TF Logistics
ActiveSummary
TF Logistics has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €41,166 and a net result of €298,285. Its solvency ranks better than 28% of 17,149 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 28-03-2024 Normal situation
- Activity
- Renting and operating of own or leased non-residential real estate, excluding land NACE 68203
- Establishment unit
- 2.361.688.001 5020 Namur, since 01-07-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 20-11-2025
Board and ownership
Board
- J. FRANSSENDirector · since 27-03-2024
- TOUSSAINT GUILLAUMEDirector · since 27-03-2024
Shareholders
- TOUSSAINT GUILLAUME50%· score 632025 annual accounts of TOUSSAINT GUILLAUME
- Holdings
- Shares in 1 company INtFRA
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Gross margin
- €16,209
- Turnover
- ≈ €56,000
- estimated
- Profit
- €298,285
- Equity
- €41,166
- ▲ 220%
- Total assets
- €698,874
- ▲ 169%
- 2025 accounts filed 29 days after the deadline
Score breakdownraises riskEquity €41,166 (5.9% of total assets)lowers riskSector: Real estate activities (NACE 68)Size: total assets €698,874Liquidity: current ratio 0.43, cash €152,552Show the evidence
Checked score
Score 2025
95
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 58% of micro companies in real estate (NACE 68)
Financial strength · tick: 2024
Average
Solvency
31+1
equity 5.9% of total assets
Liquidity
51+11
short-term debt 51.5% · cash 21.8%
Profitability
65+54
return on assets 42.7%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
04-2025: 0.6%
05-2025: 0.6%● unchanged vs 04-2025
06-2025: 0.7%▲ +0.1 percentage points vs 05-2025
07-2025: 0.7%● unchanged vs 06-2025
08-2025: 0.7%● unchanged vs 07-2025
09-2025: 0.8%▲ +0.1 percentage points vs 08-2025
10-2025: 0.6%▼ -0.2 percentage points vs 09-2025
11-2025: 0.6%● unchanged vs 10-2025
12-2025: 0.7%▲ +0.1 percentage points vs 11-2025
01-2026: 0.6%▼ -0.1 percentage points vs 12-2025
02-2026: 0.6%● unchanged vs 01-2026
03-2026: 0.7%▲ +0.1 percentage points vs 02-2026
04-2026: 0.7%● unchanged vs 03-2026
05-2026: 0.7%● unchanged vs 04-2026
06-2026: 0.7%● unchanged vs 05-2026
07-2026: 0.7%● unchanged vs 06-2026
08-2026: 1.1%▲ +0.4 percentage points vs 07-2026highest value
09-2026: 0.1%▼ -1.0 percentage point vs 08-2026
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €3,500 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.43 (0.13 in 2024), below 1. Short-term debt is 51.5% and cash 21.8% of total assets. 94.1% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, micro). It does better than 27% of them on solvency, 57% on liquidity, 51% on profitability and 96% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Young company
Founded in 2024, 2 years ago. Young companies fail more often than established ones; the risk is highest 2 to 8 years after founding.
KBO · incorporation dateAge against the risk zone
raises risk · 2025 accounts filed 29 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
29 days late
2024
30 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 30 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
2025 annual accounts filed 29 days after the deadline Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00482452.
