TIM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 3 March 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00047627.
Annual accounts 2025 filed on 03-03-2026 PDF all 11 filings
Turnover
≈ €3.2m
Estimated: probably between €2.4m and €4.2m
Total assets
€1.3m▼ 55.1%
2024 · €2.9m
Net result
-€135,988
2024 · €138,668
Working capital
€677,970▼ 72.4%
2024 · €2.5m
In the rankings
#4 employer in Sint-Pieters-Leeuw, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€223,162
▲ 80.9%
2025
20192025
Net result
-€135,988
2025
lowest quarter of the sector
20192025
Equity
€262,364
▼ 89.0%
2025
middle half of the sector
20192025
Total assets
€1.3m
▼ 55.1%
2025
middle half of the sector
20192025
Debt
€794,022
▲ 95.6%
2025
20192025
Working capital
€677,970
▼ 72.4%
2025
highest quarter of the sector
20192025
Solvency
20.4%
▼ 62.8pp
2025
lowest quarter of the sector
20192025
Current ratio
2.23
▼ 4.93
2025
middle half of the sector
20192025
Return on assets (ROA)
-10.6%
▼ 15.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
11.7
▲ 10.4%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€0.2m▲ 5.4%€0.2m▼ 19.1%€0.2m▲ 9.5%€0.2m▼ 8.1%€0.1m▼ 30.1%€0.2m▲ 80.9%
Net result€0.1m-€0.1mabove the sector's middle half▲ 12.3%€0.1mabove the sector's middle half▼ 10.0%€0.1mabove the sector's middle half▲ 5.1%€0.1mwithin the sector's middle half▼ 6.5%€0.1mabove the sector's middle half▲ 6.8%-€0.1mbelow the sector's middle half
Equity€1.7m-€1.8mabove the sector's middle half▲ 8.6%€2.0mabove the sector's middle half▲ 7.2%€2.1mabove the sector's middle half▲ 7.0%€2.2mabove the sector's middle half▲ 6.1%€2.4mabove the sector's middle half▲ 6.2%€0.3mwithin the sector's middle half▼ 89.0%
Total assets€2.5m-€2.8mabove the sector's middle half▲ 12.9%€3.1mabove the sector's middle half▲ 10.6%€3.5mabove the sector's middle half▲ 14.3%€3.6mabove the sector's middle half▲ 2.5%€2.9mabove the sector's middle half▼ 20.2%€1.3mwithin the sector's middle half▼ 55.1%
Debt€0.8m-€0.9m▲ 19.1%€1.1m▲ 17.8%€1.3m▲ 23.6%€1.3m▼ 3.3%€0.4m▼ 68.1%€0.8m▲ 95.6%
Working capital€1.7m-€1.9mabove the sector's middle half▲ 10.8%€2.0mabove the sector's middle half▲ 6.9%€2.2mabove the sector's middle half▲ 9.1%€2.4mabove the sector's middle half▲ 12.3%€2.5mabove the sector's middle half▲ 0.5%€0.7mabove the sector's middle half▼ 72.4%
Solvency69.2%-66.5%above the sector's middle half▼ 2.6pp64.5%above the sector's middle half▼ 2.0pp60.4%within the sector's middle half▼ 4.1pp62.5%within the sector's middle half▲ 2.2pp83.2%above the sector's middle half▲ 20.7pp20.4%below the sector's middle half▼ 62.8pp
Current ratio3.22-3.07above the sector's middle half▼ 0.162.88above the sector's middle half▼ 0.192.66within the sector's middle half▼ 0.223.16above the sector's middle half▲ 0.507.16above the sector's middle half▲ 4.002.23within the sector's middle half▼ 4.93
Return on assets (ROA)5.3%-5.3%within the sector's middle half=4.3%within the sector's middle half▼ 1.0pp4.0%within the sector's middle half▼ 0.3pp3.6%within the sector's middle half▼ 0.3pp4.8%within the sector's middle half▲ 1.2pp-10.6%below the sector's middle half▼ 15.4pp
Staff (FTE)12.5-11.8above the sector's middle half▼ 5.6%11.9above the sector's middle half▲ 0.8%12.4above the sector's middle half▲ 4.2%11.2above the sector's middle half▼ 9.7%10.6above the sector's middle half▼ 5.4%11.7above the sector's middle half▲ 10.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 81% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.3m
Fixed assets
€56,452 ▲ 502%
Current assets
€1.2m ▼ 56.9%
Equity and liabilities €1.3m
Equity
€262,364 ▼ 89.0%
Provisions
€231,400 ▲ 204%
Debt
€794,022 ▲ 95.6%
Debt's share of the balance-sheet total rises from 14.2% to 61.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€232,742▲
2024 · €131,726
Cash flow
-€126,408▼
2024 · €147,036
Debt to equity
