TMH
ActiveSummary
TMH has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2,072 and a net result of -€463. Equity is shrinking by about 24% per year across the filed financial years. Its solvency ranks better than 95% of 5,822 sector peers (NACE 49, financial year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Financials · financial year 2025, micro format
2023 to 2025, 3 financial years
The operating result stays negative: a loss of €395 in 2025 against €689 in 2024; the loss shrinks.
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.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 49, Land transport and transport via pipelines: 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.
Peer companies
Historical observationOf the 3,225 companies that looked in July 2024 the way this one looks now, 3.3% went bankrupt within 24 months and 87.7% are still going.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,474 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 3,225 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €146 | €439 | €550 | ▲ 25.2% |
| Other operating charges640/8 | - | €182 | €186 | ▲ 2.1% |
| Gross operating margin9900 | €548 | -€68 | €340 | - |
| Operating profit (loss)9901 | €403 | -€689 | -€395 | ▲ 42.6% |
| Financial charges65/66B | €39 | €67 | €67 | ▲ 0.4% |
| Recurring financial charges65 | €39 | €67 | €67 | ▲ 0.4% |
| Profit (loss) for the period before taxes9903 | €364 | -€756 | -€463 | ▲ 38.8% |
| Income taxes67/77 | €73 | €0 | - | - |
| Profit (loss) for the period9904 | €291 | -€756 | -€463 | ▲ 38.8% |
| Profit (loss) for the period to be appropriated9905 | €291 | -€756 | -€463 | ▲ 38.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €3,379 | €2,535 | €2,206 | ▼ 13.0% |
| Formation expenses20 | €2,049 | €1,610 | €1,061 | ▼ 34.1% |
| Current assets29/58 | €1,329 | €925 | €1,146 | ▲ 23.9% |
| Amounts receivable within one year40/41 | €928 | €732 | €290 | ▼ 60.3% |
| Trade receivables40 | €700 | €489 | €290 | ▼ 40.7% |
| Other amounts receivable41 | €229 | €243 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €401 | €193 | €855 | ▲ 344% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €3,379 | €2,535 | €2,206 | ▼ 13.0% |
| Equity10/15 | €3,291 | €2,535 | €2,072 | ▼ 18.3% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €291 | €0 | - | - |
| Distributable reserves133 | €291 | €0 | - | - |
| Profit (loss) carried forward14 | - | -€465 | -€928 | ▼ 99.5% |
| Amounts payable17/49 | €87 | €0 | €134 | - |
| Amounts payable within one year42/48 | €87 | €0 | €134 | - |
| Trade debts44 | €15 | €0 | - | - |
| Suppliers440/4 | €15 | €0 | - | - |
| Taxes, remuneration and social security45 | €73 | €0 | €134 | - |
| Taxes450/3 | €73 | €0 | €134 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €291 | -€756 | -€463 | ▲ 38.8% |
| + Depreciation and write-downs630 | €146 | €439 | €550 | ▲ 25.2% |
| Operating cash flow (approximation) | €437 | -€317 | €87 | - |
| Change in cash | - | -€208 | €663 | - |
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 (3)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00171449 |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00179838 |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00281418 |
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.