TGV CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of TGV CONSTRUCT is 6.4% (elevated). The 2025 annual accounts show equity of €55,801 and a net result of €47,489. Its solvency ranks better than 63% of 9,354 sector peers (NACE 41, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €55,801
- Profit
- €47,489
Why 38raises riskFounded in 2024Sector: Construction of residential and non-residential buildings (NACE 41)Liquidity: current ratio 2.21, cash €1, halvedLast filed accounts filed 45 days late; 1 of the last 3 lateShow the evidence
Checked score
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 41, micro): better than 64% on solvency, 24% on liquidity, 91% on profitability and 99% on growth.
The bankruptcy probability was computed on 30-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 2 accounts on average 37 days after the deadline; the sector median (NACE 41) for financial year 2024 is on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- IncorporationAppointment: George Valentin TIMOFTE (director)…
Financials · financial year 2025, micro format
2025 annual accounts filed late (45 days) Filed on 14 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00513582.
2024 to 2025, 2 financial years
The operating result rises in 2025; 2025 is over 4.4 times 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 41, Construction of residential and non-residential buildings: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 39,278 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 95.9% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a higher bankruptcy probability: 6.4% 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 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 39,278 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.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Other operating charges640/8 | - | €58 | - |
| Gross operating margin9900 | €14,325 | €63,672 | ▲ 344% |
| Operating profit (loss)9901 | €14,325 | €63,614 | ▲ 344% |
| Financial income75/76B | €0 | €1 | ▲ 520% |
| Recurring financial income75 | €0 | €1 | ▲ 520% |
| Financial charges65/66B | €2,610 | €2,426 | ▼ 7.0% |
| Recurring financial charges65 | €2,610 | €2,426 | ▼ 7.0% |
| Profit (loss) for the period before taxes9903 | €11,715 | €61,188 | ▲ 422% |
| Income taxes67/77 | €3,402 | €13,700 | ▲ 303% |
| Profit (loss) for the period9904 | €8,313 | €47,489 | ▲ 471% |
| Profit (loss) for the period to be appropriated9905 | €8,313 | €47,489 | ▲ 471% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €16,234 | €100,195 | ▲ 517% |
| Fixed assets21/28 | - | €2,000 | - |
| Financial fixed assets28 | - | €2,000 | - |
| Current assets29/58 | €16,234 | €98,195 | ▲ 505% |
| Amounts receivable within one year40/41 | €14,529 | €98,194 | ▲ 576% |
| Trade receivables40 | €9,974 | €88,986 | ▲ 792% |
| Other amounts receivable41 | €4,555 | €9,208 | ▲ 102% |
| Cash at bank and in hand54/58 | €1,705 | €1 | ▼ 100.0% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €16,234 | €100,195 | ▲ 517% |
| Equity10/15 | €8,313 | €55,801 | ▲ 571% |
| Reserves13 | €5,000 | €10,000 | ▲ 100% |
| Distributable reserves133 | €5,000 | €10,000 | ▲ 100% |
| Profit (loss) carried forward14 | €3,313 | €45,801 | ▲ 14× |
| Amounts payable17/49 | €7,921 | €44,394 | ▲ 460% |
| Amounts payable within one year42/48 | €7,921 | €44,394 | ▲ 460% |
| Financial debts43 | - | €5 | - |
| Credit institutions430/8 | - | €5 | - |
| Trade debts44 | €4,519 | €15,152 | ▲ 235% |
| Suppliers440/4 | €4,519 | €15,152 | ▲ 235% |
| Taxes, remuneration and social security45 | €3,402 | €29,237 | ▲ 759% |
| Taxes450/3 | €3,402 | €17,102 | ▲ 403% |
| Remuneration and social security454/9 | - | €12,135 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €8,313 | €47,489 | ▲ 471% |
| Operating cash flow (approximation) | €8,313 | €47,489 | ▲ 471% |
| Change in cash | - | -€1,704 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (2)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 14-09-2026 | 2026-00513582 |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00432729 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| George Valentin TIMOFTE |
|
Owners and capital
Capital and shareholders
- George Valentin TIMOFTE 100 shares (100%) · €2,000
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 01-02-2024 Incorporation · €2,000 · 100 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
On 30 January 2024, TGV CONSTRUCT was incorporated as a private limited company by one natural person, with a starting capital of €2,000.12 George Valentin TIMOFTE has served as director of the company since 2024.2 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Acts, filings and financial milestones
01-02
Gazette deed
IncorporationAppointment: George Valentin TIMOFTE (director) · Founding capital · Registered office clause6 facts ▸
- Incorporation, 19-01-2024
- Founding capital, €2,000
- Registered office clause, “1601 Sint-Pieters-Leeuw (Ruisbroek), Beemdstraat 27” (deed in Dutch)
- Board rule, 1
- Director appointment, George Valentin TIMOFTE (director (not named in the articles))
- Pre-incorporation commitments, “takeover, all commitments and obligations arising therefrom, and all activities undertaken” (deed in Dutch)
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice, with enterprise number 1005.363.923
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23069A0395/00A002 | Flanders | 1,540 m² | 1 · 6,251 m² | 14.4 m · 2 |
| 21342B0108/00X003 | Brussels | 156 m² | 1 · 111 m² | 14.6 m · 4 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Alle vastgoedverrichtingen, met inbegrip van de aankoop en verkoop, de ruil, de verhuring en onderverhuring, de afwerking, de uitbating van…” (deed in Dutch)
85 activities (deed in Dutch)
- Alle vastgoedverrichtingen, met inbegrip van de aankoop en verkoop, de ruil, de verhuring en onderverhuring, de afwerking, de uitbating van vastgoedkantoren, de verkaveling en aanleg van parken of industriezones, voor kleine industrie of woningen
- Alle bouw-, voltooings, installatie, verbeterings, onderhouds, bewakings, of montagewerken die betrekking hebben op: alle bouwwerken in het algemeen, van metselwerk, beton of gecombineerde en prefabmaterialen
- De plaatsing van deuren, plinten, ramen rolluiken, tussenwanden en verlaagde plafonds, glaswerken, schilder – en behangwerken, loodgieters – en elektriciteitswerken, waarbij deze opsomming niet volledig is
- De verkoop en plaatsing van ingerichte keukens, wandkasten en meubels
- Elektriciteit of elektronica, hoog-of laagspanning, regeling, telefonie en telegrafie
- Slotenmakerij, brandkasten en het openen van deuren en brandkasten
- Loodgieterij en zinkwaren: daklijsten, sanitaire installaties, dakbedekking (roofing, leien, dakpannen, koper, zink, p.v.c.)
