TILLOVAN
ActiveSummary
TILLOVAN has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €518,862 and a net result of -€11,798. Equity is shrinking by ~4.5% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▲+58
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 23.95 against 15.03 in 2024; short-term debt: 0.5% and cash: 10.3% of total assets), and 0.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2025Solvency, return and age of the figures
Solvency
99.5%
Return on assets
-2.3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€11,798
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-06-2026, 50 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
50 d early
2024
51 d early
2023
43 d early
2022
30 d late
2021
30 d late
2020
88 d late
2019
123 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 18 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 19 June (5 of the last 5 filed years within 72 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€518,862▼ 2.2%
2024 · €530,661
Total assets
€521,462▼ 2.4%
2024 · €534,031
Net result
-€11,798▲ 74.9%
2024 · -€46,964
Working capital
€59,665▲ 26.2%
2024 · €47,267
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
Line20212022202320242025
Operating result-€26,323▼ 3,369%-€18,691▲ 29.0%-€62,437▼ 234%-€46,877▲ 24.9%-€11,656▲ 75.1%
Net result-€28,934▼ 353%-€20,956▲ 27.6%-€60,222▼ 187%-€46,964▲ 22.0%-€11,798▲ 74.9%
Equity€658,803▼ 4.2%€637,847▼ 3.2%€577,625▼ 9.4%€530,661▼ 8.1%€518,862▼ 2.2%
Total assets€1.2m▼ 4.3%€1.1m▼ 3.4%€583,765▼ 48.3%€534,031▼ 8.5%€521,462▼ 2.4%
Debt€509,438▼ 4.5%€490,920▼ 3.6%€6,140▼ 98.7%€3,370▼ 45.1%€2,600▼ 22.8%
Working capital-€411,273▼ 0.7%-€423,732▼ 3.0%€62,897€47,267▼ 24.9%€59,665▲ 26.2%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €11,656 in 2025 against €46,877 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €521,462
Fixed assets
€459,198 ▼ 5.0%
Current assets
€62,265 ▲ 23.0%
Equity and liabilities €521,462
Equity
€518,862 ▼ 2.2%
Debt
€2,600 ▼ 22.8%
Debt's share of the balance-sheet total falls from 0.6% to 0.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12,540▲
2024 · -€15,543
Cash flow
€12,398▲
2024 · -€15,631
Current ratio
23.95▲
2024 · 15.03
Debt to equity
0.01▼
2024 · 0.01
ROE
-2.3%▲
2024 · -8.9%
ROA
-2.3%▲
2024 · -8.8%
Interest coverage
73.02▲
2024 · -76.92
Debt ≤ 1 year
€2,600▼
2024 · €3,370
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,688 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
0.5%
went bankrupt
5.4%
stopped otherwise
94%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.9% 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 497,662 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% | 1.7% |
| 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 75% 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 2,688 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,579 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €44,233 | €31,417 | €31,417 | €31,334 | €24,197 | ▼ 22.8% |
| Other operating charges640/8 | €2,711 | €2,756 | €3,030 | €2,981 | €2,744 | ▼ 8.0% |
| Gross operating margin9900 | €20,621 | €15,482 | -€27,989 | -€12,562 | €15,284 | ▲ 222% |
| Operating profit (loss)9901 | -€26,323 | -€18,691 | -€62,437 | -€46,877 | -€11,656 | ▲ 75.1% |
| Financial income75/76B | - | - | €10,200 | €114 | €30 | ▼ 73.8% |
| Recurring financial income75 | - | - | €10,200 | €114 | €30 | ▼ 73.8% |
| Financial charges65/66B | €2,611 | €2,265 | €4,447 | €202 | €172 | ▼ 15.0% |
| Recurring financial charges65 | €2,611 | €2,265 | €4,447 | €202 | €172 | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | -€28,934 | -€20,956 | -€56,683 | -€46,964 | -€11,798 | ▲ 74.9% |
| Income taxes67/77 | - | - | €3,540 | - | - | - |
| Profit (loss) for the period9904 | -€28,934 | -€20,956 | -€60,222 | -€46,964 | -€11,798 | ▲ 74.9% |
| Transfer from tax-exempt reserves789 | - | - | €13,263 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€28,934 | -€20,956 | -€46,960 | -€46,964 | -€11,798 | ▲ 74.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.1m | €583,765 | €534,031 | €521,462 | ▼ 2.4% |
| Fixed assets21/28 | €1.1m | €1.1m | €514,728 | €483,394 | €459,198 | ▼ 5.0% |
| Tangible fixed assets22/27 | €577,562 | €546,145 | €514,728 | €483,394 | €459,198 | ▼ 5.0% |
