Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of TNFO is 0.7% (low). The 2024 annual accounts show equity of €1.02B and a net result of €60.00M. Equity is growing by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 95% of 429 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 3 annual accounts.
Signals
2 signals · with evidenceStrong solvency vs sector
Solvency is in the sector's strongest quartile: better than 95% of 429 peers (2024). A comfortable equity buffer.
View the sector comparison Consistently profitable
Positive net result in the two most recent financial years (2023 and 2024).
View the result trend Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Filing behaviour
From the deposit records, complete market-wideDeadline passed, not yet counted as missing
The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 23 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.
Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-07-2025, 13 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.
How we compute the deadline
The year end is derived from 3 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.
Deadline per financial year
| Year closed | Due by | Filed | Variance | Reference |
|---|---|---|---|---|
| 31-12-2025 | 31-07-2026 | nothing on record | not filed | - |
| 31-12-2024 | 31-07-2025 | 18-07-2025 | 13 d early | 2025-00309560 |
| 31-12-2023 | 31-07-2024 | 29-07-2024 | 2 d early | 2024-00306081 |
| 31-12-2022 | 31-07-2023 | 14-07-2023 | 17 d early | 2023-00235760 |
Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.
Trust signals
2 signalsMore than 3 years active
Founded in 2021, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone0.7%
Low
0%0,5%1,5%4%10%≥25%
Young company
+Multiple establishment units
+Annual accounts: healthy financial profile
−
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€60.00M+504.9%
Working capital€225.90M-14.0%
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 18-07-2025 with the NBB · fiscal year 2024 · verkort
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~3.6%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 82 · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 99.8% | 33.5% | |
| Net result | €60.00M | €34k | |
| Equity | €1.02B | €108k | |
| Gross operating margin | €-1.80M | €85k | |
| Staff costs | €593k | €157k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P95
Stable position over 2022-2024
· n=263-429
P95
Stable position over 2022-2024
· n=263-428
P95
Stable position over 2022-2024
· n=263-429
P5
Stable position over 2022-2024
· n=260-425
Describes the position versus peers, not a forecast.
€-2.73M
-28.2%
22-24
€60.00M
+504.9%
22-24
€60.05M
+503.7%
22-24
€1.03B
+4.1%
22-24
€1.02B
+6.2%
22-24
€225.90M
-14.0%
22-24
5
+10.2%
22-24
€593k
-6.1%
22-24
Show 12 other metrics
€724k
+33016.2%
22-24
€10.00M
-
22-24
€2.32M
-89.4%
22-24
€1.08M
-94.3%
22-24
€2.35M
-97.7%
22-24
210.22
+1308.1%
22-24
210.22
+1308.1%
22-24
99.8%
+2.0%
22-24
0.00
-90.0%
22-24
5.9%
+469.4%
22-24
5.8%
+481.0%
22-24
-0.83
-
22-24
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Deposit | verkort |
| Revenue | - |
| EBITDA | €-2.73M |
| Net profit | €60.00M |
| Cash flow | €60.05M |
| Staff costs | €593k |
| Income taxes | €724k |
| Dividends | - |
| Total assets | €1.03B |
| Equity | €1.02B |
| Debt | €2.32M |
| of which ≤ 1y | €1.08M |
| of which > 1y | - |
| Working capital | €225.90M |
| Employees (FTE) | 5.4 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 210.22 |
| Quick ratio | 210.22 |
| Working capital ratio | 22.0% |
| Solvency | 99.8% |
| Debt / equity | 0.00 |
| Long-term debt ratio | - |
| Interest coverage | -0.83 |
| Gross margin | - |
| Net margin | - |
| ROA | 5.8% |
| ROE | 5.9% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2024
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €1.03B |
| Fixed assets | 21/28 | €799.76M |
| Tangible fixed assets | 22/27 | €813k |
| Financial fixed assets | 28 | €798.94M |
| Current assets | 29/58 | €226.98M |
| Amounts receivable within one year | 40/41 | €367k |
| Investments | 50/53 | €195.07M |
| Cash & bank | 54/58 | €519k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €1.03B |
| Equity | 10/15 | €1.02B |
| Contributions / capital | 10/11 | €29.54M |
| Reserves | 13 | €994.87M |
| Amounts payable | 17/49 | €2.32M |
| Amounts payable within one year | 42/48 | €1.08M |
| Trade debts payable within one year | 44 | €289k |
| Income statement | ||
| Gross operating margin | 9900 | €-1.80M |
| Operating result | 9901 | €-2.77M |
| Financial income | 75 | €66.78M |
| Financial charges | 65 | €3.28M |
| Result before taxes | 9903 | €60.72M |
| Income taxes | 67/77 | €724k |
| Net result for the period | 9904 | €60.00M |
| Result to be appropriated | 9905 | €60.00M |
This table shows the latest fiscal year. 2 prior years, with figures and ratios, belong to a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2024 · computed76
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
1 directorFormer directors (1)
-
Laurent VannestDirectorState Gazette act 24153131 (24-10-2024)Former- → 10-10-2024
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Overige zakelijke dienstverlening, neg(82990) |
| Legal form | Public limited company(014) |
| Incorporation | 21-12-2021 |
| Status | Active |
| Postal code | 1640 |
Structure & network
Connections & network
1 connected companyGroup structure
We sit on their board · 1 location
→
Connections derived from shared directors, addresses, shareholders and group structure in the Belgian State Gazette.
