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 has been shrinking by about 24% per year since 2023. Its solvency ranks better than 95% of 5,897 sector peers (NACE 49, financial year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 31-05-2023 Normal situation
- Activity
- Freight transport by road NACE 49410
- Establishment unit
- 2.345.504.243 2235 Hulshout, since 31-05-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 08-09-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.1%
Annual accounts 2025
- Gross margin
- €340
- Turnover
- ≈ €2,900
- estimated
- Loss
- €463
- ▼ 38.8%
- Equity
- €2,072
- ▼ 18.3%
- Total assets
- €2,206
- ▼ 13.0%
Score breakdownraises riskFounded in 2023Sector: Land transport and transport via pipelines (NACE 49)lowers riskLiquidity: current ratio 8.53, cash €855Equity €2,072 (93.9% of total assets)Show the evidence
Checked score
Score 2025
66
/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially stronger than 57% of micro companies in land transport (NACE 49)
Financial strength · tick: 2024
Strong
Solvency
100=
equity 93.9% of total assets
Liquidity
98+39
short-term debt 6.1% · cash 38.8%
Profitability
19+19
return on assets -21.0%
Bankruptcy probability within 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.9%
01-2025: 2.0%▲ +0.1 percentage points vs 12-2024
02-2025: 2.0%● unchanged vs 01-2025
03-2025: 2.0%● unchanged vs 02-2025
04-2025: 2.1%▲ +0.1 percentage points vs 03-2025
05-2025: 2.3%▲ +0.2 percentage points vs 04-2025
06-2025: 2.3%● unchanged vs 05-2025
07-2025: 2.4%▲ +0.1 percentage points vs 06-2025
08-2025: 2.4%● unchanged vs 07-2025
09-2025: 2.4%● unchanged vs 08-2025
10-2025: 2.4%● unchanged vs 09-2025
11-2025: 2.4%● unchanged vs 10-2025
12-2025: 2.4%● unchanged vs 11-2025
01-2026: 2.4%● unchanged vs 12-2025
02-2026: 2.4%● unchanged vs 01-2026
03-2026: 2.4%● unchanged vs 02-2026
04-2026: 2.5%▲ +0.1 percentage points vs 03-2026
05-2026: 2.6%▲ +0.1 percentage points vs 04-2026
06-2026: 2.6%● unchanged vs 05-2026highest value
07-2026: 1.1%▼ -1.5 percentage points vs 06-2026lowest value
08-2026: 1.1%● unchanged vs 07-2026lowest value
09-2026: 1.1%● unchanged vs 08-2026
10-2026: 1.1%● unchanged vs 09-2026
11-2026: 1.1%● unchanged vs 10-2026
Calculation
The band follows from the bankruptcy probability. 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 49, micro). It does better than 92% of them on solvency, 96% on liquidity, 17% on profitability and 22% on growth.
The bankruptcy probability was computed on 02-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
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 18-06-2026, 43 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
43 days early
2024
35 days early
2023
6 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 28 days before the deadline. In the sector (NACE 49), the median for financial year 2024 was on the deadline day, and 49% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 June (3 of the last 3 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 3 filings
Turnover
≈ €2,900
Estimated: probably between €1,400 and €4,700
Total assets
€2,206▼ 13.0%
2024 · €2,535
Net result
-€463▲ 38.8%
2024 · -€756
Working capital
€1,011▲ 9.4%
2024 · €925
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€395
▲ 42.6%
2025
20232025
Net result
-€463
▲ 38.8%
2025
middle half of the sector
20232025
Equity
€2,072
▼ 18.3%
2025
lowest quarter of the sector
20232025
Total assets
€2,206
▼ 13.0%
2025
lowest quarter of the sector
20232025
Debt
€134
2025
20232025
Working capital
€1,011
▲ 9.4%
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€403--€689-€395▲ 42.6%
Net result€291within the sector's middle half--€756within the sector's middle half-€463within the sector's middle half▲ 38.8%
Equity€3,291below the sector's middle half-€2,535below the sector's middle half▼ 23.0%€2,072below the sector's middle half▼ 18.3%
Total assets€3,379below the sector's middle half-€2,535below the sector's middle half▼ 25.0%€2,206below the sector's middle half▼ 13.0%
Debt€87-€0▼ 100%€134
Working capital€1,242within the sector's middle half-€925within the sector's middle half▼ 25.5%€1,011within the sector's middle half▲ 9.4%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 a loss of €395, smaller than the loss of €689 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
Equity and liabilities €2,206
Equity
€2,072
Debt
€134
Debt's share of the balance-sheet total is 6.1%.
