ACTIVE

T'SAS

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Financial year 2025 · closed on 31/12/2025

Net result

18,2 k €

-94.8% YoY

Revenue

10,7 M €

-17.3% YoY

Equity

2,2 M €

+0.8% YoY

Workforce

25,8 ETP

-8.5% YoY

What does T'SAS do?

T'SAS is a Public limited company incorporated in 1990. Its registered office is in Bruxelles. It employs on average 25,8 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0441.908.244

Incorporation

22/06/1990

Legal form

Public limited company

Registered office

Rue du Bassin Collecteur 8
1130 Bruxelles · BruxellesSee on map

Contributed capital

960 638,81 €

Latest accounts

31/12/2025

Average workforce

25,8 ETP

Joint committees (3)

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	10,7 M €	-17.3%	13 M €		–		–		7,1 M €		–		–		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	484,4 k €	-53.6%	1 M €	-2.8%	1,1 M €	+22.0%	880,8 k €	+155%	344,8 k €	+983%	-39 k €	+9.9%	-43,3 k €	-29.5%	-33,5 k €	-103%	1,3 M €	+8528%	14,9 k €	+13.6%	13,1 k €	+11.2%	11,8 k €	+171%	-16,7 k €	-424%	5,2 k €	-79.3%	24,9 k €	+0.8%	24,7 k €	-21.2%	31,4 k €	-3.9%	32,7 k €	+24.3%	26,3 k €
Operating result	80 k €	-87.7%	647,5 k €	-8.2%	705,2 k €	+43.1%	492,7 k €	+2774%	-18,4 k €	+80.4%	-93,9 k €	+4.4%	-98,2 k €	-193%	-33,5 k €	-103%	1,3 M €	+8528%	14,9 k €	+13.6%	13,1 k €	+11.2%	11,8 k €	+171%	-16,7 k €	-424%	5,2 k €	-79.3%	24,9 k €	+24.0%	20,1 k €	+6.3%	18,9 k €	-6.3%	20,2 k €	+46.3%	13,8 k €
Net result	18,2 k €	-94.8%	352,6 k €	-41.3%	600,9 k €	+84.2%	326,1 k €	+1007%	-35,9 k €	+63.4%	-98,3 k €	-2.0%	-96,4 k €	-154%	-37,9 k €	-105%	841,3 k €	+7647%	10,9 k €	+38.2%	7,9 k €	+135%	3,3 k €	+113%	-25,5 k €	-1100%	-2,1 k €	-116%	13,7 k €	+58.6%	8,6 k €	+30.5%	6,6 k €	-9.1%	7,3 k €	+192%	2,5 k €
Balance sheet
Equity	2,2 M €	+0.8%	2,2 M €	+18.9%	1,9 M €	+47.4%	1,3 M €	+34.6%	942 k €	+8.8%	866,2 k €	-10.2%	964,4 k €	-3.9%	1 M €	-3.6%	1 M €	+420%	200,4 k €	+5.7%	189,5 k €	+4.3%	181,7 k €	+1.9%	178,3 k €	-12.5%	203,9 k €	-1.0%	206 k €	+7.1%	192,3 k €	+4.7%	183,7 k €	+3.7%	177,1 k €	+4.3%	169,8 k €
Total assets	6,4 M €	-10.2%	7,2 M €	+4.1%	6,9 M €	+9.8%	6,3 M €	+0.7%	6,2 M €	+226%	1,9 M €	-7.1%	2,1 M €	+27.8%	1,6 M €	+0.9%	1,6 M €	+393%	323 k €	+5.2%	307,1 k €	+0.8%	304,6 k €	+0.6%	302,7 k €	-6.1%	322,5 k €	+1.5%	317,7 k €	+2.0%	311,4 k €	+1.4%	307,3 k €	-0.9%	310 k €	-9.1%	340,9 k €
Cash	1,2 M €	-19.3%	1,5 M €	+42.7%	1 M €	+81.8%	566,8 k €	+236%	168,7 k €	+1960%	8,2 k €	-96.6%	244 k €	-58.9%	593,4 k €	-55.7%	1,3 M €	+4962%	26,5 k €	+70.4%	15,5 k €	+18.9%	13,1 k €	+16.6%	11,2 k €	+2.5%	10,9 k €	-58.2%	26,1 k €	+31.3%	19,9 k €	+79.4%	11,1 k €	+724%	1,3 k €	-93.2%	19,8 k €
Debts	3,9 M €	-15.6%	4,6 M €	-1.7%	4,7 M €	+0.5%	4,7 M €	-5.3%	5 M €	+620%	687,5 k €	-4.6%	720,4 k €	+341%	163,3 k €	+47.4%	110,8 k €	-9.6%	122,6 k €	+4.3%	117,5 k €	-4.4%	122,9 k €	-1.2%	124,4 k €	+4.9%	118,6 k €	+6.2%	111,6 k €	-6.3%	119,1 k €	-3.6%	123,6 k €	-7.0%	132,9 k €	-22.3%	171,1 k €
Other
Workforce	25,8 ETP	-8.5%	28,2 ETP	-4.4%	29,5 ETP	+5.7%	27,9 ETP	-8.2%	30,4 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Christine T'SAS

