ACTIVE

TSF Belgique

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Financial year 2025 · Closed on 31/12/2025

Net result-31,4 k €+92,2 %over 1 year

Gross margin1,6 M €-13,0 %over 1 year

Equity3,5 M €-0,4 %over 1 year

Workforce10,6 ETP+8,2 %over 1 year

Identity

Source · BCE/KBO

TSF Belgique is a Public limited company incorporated in 2009. Its main activity is: Manufacture of communication equipment. Its registered office is in Ans. It employs on average 10,6 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0817.342.586
Incorporation: 27/07/2009
Legal form: Public limited company
Registered office: Avenue de l'Energie 25 box Hall X
4432 Ans · WallonieSee on map
Contributed capital: 530 531,20 €
Latest accounts: 31/12/2025
Average workforce: 10,6 ETP

Activities (NACE)

26300Manufacture of communication equipment· main 26300Manufacture of communication equipment 77222Rental of video tapes and disks 77292Rental and leasing of other personal and household goods 26300Manufacture of communication equipment 26300Manufacture of communication equipment+2

Joint committees (2)

Signals

Solid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

Financials

Source · NBB, 16 filings

Trend over 16 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	1,6 M €	-13.0%	1,8 M €	-0.7%	1,8 M €	+18.9%	1,5 M €	+4.7%	1,4 M €
EBITDA	789,4 k €	+9.7%	719,4 k €	-21.8%	919,8 k €	+2.3%	899 k €	-5.5%	951,5 k €
Operating result	42 k €	-86.9%	320,4 k €	+1912%	-17,7 k €	-132%	55 k €	+176%	19,9 k €
Net result	-31,4 k €	+92.2%	-402,1 k €	-2010%	-19,1 k €	+30.2%	-27,3 k €	-8.5%	-25,2 k €
Balance sheet
Equity	3,5 M €	-0.4%	3,6 M €	-9.8%	3,9 M €	+1.5%	3,9 M €	-0.7%	3,9 M €
Total assets	5,7 M €	-2.5%	5,8 M €	+5.4%	5,5 M €	-4.5%	5,8 M €	+4.9%	5,5 M €
Cash	153,6 k €	+81.9%	84,4 k €	-69.7%	278,5 k €	+129%	121,4 k €	-7.6%	131,4 k €
Debts	2,1 M €	-6.0%	2,3 M €	+43.3%	1,6 M €	-16.3%	1,9 M €	+18.5%	1,6 M €
Other
Workforce	10,6 ETP	+8.2%	9,8 ETP	-7.5%	10,6 ETP	-10.2%	11,8 ETP	+29.7%	9,1 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 6 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
TROIS SANS TROIS SARepresented by Thierry DENOYER de SEGONZAC	Director05/07/2023 → 05/07/2029
Laurent SIMON	Managing director22/10/2010 → 30/06/2028
Frédéric ANDRE	Director03/07/2019 → 06/06/2031

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
TROIS SANS TROIS SA0883.451.866Represented by Thierry DUNOYER DE SEGONZAC	Director05/07/2023 → 2024 accounts
Thierry DUNOYER DE SEGONZAC	Director27/06/2022 → 2023 accounts
WALLIMAGE0472.062.970Represented by Vincent WATTIEZ	Director31/03/2022 → 2023 accounts

Other companies at this address

Avenue de l'Energie 25 4432 Ans

Company	CBE no.
AGALIX● Active	0764.387.219
A.R AUTOMOBILE● Bankrupt	0670.610.290
AUTO CONTINENTAL● Active	1007.391.619
AUTOMATIC CARS● Active	0433.626.028
DMB CONCEPT● Active	0797.403.940
DTS PARTNER● Active	0802.312.734
JLP IMMO● Active	1003.766.985
JONES TECHNICAL CONSULTING● Active	0461.621.812
JS CARRELAGE● Active	1017.306.702
JVB Technics● Active	0666.960.518
LOUISED● Active	0476.993.936
Masha Automotive● Active	1006.998.768
MENUISERIE PIRGHAYE● Active	0670.739.162
MHN● Active	0644.991.701
SEMAT WATCH● Active	1033.644.965
Shengsheng Supply Chain Management● Active	0731.765.426
SRM GLOBAL TECHNOLOGY● Active	0888.046.678
SWEET-WATT● Bankrupt	0504.989.819
TSF Factory● Active	0655.703.370
TSF Groupe● Active	0738.448.033