Ownership & control
1 partyTNFOBE 0778.919.797
controls
Where this company holds controlthis company sits on their board1
1 location
Each band states what its claims rest on. A board seat is influence over the board, not ownership. Court mandates (receiver, interim administrator) and liquidation mandates do not link companies and are therefore absent here; they belong under Directors & mandates.
Locations & real estate
Registered office
from the Crossroads BankCannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Ginstlaan 121640 Sint-Genesius-RodeEstablishment units
3 locationsGinstlaan 12, 1640 Sint-Genesius-Rode
since 20212.325.906.778
Ginstlaan 3, 1640 Sint-Genesius-Rode
since 20212.325.907.075
Rue Crotière(G-R) 36, 7530 Tournai
since 20232.353.176.052
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels3
Ground area9,521 m²
Buildings2
Building footprint1,922 m²
Volume (LiDAR)13,361 m³
Tallest building20.7 m · ±2 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Flanders
2
(66.7%)
Wallonia
1
(33.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22552F0001/02S026 | Flanders | 4,315 m² | - | - |
| 57033B1125/00G000 | Wallonia | 2,625 m² | 1 · 1,647 m² | 20.7 m · 2 fl. |
| 22552F0001/02W027 | Flanders | 2,581 m² | 1 · 275 m² | 9.6 m · 2 fl. |
Methodology
via registered seat: 1 · via establishment units: 2
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
3 acts Company purpose
De vennootschap heeft tot voorwerp het houden van deelnemingen, onder welke vorm ook, in andere Belgische of buitenlandse vennootschappen, het verwerven door aankoop, inschrijving of op welke andere wijze ook, alsmede de overdracht door verkoop, ruil of anderszins van aandelen, obligaties, waardepapieren, debet nota’s en andere effecten van welke aard ook, en het in bezit hebben, beheren, ontwikkelen en beheren van haar portefeuille. De vennootschap kan ook belangen houden in personenvennootschappen. De vennootschap kan geld lenen in welke vorm dan ook, fondsen werven en via onderhandse plaatsing overgaan tot de uitgifte van obligaties, waardepapieren, debet nota’s en alle soorten schuld- of aandeleneffecten, al dan niet converteerbaar, of anderszins. In het algemeen kan zij bijstand verlenen (in de vorm van leningen, garanties, pand of enige andere vorm van zekerheid, borgstelling of hypotheek op het geheel of een deel van haar onderneming of activa) aan vennootschappen die tot dezelfde groep behoren als die waartoe de vennootschap behoort, of aan andere vennootschap waarin de vennootschap een belang heeft, alle maatregelen van controle en toezicht nemen en in bijkomende orde bij de met haar verbonden vennootschappen alle administratieve, beheers-, advies- en marketingoperaties uitvoeren die zij nuttig acht voor de verwezenlijking en de ontwikkeling van haar voorwerp. De vennootschap kan tenslotte alle commerciële, industriële, technische en financiële verrichtingen uitvoeren die rechtstreeks of onrechtstreeks verband houden met alle hierboven beschreven activiteiten om de verwezenlijking van haar voorwerp te vergemakkelijken, met inbegrip van alle verrichtingen op onroerende of roerende goederen.