Key figures and ratios
EBITDA
€154▲
2024 · -€250
Cash flow
€87▲
2024 · -€317
Interest coverage
2.29▲
2024 · -3.72
Debt ≤ 1 year
€134▲
2024 · €0
The ratios are withheld because a balance sheet total of €2,206 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| 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 | - |
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, 3,223 companies had the same profile as TMH has now. Two years later, 87.7% were still going and 3.4% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.7%
was still going
8.7%
stopped otherwise
3.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TMH itself: 1.1% within 12 months.
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 3,223 companies, not a prediction for TMH. 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.
Board & ownership
Directors
Directors
1 director, no change since 2023
MICHIELS Kristof
Current
Director (not named in the articles) · appointed in the act of 02-06-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 18-06-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 02-06-2023Owners and capital
Shareholders
At incorporation
act of 02-06-2023 ↗
- MICHIELS Kristof 70 shares (70%) · €2,100
- HEREMANS Elise 30 shares (30%) · €900
Capital transactions
Capital over time
- 02-06-2023 Incorporation · €3,000 · 100 shares
Mandate history
2 people, 1 in office
- Board
- end not dated
| Name | Functions and periods |
|---|---|
| MICHIELS Kristof |
|
| HEREMANS Elise |
|
Articles of association
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 02-06-2023 (in Dutch)
Network & group
TMH shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of TMH. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
18-06
micro format · 43 days before the deadline
2025
26-06
micro format · 35 days before the deadline
2024
31-12
Financial
Weakest financial yearnet -€756
The net result drops to -€756, the lowest from 2023 to 2025. It recovers the following year.
25-07
micro format · 6 days before the deadline
2023
02-06
Gazette deed
IncorporationStarting capital €3,000 · Appointments: MICHIELS Kristof (director) and HEREMANS Elise (alternate director) · Founder12 points ▸
Gazette deed
Incorporation
Starting capital €3,000 · Appointments: MICHIELS Kristof (director) and HEREMANS Elise (alternate director) · Founder12 points ▸
- Founder, MICHIELS Kristof
- Founder, HEREMANS Elise
- Incorporation, “TMH” (deed in Dutch)
- Founding capital, €3,000
- Share issue, “vergoeding voor de inbrengen”, 100 (deed in Dutch)
- General meeting, “comparant, elektronische neerlegging van afschrift oprichtingsakte overeenkomstig de wet” (deed in Dutch)
- Registered office clause, “2235 Hulshout,Heibaan 214” (deed in Dutch)
- Board rule, 1
- Director appointment, MICHIELS Kristof (director (not named in the articles))
- Other provision, “verklaring geen maatregel tegen aanvaarding, niet getroffen” (deed in Dutch), mentioned 2 times in the deed
- Director appointment, HEREMANS Elise (alternate director)
- Pre-incorporation commitments, “takeover, alle verbintenissen en verplichtingen alsmede alle activiteiten in naam en voor rekening van vennootschap in oprichting” (deed in Dutch)
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
TMH in Dutch
Enterprise number
0802.236.817
Legal form
Private limited company
Status
Active, normale toestand
Founded
31-05-2023
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 02-06-2023 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 02-06-2023 (in Dutch)Registered office and establishments
Registered office
Heibaan 214, 2235 Hulshout, Belgium
Establishment unit
Heibaan 214, 2235 Hulshout since 31-05-2023 · unit number 2.345.504.243
Activities
NACEBEL 202549410
Freight transport by road main activity
Codes under NACEBEL 2008
49410
Road freight transport main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 02-06-2023 (in Dutch)
“Vervoer in binnen- en buitenland,van alle goederen; Verhuur van voertuigen in de meest ruime zin van het woord; De import en export,zowel…”
24 activities
- Vervoer in binnen- en buitenland,van alle goederen.