3.03▲
2024 · 0.17
ROE
-51.8%▼
2024 · 5.8%
Interest coverage
over 100▲
2024 · 7.99
Debt ≤ 1 year
€553,005▲
2024 · €399,336
Income taxes
€367,345▲
2024 · €49,869
Staff costs
€730,109▲
2024 · €626,974
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2021 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 14 | 13 | 11 | 12 | 22 |
| full-time | 12 | 10 | 8 | 10 | 11 |
| part-time | 2 | 3 | 3 | 2 | 11 |
| in full-time equivalents | 13.1 | 11.9 | 9.9 | 11.1 | 11.5 |
| Average over the year, in full-time equivalents | 12.6 | 12.4 | 11.2 | 10.6 | 11.7 |
| On a permanent contract | 14 | 13 | 11 | 12 | 22 |
| Joined | 3 | 0 | 0 | 4 | 2 |
| Left | 1 | 1 | 2 | 3 | 2 |
| Training hours | 381 | 321 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-06-2021 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,740 | €13,900 | €7,387 | €1,040 | €56,661 |
| Depreciation and write-downs of the year | €7,470 | €7,666 | €8,400 | €8,368 | €9,580 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €170 awarded · €170 paidSchemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.06m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.009m | €0.007m | €0.008m | €0.008m | €0.008m | €0.01m | ▲ 14.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | -€0.02m | - | €0.05m | -€0.06m | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €0.05m | €0 | - | €0.2m | - |
| Other operating charges640/8 | - | - | €0.2m | €0.01m | €0.04m | €0.3m | €0.01m | ▼ 96.3% |
| Non-recurring operating charges66A | - | - | €0.001m | €0.002m | €0.002m | €0.003m | €0.01m | ▲ 333% |
| Gross operating margin9900 | €0.9m | €0.9m | €1.0m | €0.9m | €0.9m | €1.0m | €1.1m | ▲ 16.0% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 80.9% |
| Financial income75/76B | - | - | €0.006m | €7 | €223 | €0.08m | €0.009m | ▼ 89.5% |
| Recurring financial income75 | €0.001m | €0.001m | €0.006m | €7 | €223 | €0.08m | €0.009m | ▼ 89.5% |
| Financial charges65/66B | - | - | €155 | €50 | €0.001m | €0.02m | €388 | ▼ 97.6% |
| Recurring financial charges65 | €194 | €0.002m | €155 | €50 | €0.001m | €0.02m | €388 | ▼ 97.6% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 22.7% |
| Income taxes67/77 | €0.08m | €0.07m | €0.05m | €0.05m | €0.05m | €0.05m | €0.4m | ▲ 637% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | -€0.1m | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €1.2m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €1.0m | ▲ 634% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.5m | €2.8m | €3.1m | €3.5m | €3.6m | €2.9m | €1.3m | ▼ 55.1% |
| Formation expenses20 | - | €358 | €358 | €358 | €358 | €358 | €358 | = |
| Fixed assets21/28 | €0.01m | €0.005m | €0.01m | €0.02m | €0.02m | €0.009m | €0.06m | ▲ 502% |
| Tangible fixed assets22/27 | €0.01m | €0.005m | €0.01m | €0.02m | €0.02m | €0.009m | €0.06m | ▲ 522% |
| Furniture and vehicles24 | - | - | €0.01m | €0.02m | €0.02m | €0.009m | €0.06m | ▲ 522% |
| Financial fixed assets28 | €359 | €359 | €359 | €359 | €359 | €359 | €359 | = |
| Current assets29/58 | €2.4m | €2.8m | €3.1m | €3.5m | €3.6m | €2.9m | €1.2m | ▼ 56.9% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.004m | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | - | - | €0.004m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €1.4m | €1.6m | €1.8m | €2.2m | €2.2m | €1.3m | €0.8m | ▼ 43.1% |
| Trade receivables40 | - | - | €1.2m | €1.4m | €1.6m | €0.6m | €0.7m | ▲ 18.2% |
| Other amounts receivable41 | - | - | €0.6m | €0.8m | €0.6m | €0.7m | €0.03m | ▼ 95.6% |
| Current investments50/53 | - | - | - | - | €0.2m | €0.2m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €1.0m | €1.2m | €1.2m | €1.3m | €1.2m | €1.3m | €0.5m | ▼ 62.9% |
| Deferred charges and accrued income490/1 | - | - | €0.04m | €0.04m | €0.04m | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.5m | €2.8m | €3.1m | €3.5m | €3.6m | €2.9m | €1.3m | ▼ 55.1% |
