Turnover
≈ €610,000 estimated
The micro format states no turnover.
TSM
Overview
Lifetime
1 annual account with figurespeak €243,367 (2025)
€243,367
peak €171,118 (2025)
€171,118
peak €173,118 (2025)
€173,118
€167,471
Board1 name since 2024
1 directorMICHIELS Nick
Documentsfilings and deeds
08-08-20268 days late
2025micro format
First year with figures
Key points
from the 2025 annual accountsStarting capital
€2,000 200 shares
Position in the sector
€171,118
Higher net result than 95% of companies in land transport. Sector median €5,707 · 5,906 companies.
2025 accounts filed 8 days after the deadline
Checked score
55
Fair
Financially stronger than 63% of micro companies in land transport (NACE 49)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
1.9% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.8% across 9,101 companies (NACE 49, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
07-2025: 3.6%
08-2025: 3.7%▲ +0.1 percentage points vs 07-2025
09-2025: 3.8%▲ +0.1 percentage points vs 08-2025
10-2025: 4.2%▲ +0.4 percentage points vs 09-2025
11-2025: 4.2%● unchanged vs 10-2025
12-2025: 4.6%▲ +0.4 percentage points vs 11-2025
01-2026: 5.0%▲ +0.4 percentage points vs 12-2025
02-2026: 5.0%● unchanged vs 01-2026
03-2026: 4.8%▼ -0.2 percentage points vs 02-2026
04-2026: 4.8%● unchanged vs 03-2026
05-2026: 5.1%▲ +0.3 percentage points vs 04-2026
06-2026: 5.3%▲ +0.2 percentage points vs 05-2026
07-2026: 5.3%● unchanged vs 06-2026highest value
08-2026: 5.3%● unchanged vs 07-2026highest value
09-2026: 1.9%▼ -3.4 percentage points vs 08-2026lowest value
10-2026: 1.9%● unchanged vs 09-2026lowest value
11-2026: 1.9%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Founded in 2024
Sector: Land transport and transport via pipelines (NACE 49)
Size: total assets €340,589
lowers risk
Equity €173,118 (50.8% of total assets)
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 63% of them on solvency, 32% on liquidity and 94% on profitability.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 39,278 companies had the same profile as TSM has now. Each dot stands for 99 companies, two years later.
95.8%
were still trading
2.3%
stopped another way
1.8%
went bankrupt
That fits the bankruptcy probability of TSM itself: 1.9% within 12 months.
Test of the method
The method was tested on the 497,447 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 39,278 companies, not a prediction for TSM. 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.
Credit verdict
Credit of up to €9,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record
Liquidity is insufficient, with a current ratio of 0.35, below 1. Short-term debt is 49.2% and cash 7.8% of total assets. 49.2% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 8 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-08-2026, 8 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 1 filingDeviation from the deadline
2025
8 days late
← before the deadline
after the deadline →
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1010205609
Incorporation
Founding capital of €2,000, 200 shares · Founder: MICHIELS Nick · Appointment: MICHIELS Nick (director) · published on 12-06-2024 · Gazette deed
First establishment
Winkelstraat 36c, Herzele
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| TSM Herzele | €340,589 | €243,367 | 50.8% | - |
| VERDE-BOIS Maldegem | €360,235 | €214,163 | 51.2% | - |
| CORRECT TRANSPORT GROUP Brussels | €360,192 | €259,969 | 7.0% | - |
| KAREIRA TRANSPORT Kortrijk | €338,939 | €268,110 | -0.8% | - |
| BELIVERO Eupen | €381,495 | €203,395 | 6.0% | 1.8 |
| KJ Transport Bassenge | €341,708 | €309,054 | 76.1% | - |
| DANYO TRANSPORT Bruges | €350,088 | €303,615 | 50.8% | - |
These companies have the same main activity as TSM: freight transport by road (NACE 49410). They are comparable in size and age: total assets between €339,000 and €381,000, founded in 2024.
