB
- PGMS NV stepped down as director. NBB
- O'Tentic BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 266,963 (▼ 17% vs 2024). Source: NBB ↗
- New establishment in Mouscron. KBO
- Lacosy BV became a director. NBB
- O'Tentic BV became a director. NBB
- PGMS NV became a director. NBB
In short
From € 105,198 profit in 2022 to € 266,963 profit in 2025.
Paid € 382,416 in corporate taxes since 2022.
Best year ever: 2024, with € 322,621 profit.
Pays suppliers within 31 days on average.
Management
The stake of DASSY EUROPE comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
TWG ServiceThe shares are held by DASSY EUROPE (100%).
Directors
According to the 2025 annual accounts
Director · represented by Pieter Cosyn
Also active at: PROTEQ, Radius LeaseWear, DRESS CONFECT, TWG Real Estate, DASSY EUROPE
since 2025 · until 2029
Director · represented by Philip Ghekiere
Also active at: KINEPOLIS GROUP, Belconfect, PROTEQ, The Workwear Group, Radius LeaseWear, DRESS CONFECT, TWG Real Estate, LEMCO VASTGOED +1 more
since 2022 · until 2027
Managing director · represented by Veronique Mulliez
Also active at: Belconfect, PROTEQ, The Workwear Group, Radius LeaseWear, DRESS CONFECT, TWG Real Estate, DASSY EUROPE
since 2023 · until 2027
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Pathoekeweg 15
8000 Brugge
Jacquetboslaan(D) 9
7711 Mouscron
Active since 17 April 2026
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0429.665.161
- VAT number
- BE 0429.665.161
- Registered office
- Pathoekeweg 15, 8000 Brugge
- Names & denominations
- TWG Service
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 3 November 1986
- Peppol
- Active · Active since 15 Dec 2025
- Activities · NACE
Groothandel in werkkleding
Groothandel in textiel
Groothandel in weefsels, stoffen en fournituren