TELDIS
ActiveFinancials · financial year 2026, full format
Annual accounts 2026 filed on 28-09-2026 at the NBB all 33 filings
Turnover
≈ €170,000
Estimated: probably between €100,000 and €320,000
EBIT margin
Not included in this filing
Net result
€27,266▲ 20.7%
2025 · €22,592
Working capital
-€9,568▲ 38.4%
2025 · -€15,533
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€38,201
▲ 15.0%
2026
20192026
Net result
€27,266
▲ 20.7%
2026
20192026
Equity
€87,185
▼ 1.2%
2026
20192026
Total assets
€169,512
▼ 9.3%
2026
20192026
Debt
€82,327
▼ 16.6%
2026
20192026
Working capital
-€9,568
▲ 38.4%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€29,897-€31,059▲ 3.9%€34,593▲ 11.4%€32,200▼ 6.9%€33,882▲ 5.2%€33,365▼ 1.5%€33,223▼ 0.4%€38,201▲ 15.0%
Net result€16,804-€17,844▲ 6.2%€23,358▲ 30.9%€21,321▼ 8.7%€23,453▲ 10.0%€22,535▼ 3.9%€22,592▲ 0.3%€27,266▲ 20.7%
Equity€63,391-€72,521▲ 14.4%€78,736▲ 8.6%€84,343▲ 7.1%€94,225▲ 11.7%€102,760▲ 9.1%€88,210▼ 14.2%€87,185▼ 1.2%
Total assets€160,893-€167,053▲ 3.8%€165,639▼ 0.8%€149,495▼ 9.7%€162,380▲ 8.6%€185,587▲ 14.3%€186,875▲ 0.7%€169,512▼ 9.3%
Debt€97,502-€94,532▼ 3.0%€86,903▼ 8.1%€65,152▼ 25.0%€68,155▲ 4.6%€82,827▲ 21.5%€98,666▲ 19.1%€82,327▼ 16.6%
Working capital-€17,839--€16,838▲ 5.6%-€18,157▼ 7.8%-€24,076▼ 32.6%-€26,379▼ 9.6%-€1,026▲ 96.1%-€15,533▼ 1,414%-€9,568▲ 38.4%
The operating result for 2026 is 15% higher than in 2025 and the highest since 2022. It is a recovery after the fall in 2025.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €169,512
Fixed assets
€133,292 ▼ 10.8%
Current assets
€36,220 ▼ 3.3%
Equity and liabilities €169,512
Equity
€87,185 ▼ 1.2%
Debt
€82,327 ▼ 16.6%
Debt's share of the balance-sheet total falls from 52.8% to 48.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€54,341▲
2025 · €49,541
Cash flow
€43,405▲
2025 · €38,910
Current ratio
0.79▲
2025 · 0.71
Debt to equity
0.94▼
2025 · 1.12
ROE
31.3%▲
2025 · 25.6%
ROA
16.1%▲
2025 · 12.1%
Interest coverage
21.67▲
2025 · 16.86
Debt ≤ 1 year
€45,788▼
2025 · €52,977
Debt > 1 year
€35,925▼
2025 · €44,672
Income taxes
€9,885▲
2025 · €8,549
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,901 | €28,277 | €34,583 | - | - |
| Depreciation and write-downs of the year | €12,627 | €13,414 | €16,565 | €16,318 | €16,139 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,097 | €11,503 | €11,747 | €12,627 | €13,414 | €16,565 | €16,318 | €16,139 | ▼ 1.1% |
| Other operating charges640/8 | - | - | - | €4,698 | €4,813 | €5,274 | €5,395 | €5,564 | ▲ 3.1% |
| Gross operating margin9900 | €45,499 | €47,160 | €51,004 | €49,525 | €52,109 | €55,204 | €54,935 | €59,905 | ▲ 9.0% |
| Operating profit (loss)9901 | €29,897 | €31,059 | €34,593 | €32,200 | €33,882 | €33,365 | €33,223 | €38,201 | ▲ 15.0% |
| Financial income75/76B | - | - | - | €278 | €197 | €105 | €856 | €1,457 | ▲ 70.3% |
| Recurring financial income75 | €1,265 | €41 | €1,161 | €278 | €197 | €105 | €856 | €1,457 | ▲ 70.3% |
| Financial charges65/66B | - | - | - | €3,433 | €2,851 | €3,620 | €2,938 | €2,507 | ▼ 14.7% |
| Recurring financial charges65 | €6,044 | €5,159 | €4,310 | €3,433 | €2,851 | €3,620 | €2,938 | €2,507 | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | €25,118 | €25,941 | €31,444 | €29,045 | €31,228 | €29,850 | €31,141 | €37,151 | ▲ 19.3% |
| Income taxes67/77 | €8,314 | €8,097 | €8,086 | €7,724 | €7,775 | €7,315 | €8,549 | €9,885 | ▲ 15.6% |
| Profit (loss) for the period9904 | €16,804 | €17,844 | €23,358 | €21,321 | €23,453 | €22,535 | €22,592 | €27,266 | ▲ 20.7% |
| Profit (loss) for the period to be appropriated9905 | €16,804 | €17,844 | €23,358 | €21,321 | €23,453 | €22,535 | €22,592 | €27,266 | ▲ 20.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €160,893 | €167,053 | €165,639 | €149,495 | €162,380 | €185,587 | €186,875 | €169,512 | ▼ 9.3% |
| Fixed assets21/28 | €153,596 | €144,125 | €134,595 | €132,869 | €147,732 | €165,750 | €149,432 | €133,292 | ▼ 10.8% |
| Tangible fixed assets22/27 | €153,408 | €143,937 | €134,407 | €132,681 | €147,544 | €165,562 | €149,244 | €133,104 | ▼ 10.8% |
| Land and buildings22 | - | - | - | €120,912 | €110,609 | €100,307 | €90,004 | €79,701 | ▼ 11.4% |
| Plant, machinery and equipment23 | - | - | - | €11,769 | €36,935 | €65,255 | €59,240 | €53,403 | ▼ 9.9% |
| Financial fixed assets28 | €188 | €188 | €188 | €188 | €188 | €188 | €188 | €188 | = |