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	08/07/2026	17/07/2025	18/07/2024	14/07/2023	07/07/2022	31/08/2021
General meeting	19/06/2026	24/06/2025	19/06/2024	05/07/2023	27/06/2022	28/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 16 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	19/06/2026	08/07/2026	French	PDF
Abridged model	31/12/2024	24/06/2025	17/07/2025	French	PDF
Abridged model	31/12/2023	19/06/2024	18/07/2024	French	PDF
Abridged model	31/12/2022	05/07/2023	14/07/2023	French	PDF
Abridged model	31/12/2021	27/06/2022	07/07/2022	French	PDF
Abridged model	31/12/2020	28/06/2021	31/08/2021	French	PDF
Abridged model	31/12/2019	11/09/2020	29/10/2020	French	PDF
Abridged model	31/12/2018	03/07/2019	16/07/2019	French	PDF
Abridged model	31/12/2017	04/07/2018	13/07/2018	French	PDF
Abridged model	31/12/2016	26/06/2017	04/07/2017	French	PDF
Full model	31/12/2015	24/06/2016	19/07/2016	French	PDF
Full model	31/12/2014	05/06/2015	30/06/2015	French	PDF
Full model	31/12/2013	20/06/2014	29/08/2014	French	PDF
Full model	31/12/2012	17/06/2013	05/07/2013	French	PDF
Full model	31/12/2011	31/08/2012	31/08/2012	French	PDF
Abridged model	31/12/2010	30/08/2011	31/08/2011	French	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

3 active · 6 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
TROIS SANS TROIS SARepresented by Thierry DENOYER de SEGONZAC	Director05/07/2023 → 05/07/2029
Laurent SIMON	Managing director22/10/2010 → 30/06/2028
Frédéric ANDRE	Director03/07/2019 → 06/06/2031

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
TROIS SANS TROIS SA0883.451.866Represented by Thierry DUNOYER DE SEGONZAC	Director05/07/2023 → 2024 accounts
Thierry DUNOYER DE SEGONZAC	Director27/06/2022 → 2023 accounts
WALLIMAGE0472.062.970Represented by Vincent WATTIEZ	Director31/03/2022 → 2023 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates06/03/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates09/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates26/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates24/08/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates11/04/2023
DEMISSIONS, NOMINATIONS
PDF
Registered office28/02/2023
SIEGE SOCIAL
PDF
Mandates27/12/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates19/02/2020
DENOMINATION - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings16 filings

Mandates

TROIS SANS TROIS SA

Frédéric ANDRE

Laurent SIMON

TROIS SANS TROIS SA

Thierry DUNOYER DE SEGONZAC

WALLIMAGE

WALLIMAGE Entreprises SA

Jérôme KNAEPEN

Bruno LECOQ

20092010201120122013201420152016201720182019202020212022202320242025202620272028202920302031

TSF BelgiqueTSF.be

Avenue de l'Energie 25 bte Hall X, 4432 Alleur

Director

Managing director

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Avenue de l'Energie 25 bte Hall X, 4432 AlleurCurrent	accounts 2022 → 2025	Accounts 2025 · 2026-00268940
RUE DE MULHOUSE 36, 4020 Liège-4020	accounts 2021	Accounts 2021 · 2022-20156452

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
TSF BelgiqueCurrent	accounts 2019 → 2025	Accounts 2025 · 2026-00268940
TSF.be	accounts 2010 → 2018	Accounts 2018 · 2019-34700497

Events

2025
Annual accounts 2025-31,4 k €↑
2024
Annual accounts 2024-402,1 k €↓
2023
Annual accounts 2023-19,1 k €↑
2022
Annual accounts 2022-27,3 k €↓
2021
Annual accounts 2021-25,2 k €↑
2020
Annual accounts 2020-382,9 k €↓
2019
Annual accounts 20191,5 k €↓
2019
Name changeTSF Belgique
2018
Annual accounts 2018289,9 k €↓
2017
Annual accounts 2017377,7 k €↓
2016
Annual accounts 2016418,3 k €↑
2015
Annual accounts 2015379,4 k €↑
2014
Annual accounts 2014359,5 k €↑
2013
Annual accounts 2013102,1 k €↓
2012
Annual accounts 2012135,4 k €↓
2011
Annual accounts 2011331,9 k €↑
2010
Annual accounts 201046,9 k €
27/07/2009
IncorporationPublic limited company

TSF Belgique

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

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

Timeline

Registered offices

Company names

Events