Annual accounts 2025 filed on 29-08-2026 at the NBB all 2 filings
Turnover
≈ €56,000
Estimated: probably between €22,000 and €130,000
Total assets
€698,874▲ 169%
2024 · €259,582
Net result
€298,285
2024 · -€17,120
Working capital
-€206,284▼ 209%
2024 · -€66,791
Multi-year overview
2024 to 2025, 2 financial yearsOperating result
€7,118
2025
20242025
Net result
€298,285
2025
highest quarter of the sector
20242025
Equity
€41,166
▲ 220%
2025
middle half of the sector
20242025
Total assets
€698,874
▲ 169%
2025
middle half of the sector
20242025
Debt
€657,708
▲ 167%
2025
20242025
Working capital
-€206,284
▼ 209%
2025
lowest quarter of the sector
20242025
Solvency
5.9%
▲ 0.9pp
2025
middle half of the sector
20242025
Current ratio
0.43
▲ 0.30
2025
middle half of the sector
20242025
Return on assets (ROA)
42.7%
▲ 49.3pp
2025
highest quarter of the sector
20242025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20242025
Operating result-€16,434-€7,118
Net result-€17,120below the sector's middle half-€298,285above the sector's middle half
Equity€12,880within the sector's middle half-€41,166within the sector's middle half▲ 220%
Total assets€259,582within the sector's middle half-€698,874within the sector's middle half▲ 169%
Debt€246,702-€657,708▲ 167%
Working capital-€66,791within the sector's middle half--€206,284below the sector's middle half▼ 209%
Solvency5.0%within the sector's middle half-5.9%within the sector's middle half▲ 0.9pp
Current ratio0.13below the sector's middle half-0.43within the sector's middle half▲ 0.30
Return on assets (ROA)-6.6%below the sector's middle half-42.7%above the sector's middle half▲ 49.3pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 profit of €7,118, after a loss of €16,434 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €698,874
Fixed assets
€545,053 ▲ 118%
Current assets
€153,821 ▲ 16×
Equity and liabilities €698,874
Equity
€41,166 ▲ 220%
Debt
€657,708 ▲ 167%
Debt's share of the balance-sheet total falls from 95.0% to 94.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,810▲
2024 · -€6,790
Cash flow
€306,977▲
2024 · -€7,476
Debt to equity
15.98▼
2024 · 19.15
ROE
724.6%▲
2024 · -132.9%
Interest coverage
1.79▲
2024 · -9.90
Debt ≤ 1 year
€360,105▲
2024 · €76,668
Debt > 1 year
€297,604▲
2024 · €170,034
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2024 | 2025 |
|---|---|---|
| Mortgages, amount registered | - | €25,000 |
| Mortgage mandates | - | €355,000 |
| Carrying value of the mortgaged assets | - | €392,191 |
Source: notes to the 2024 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2024 | 2025 |
|---|---|---|
| Tangible fixed assets | €144,348 | €304,040 |
| Financial fixed assets | €115,000 | - |
| Depreciation and write-downs of the year | €9,644 | €8,692 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,644 | €8,692 | ▼ 9.9% |
| Other operating charges640/8 | €1,440 | €400 | ▼ 72.2% |
| Gross operating margin9900 | -€5,350 | €16,209 | - |
| Operating profit (loss)9901 | -€16,434 | €7,118 | - |
| Financial income75/76B | - | €300,000 | - |
| Recurring financial income75 | - | €300,000 | - |
| Financial charges65/66B | €686 | €8,833 | ▲ 13× |
| Recurring financial charges65 | €686 | €8,833 | ▲ 13× |
| Profit (loss) for the period before taxes9903 | -€17,120 | €298,285 | - |
| Profit (loss) for the period9904 | -€17,120 | €298,285 | - |
| Profit (loss) for the period to be appropriated9905 | -€17,120 | €298,285 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €259,582 | €698,874 | ▲ 169% |
| Fixed assets21/28 | €249,705 | €545,053 | ▲ 118% |
| Tangible fixed assets22/27 | €134,705 | €430,053 | ▲ 219% |
| Land and buildings22 | €72,070 | €414,580 | ▲ 475% |
| Plant, machinery and equipment23 | - | €6,589 | - |
| Furniture and vehicles24 | - | €8,883 | - |
| Assets under construction and advance payments27 | €62,635 | - | - |
| Financial fixed assets28 | €115,000 | €115,000 | = |
| Current assets29/58 | €9,877 | €153,821 | ▲ 16× |
| Amounts receivable within one year40/41 | €4,913 | €858 | ▼ 82.5% |
| Trade receivables40 | €3,411 | - | - |
| Other amounts receivable41 | €1,502 | €858 | ▼ 42.8% |
| Cash at bank and in hand54/58 | €4,964 | €152,552 | ▲ 31× |
| Deferred charges and accrued income490/1 | - | €410 | - |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €259,582 | €698,874 | ▲ 169% |
| Equity10/15 | €12,880 | €41,166 | ▲ 220% |
| Contributions10/11 | €30,000 | €30,000 | = |
| Profit (loss) carried forward14 | -€17,120 | €11,166 | - |
| Amounts payable17/49 | €246,702 | €657,708 | ▲ 167% |
| Amounts payable after more than one year17 | €170,034 | €297,604 | ▲ 75.0% |
| Financial debts170/4 | €55,034 | €296,704 | ▲ 439% |
| Other amounts payable178/9 | €115,000 | €900 | ▼ 99.2% |
| Amounts payable within one year42/48 | €76,668 | €360,105 | ▲ 370% |
| Current portion of amounts payable after more than one year42 | - | €16,975 | - |
| Trade debts44 | €6,668 | €3,130 | ▼ 53.1% |
| Suppliers440/4 | €6,668 | €3,130 | ▼ 53.1% |
| Other amounts payable47/48 | €70,000 | €340,000 | ▲ 386% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€17,120 | €298,285 | - |
| + Depreciation and write-downs630 | €9,644 | €8,692 | ▼ 9.9% |
| Operating cash flow (approximation) | -€7,476 | €306,977 | - |
| Investment in fixed assets (approximation) | - | -€304,040 | - |
| Change in cash | - | €147,588 | - |
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, 513 companies had the same profile as TF Logistics has now. Two years later, 96.3% were still going and 2.3% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.3%
was still going
1.4%
stopped otherwise
2.3%
went bankrupt
The bankruptcy probability of TF Logistics itself is lower: 0.1% within 12 months. It rests on far more data about TF Logistics 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 513 companies, not a prediction for TF Logistics. 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.
