TNFO has a registered holding activity and consists mainly of financial fixed assets; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.06B and a net result of €38.23M. Equity is growing by ~3.7% per year across the filed fiscal years. Its solvency ranks better than 93% of 924 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity and financial fixed assets account for more than half of its assets. The general operating-company model is unsuitable for this profile, so we show no financial axes either. Filed figures remain available.
Credit advice for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
○neutral
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 17-07-2026, 14 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
14 d early
2024
13 d early
2023
2 d early
2022
17 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
18-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€38.23M▼ 36.3%
2024 · €60.00M
2022: €193.26M
2023: €9.92M
2024: €60.00M
2022 → 2025
Working capital
€217.89M▼ 3.5%
2024 · €225.90M
2022: €264.29M
2023: €262.66M
2024: €225.90M
2022 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€954.50M-€964.42M▲ 1.0%€1.02B▲ 6.2%€1.06B▲ 3.7%
Operating result€-1.74M-€-2.15M▼ 23.6%€-2.77M▼ 28.8%€-2.92M▼ 5.4%
Net result€193.26M-€9.92M▼ 94.9%€60.00M▲ 505%€38.23M▼ 36.3%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2.92M in 2025 against €2.77M in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.11B
Fixed assets
€887.67M▲ 11.0%
Current assets
€219.85M▼ 3.1%
Equity and liabilities €1.11B
Equity
€1.06B▲ 3.7%
Debt
€44.87M▲ 1,837%
The debt ratio rises from 0.2% to 4.1%. Equity and debt are higher.
Key figures and ratios
Solvency
95.9%▼
2024 · 99.8%
ROE
3.6%▼
2024 · 5.9%
ROA
3.5%▼
2024 · 5.8%
Debt
€44.87M▲
2024 · €2.32M
Debt ≤ 1 year
€1.96M▲
2024 · €1.08M
Debt > 1 year
€42.60M
Income taxes
€901k▲
2024 · €724k
Staff costs
€705k▲
2024 · €593k
A ratio outside any meaningful range has been withheld (balance sheet total €1.11B, equity €1.06B).
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.03B€1.11B▲
Fixed assets21/28€799.76M€887.67M▲
Tangible fixed assets22/27€813k€1.05M▲
Furniture and vehicles24€142k€103k▼
Other tangible fixed assets26€671k€947k▲
Financial fixed assets28€798.94M€886.62M▲
Current assets29/58€226.98M€219.85M▼
Amounts receivable after more than one year29€30.41M€8.27M▼
Other amounts receivable291€30.41M€8.27M▼
Amounts receivable within one year40/41€367k€291k▼
Trade receivables40€165k€51k▼
Other amounts receivable41€202k€240k▲
Current investments50/53€195.07M€206.27M▲
Cash at bank and in hand54/58€519k€4.71M▲
Deferred charges and accrued income490/1€610k€324k▼
Equity and liabilities
Total equity and liabilities10/49€1.03B€1.11B▲
Equity10/15€1.02B€1.06B▲
Contributions10/11€29.54M€29.54M=
Capital10€29.54M€29.54M=
Issued capital100€29.54M€29.54M=
Reserves13€994.87M€1.03B▲
Non-distributable reserves130/1€2.95M€2.95M=
Legal reserve130€2.95M€2.95M=
Distributable reserves133€991.92M€1.03B▲
Amounts payable17/49€2.32M€44.87M▲
Amounts payable after more than one year17-€42.60M
Financial debts170/4-€42.60M
Amounts payable within one year42/48€1.08M€1.96M▲
Financial debts43€964-
Credit institutions430/8€964-
Trade debts44€289k€284k▼
Suppliers440/4€289k€284k▼
Taxes, remuneration and social security45€220k€681k▲
Taxes450/3€169k€580k▲
Remuneration and social security454/9€51k€101k▲
Other amounts payable47/48€570k€996k▲
Accrued charges and deferred income492/3€1.24M€314k▼
Income statement
Code20242025
Remuneration, social security and pensions62€593k€705k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€48k€45k▼
Other operating charges640/8€333k€315k▼
Gross operating margin9900€-1.80M€-1.86M▼
Operating profit (loss)9901€-2.77M€-2.92M▼
Financial income75/76B€66.78M€53.84M▼
Recurring financial income75€66.78M€53.84M▼
Financial charges65/66B€3.28M€11.79M▲
Recurring financial charges65€3.28M€11.79M▲
Profit (loss) for the period before taxes9903€60.72M€39.13M▼
Income taxes67/77€724k€901k▲
Profit (loss) for the period9904€60.00M€38.23M▼
Profit (loss) for the period to be appropriated9905€60.00M€38.23M▼
Appropriation of the result
Profit (loss) to be appropriated9906€723.73M€38.23M▼
Profit (loss) brought forward from the previous period14P€663.73M-
Transfer to equity691/2€723.73M€38.23M▼
To other reserves6921€723.73M€38.23M▼
Social balance
Average headcount (FTE)90875.47.2▲
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity times 14current ratio 210.22
Current ratio from 14.93 to 210.22; short-term debt falls from €18.86M to €1.08M.
31-12
Financial
Equity above €1000MEq €1.02B ▲6.2%
3 profitable years in a row build equity to €1.02B.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
07-06
State Gazette act
Board meeting · Director resignation
Director appointment · Permanent representative
07-06
State Gazette act
Board meeting · Director resignation
Director appointment · General meeting
2023
31-12
Financial
Weakest financial yearnet €9.92M ▼94.9%
Net result drops to €9.92M, the lowest in the series; recovery starts the following year.
14-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-12
State Gazette act
General meeting · Registered-office move
Legal-form conversion · Corporate purpose · Tim CARNEWAL
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Genesius-Rode · 3 establishment units since 2021
Cannot 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-RodeGround area
9,521 m²
Building footprint
1,922 m²
Volume, LiDAR
13,361 m³
3 parcels, Flanders, Wallonia · tallest building 20.7 m, ±2 floors. Linked by address, not a title deed.
3 establishment units
Ginstlaan 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
3 parcels
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. |
Linked by address, not proof of ownership
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.
Structure & network
Ownership & control
2 partiesTNFOBE 0778.919.797
controls
Where this company holds controlthis company sits on their board2
1 location
1 location
Group per the LEI register
1 subsidiary, 1 abroadSubsidiary:Nestt Lux
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 143 EUR awarded · 143 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 143 EUR | 143 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Legal Entity Identifier
549300ZDAPD322DRHD14
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Of 24,501 companies in sector 82990 we hold annual accounts for 9,399. 25 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded21-12-2021
Fiscal year end31-12
Activities, NACEBEL
64200Holdings
64210Activities of holding companies
82990Other business support services
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 4 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.