| Current assets29/58 | €7,297 | €22,928 | €31,044 | €16,626 | €14,648 | €19,837 | €37,444 | €36,220 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €1,738 | €14,088 | €25,834 | €3,095 | €2,449 | €5,571 | €25,139 | €19,804 | ▼ 21.2% |
| Other amounts receivable41 | - | - | - | €3,095 | €2,449 | €5,571 | €25,139 | €19,804 | ▼ 21.2% |
| Cash at bank and in hand54/58 | €5,559 | €8,840 | €5,210 | €13,531 | €12,199 | €14,266 | €12,305 | €16,416 | ▲ 33.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €160,893 | €167,053 | €165,639 | €149,495 | €162,380 | €185,587 | €186,875 | €169,512 | ▼ 9.3% |
| Equity10/15 | €63,391 | €72,521 | €78,736 | €84,343 | €94,225 | €102,760 | €88,210 | €87,185 | ▼ 1.2% |
| Contributions10/11 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €28,219 | €28,219 | €28,219 | = |
| Capital10 | - | - | - | €30,987 | €30,987 | €28,219 | - | - | - |
| Issued capital100 | - | - | - | €30,987 | €30,987 | €28,219 | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €28,219 | €28,219 | = |
| Other1109/19 | - | - | - | - | - | - | €28,219 | €28,219 | = |
| Reserves13 | €32,404 | €41,534 | €47,749 | €53,356 | €63,238 | €74,541 | €59,991 | €58,966 | ▼ 1.7% |
| Non-distributable reserves130/1 | - | - | - | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Legal reserve130 | - | - | - | €3,099 | €3,099 | €3,099 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €3,099 | €3,099 | = |
| Tax-exempt reserves132 | - | - | - | €3,324 | €3,324 | €3,324 | €3,324 | €3,324 | = |
| Distributable reserves133 | - | - | - | €46,933 | €56,815 | €68,118 | €53,569 | €52,544 | ▼ 1.9% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €97,502 | €94,532 | €86,903 | €65,152 | €68,155 | €82,827 | €98,666 | €82,327 | ▼ 16.6% |
| Amounts payable after more than one year17 | €70,567 | €54,517 | €37,449 | €19,300 | €26,620 | €61,201 | €44,672 | €35,925 | ▼ 19.6% |
| Financial debts170/4 | - | - | - | €19,300 | €26,620 | €61,201 | €44,672 | €35,925 | ▼ 19.6% |
| Amounts payable within one year42/48 | €25,136 | €39,766 | €49,201 | €40,702 | €41,027 | €20,863 | €52,977 | €45,788 | ▼ 13.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,520 | €24,685 | €5,390 | €13,813 | €14,139 | ▲ 2.4% |
| Trade debts44 | €1,728 | €1,534 | €1,534 | €1,468 | €2,771 | €1,473 | €1,473 | €1,473 | = |
| Suppliers440/4 | - | - | - | €1,468 | €2,771 | €1,473 | €1,473 | €1,473 | = |
| Taxes, remuneration and social security45 | - | - | - | €4,714 | €4,071 | €3,370 | €11,691 | €10,372 | ▼ 11.3% |
| Taxes450/3 | - | - | - | €4,714 | €4,071 | €3,370 | €11,691 | €10,372 | ▼ 11.3% |
| Other amounts payable47/48 | - | - | - | €11,000 | €9,500 | €10,630 | €26,000 | €19,804 | ▼ 23.8% |
| Accrued charges and deferred income492/3 | - | - | - | €5,150 | €508 | €763 | €1,016 | €614 | ▼ 39.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,804 | €17,844 | €23,358 | €21,321 | €23,453 | €22,535 | €22,592 | €27,266 | ▲ 20.7% |
| + Depreciation and write-downs630 | €11,097 | €11,503 | €11,747 | €12,627 | €13,414 | €16,565 | €16,318 | €16,139 | ▼ 1.1% |
| Operating cash flow (approximation) | €27,901 | €29,347 | €35,105 | €33,948 | €36,867 | €39,100 | €38,910 | €43,405 | ▲ 11.6% |
| Investment in fixed assets (approximation) | - | -€2,032 | -€2,217 | -€10,901 | -€28,277 | -€34,583 | €1 | €0 | ▼ 100% |
| Change in cash | - | €3,281 | -€3,630 | €8,321 | -€1,332 | €2,067 | -€1,961 | €4,111 | - |
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, 31,368 companies had the same profile as TELDIS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TELDIS itself: 0.1% 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 31,368 companies, not a prediction for TELDIS. 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.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | full format | 28-09-2026 | 2026-00532086 | |
| 31-03-2025 | full format | 27-11-2025 | 2025-00572808 | |
| 31-03-2024 | full format | 05-11-2024 | 2024-00529663 | |
| 31-03-2023 | full format | 12-10-2023 | 2023-00486415 | |
| 31-03-2022 | full format | 30-11-2022 | 2022-20531766 | |
| 31-03-2021 | full format | 28-02-2022 | 2022-06600546 | |
| 31-03-2020 | full format | 13-11-2020 | 2020-70300153 | |
| 31-03-2019 | full format | 25-11-2019 | 2019-74300232 | |
| 31-03-2018 | full format | 27-11-2018 | 2018-72900232 | |
| 31-03-2017 | full format | 31-10-2017 | 2017-68800130 |