| Land and buildings22 | €568,718 | €538,482 | €508,245 | €478,009 | €454,829 | ▼ 4.8% |
| Plant, machinery and equipment23 | €8,844 | €7,663 | €6,482 | €5,385 | €4,369 | ▼ 18.9% |
| Financial fixed assets28 | €571,186 | €571,186 | - | - | - | - |
| Current assets29/58 | €19,493 | €11,437 | €69,037 | €50,636 | €62,265 | ▲ 23.0% |
| Amounts receivable within one year40/41 | €18,437 | €11,437 | €5,080 | €8,367 | €8,300 | ▼ 0.8% |
| Trade receivables40 | €7,351 | - | - | €3,579 | €3,579 | = |
| Other amounts receivable41 | €11,085 | €11,437 | €5,080 | €4,788 | €4,722 | ▼ 1.4% |
| Cash at bank and in hand54/58 | €1,056 | - | €63,957 | €42,270 | €53,964 | ▲ 27.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €583,765 | €534,031 | €521,462 | ▼ 2.4% |
| Equity10/15 | €658,803 | €637,847 | €577,625 | €530,661 | €518,862 | ▼ 2.2% |
| Contributions10/11 | €618,550 | €618,550 | €618,550 | €618,550 | €618,550 | = |
| Reserves13 | €40,253 | €19,297 | €5,871 | €5,871 | €5,871 | = |
| Non-distributable reserves130/1 | €5,871 | €5,871 | €5,871 | €5,871 | €5,871 | = |
| Reserves not available under the articles1311 | €5,871 | €5,871 | €5,871 | €5,871 | €5,871 | = |
| Tax-exempt reserves132 | €13,263 | €13,263 | - | - | - | - |
| Distributable reserves133 | €21,120 | €164 | - | - | - | - |
| Profit (loss) carried forward14 | - | - | -€46,796 | -€93,760 | -€105,558 | ▼ 12.6% |
| Amounts payable17/49 | €509,438 | €490,920 | €6,140 | €3,370 | €2,600 | ▼ 22.8% |
| Amounts payable after more than one year17 | €71,322 | €55,751 | - | - | - | - |
| Financial debts170/4 | €71,322 | €55,751 | - | - | - | - |
| Amounts payable within one year42/48 | €430,765 | €435,168 | €6,140 | €3,370 | €2,600 | ▼ 22.8% |
| Current portion of amounts payable after more than one year42 | €15,394 | €15,570 | - | - | - | - |
| Financial debts43 | - | €328 | - | - | - | - |
| Credit institutions430/8 | - | €328 | - | - | - | - |
| Trade debts44 | - | - | - | €770 | - | - |
| Suppliers440/4 | - | - | - | €770 | - | - |
| Taxes, remuneration and social security45 | €3,709 | - | €3,540 | - | - | - |
| Taxes450/3 | €3,709 | - | €3,540 | - | - | - |
| Other amounts payable47/48 | €411,662 | €419,271 | €2,600 | €2,600 | €2,600 | = |
| Accrued charges and deferred income492/3 | €7,351 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€28,934 | -€20,956 | -€60,222 | -€46,964 | -€11,798 | ▲ 74.9% |
| + Depreciation and write-downs630 | €44,233 | €31,417 | €31,417 | €31,334 | €24,197 | ▼ 22.8% |
| Operating cash flow (approximation) | €15,299 | €10,462 | -€28,805 | -€15,631 | €12,398 | ▲ 179% |
| Investment in fixed assets (approximation) | - | €0 | €571,186 | €0 | €0 | - |
| Change in cash | - | - | - | -€21,687 | €11,694 | ▲ 154% |
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
Next filing, fiscal year 2026, expected by
2026
25-09
State Gazette act
Registered office · Statutes amendment · Legal-form changeIncorporation · Capital conversion · Reserve release17 facts ▸
State Gazette act
Registered office · Statutes amendment · Legal-form change
Incorporation · Capital conversion · Reserve release17 facts ▸
- General meeting, 03-09-2026
- Incorporation, 04-08-2009
- Statutes amendment
- Capital conversion, statutair onbeschikbare eigenvermogensrekening
- Reserve release, opheffing, middelen beschikbaar te maken voor uitkering
- Asset distribution, in natura, onroerend goed
- Shareholding, aandeelhouder
- Shareholding, aandeelhouder
- Shareholding, aandeelhouder
- Registered-office move, 3080 Tervuren, Lindenberg 17
- Statutes amendment
- Capital
- +5 further facts in this act
26-08
State Gazette act
Resignation: Francine Van Tilborgh (non-statutory director)Power of attorney3 facts ▸
State Gazette act
Resignation: Francine Van Tilborgh (non-statutory director)
Power of attorney3 facts ▸
- General meeting, 28-05-2026
- Director resignation, Francine Van Tilborgh (non-statutory director)
- Power of attorney, JAXA Accountants
11-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€60,222
Net result drops to -€60,222, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 428current ratio 11.24
Current ratio from 0.03 to 11.24; short-term debt falls from €435,168 to €6,140.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
27-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 88 days late
