TM CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of TM CONSTRUCT is 2.8% (moderate). The 2025 annual accounts show equity of €119,203 and a net result of €13,060. Equity is growing by about 10% per year across the filed financial years. Its solvency ranks better than 62% of 9,265 sector peers (NACE 41, financial year 2025). The company has been active since 2017 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €119,203
- Profit
- €13,060
Why 52raises riskLiquidity: current ratio 2.21, cash €55, halvedLatest accounts 31 days late; 1 of the last 3 lateSector: Construction of residential and non-residential buildings (NACE 41)Size: total assets €217,513Show the evidence
Checked score
About 3 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 63% on solvency, 23% on liquidity, 54% on profitability and 57% on growth.
The bankruptcy probability was computed on 21-10-2026 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 7 accounts on average 11 days before 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…
- Weakest financial yearnet €5,640 ▼28.4%
Financials · financial year 2025, micro format
2025 annual accounts filed late (31 days) Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00478383.
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result recovers in 2025; 2025 is 119% above 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.
Average staff in full-time equivalents (FTE).
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), Staff (FTE).
Peer companies
Historical observationOf the 26,974 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 94.9% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.8% 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 497,473 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% | 1.0% |
| 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 26,974 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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €24,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €13,088 | €14,217 | €18,451 | €4,232 | €1,360 | ▼ 67.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,958 | €8,958 | €9,353 | €974 | €974 | €108 | €147 | €197 | ▲ 33.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €37,281 | - | - | €38,977 | - |
| Other operating charges640/8 | - | - | - | €252 | €348 | €1,976 | €536 | €606 | ▲ 13.1% |
| Gross operating margin9900 | €49,915 | €93,882 | €57,141 | €35,147 | €60,450 | €31,156 | €13,220 | €59,325 | ▲ 349% |
| Operating profit (loss)9901 | €27,574 | €71,518 | €36,639 | €20,833 | €7,631 | €10,621 | €8,304 | €18,185 | ▲ 119% |
| Financial income75/76B | - | - | - | €1,029 | €895 | €273 | €14 | - | - |
| Recurring financial income75 | €106 | €6 | €1,372 | €1,029 | €895 | €273 | €14 | - | - |
| Financial charges65/66B | - | - | - | €506 | €525 | €391 | €798 | €772 | ▼ 3.2% |
| Recurring financial charges65 | €1,385 | €1,065 | €1,237 | €506 | €525 | €391 | €798 | €772 | ▼ 3.2% |
| Profit (loss) for the period before taxes9903 | €26,295 | €70,459 | €36,774 | €21,356 | €8,001 | €10,504 | €7,520 | €17,413 | ▲ 132% |
| Income taxes67/77 | - | €18,000 | €8,704 | €5,575 | €2,097 | €2,626 | €1,880 | €4,353 | ▲ 132% |
| Profit (loss) for the period9904 | €26,295 | €52,459 | €28,070 | €15,781 | €5,904 | €7,878 | €5,640 | €13,060 | ▲ 132% |
| Profit (loss) for the period to be appropriated9905 | €26,295 | €52,459 | €28,070 | €15,781 | €5,904 | €7,878 | €5,640 | €13,060 | ▲ 132% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €174,322 | €271,760 | €423,365 | €381,042 | €380,344 | €222,401 | €205,566 | €217,513 | ▲ 5.8% |
| Fixed assets21/28 | €18,901 | €9,943 | €2,034 | €1,060 | €86 | €961 | €814 | €617 | ▼ 24.2% |
| Tangible fixed assets22/27 | €18,901 | €9,943 | €2,034 | €1,060 | €86 | €961 | €814 | €617 | ▼ 24.2% |
| Plant, machinery and equipment23 | - | - | - | €493 | - | €961 | €814 | €617 | ▼ 24.2% |
| Furniture and vehicles24 | - | - | - | €568 | €86 | €0 | €0 | - | - |
| Current assets29/58 | €155,421 | €261,817 | €421,330 | €379,982 | €380,258 | €221,439 | €204,752 | €216,896 | ▲ 5.9% |