| Equity10/15 | €1.7m | €1.8m | €2.0m | €2.1m | €2.2m | €2.4m | €0.3m | ▼ 89.0% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Contributions outside capital11 | - | - | €0.006m | €0.006m | - | - | - | - |
| Other1109/19 | - | - | €0.006m | €0.006m | - | - | - | - |
| Reserves13 | €1.7m | €1.8m | €2.0m | €2.1m | €2.2m | €2.4m | €0.4m | ▼ 83.5% |
| Non-distributable reserves130/1 | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €0.4m | ▼ 74.6% |
| Reserves not available under the articles1311 | - | - | €1.5m | €1.5m | €1.5m | €1.5m | €0.4m | ▼ 74.6% |
| Distributable reserves133 | - | - | €0.4m | €0.6m | €0.7m | €0.8m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.1m | - |
| Provisions and deferred taxes16 | - | €0.03m | €0.03m | €0.08m | €0.08m | €0.08m | €0.2m | ▲ 204% |
| Provisions for liabilities and charges160/5 | - | - | €0.03m | €0.08m | €0.08m | €0.08m | €0.2m | ▲ 204% |
| Other liabilities and charges164/5 | - | - | €0.03m | €0.08m | €0.08m | €0.08m | €0.2m | ▲ 204% |
| Amounts payable17/49 | €0.8m | €0.9m | €1.1m | €1.3m | €1.3m | €0.4m | €0.8m | ▲ 95.6% |
| Amounts payable within one year42/48 | €0.8m | €0.9m | €1.1m | €1.3m | €1.1m | €0.4m | €0.6m | ▲ 38.5% |
| Financial debts43 | - | - | €0.03m | - | - | - | - | - |
| Credit institutions430/8 | - | - | €0.03m | - | - | - | - | - |
| Trade debts44 | €0.4m | €0.4m | €0.8m | €1.0m | €0.8m | €0.2m | €0.2m | ▼ 6.6% |
| Suppliers440/4 | - | - | €0.8m | €1.0m | €0.8m | €0.2m | €0.2m | ▼ 6.6% |
| Advances received on contracts in progress46 | - | - | €0.1m | €0.1m | €0.1m | €0 | €0.005m | - |
| Taxes, remuneration and social security45 | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 173% |
| Taxes450/3 | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.3m | ▲ 149% |
| Remuneration and social security454/9 | - | - | €0.007m | €0.004m | €0.05m | €0.01m | €0.05m | ▲ 431% |
| Other amounts payable47/48 | - | - | €0.01m | €0.01m | €0.03m | €0.04m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €0.003m | €0.003m | €0.1m | €0.007m | €0.2m | ▲ 36× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €130,703 | €146,748 | €132,109 | €138,793 | €129,840 | €138,668 | -€135,988 | - |
| + Depreciation and write-downs630 | €11,851 | €9,140 | €7,470 | €7,666 | €8,400 | €8,368 | €9,580 | ▲ 14.5% |
| Operating cash flow (approximation) | €142,554 | €155,888 | €139,579 | €146,459 | €138,239 | €147,036 | -€126,408 | - |
| Investment in fixed assets (approximation) | - | €0 | -€13,740 | -€13,900 | -€7,387 | -€1,040 | -€56,661 | ▼ 5,350% |
| Change in cash | - | €139,221 | €20,521 | €103,276 | -€105,184 | €113,853 | -€810,869 | - |
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, 180 companies had the same profile as TIM has now. Two years later, 91.1% were still going and 5.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
91.1%
was still going
2.8%
stopped otherwise
5.6%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TIM itself is lower: 0.9% within 12 months. It rests on far more data about TIM 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 180 companies, not a prediction for TIM. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 03-03-2026 | 2026-00047627 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00019736 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00011456 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00013121 | |
| 30-06-2021 | abbreviated format | 11-05-2022 | 2022-20025236 | |
| 30-06-2020 | abbreviated format | 19-02-2021 | 2021-06000119 | |
| 30-06-2019 | abbreviated format | 07-02-2020 | 2020-04600121 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-04200030 | |
| 30-06-2017 | abbreviated format | 31-01-2018 | 2018-04200427 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-55100248 |