TFE
ActiveSummary
TFE has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €362,425 and a net result of €113,788. Equity is growing by ~11.1% per year across the filed fiscal years. Its solvency ranks better than 77% of 36377 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability97▲+34
Solvency97▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity ample (current ratio 3.12 against 4.14 in 2023; short-term debt: 28.3% and cash: 61.6% of total assets), and 28.3% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
71.7%
Return on assets
22.5%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 22-08-2025, 22 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
22 d late
2023
70 d early
2022
28 d early
2021
29 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 3 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
In the rankings
#8 company by total assets in Antoing, Construction sector
Equity
€362,425▲ 13.7%
2023 · €318,637
Total assets
€505,764▲ 2.7%
2023 · €492,562
Net result
€113,788▲ 90.3%
2023 · €59,783
Working capital
€303,777▼ 6.6%
2023 · €325,346
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€64,458▼ 35.5%€49,635▼ 23.0%€63,853▲ 28.6%€120,755▲ 89.1%€162,848▲ 34.9%
Net result€36,580▼ 45.2%€12,557▼ 65.7%€25,351▲ 102%€59,783▲ 136%€113,788▲ 90.3%
Equity€250,946▲ 17.1%€263,503▲ 5.0%€288,854▲ 9.6%€318,637▲ 10.3%€362,425▲ 13.7%
Total assets€337,997▼ 20.3%€325,164▼ 3.8%€437,351▲ 34.5%€492,562▲ 12.6%€505,764▲ 2.7%
Debt€65,989▼ 65.3%€27,744▼ 58.0%€111,779▲ 303%€173,925▲ 55.6%€143,339▼ 17.6%
Working capital€255,117▲ 18.2%€293,088▲ 14.9%€412,321▲ 40.7%€325,346▼ 21.1%€303,777▼ 6.6%
Staff (FTE)1=1=1=1=1=
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 35% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €505,764
Fixed assets
€58,648 ▼ 7.6%
Current assets
€447,116 ▲ 4.2%
Equity and liabilities €505,764
Equity
€362,425 ▲ 13.7%
Debt
€143,339 ▼ 17.6%
Debt's share of the balance-sheet total falls from 35.3% to 28.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€178,298▲
2023 · €132,259
Cash flow
€129,237▲
2023 · €71,287
Current ratio
3.12▼
2023 · 4.14
Quick ratio
3.07▼
2023 · 3.45
Debt to equity
0.40▼
2023 · 0.55
ROE
31.4%▲
2023 · 18.8%
ROA
22.5%▲
2023 · 12.1%
Interest coverage
1693.07▲
2023 · 3.53
Debt ≤ 1 year
€143,339▲
2023 · €103,777
Income taxes
€49,113▲
2023 · €23,540
Staff costs
€52,793▼
2023 · €62,142
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,672 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €52,026 | €55,436 | €62,142 | €52,793 | ▼ 15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,715 | €10,683 | €3,419 | €11,504 | €15,449 | ▲ 34.3% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €12,855 | €2,801 | -€36,718 | - | - |
| Other operating charges640/8 | - | €716 | €1,180 | €1,344 | €2,397 | ▲ 78.4% |
| Non-recurring operating charges66A | - | - | - | - | €36 | - |
| Gross operating margin9900 | €125,743 | €125,915 | €126,688 | €159,026 | €233,524 | ▲ 46.8% |
| Operating profit (loss)9901 | €64,458 | €49,635 | €63,853 | €120,755 | €162,848 | ▲ 34.9% |
| Financial income75/76B | - | €440 | €74 | €30 | €157 | ▲ 429% |
| Recurring financial income75 | €276 | €440 | €74 | €30 | €157 | ▲ 429% |
| Financial charges65/66B | - | €31,524 | €27,966 | €37,461 | €105 | ▼ 99.7% |
| Recurring financial charges65 | €13,997 | €31,524 | €27,966 | €37,461 | €105 | ▼ 99.7% |
| Profit (loss) for the period before taxes9903 | €50,737 | €18,551 | €35,961 | €83,323 | €162,900 | ▲ 95.5% |
| Income taxes67/77 | €14,157 | €5,994 | €10,610 | €23,540 | €49,113 | ▲ 109% |
| Profit (loss) for the period9904 | €36,580 | €12,557 | €25,351 | €59,783 | €113,788 | ▲ 90.3% |
| Profit (loss) for the period to be appropriated9905 | €36,580 | €12,557 | €25,351 | €59,783 | €113,788 | ▲ 90.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €337,997 | €325,164 | €437,351 | €492,562 | €505,764 | ▲ 2.7% |
| Fixed assets21/28 | €16,891 | €7,910 | €4,816 | €63,440 | €58,648 | ▼ 7.6% |
| Intangible fixed assets21 | €1,283 | - | - | - | - | - |
| Tangible fixed assets22/27 | €14,746 | €7,047 | €3,953 | €62,077 | €57,285 | ▼ 7.7% |
| Plant, machinery and equipment23 | - | €2,137 | €620 | €586 | €379 | ▼ 35.3% |
| Furniture and vehicles24 | - | €4,910 | €3,334 | €61,491 | €56,906 | ▼ 7.5% |
| Financial fixed assets28 | €863 | €863 | €863 | €1,363 | €1,363 | = |
| Current assets29/58 | €321,106 | €317,254 | €432,535 | €429,123 | €447,116 | ▲ 4.2% |
| Stocks and contracts in progress3 | €9,448 | €8,066 | €57,648 | €70,814 | €7,541 | ▼ 89.4% |