| Stocks and contracts in progress3 | €2,000 | €40,000 | €87,000 | €35,000 | €35,000 | €20,000 | - | - | - |
| Contracts in progress37 | - | - | - | €35,000 | €35,000 | €20,000 | - | - | - |
| Amounts receivable within one year40/41 | €62,864 | €172,182 | €309,622 | €326,312 | €334,300 | €179,465 | €200,745 | €215,979 | ▲ 7.6% |
| Trade receivables40 | - | - | - | €218,299 | €223,498 | €67,366 | €78,824 | €87,316 | ▲ 10.8% |
| Other amounts receivable41 | - | - | - | €108,013 | €110,803 | €112,099 | €121,921 | €128,663 | ▲ 5.5% |
| Current investments50/53 | - | - | - | €862 | €862 | €862 | €862 | €862 | = |
| Cash at bank and in hand54/58 | €89,446 | €49,635 | €4,989 | €17,808 | €10,096 | €19,028 | €1,295 | €55 | ▼ 95.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,085 | €1,850 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €174,322 | €271,760 | €423,365 | €381,042 | €380,344 | €222,401 | €205,566 | €217,513 | ▲ 5.8% |
| Equity10/15 | -€1,214 | €63,645 | €71,830 | €87,611 | €92,625 | €100,503 | €106,143 | €119,203 | ▲ 12.3% |
| Contributions10/11 | €6,200 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€7,414 | €43,185 | €51,370 | €67,151 | €72,165 | €80,043 | €85,683 | €98,743 | ▲ 15.2% |
| Amounts payable17/49 | €175,535 | €208,115 | €351,535 | €293,431 | €287,719 | €121,898 | €99,423 | €98,310 | ▼ 1.1% |
| Amounts payable after more than one year17 | €12,485 | €5,806 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €163,051 | €202,309 | €351,535 | €293,431 | €287,719 | €121,898 | €99,423 | €98,310 | ▼ 1.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €15,279 | €15,357 | €15,358 | €15,358 | €15,358 | = |
| Trade debts44 | €92,382 | €62,552 | €18,427 | €2,821 | €116 | €2,710 | €21,079 | €6,192 | ▼ 70.6% |
| Suppliers440/4 | - | - | - | €2,821 | €116 | €2,710 | €21,079 | €6,192 | ▼ 70.6% |
| Taxes, remuneration and social security45 | - | - | - | €6,612 | €3,527 | €6,682 | - | €12,775 | - |
| Taxes450/3 | - | - | - | €4,673 | - | €3,281 | - | €12,775 | - |
| Remuneration and social security454/9 | - | - | - | €1,939 | €3,527 | €3,400 | - | - | - |
| Other amounts payable47/48 | - | - | - | €268,719 | €268,719 | €97,147 | €62,985 | €63,985 | ▲ 1.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,295 | €52,459 | €28,070 | €15,781 | €5,904 | €7,878 | €5,640 | €13,060 | ▲ 132% |
| + Depreciation and write-downs630 | €8,958 | €8,958 | €9,353 | €974 | €974 | €108 | €147 | €197 | ▲ 33.3% |
| Operating cash flow (approximation) | €35,253 | €61,417 | €37,423 | €16,755 | €6,879 | €7,985 | €5,788 | €13,256 | ▲ 129% |
| Investment in fixed assets (approximation) | - | €0 | -€1,445 | €0 | €0 | -€983 | €0 | €0 | - |
| Change in cash | - | -€39,811 | -€44,647 | €12,820 | -€7,713 | €8,932 | -€17,733 | -€1,240 | ▲ 93.0% |
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 (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00478383 |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00429684 |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00207337 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00423983 |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20340244 |
| 31-12-2020 | micro format | 25-08-2021 | 2021-56300579 |
| 31-12-2019 | micro format | 22-01-2020 | 2020-01800421 |
| 31-12-2018 | micro format | 09-05-2019 | 2019-12600594 |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60400415 |
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
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| MACCARONE Tony |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Connections & network
3 connected companiesHistory
Acts, filings and financial milestones
09-02
Gazette deed
Resignation: MACCARONE Tony (manager)Appointment: MACCARONE Tony (director) · Shareholding · Capital conversion11 facts ▸
- General meeting, 08-12-2023 (2 times)
- Shareholding, 08-12-2023, “4400 Flémalle,Rue des Champs 10” (deed in French)
- Other provision, “adaptation statuts au CSA et maintien forme SRL, adapter statuts aux dispositions du CSA” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “suppression compte capitaux propres statutairement indisponible, supprimer compte créé” (deed in French)