Board & ownership
Directors
Directors
2 directors, no change since 2024
J. FRANSSEN
Current
Director (not named in the articles) · since 27-03-2024 · term without a fixed end · Private limited company · listed in the 2025 annual accounts, filed on 29-08-2026
TOUSSAINT GUILLAUME
Current
Director (not named in the articles) · since 27-03-2024 · term without a fixed end · Private limited company · listed in the 2025 annual accounts, filed on 29-08-2026
Owners and capital
Shareholders
1 ownerOwners 1
- Equity €64,912 Profit of €1,602 in 2025 (profit of €110,496 in 2024) Checked score 6350%
Capital transactions
Shareholders according to the deeds
At incorporation
act of 02-04-2024 ↗
- TOUSSAINT GUILLAUME (BE 0735.883.768) 1,500 shares (50%) · €15,000
- J. FRANSSEN (BE 0842.125.690) 1,500 shares (50%) · €15,000
Capital over time
- 02-04-2024 Incorporation · €30,000 · 3,000 shares
Mandate history
2 people, 2 in office
- Board
| Name | Functions and periods |
|---|---|
| J. FRANSSEN |
|
| TOUSSAINT GUILLAUME |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- INtFRAsubsidiarySourceown accounts 2025Equity €509,097 Profit of €509,085 in 2025 (profit of €486,536 in 2024) Checked score 84100%
Connections & network
1 connected companyThe connected companies are in the list below.
This company
Company
Director
Shareholding
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Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
29-08
micro format · 29 days late
2025
31-12
Financial
Back to profitnet €298,285
The net result is €298,285, after one loss-making year.
30-08
micro format · 30 days late
2024
02-04
Gazette deed
IncorporationStarting capital €30,000 · Appointments: TOUSSAINT GUILLAUME (director) and J. FRANSSEN (director) · Founder13 points ▸
Gazette deed
Incorporation
Starting capital €30,000 · Appointments: TOUSSAINT GUILLAUME (director) and J. FRANSSEN (director) · Founder13 points ▸
- Incorporation, 27-03-2024
- Founder, TOUSSAINT GUILLAUME
- Founder, J. FRANSSEN
- Founding capital, €30,000
- Other provision, “plan financier préalable, fondateur” (deed in French)
- Share issue, 3000, “apports” (deed in French)
- General meeting, “dispositions finales et/ou transitoires, comparants” (deed in French)
- Registered office clause, “région Wallonne, 5020 Namur(Suarlée),Chemin des Alaudes 47” (deed in French)
- Board rule, 2, “assemblée” (deed in French)
- Director appointment, TOUSSAINT GUILLAUME (director (not named in the articles))
- Director appointment, J. FRANSSEN (director (not named in the articles))
- Pre-incorporation commitments, “takeover, tous engagements et obligations en résultant,et toutes activités entreprises” (deed in French)
- The act holds 1 more point.