Per act of 27-12-2022
Capital history · 2
27-12-2022
Capital: note: honderd miljoen (100.000.000 aandelen) uitgegeven als vergoeding voor de inbrengen, shares: 100000000, currency: EUR
27-12-2022
Capital conversion: omzetting van het kapitaal overeenkomstig Luxemburgs recht in beschikbaar eigen vermogen
Address history · 2
14-02-2023
Registered-office move
27-12-2022
Seat change: to: Brabantstraat 15, 8790 Waregem, from: 12F, rue Guillaume Kroll, L-1882 Luxembourg, effective_date: inschrijving in het rechtspersonenregister
All acts · 3
updated 1 year ago
2024
24-10-2024 Laurent Vannest resigns as director
- Laurent Vannest, Bestuurder
2023
14-02-2023 Registered office moved from Schoten to Sint-Genesius-Rhode
- Henri Engelslei 31, 2900 Schoten, België → Ginstlaan 12, 1640 Sint-Genesius-Rhode
2022
27-12-2022 Act object · Notarial deed · General meeting · Seat change
- Act object: OPRICHTING · WEHOLD
- Publication: 27/12/2022 · WEHOLD
- Filing: 22-12-2022 · WEHOLD
- Notarial deed: 19-12-2022 · WEHOLD
- General meeting: 19-12-2022 · WEHOLD
- Seat change: to: Brabantstraat 15, 8790 Waregem, from: 12F, rue Guillaume Kroll, L-1882 Luxembourg, effective_date: inschrijving in het rechtspersonenregister · WEHOLD
- Legal form conversion: to: Besloten Vennootschap · WEHOLD
- Purpose: De vennootschap heeft tot voorwerp het houden van deelnemingen, onder welke vorm ook, in andere Belgische of buitenlandse vennootschappen, het verwerven door aankoop, inschrijving of op welke andere wijze ook, alsmede de overdracht door verkoop, ruil of anderszins van aandelen, obligaties, waardepapieren, debet nota’s en andere effecten van welke aard ook, en het in bezit hebben, beheren, ontwikkelen en beheren van haar portefeuille. De vennootschap kan ook belangen houden in personenvennootschappen. De vennootschap kan geld lenen in welke vorm dan ook, fondsen werven en via onderhandse plaatsing overgaan tot de uitgifte van obligaties, waardepapieren, debet nota’s en alle soorten schuld- of aandeleneffecten, al dan niet converteerbaar, of anderszins. In het algemeen kan zij bijstand verlenen (in de vorm van leningen, garanties, pand of enige andere vorm van zekerheid, borgstelling of hypotheek op het geheel of een deel van haar onderneming of activa) aan vennootschappen die tot dezelfde groep behoren als die waartoe de vennootschap behoort, of aan andere vennootschap waarin de vennootschap een belang heeft, alle maatregelen van controle en toezicht nemen en in bijkomende orde bij de met haar verbonden vennootschappen alle administratieve, beheers-, advies- en marketingoperaties uitvoeren die zij nuttig acht voor de verwezenlijking en de ontwikkeling van haar voorwerp. De vennootschap kan tenslotte alle commerciële, industriële, technische en financiële verrichtingen uitvoeren die rechtstreeks of onrechtstreeks verband houden met alle hierboven beschreven activiteiten om de verwezenlijking van haar voorwerp te vergemakkelijken, met inbegrip van alle verrichtingen op onroerende of roerende goederen. · WEHOLD
- Capital: note: honderd miljoen (100.000.000 aandelen) uitgegeven als vergoeding voor de inbrengen, shares: 100000000, currency: EUR · WEHOLD
- Officer appointment: role: bestuurder (A bestuurder), term: onbepaalde duur, start_date: 2022-12-19 · THERMOTE Ann Els
- Officer appointment: role: bestuurder (A bestuurder), term: onbepaalde duur, start_date: 2022-12-19 · DE MEESTER Bernard Stephan
- Officer appointment: role: bestuurder (B bestuurder), term: onbepaalde duur, start_date: 2022-12-19 · THERMOTE Els Ann
- Officer appointment: role: bestuurder (B bestuurder), term: onbepaalde duur, start_date: 2022-12-19 · VON HOLT Dirk Paul Heinrich
- Officer appointment: role: bestuurder (C bestuurder), term: onbepaalde duur, start_date: 2022-12-19 · ADVOCATENKANTOOR AERTS ILKE
- Permanent representative · AERTS Ilke
- Power of attorney: scope: alle neerleggings- en publicatieformaliteiten, wijziging gegevens KBO, formaliteiten BTW/belasting/Nationale Bank/sociale zekerheid · Ad-Ministerie BV
- Statute amendment: conformering aan het Belgische Wetboek van vennootschappen en verenigingen · WEHOLD
- Capital conversion: omzetting van het kapitaal overeenkomstig Luxemburgs recht in beschikbaar eigen vermogen · WEHOLD
Summary:
Act object · Notarial deed · General meeting · Seat changeNotary:
Tim CARNEWAL
Analysis
Financial profile
5 of 5 axes measured70
/ 100
Strong profile, led by solvency.
All 5 axes are computed from data Checked has read.
Health
76
Profitability
29
Solvency
100
Growth
52
Stability
94
Credit advice
verdict per customer and amountSimilar
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We hold annual accounts for 2,994 of the 24,518 companies in this sector. 7 of them are within a factor 10 of this company's equity.
Company registry
Company registry (CBE)
Crossroads BankActivities
Holdings64200Activiteiten van holdings64210Overige zakelijke dienstverlening, neg82990Activiteiten van adviesbureaus op het gebied van bedrijfsvoering en overig managementadvies70200Overige adviesbureaus op het gebied van bedrijfsbeheer; adviesbureaus op het gebied van bedrijfsvoering70220
Primary activity highlighted.
Names & trade names
| Legal nameFR | TNFO |
| Legal nameNL | TNFO |
Registered office
Ginstlaan 12
1640 Sint-Genesius-Rode, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.