- Amendment of the articles
- Capital
- Director resignation, MACCARONE Tony (manager)
- Director appointment, MACCARONE Tony (director (not named in the articles))
- Director discharge, MACCARONE Tony
- Registered office clause, 01-06-2023, “4400 Flémalle, rue des Champs”, 10 (deed in French)
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 22 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 0670.436.383
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 62072C0015/00A006 | Wallonia | 827 m² | 1 · 107 m² | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L’activité d’entreprise générale de construction et de parachèvement,rénovation,aménagement,réparation de tous types de…” (deed in French)
7 activities (deed in French)
- L’activité d’entreprise générale de construction et de parachèvement,rénovation,aménagement,réparation de tous types de bâtiments,l’entreprise de carrelage,l’entreprise de couvertures non métalliques de construction,l’entreprise de maçonnerie et de béton,l’entreprise de peinture du bâtiment et peinture industrielle,l’entreprise de revêtement des sols,l’entreprise de zinguerie et couvertures métalliques de construction,l’entreprise d’étanchéité de construction,l’entreprise de travaux de démolition,l’entreprise de vitrages,l’entreprise de menuiseriecharpenterie,l’entreprise de plafonnage-cimentage,l’entreprise de pose de châssis plastiques et métalliques,l’entreprise d’électricité,l’entreprise d’installation de chauffage central,l’entreprise de sanitaire et plomberie,la pose d’échafaudages,travaux de terrassements,coffrage,sablage et rejointoyage,la pose de tarmac et autres revêtements en béton,la pose de cloisons,faux-plafonds et éléments préfabriqués,l’isolation thermique et acoustique,l’entreprise de ferronnerie,la pose de châssis bois,plastiques ou métalliques,l’entreprise d’installation de ventilation et conditionnement d’air.La société pourra coordonner tous ces travaux énumérés,sans que cette liste soit limitative,et en confier l’exécution à des sous-traitants;
- L’activité de coordinateur de Sécurité;
- L’activité de location et vente de tout matériel ou outillage de construction,la commercialisation de tous matériaux de construction;
- Toutes activités relatives à l'acquisition,la gestion,l'administration,la promotion,la construction,l'exploitation et la mise en valeur de biens immobiliers par location,vente,échange et de toute autre manière,ainsi que l'exercice de toutes activités accessoires,de quelque nature qu'elles soient,pouvant être utiles à la réalisation effective de l'objet social.
- La conception,la création et l'entretien de tous parcs,espaces verts extérieurs ou intérieurs,jardins privés ou publics,d'agrément ou autres,ainsi qu'à l'entreprise de tous travaux de jardinage au sens le plus large du terme;
- Tous travaux immobiliers ou mobiliers relatifs à l'environnement,à l'urbanisme,l'aménagement du territoire,la création ou l'entretien d'espaces paysagers,à l'urbanisme,à l'épuration des eaux;
- La vente en gros ou en détail,l'achat,la location à court ou à long terme,l'importation,l'exportation,la commercialisation de tous végétaux généralement quelconques.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- TM CONSTRUCT
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Simple décision, Région wallonne” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation durée, un ou plusieurs administrateurs” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- One provision in the deed
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs proportionnellement nombre actions acquises, nullité” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Third Thursday of June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “En tout temps, assemblée générale délibérant formes prévues modifications statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment, désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments” (deed in French)