Official details
Source: KBO- Status
- Active since 10-06-2024Normal situation
- Activity
- Freight transport by roadNACE 49410and 1 other
- Establishment unit
- 2.360.628.0289550 Herzele, since 10-06-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 09-01-2026
Insights on TSM
The computed 12-month bankruptcy probability of TSM is 1.9% (moderate). The 2025 annual accounts show equity of €173,118 and a net result of €171,118.
Its solvency ranks better than 63% of 5,937 sector peers (NACE 49, financial year 2025). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 08-08-2026, 8 days late€243,367
€212,725
€171,118
-€108,871
50.8%
0.35
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €610,000. Estimated: probably between €530,000 and €840,000.
Balance sheet
balance sheet total €340,589 on 31-12-2025What the company ownsHow it is paid for
Position in the sector
50.8%
Higher than 63% of 5,937 companies in 2025.
0.35
Higher than 10% of 5,692 companies in 2025.
50.2%
Higher than 95% of 5,754 companies in 2025.
TSM
Middle half of the sector
80% of the sector
Micro accounts in land transport (NACE 49)
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 |
|---|---|---|
| Balance sheet: assets | ||
20/58 |
340,589 | |
21/28 |
281,988 | |
22/27 |
272,988 | |
23 |
1,564 | |
24 |
271,424 | |
28 |
9,000 | |
29/58 |
58,600 | |
40/41 |
31,954 | |
40 |
31,953 | |
41 |
1 | |
54/58 |
26,646 | |
| Balance sheet: equity and liabilities | ||
10/49 |
340,589 | |
10/15 |
173,118 | |
10/11 |
2,000 | |
14 |
171,118 | |
17/49 |
167,471 | |
42/48 |
167,471 | |
44 |
2,858 | |
440/4 |
2,858 | |
45 |
62,050 | |
450/3 |
54,550 | |
454/9 |
7,500 | |
47/48 |
102,562 | |
| Income statement | ||
9900 |
243,367 | |
630 |
29,750 | |
640/8 |
891 | |
9901 |
212,725 | |
75/76B |
6 | |
75 |
6 | |
65/66B |
64 | |
65 |
64 | |
9903 |
212,668 | |
67/77 |
41,550 | |
9904 |
171,118 | |
9905 |
171,118 | |
| Appropriation of the result | ||
9906 |
171,118 | |
| Document | ||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 08-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 8 days after the deadline. Filed on 8 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00388700.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-08-2026 | 2026-00388700 |
Subsidies and aid
Flemish government 2025, 1 entry, €131 awarded, €131 paid
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 |
|---|---|---|
| 242,476 | ||
| 200,868 | ||
| 311,739 | ||
| -108,871 | ||
| 50.8% | ||
| 0.35 | ||
| 0.97 | ||
| 98.8% | ||
| 50.2% | ||
| over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 |
|---|---|
| Tangible fixed assets | €302,739 |
| Financial fixed assets | €9,000 |
| €29,750 |
Source: notes to the 2025 annual accounts (statement of fixed assets)
Insights on TSM
Debt's share of the balance-sheet total is 49.2%.
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
appointed by deed of 12-06-2024
term without a fixed end
listed in the 2025 annual accounts, filed on 08-08-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 12-06-2024
Mandates through the years
1 name, the dashed line is todayMICHIELS Nick
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- MICHIELS Nick
- Director (not named in the articles), appointed by deed of 12-06-2024, still in office
Control
Capital
- Contribution
- €2,000
- Shares
- 200
- Contribution per share
- €10
- Equity per share
- €866 in 2025
- Source
- deed of 12-06-2024
Articles of association
deed of 12-06-2024 (in Dutch)- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of May at 18:00
- 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
Shareholders
At incorporation
deed of 12-06-2024 ↗
- MICHIELS Nick 200 shares (100%)
Network & group
No group
TSM has no parent and no holdings in its annual accounts. MICHIELS Nick is the only director. TSM shares no director with another company.
Timeline
Timeline
4 events since 2024Filings
Establishments
202420252026
2026
Annual accounts 2025 filed NBBmicro format · 8 days late
Registered in the Peppol Directory Reachable for e-invoices through 0208:1010205609
2024
IncorporationFounding capital of €2,000, 200 shares · Founder: MICHIELS Nick · Appointment: MICHIELS Nick (director) · published on 12-06-20244 points ▸
- Founder, MICHIELS Nick
- Founding capital, €2,000, 200 shares
- Registered office clause, Winkelstraat 36c, 9550 Herzele (Steenhuize-Wijnhuize)
- Director appointment, MICHIELS Nick (director (not named in the articles))
- The deed holds 5 more points.
First establishment Winkelstraat 36c, Herzele
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Company details
Identity
- Enterprise number
- 1010.205.609
- VAT number
- BE 1010.205.609
- Peppol ID
- 0208:1010205609
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 10-06-2024
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of May at 18:00deed of 12-06-2024 (in Dutch)
- Peppol
- Reachable since 09-01-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- TSM in Dutch
- Entity type
- Legal entity
- 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 12-06-2024 (in Dutch)
Activities
NACEBEL 202549410
Freight transport by road main activity
Codes under NACEBEL 2008
49410
Road freight transport main activity
52210
Service activities incidental to land transportation
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Goederenvervoer langs de weg, met inbegrip van vervoer van boomstammen, vee, auto's, afval, vervoer met koelwagens, internationaal vervoer…”deed of 12-06-2024 (in Dutch)
18 activities
- Goederenvervoer langs de weg, met inbegrip van vervoer van boomstammen, vee, auto's, afval, vervoer met koelwagens, internationaal vervoer, vervoer van bulkgoederen, inclusief vervoer in tankwagens.
- Vervoer van stortklaar beton.
- Ophalen van melk en vervoer naar de zuivelfabriek.
- Verhuizing van het meubilair van particulieren, kantoren, werkplaatsen of fabrieken.
- Levering van meubels en huishoudapparaten.
- De op- en overslag, meubelbewaring, alsmede het stockbeheer voor rekening van derden.
- Het verzekeren van distributiediensten, of nog, het verpakken, verzenden en conditioneren van goederen voor het cliënteel.
- Grondverzet, met inbegrip van graven, ophogen, egaliseren en nivelleren van bouwterreinen, graven van sleuven en geulen, verwijderen van rotsen, grondverzet met behulp van explosieven.
- Geschikt maken van terreinen voor mijnbouw, met inbegrip van het verwijderen van deklagen en overige werkzaamheden in verband met de ontsluiting van delfstoffen en de voorbereiding van de ontginning.
- Afbraakwerken.
- Loonwerk voor de landbouw.
- Bouwrijp maken en ruimen van bouwterreinen.
- Huur en verhuur, leasing, aan en verkoop van transportmiddelen voor personen- en goederenvervoer. Verhuur en lease van personenauto's, lichte bestelwagens, vrachtwagens, kraanwagens, heftrucks en overige motorvoertuigen.
- Verhuur en lease van andere machines en werktuigen en andere materiele goederen.
- Klein- en groothandel in consumenten artikelen, bureelbenodigdheden, bouwmaterialen, hout en andere.
- Ontwerpen van tuinen, park en dergelijke.
- Landschapsverzorging.
- Administratie, publiciteit en overige zakelijke dienstverlening.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Winkelstraat 36c registered office 9550 Herzele | 10-06-2024 | 2.360.628.028 |
Buildings and parcels at the address
- Ground area
- 516 m²
- Buildings
- 118 m²
- Volume, LiDAR
- 615 m³
- Tallest building
- 8.0 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 41067B0697/00K000 | 516 m² | 1 · 118 m² | 8.0 m · 2 |