Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 65 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 3.8 to 1.7.
Financials
Financial year 2025
TSE from Knokke-Heist, company number BE0452989901, closed financial year 2025 with a result of € 6,174 after tax. For that financial year TSE recorded a gross margin of € 96,550 and equity of € 401,937. Compared with financial year 2024, the result moved from € 16,611 to € 6,174. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on September 9, 2026.
€ 401,937
▲ 2% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 6,174
▼ 63% vs 2024
Profit after tax over the fiscal year.
€ 73,463
▼ 33% 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 € -67,063.
People and assets in 2025
1.7
▼ 0.8 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 78,849
▼ 35% vs 2024
€ 46,400 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.
€ 10,640
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 209,000
▲ 5% vs 2024
Loans from banks and other lenders, long and short.
€ 85,833
▼ 7% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 26,767
▼ 40% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 259,656 | € 140,300 | € 171,613 | € 96,550 | ▼ 44% |
| Profit after taxes | € 112,043 | € 18,720 | € 16,611 | € 6,174 | ▼ 63% |
| Equity | € 360,433 | € 379,153 | € 395,763 | € 401,937 | ▲ 2% |
| Total debts | € 433,889 | € 352,302 | € 336,611 | € 322,429 | ▼ 4% |
| Cash | € 185,715 | € 107,111 | € 109,937 | € 73,463 | ▼ 33% |
| Land & buildings | - | € 5,957 | € 4,610 | € 3,263 | ▼ 29% |
| Retained profit | € -108,567 | € -89,847 | € -73,237 | € -67,063 | ▲ € 6,174 |
| Bank debt | € 229,834 | € 200,238 | € 200,000 | € 209,000 | ▲ 5% |
| Balance sheet total | € 794,322 | € 731,455 | € 732,374 | € 724,366 | ▼ 1% |
| Employees (FTE) | 3.6 | 3.8 | 2.5 | 1.7 | ▼ 0.8 |
Key figures of TSE, 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 TSE?
What happened at TSE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 6,174 (▼ 63% vs 2024). filed late Source: NBB ↗
- New establishment in Staden. KBO
- Start of the company according to the CBE. KBO
In short
From € 112,043 profit in 2022 to € 6,174 profit in 2025.
Paid € 72,821 in corporate taxes since 2022.
Best year ever: 2022, with € 112,043 profit.
On average € 56,800 of value added per employee in 2025.
Management
Behind TSE is Beatrix Delafontaine.
Directors
According to the 2025 annual accounts
Beatrix Delafontaine
Director
Establishments
Establishment units
Physical locations of this company
't Molentje 11
8300 Knokke-Heist
Diksmuidestraat(STA) 64
8840 Staden
Active since 6 December 2000
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0452.989.901
- VAT number
- BE 0452.989.901
- Registered office
- 't Molentje 11, 8300 Knokke-Heist
- Names & denominations
- TSE
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 24 June 1994
- Peppol
- Active · Active since 21 Oct 2026
- Activities · NACE
Detailhandel in glas-, porselein- en aardewerk en in niet-elektrische huishoudelijke artikelen
Detailhandel in artikelen voor verlichting en woninginrichting
Vervaardiging van sieraden
Detailhandel in glas-, porselein- en aardewerk en in niet-elektrische huishoudelijke artikelen in gespecialiseerde winkels
Vervaardiging van hoeden en petten
Detailhandel in damesbovenkleding
Groothandel in niet-elektrische huishoudelijke artikelen
Vervaardiging van eetkamer-, zitkamer-, slaapkamer- en badkamermeubelen
+4