TAF Construct
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 17 filings
Turnover
≈ €120
Estimated: probably between €62 and €230
Total assets
€333▼ 31.9%
2024 · €489
Net result
-€1,006
2024 · €5,746
Working capital
-€18,754▼ 4.3%
2024 · -€17,976
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€577
2025
20192025
Net result
-€1,006
2025
lowest quarter of the sector
20192025
Equity
-€19,432
▼ 5.5%
2025
lowest quarter of the sector
20192025
Total assets
€333
▼ 31.9%
2025
lowest quarter of the sector
20192025
Debt
€19,765
▲ 4.5%
2025
20192025
Working capital
-€18,754
▼ 4.3%
2025
lowest quarter of the sector
20192025
Solvency
no figure
2025
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€609--€339€3,240-€9,173-€1,289▲ 85.9%€14,175-€577
Net result€76--€1,030within the sector's middle half€2,813within the sector's middle half-€12,066below the sector's middle half-€13,809below the sector's middle half▼ 14.5%€5,746within the sector's middle half-€1,006below the sector's middle half
Equity-€81--€1,110below the sector's middle half▼ 1,274%€1,703below the sector's middle half-€10,363below the sector's middle half-€24,172below the sector's middle half▼ 133%-€18,426below the sector's middle half▲ 23.8%-€19,432below the sector's middle half▼ 5.5%
Total assets€26,237-€2,339below the sector's middle half▼ 91.1%€2,087below the sector's middle half▼ 10.8%€321,102within the sector's middle half▲ 154×€464,292above the sector's middle half▲ 44.6%€489below the sector's middle half▼ 99.9%€333below the sector's middle half▼ 31.9%
Debt€26,318-€3,450▼ 86.9%€384▼ 88.9%€331,465▲ 862×€488,464▲ 47.4%€18,915▼ 96.1%€19,765▲ 4.5%
Working capital€31--€1,026within the sector's middle half€1,724within the sector's middle half€289,751above the sector's middle half▲ 168×€326,205above the sector's middle half▲ 12.6%-€17,976below the sector's middle half-€18,754below the sector's middle half▼ 4.3%
Solvency-0.3%--3.2%below the sector's middle half-5.2%below the sector's middle half▼ 2.0pp
Current ratio1.00-10.24above the sector's middle half3.36within the sector's middle half▼ 6.88
Return on assets (ROA)0.3%--3.8%below the sector's middle half-3.0%below the sector's middle half▲ 0.8pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €577, after a profit of €14,175 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€19,087▲
2024 · €18,465
The ratios are withheld because a balance sheet total of €333 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €2,485 | €712 | €708 | €597 | ▼ 15.6% |
| Gross operating margin9900 | €1,348 | -€165 | €3,295 | -€6,687 | -€577 | €14,883 | €20 | ▼ 99.9% |
| Operating profit (loss)9901 | €609 | -€339 | €3,240 | -€9,173 | -€1,289 | €14,175 | -€577 | - |
| Financial income75/76B | - | - | - | - | €64 | €0 | - | - |
| Recurring financial income75 | - | - | - | - | €64 | €0 | - | - |
| Financial charges65/66B | - | - | - | €2,893 | €12,584 | €8,429 | €429 | ▼ 94.9% |
| Recurring financial charges65 | €533 | €690 | €427 | €2,893 | €12,584 | €8,429 | €429 | ▼ 94.9% |
| Profit (loss) for the period before taxes9903 | €76 | -€1,030 | €2,813 | -€12,066 | -€13,809 | €5,746 | -€1,006 | - |
| Profit (loss) for the period9904 | €76 | -€1,030 | €2,813 | -€12,066 | -€13,809 | €5,746 | -€1,006 | - |
| Profit (loss) for the period to be appropriated9905 | €76 | -€1,030 | €2,813 | -€12,066 | -€13,809 | €5,746 | -€1,006 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €26,237 | €2,339 | €2,087 | €321,102 | €464,292 | €489 | €333 | ▼ 31.9% |
| Current assets29/58 | €26,237 | €2,339 | €2,087 | €321,102 | €464,292 | €489 | €333 | ▼ 31.9% |
| Stocks and contracts in progress3 | - | - | - | €317,571 | €459,927 | €0 | - | - |
| Stocks30/36 | - | - | - | €317,571 | €459,927 | €0 | - | - |
| Amounts receivable within one year40/41 | €26,112 | €2,339 | €2,087 | €1,916 | €458 | €324 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €1,916 | €458 | €324 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €125 | €0 | - | €748 | €3,616 | €165 | €333 | ▲ 102% |
| Deferred charges and accrued income490/1 | - | - | - | €868 | €291 | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €26,237 | €2,339 | €2,087 | €321,102 | €464,292 | €489 | €333 | ▼ 31.9% |
| Equity10/15 | -€81 | -€1,110 | €1,703 | -€10,363 | -€24,172 | -€18,426 | -€19,432 | ▼ 5.5% |
| Contributions10/11 | €11,200 | €0 | - | €11,200 | €11,200 | €11,200 | €11,200 | = |
| Reserves13 | €600 | €600 | €600 | €600 | €600 | €600 | €600 | = |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €600 | €600 | €600 | €600 | = |
| Profit (loss) carried forward14 | -€11,881 | -€12,910 | -€10,097 | -€22,163 | -€35,972 | -€30,226 | -€31,232 | ▼ 3.3% |
| Amounts payable17/49 | €26,318 | €3,450 | €384 | €331,465 | €488,464 | €18,915 | €19,765 | ▲ 4.5% |
| Amounts payable after more than one year17 | - | - | - | €300,113 | €350,000 | €0 | - | - |
| Financial debts170/4 | - | - | - | €300,113 | €350,000 | €0 | - | - |
| Amounts payable within one year42/48 | €26,206 | €3,366 | €363 | €31,351 | €138,087 | €18,465 | €19,087 | ▲ 3.4% |
| Financial debts43 | - | - | - | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - |
| Trade debts44 | €480 | €119 | €222 | €9,761 | €1,998 | €25 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €9,761 | €1,998 | €25 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0 | - | - | - | - |
| Taxes450/3 | - | - | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €21,590 | €136,090 | €18,440 | €19,087 | ▲ 3.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €377 | €450 | €678 | ▲ 50.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76 | -€1,030 | €2,813 | -€12,066 | -€13,809 | €5,746 | -€1,006 | - |
| Operating cash flow (approximation) | €76 | -€1,030 | €2,813 | -€12,066 | -€13,809 | €5,746 | -€1,006 | - |
| Change in cash | - | -€125 | - | - | €2,869 | -€3,452 | €168 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,907 companies had the same profile as TAF Construct has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TAF Construct itself is lower: 0.3% within 12 months. It rests on far more data about TAF Construct than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for TAF Construct. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 27-01-2026 | 2026-00014388 | |
| 30-06-2024 | micro format | 06-01-2025 | 2025-00630326 | |
| 30-06-2023 | micro format | 11-01-2024 | 2024-00546845 | |
| 30-06-2022 | micro format | 26-01-2023 | 2023-00004265 | |
| 30-06-2021 | micro format | 20-09-2021 | 2021-68300499 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-03100172 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03500472 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03800306 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-03800445 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03000513 |