- Alle rioleringswerken
- De plaatsing van tegels, glas, spiegels en andere doorschijnende of transparante materialen
- Centrale verwarming: gas, stookolie, kolen, elektriciteit of een andere energie of brandstof, of een ander product of vervangproduct
- Airconditioning
- Klimaatregeling
- Temperatuurregeling
- Onderhoud en reparatie van alle soorten branders
- Elektrische huishoudapparaten
- Televisie
- Versiering
- Warmte- en geluidsisolatie
- Slijpen van messen en scharen
- Alarm- en antidiefstalsystemen
- Lucht- en waterverversing
- Verhuring van materieel
- Schrijn- en timmerwerk
- Algemene mechanica
- Siersmeedwerk voor constructies en meubilair
- Gevelreiniging
- Reiniging en onderhoud van gebouwen
- Smeed- en laswerken
- Antennes
- Do it yourself
- Bewaking van gebouwen
- Brandveiligheid
- Alle dakwerken
- Koelinstallaties
- Sleepdienst
- De organisatie en het beheer van studiebureaus in al deze bedrijfstakken, en de uitbating van garages
- Plaatsing van vloer-en wandtegels
- Onderneming voor het aanbrengen van chape
- Het optrekken van de ruwbouw van individuele huizen, appartementsgebouwen, kantoorgebouwen, stapelplaatsen, scholen
- Het uitvoeren van metselwerk
- Het plaatsen van behang
- Het schilderen van het binnen-on buitenwerk van gebouwen
- Het grondverzet, graven, ophogen, egaliserenen nivelleren van bouwterreinen
- Vastgoedverrichtingen
- Bouw- en installatiewerken
- Verkoop en plaatsing van meubels
- Elektriciteit en elektronica
- Slotenmakerij
- Loodgieterij
- Riolering
- Centrale verwarming
- Airconditioning
- Klimaatregeling
- Temperatuurregeling
- Onderhoud branders
- Elektrische huishoudapparaten
- Televisie
- Versiering
- Isolatie
- Slijpen
- Alarm systemen
- Luchtverversing
- Verhuring materieel
- Schrijnwerk
- Mechanica
- Siersmeedwerk
- Gevelreiniging
- Reiniging gebouwen
- Smeedwerk
- Antennes
- Do it yourself
- Bewaking
- Brandveiligheid
- Dakwerken
- Koelinstallaties
- Sleepdienst
- Studiebureaus
- Garages
- Vloertegels
- Chape
- Ruwbouw
- Metselwerk
- Behang
- Schilderen
- Grondverzet
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- TGV CONSTRUCT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest, bij enkel besluit van het bestuursorgaan” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Bestuursorgaan, benoemd met of zonder beperking van duur” (deed in Dutch)“Hij kan bijzondere machten toekennen aan elke mandataris, iedere bestuurder vertegenwoordigt de vennootschap jegens derden en in rechte als…” (deed in Dutch)“Deze wordt geboekt op de algemene kosten, los van eventuele representatie-, reis- en verplaatsingskosten, indien het mandaat van de…” (deed in Dutch)“Het bestuursorgaan bepaalt of zij alleen, dan wel gezamenlijk optreden, het kan hen op elk ogenblik ontslaan” (deed in Dutch)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Register van aandelen op naam, volgnummer” (deed in Dutch)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Indien de vennootschap maar één aandeelhouder meer telt, dan kan deze het geheel of een deel van de aandelen vrij overdragen” (deed in Dutch)
- Pre-emptive rightsExisting shareholders may buy new shares first, in proportion to what they already hold.
- “Nieuwe aandelen waarop in geld wordt ingeschreven worden het eerst aangeboden aan de bestaande aandeelhouders naar evenredigheid van het…” (deed in Dutch)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “TITEL V : Algemene vergadering Artikel 15. Organisatie en bijeenroeping Ieder jaar wordt een gewone algemene vergadering van aandeelhouders…” (deed in Dutch)
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- One provision in the deed
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- One provision in the deed