| Stocks30/36 | - | €8,066 | €57,648 | €70,814 | €7,541 | ▼ 89.4% |
| Amounts receivable within one year40/41 | €96,462 | €85,785 | €204,802 | €178,393 | €124,114 | ▼ 30.4% |
| Trade receivables40 | - | €55,667 | €182,097 | €159,101 | €114,343 | ▼ 28.1% |
| Other amounts receivable41 | - | €30,119 | €22,706 | €19,292 | €9,771 | ▼ 49.4% |
| Cash at bank and in hand54/58 | €214,961 | €222,829 | €169,485 | €175,031 | €311,607 | ▲ 78.0% |
| Deferred charges and accrued income490/1 | - | €574 | €599 | €4,884 | €3,854 | ▼ 21.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €337,997 | €325,164 | €437,351 | €492,562 | €505,764 | ▲ 2.7% |
| Equity10/15 | €250,946 | €263,503 | €288,854 | €318,637 | €362,425 | ▲ 13.7% |
| Contributions10/11 | - | €13,320 | €13,320 | €13,320 | €13,320 | = |
| Reserves13 | €153,864 | €166,364 | €191,714 | €221,494 | €265,274 | ▲ 19.8% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | €15,504 | €15,504 | €15,504 | €15,504 | = |
| Distributable reserves133 | - | €149,000 | €174,350 | €204,130 | €247,910 | ▲ 21.4% |
| Profit (loss) carried forward14 | €83,762 | €83,820 | €83,820 | €83,824 | €83,831 | = |
| Provisions and deferred taxes16 | €21,062 | €33,917 | €36,718 | - | - | - |
| Provisions for liabilities and charges160/5 | - | €33,917 | €36,718 | - | - | - |
| Other liabilities and charges164/5 | - | €33,917 | €36,718 | - | - | - |
| Amounts payable17/49 | €65,989 | €27,744 | €111,779 | €173,925 | €143,339 | ▼ 17.6% |
| Amounts payable within one year42/48 | €65,989 | €24,166 | €20,214 | €103,777 | €143,339 | ▲ 38.1% |
| Trade debts44 | €29,475 | €18,782 | €16,523 | €30,669 | €42,952 | ▲ 40.1% |
| Suppliers440/4 | - | €18,782 | €16,523 | €30,669 | €42,952 | ▲ 40.1% |
| Taxes, remuneration and social security45 | - | €5,384 | €3,691 | €7,644 | €33,470 | ▲ 338% |
| Taxes450/3 | - | - | - | €1,500 | €27,706 | ▲ 1,747% |
| Remuneration and social security454/9 | - | €5,384 | €3,691 | €6,144 | €5,765 | ▼ 6.2% |
| Other amounts payable47/48 | - | - | - | €65,464 | €66,917 | ▲ 2.2% |
| Accrued charges and deferred income492/3 | - | €3,577 | €91,565 | €70,148 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,580 | €12,557 | €25,351 | €59,783 | €113,788 | ▲ 90.3% |
| + Depreciation and write-downs630 | €10,715 | €10,683 | €3,419 | €11,504 | €15,449 | ▲ 34.3% |
| Operating cash flow (approximation) | €47,295 | €23,240 | €28,769 | €71,287 | €129,237 | ▲ 81.3% |
| Investment in fixed assets (approximation) | - | -€1,702 | -€325 | -€70,127 | -€10,658 | ▲ 84.8% |
| Change in cash | - | €7,868 | -€53,344 | €5,546 | €136,576 | ▲ 2,363% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
31-12
Financial
Highest result since 2018net €113,788 ▲90.3%
Operating result €162,848, net result €113,788, both a record.
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Weakest financial yearnet €12,557 ▼65.7%
Net result drops to €12,557, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 13.13
Current ratio from 4.87 to 13.13; short-term debt falls from €65,989 to €24,166.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Liquidity doublescurrent ratio 4.87
Current ratio from 2.14 to 4.87; short-term debt falls from €190,127 to €65,989.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-12
Financial
Equity above €200,000Eq €214,366 ▲45.2%
2 profitable years in a row build equity to €214,366.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
Show earlier events
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 29 days late
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
22-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antoing · 2 establishment units since 2014
Ground area
3,152 m²
Building footprint
197 m²
Volume, LiDAR
1,310 m³
2 parcels, Wallonia · tallest building 8.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
TFE
since 20142.238.304.197
TFE
since 20202.305.133.734
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57070B0280/00M000 | Wallonia | 1,993 m² | 1 · 89 m² | 8.6 m · 2 fl. |
| 57051B0200/00H000 | Wallonia | 1,159 m² | 1 · 108 m² | 8.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
254900JEIE3WURPRQD04
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,667. 4,395 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-12-2014
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
28250Manufacture of machinery and equipment not elsewhere classified
43240Other construction installation
95210Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0507767878
Registered
03-11-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.