2020
01-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 123 days late
2019
18-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 49 days late
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 2 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
6 of this company's 8 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Tervuren
Ground area
922 m²
Building footprint
112 m²
Volume, LiDAR
851 m³
Parcel 24114C0214/00N002, Flanders · tallest building 10.5 m, ±3 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24114C0214/00N002 | Flanders | 922 m² | 1 · 112 m² | 10.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Francine Van Tilborgh |
|
Articles of association
Annual meeting
Last Thursday of May at 19:00
Duration
Unlimited
Purpose
Het verwerven en beheren van een eigen roerend vermogen, met inbegrip van aandelen, beleggingen en participaties in ondernemingen; de activiteiten van een holding; het verstrekken…
Full purpose (4 activities)
- Het verwerven en beheren van een eigen roerend vermogen, met inbegrip van aandelen, beleggingen en participaties in ondernemingen; de activiteiten van een holding; het verstrekken van diensten, het verlenen van adviezen aan ondernemingen en overheden; het management van ondernemingen en vennootschappen
- Het verkrijgen, vervreemden, bewaren en beheren, exploiteren, onderhouden en herstellen, bouwen en verbouwen, huren en verhuren, omvormen en inrichten, in leasing nemen en in leasing geven, de waardering van onroerende goederen; het verwerven, het beheren van een onroerend vermogen
- Het deelnemen aan de oprichting, de ontwikkeling, de omvorming, de administratie en de controle van de vennootschappen en ondernemingen
- Uitvoeren van bestuursfuncties in ondernemingen en vennootschappen, het uitvoeren en beheren van managementopdrachten
Other statement
Interimdividenden, artikel 5.141, 2e lid van het Wetboek van vennootschappen en verenigingen
Stortingsplicht, volgestort bij uitgifte
Bestaande aandeelhouders naar evenredigheid van het aantal aandelen dat zij bezitten, recht van voorkeur
Iedere persoon kan verzaken aan de oproeping en zal in ieder geval als regelmatig opgeroepen worden beschouwd als hij aanwezig of vertegenwoordigd is op de verg…
Artikel 19. Toegang tot de algemene vergadering
Artikel 20. Zittingen – processen-verbaal
Elke aandeelhouder kan aan ieder andere persoon, al dan niet aandeelhouder, door alle middelen van overdracht, een schriftelijke volmacht geven om zich te laten…
Artikel 22. Verdaging
Artikel 23. Schriftelijke besluitvorming
Artikel 25. Bestemming van de winst – reserves
Voor de uitvoering van deze statuten, kiest elke in het buitenland wonende aandeelhouder, bestuurder, commissaris, vereffenaar of obligatiehouder, woonplaats op…
Een exclusieve bevoegdheid toegekend aan de rechtbank in wiens rechtsgebied de zetel is gevestigd, Voor elk betwisting omtrent de zaken van de vennootschap en d…
De bepalingen van het Wetboek van vennootschappen en verenigingen, waarvan niet geldig zou zijn afgeweken, worden geacht te zijn ingeschreven in huidige akte, e…
4 more provisions on this in the deed
Legal form clause
Registered office clause
Vlaams Gewest, enkel besluit van het bestuursorgaan
Share class
Aandeelhouders mogen kennis nemen van register betreffende hun effecten, op naam
Transfer restriction
Board rule
Met of zonder beperking van duur, Artikel 13
Artikel 14. Bevoegdheden van het bestuursorgaan
Vaste of evenredige, Artikel 15
Artikel 16. Dagelijks bestuur
Dissolution rule
Op elk moment, in de vormen vereist voor de statutenwijziging
Liquidation rule
Artikel 27. Vereffenaars
Liquidation distribution
Na aanzuivering van alle schulden, lasten en kosten van de vereffening of consignatie van de nodige sommen om die te voldoen en, indien er aandelen zijn die nie…
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2024 annual accounts of TILLOVAN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
4 locations
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 25-09-2026 ↗
- VAN LOON Els
- Tom
- Jelle
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 25-09-2026 Converted to unavailable equity
Identification & contact
Identification
Legal formPrivate limited company
Founded04-08-2009
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.