TEMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 27 filings
Turnover
≈ €860,000
Estimated: probably between €770,000 and €1.1m
Total assets
€1.8m▲ 11.6%
2024 · €1.6m
Net result
€311,947▲ 52.3%
2024 · €204,778
Working capital
€796,607▲ 28.5%
2024 · €619,955
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€459,335
▲ 9.3%
2025
20182025
Net result
€311,947
▲ 52.3%
2025
highest quarter of the sector
20182025
Equity
€1.3m
▲ 16.1%
2025
highest quarter of the sector
20182025
Total assets
€1.8m
▲ 11.6%
2025
highest quarter of the sector
20182025
Debt
€491,566
▲ 1.8%
2025
20182025
Working capital
€796,607
▲ 28.5%
2025
highest quarter of the sector
20182025
Solvency
72.2%
▲ 2.8pp
2025
middle half of the sector
20182025
Current ratio
6.45
▼ 1.06
2025
highest quarter of the sector
20182025
Return on assets (ROA)
17.6%
▲ 4.7pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.2m▼ 11.9%€0.3m▲ 58.4%€0.4m▲ 16.5%€0.3m▼ 25.7%€0.4m▲ 25.6%€0.4m▲ 18.1%€0.5m▲ 9.3%
Net result€0.2m-€0.1m▼ 13.5%€0.2mabove the sector's middle half▲ 57.0%€0.3mabove the sector's middle half▲ 22.3%€0.09mwithin the sector's middle half▼ 64.8%€0.1mabove the sector's middle half▲ 57.5%€0.2mabove the sector's middle half▲ 42.2%€0.3mabove the sector's middle half▲ 52.3%
Equity€0.4m-€0.5m▲ 2.1%€0.7mabove the sector's middle half▲ 47.0%€0.9mabove the sector's middle half▲ 39.1%€1.0mabove the sector's middle half▲ 9.9%€1.2mabove the sector's middle half▲ 14.2%€1.1mabove the sector's middle half▼ 5.0%€1.3mabove the sector's middle half▲ 16.1%
Total assets€0.6m-€0.9m▲ 64.2%€1.3mabove the sector's middle half▲ 36.6%€1.6mabove the sector's middle half▲ 22.7%€1.7mabove the sector's middle half▲ 8.1%€1.7mabove the sector's middle half▲ 1.5%€1.6mabove the sector's middle half▼ 8.1%€1.8mabove the sector's middle half▲ 11.6%
Debt€0.1m-€0.5m▲ 277%€0.6m▲ 27.0%€0.6m▲ 4.1%€0.7m▲ 5.8%€0.6m▼ 17.1%€0.5m▼ 14.3%€0.5m▲ 1.8%
Working capital€0.3m-€0.2m▼ 16.7%€0.5mabove the sector's middle half▲ 107%€0.5mabove the sector's middle half▲ 7.9%€0.6mabove the sector's middle half▲ 11.4%€0.7mabove the sector's middle half▲ 23.2%€0.6mabove the sector's middle half▼ 10.3%€0.8mabove the sector's middle half▲ 28.5%
Solvency77.4%-48.2%▼ 29.2pp51.8%within the sector's middle half▲ 3.7pp58.7%within the sector's middle half▲ 6.9pp59.7%within the sector's middle half▲ 1.0pp67.2%within the sector's middle half▲ 7.4pp69.4%within the sector's middle half▲ 2.3pp72.2%within the sector's middle half▲ 2.8pp
Current ratio4.34-1.94▼ 2.403.62within the sector's middle half▲ 1.684.85within the sector's middle half▲ 1.233.72within the sector's middle half▼ 1.136.16within the sector's middle half▲ 2.447.51above the sector's middle half▲ 1.356.45above the sector's middle half▼ 1.06
Return on assets (ROA)27.4%-14.4%▼ 12.9pp16.6%within the sector's middle half▲ 2.1pp16.5%within the sector's middle half▼ 0.1pp5.4%below the sector's middle half▼ 11.1pp8.3%within the sector's middle half▲ 3.0pp12.9%within the sector's middle half▲ 4.6pp17.6%within the sector's middle half▲ 4.7pp
Staff (FTE)0.8-0.8=0.8within the sector's middle half=1▲ 25.0%1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 9% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€826,141 ▼ 5.0%
Current assets
€942,738 ▲ 31.8%
Equity and liabilities €1.8m
Equity
€1.3m ▲ 16.1%
Provisions
€0 ▼ 100%
Debt
€491,566 ▲ 1.8%
Debt's share of the balance-sheet total falls from 30.5% to 27.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€502,832▲
2024 · €464,033
Cash flow
€355,445▲
2024 · €248,508
Debt to equity
0.38▼
2024 · 0.44
ROE
24.4%▲
2024 · 18.6%
Interest coverage
68.24▲
2024 · 3.62
Debt ≤ 1 year
€146,131▲
2024 · €95,224
Debt > 1 year
€341,527▼
2024 · €383,710
Income taxes
€149,214▲
2024 · €94,723
Staff costs
€40,257▲
2024 · €38,613
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 1 | 1 | 1 |
| full-time | 0 | - | 0 | 0 | 0 |
| part-time | 1 | - | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | - | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 |
| On a permanent contract | 1 | - | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 |
| Mortgage mandates | €575,000 | €575,000 | €575,000 | €575,000 | €575,000 |