Director · since 21 mai 2024 · until 21 mai 2030

Active

JEAN-PIERRE T'SAS

Managing director · since 21 mai 2024 · until 21 mai 2030

Active

Stephan T'SAS

Managing director · since 21 mai 2024 · until 21 mai 2030

Active

Ended mandates

Christine Alphons T'Sas

Director · since 21 mai 2024 · until 21 mai 2030

Ended

JEAN-PIERRE T'SAS

Director · since 21 mai 2024 · until 21 mai 2030

Ended

Stephan Maria T'SAS

Director · since 21 mai 2024 · until 21 mai 2030

Ended

Stephan Maria T'SAS

Managing director · since 21 mai 2024 · until 21 mai 2030

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Abridged model	Abridged model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	17/07/2026	29/07/2025	12/07/2024	06/07/2023	23/08/2022	19/08/2021
General meeting	26/06/2026	30/06/2025	21/05/2024	20/05/2023	20/05/2022	20/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	26/06/2026	17/07/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	29/07/2025	Dutch	PDF
Abridged model	31/12/2023	21/05/2024	12/07/2024	Dutch	PDF
Abridged model	31/12/2022	20/05/2023	06/07/2023	Dutch	PDF
Full model	31/12/2021	20/05/2022	23/08/2022	Dutch	PDF
Full model	31/12/2020	20/05/2021	19/08/2021	Dutch	PDF
Abridged model	31/12/2019	20/05/2020	31/08/2020	Dutch	PDF
Abridged model	31/12/2018	20/05/2019	31/07/2019	Dutch	PDF
Abridged model	31/12/2017	22/05/2018	30/08/2018	Dutch	PDF
Abridged model	31/12/2016	20/05/2017	25/08/2017	Dutch	PDF
Abridged model	31/12/2015	20/05/2016	29/08/2016	Dutch	PDF
Abridged model	31/12/2014	20/05/2015	31/07/2015	Dutch	PDF
Abridged model	31/12/2013	20/05/2014	27/06/2014	Dutch	PDF
Abridged model	31/12/2012	21/05/2013	26/07/2013	Dutch	PDF
Abridged model	31/12/2011	21/05/2012	05/07/2012	Dutch	PDF
Abridged model	31/12/2010	20/05/2011	01/07/2011	Dutch	PDF
Abridged model	31/12/2009	20/05/2010	30/07/2010	Dutch	PDF
Abridged model	31/12/2008	20/05/2009	16/10/2009	Dutch	PDF
Abridged model	31/12/2007	20/05/2008	20/06/2008	Dutch	PDF
Abridged model	31/12/2006	21/05/2007	16/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Christine T'SAS

Director · since 21 mai 2024 · until 21 mai 2030

Active

JEAN-PIERRE T'SAS

Managing director · since 21 mai 2024 · until 21 mai 2030

Active

Stephan T'SAS

Managing director · since 21 mai 2024 · until 21 mai 2030

Active

Ended mandates

Christine Alphons T'Sas

Director · since 21 mai 2024 · until 21 mai 2030

Ended

JEAN-PIERRE T'SAS

Director · since 21 mai 2024 · until 21 mai 2030

Ended

Stephan Maria T'SAS

Director · since 21 mai 2024 · until 21 mai 2030

Ended

Stephan Maria T'SAS

Managing director · since 21 mai 2024 · until 21 mai 2030

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/09/2024
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring21/01/2021
BENAMING - DOEL - KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring17/11/2020
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates25/10/2018
ONTSLAGEN - BENOEMINGEN
PDF
Registered office25/10/2016
MAATSCHAPPELIJKE ZETEL
PDF
Mandates27/07/2012
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/07/2006
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202518,2 k €↓
2024
Annual accounts 2024352,6 k €↓
2023
Annual accounts 2023600,9 k €↑
2022
Annual accounts 2022326,1 k €↑
2021
Annual accounts 2021-35,9 k €↑
2019
Annual accounts 2019-98,3 k €↓
2018
Annual accounts 2018-96,4 k €↓
2017
Annual accounts 2017-37,9 k €↓
2016
Annual accounts 2016841,3 k €↑
2015
Annual accounts 201510,9 k €↑
2014
Annual accounts 20147,9 k €↑
2013
Annual accounts 20133,3 k €↑
2012
Annual accounts 2012-25,5 k €↓
2011
Annual accounts 2011-2,1 k €↓
2010
Annual accounts 201013,7 k €↑
2009
Annual accounts 20098,6 k €↑
2008
Annual accounts 20086,6 k €↓
2007
Annual accounts 20077,3 k €↑
2006
Annual accounts 20062,5 k €
22/06/1990
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

T'SAS

Overview

What does T'SAS do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline