Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 31 % of short-term debt in 2025; threshold 65 %.
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Shrinking team NBB
FTE fell two years in a row, from 188.2 to 162.8.
Financials
Financial year 2025
TF CO from Seneffe, company number BE0877890580, closed financial year 2025 with a result of € 75,437 after tax. For that financial year TF CO recorded revenue of € 26.9 million and equity of € 910,222. Compared with financial year 2024, the result moved from € -221,708 to € 75,437. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on January 15, 2026.
€ 910,222
▲ 4% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 75,437
▲ still € 221,708 loss in 2024
Profit after tax over the fiscal year.
€ 742,623
▲ 1% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € -323,514.
People and assets in 2025
162.8
▼ 17.3 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 9.3 million
▼ 10% vs 2024
€ 56,900 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 190,197
▲ 41% vs 2024
Of which on lease € 141,205.
Debts at end 2025
€ 4.4 million
▼ 10% vs 2024
€ 871,680 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 2 million
▲ 10% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 45 days on average.
€ 1.4 million
▲ 1% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 24,800,070 | € 27,657,547 | € 27,669,050 | € 26,936,027 | ▼ 3% |
| Profit after taxes | € 15,626 | € 404,125 | € -221,708 | € 75,437 | ▲ € 297,146 |
| Equity | € 802,305 | € 1,145,830 | € 874,826 | € 910,222 | ▲ 4% |
| Total debts | € 8,528,683 | € 8,010,985 | € 8,320,233 | € 8,007,244 | ▼ 4% |
| Cash | € 672,425 | € 1,021,430 | € 738,774 | € 742,623 | ▲ 1% |
| Land & buildings | € 2,723,452 | € 2,454,589 | € 2,171,328 | € 1,895,560 | ▼ 13% |
| Retained profit | € -581,368 | € -177,243 | € -398,952 | € -323,514 | ▲ € 75,437 |
| Bank debt | € 5,129,607 | € 4,379,074 | € 4,859,402 | € 4,373,153 | ▼ 10% |
| Balance sheet total | € 9,330,988 | € 9,156,815 | € 9,195,059 | € 9,008,761 | ▼ 2% |
| Employees (FTE) | 176.8 | 188.2 | 180.1 | 162.8 | ▼ 17.3 |
Key figures of TF CO, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to TF CO?
What happened at TF CO in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Guardiola Capital SA stepped down as director. NBB
- Olivier De Reu de Bolle stepped down as director. NBB
- JBO SRL stepped down as director. NBB
- Grimobel NV stepped down as director. NBB
- New establishment in Ukkel. KBO
- New annual accounts for financial year 2025: profit of € 75,437. Source: NBB ↗
- Olivier De Reu de Bolle became a director. NBB
- Philing SA stepped down as director. NBB
In short
From € 15,626 profit in 2022 to € 75,437 profit in 2025.
Paid € 225,376 in corporate taxes since 2022.
Best year ever: 2023, with € 404,125 profit.
Pays suppliers within 45 days on average.
A new publication or filing at TF CO? We notify you, reason included.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of The Belgian Pie Company comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
TF COThe shares are held by The Belgian Pie Company (100%).
Directors
According to the 2025 annual accounts
Olivier De Reu de Bolle
Director
since 2025 · until 2028
since 2022 · until 2028
Director · represented by Marc Van Doornick
Also active at: CETIM PROJECTS, HELIVENTURE FTO, INYTIUM, Lucky Cycle, The Belgian Pie Company, Bon Group, CETIM, HELICOFIN +7 more
since 2022 · until 2025
since 2022 · until 2028
Director · represented by Frédéric Markiewicz
Also active at: INYTIUM, The Belgian Pie Company, DSGI
since 2025 · until 2031
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Rue Jules Bordet 65
7180 Seneffe
Renbaanlaan 75
1050 Elsene
Active since 1 July 2008
François Laurentplein 35
9000 Gent
Active since 1 July 2008
Chaussée de Bruxelles 2
1310 La Hulpe
Active since 7 December 2011
Chaussée de Bruxelles 184
1410 Waterloo
Active since 1 May 2012
Waterloosesteenweg 1223
1180 Ukkel
Active since 1 May 2012
Orbanlaan 227
1150 Sint-Pieters-Woluwe
Active since 2 April 2013
J.B. De Greefsquare 2 box 4
1160 Oudergem
Active since 1 October 2013
Wemmelse Steenweg 10
1090 Jette
Active since 1 October 2013
Marie Depagestraat 62
1180 Ukkel
Active since 12 October 2014
Brusselsesteenweg 410
3090 Overijse
Active since 15 April 2014
Volkstraat 8
2000 Antwerpen
Active since 13 May 2014
Georges Henrilaan 205
1200 Sint-Lambrechts-Woluwe
Active since 10 May 2015
Doorniksewijk(Kor) 136 box 2
8500 Kortrijk
Active since 8 December 2016
Hoogstraat 66
2800 Mechelen
Active since 13 April 2016
Bredabaan 212
2930 Brasschaat
Active since 22 August 2016
Mechelsestraat 30
3000 Leuven
Active since 1 May 2017
Avenue des Princes 52
1300 Wavre
Active since 15 June 2017
Rue Neuve(GER) 3
6280 Gerpinnes
Active since 5 December 2017
Rue des Guillemins 74
4000 Liège
Active since 14 November 2017
Joseph Stevensstraat 34
1000 Brussel
Active since 17 April 2018
Rue de Marchovelette 35
5000 Namur
Active since 21 November 2019
Rue Saint-Paul 11-11A
4000 Liège
Active since 12 October 2023
Sint-Pietersvoorplein 6
1180 Ukkel
Active since 15 June 2026
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0877.890.580
- VAT number
- BE 0877.890.580
- Registered office
- Rue Jules Bordet 65, 7180 Seneffe
- Names & denominations
- TF CO
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 14 December 2005
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
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