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
TF Logistics was incorporated on 28 March 2024 as a private limited company by TOUSSAINT GUILLAUME and J. FRANSSEN, with a starting capital of €30,000.12 The board currently has 2 members, 2 of whom have served since 2024.3 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Company details
Register details
Identity
KBO recordName
TF Logistics in French
Abbreviation
TFL in French
Enterprise number
1007.696.772
Legal form
Private limited company
Status
Active, normale toestand
Founded
28-03-2024
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 02-04-2024 (in French)Name clauseThe company operates under this name according to its articles.
TF Logistics
deed of 02-04-2024 (in French)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Région wallonne, transfert en tout endroit de la Région de Bruxelles-Capitale ou de la Région Wallonne sans modification de la langue des…”
deed of 02-04-2024 (in French)Registered office and establishments
Registered office
Chemin des Alaudes(SL) 47, 5020 Namur, Belgium
Establishment unit
TF Logistics Srl, Chemin des Alaudes(SL) 47, 5020 Namur since 01-07-2024 · unit number 2.361.688.001
E-mail
julien.franssen@intfra.be
Phone
+32471646326
Activities
NACEBEL 202568203
Renting and operating of own or leased non-residential real estate, excluding land main activity
Codes under NACEBEL 2008
68203
Real estate rental main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 02-04-2024 (in French)
“L’acquisition,la construction,la rénovation,la gestion avec ou sans services,la location avec ou sans services,l’administration ainsi que…”
8 activities
- L’acquisition,la construction,la rénovation,la gestion avec ou sans services,la location avec ou sans services,l’administration ainsi que l’achat et la vente,de biens immeubles.Est visé,sans que cette liste ne soit exhaustive,la location d’espace de bureau et/ou d’espace de stockage,la location d’appartements,de gîtes ou encore la mise à disposition d’espaces intérieurs et/ou extérieurs à destination des particuliers et/ou de professionnels ainsi que la mise à disposition du matériel associé ainsi que des biens meubles meublants
- La prestation d’un ensemble de services dans le domaine de la construction en revêtant la qualité d’entrepreneur général.Sont visés,sans que cette liste en soit exhaustive,toutes opérations se rapportant directement ou indirectement à l’entretien,la rénovation,les travaux de réparations,d’embellissements,de renouvellement,de modernisation,ainsi la maintenance de tous les types d’ouvrages d’art,de biens immeubles,et plus généralement toutes opérations se rapportant directement ou indirectement aux secteurs des travaux publics et privés
- L’achat,la vente,la location de matériel de génie civil et/ou dans le domaine de la construction au sens large du terme,avec et/ou sans opérateur
- La prestation d’un ensemble de services en matière de management,de direction et/ou d’administration ainsi que toute activité de consultance,de conseil stratégique et/ou technique dans le domaine de l’organisation de chantier dans le secteur de la construction,le tout au sens le plus large du terme.Est également visé,sans que cette liste ne soit exhaustive,la location-gérance associée à un fonds de commerce
- Prendre des participations,par voie d'apport,de souscription,de cession,de participation,de fusion,d'intervention financière ou sous quelque autre forme que ce soit,dans toutes sociétés,associations ou entreprises commerciales,industrielles,financières,mobilières ou immobilières,existantes ou à créer,dont le siège social est établi aussi bien en Belgique qu'à l'étranger et assurer la gestion de ces participations
- Effectuer toutes opérations de placement de trésorerie,quel qu'en soit le support(tel,par exemple,le dépôt à court,moyen ou long terme,la prise de participation dans un organisme de placement collectif en valeurs mobilières,l'acquisition de tout type d'instruments financiers)
- Rechercher des capitaux,pour compte propre ou pour compte de tiers,sous quelque forme que ce soit,en vue d'investissements(tant mobiliers qu'immobiliers)ou de financements de sociétés
- Financer ou faciliter le financement à court,moyen et long terme de toutes sociétés,sous forme de prêts,crédits,garanties ou toute autre forme d'assistance financière ainsi que de se porter caution,donner et constituer toute sûreté personnelle ou réelle en faveur de toute société
Invoicing and payment
VAT number
BE 1007.696.772
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Wednesday of June at 19:00
deed of 02-04-2024 (in French)Sites & property
Location
Buildings and parcels at the address
Ground area
1,148 m²
Building footprint
186 m²
Building volume
932 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 92120B0276/00D000 | Wallonia | 1,148 m² | 1 · 186 m² | 7.0 m · 2 |