- Verhuur van voertuigen in de meest ruime zin van het woord.
- De import en export,zowel als de aan- en verkoop van allerlei goederen,artikelen en producten.
- Opslaan van goederen,bewaren van goederen en alsook de volledige logistieke ondersteuning.
- Het verlenen van administratieve diensten met betrekking tot vervoer van goederen.
- Het zijn van commissaris-expediteur bij het vervoer,vervoercommissionair,vervoermakelaar en tussenhandelaar.
- Het uitoefenen van pedagogiek,opvoedkundige en dit alles in de meest ruime zin van het woord.
- Het geven van coaching,opleiding en voordrachten in de meest ruime zin van het woord.
- Alle mogelijke advies- en/of dienstfuncties.
- Alle mogelijke activiteiten die verband houden met het verlenen van consultancy,opleiding,technische expertise en bijstand.
- Het uitoefenen van managementfuncties in diverse ondernemingen,het sluiten van consultingsovereenkomsten en het uitoefenen van consulting functies op onafhankelijke wijze.
- Het verstrekken van managementadviezen,opleiding en het uitoefenen van consultancy-activiteiten in de meest ruime zin van het woord.
- Het uitvoeren van administratieve werkzaamheden in de ruime zin van het woord.
- Het geven van advies en verstekken van diensten met betrekking tot de organisatie en het beheer van bedrijven en ondernemingen,de vertegenwoordiging en het optreden als commercieel tussenpersoon.
- Het verlenen van bijstand,advies en leiding aan bedrijven,privépersonen en instellingen,voornamelijk doch niet uitsluitend op het vlak van management,procesverbetering,marketing,productie en ontwikkeling,processing en het besturen van vennootschappen,dit alles in de meest ruime betekenis.
- Het beheer voor eigen rekening van al haar onroerende goederen of onroerende rechten,en meer bepaald de verhuur,de bevordering,de inrichting,de exploitatie,de omvorming,het onderhoud,de verkaveling,en/of de valorisatie van deze onroerende goederen of onroerende rechten.Ze mag eveneens een hypotheek vestigen op deze goederen.Ze mag in het algemeen elke handeling stellen die rechtstreeks of onrechtstreeks kadert in de omschrijving van haar voorwerp.
- Projectontwikkeling voor de nieuwbouw van individuele woningen of voor renovatiewerken,toezien op de bouwwerkzaamheden (ruwbouw,installatie,afwerking,enzovoort).
- Het huren,verhuren,aan- en verkopen van onroerende goederen,het renoveren van onroerende goederen,het opbouwen van een onroerende patrimonium met inbegrip van onroerende zakelijke rechten.
- Het verlenen van diensten en adviezen aan derden,dit zowel van organisatorische,financiële,commerciële,technische en administratieve aard.
- Het uitoefenen van elke vorm van zakelijke dienstverlening en dit in de meest ruime zin van het woord.
- Het deelnemen in of de directie voeren over andere vennootschappen en ondernemingen;het management en het bestuur van om het even welke vennootschappen en ondernemingen.
- Het nemen van participaties onder welke vorm dan ook,in alle vennootschappen en verenigingen,bestaande of nog op te richten,met burgerlijke,industriële,financiële,onroerende,commerciële of andere doeleinden;het beheer en de valorisatie van deze participaties.
- De aankoop,verkoop,cessie en ruil van alle roerende waarden,aandelen,deelbewijzen,obligaties,overheidsfondsen,opties en alle andere roerende rechten.
- Bestuurder,zaakvoerder of andere mandaten of functies in vennootschappen.
Invoicing and payment
VAT number
BE 0802.236.817
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Tuesday of June at 20:00
deed of 02-06-2023 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
931 m²
Building footprint
157 m²
Building volume
790 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 13016B0162/00M002 | Flanders | 931 m² | 1 · 157 m² | 6.1 m · 2 |