| Carrying value of the mortgaged assets | €703,848 | €734,473 | €714,848 | €695,223 | €675,599 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €354,919 | €51,340 | €10,631 | €14,575 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €49,166 | €56,509 | €42,393 | €43,730 | €43,497 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €28,980 | €32,296 | €35,035 | €38,613 | €40,257 | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,308 | €75,897 | €46,609 | €49,166 | €56,509 | €42,393 | €43,730 | €43,497 | ▼ 0.5% |
| Other operating charges640/8 | - | - | - | €5,666 | €5,604 | €8,095 | €10,447 | €10,664 | ▲ 2.1% |
| Gross operating margin9900 | €309,810 | €323,189 | €416,672 | €465,170 | €377,778 | €441,548 | €513,093 | €553,752 | ▲ 7.9% |
| Operating profit (loss)9901 | €234,752 | €206,707 | €327,379 | €381,358 | €283,369 | €356,026 | €420,303 | €459,335 | ▲ 9.3% |
| Financial income75/76B | - | - | - | €4 | €0 | €2,554 | €5,985 | €7,695 | ▲ 28.6% |
| Recurring financial income75 | €311 | €324 | €1 | €4 | €0 | €2,554 | €5,985 | €7,695 | ▲ 28.6% |
| Financial charges65/66B | - | - | - | €8,240 | €152,044 | €140,764 | €128,287 | €7,368 | ▼ 94.3% |
| Recurring financial charges65 | €4,956 | €5,618 | €9,150 | €8,240 | €152,044 | €140,764 | €128,287 | €7,368 | ▼ 94.3% |
| Profit (loss) for the period before taxes9903 | €230,107 | €201,413 | €318,230 | €373,122 | €131,325 | €217,816 | €298,001 | €459,661 | ▲ 54.2% |
| Transfer from deferred taxes780 | - | - | - | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Transfer to deferred taxes680 | - | - | - | €7,500 | €0 | - | - | - | - |
| Income taxes67/77 | €73,979 | €66,305 | €106,099 | €107,735 | €41,429 | €75,344 | €94,723 | €149,214 | ▲ 57.5% |
| Profit (loss) for the period9904 | €156,128 | €135,108 | €212,130 | €259,388 | €91,396 | €143,972 | €204,778 | €311,947 | ▲ 52.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €22,500 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €156,128 | €135,108 | €257,130 | €241,388 | €95,896 | €148,472 | €209,278 | €316,447 | ▲ 51.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.9m | €1.3m | €1.6m | €1.7m | €1.7m | €1.6m | €1.8m | ▲ 11.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.2m | €0.5m | €0.6m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 5.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.5m | €0.6m | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 5.0% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 3.9% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.001m | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.03m | €0.02m | €0.006m | ▼ 62.9% |
| Financial fixed assets28 | €216 | €216 | €216 | €216 | €216 | €216 | €216 | €216 | = |
| Current assets29/58 | €0.4m | €0.5m | €0.6m | €0.6m | €0.8m | €0.8m | €0.7m | €0.9m | ▲ 31.8% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.003m | €0.009m | €0 | - | €0.04m | €0.05m | €0.009m | €0.02m | ▲ 117% |
| Trade receivables40 | - | - | - | - | - | - | - | €0.02m | - |
| Other amounts receivable41 | - | - | - | - | €0.04m | €0.05m | €0.009m | €0 | ▼ 100% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.6m | €0.6m | €0.7m | €0.8m | €0.7m | €0.9m | ▲ 31.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.01m | €0.01m | €0.007m | ▼ 41.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.9m | €1.3m | €1.6m | €1.7m | €1.7m | €1.6m | €1.8m | ▲ 11.6% |
| Equity10/15 | €0.4m | €0.5m | €0.7m | €0.9m | €1.0m | €1.2m | €1.1m | €1.3m | ▲ 16.1% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.4m | €0.4m | €0.7m | €0.9m | €1.0m | €1.2m | €1.1m | €1.3m | ▲ 16.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.01m | €0.009m | €0.005m | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €0.9m | €1.0m | €1.1m | €1.1m | €1.3m | ▲ 16.6% |
| Profit (loss) carried forward14 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Provisions and deferred taxes16 | €0 | - | - | €0.006m | €0.005m | €0.003m | €0.002m | €0 | ▼ 100% |
| Deferred taxes168 | - | - | - | €0.006m | €0.005m | €0.003m | €0.002m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.1m | €0.5m | €0.6m | €0.6m | €0.7m | €0.6m | €0.5m | €0.5m | ▲ 1.8% |
| Amounts payable after more than one year17 | €0.05m | €0.2m | €0.4m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 11.0% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 11.0% |
| Amounts payable within one year42/48 | €0.08m | €0.2m | €0.2m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 53.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.3% |
| Financial debts43 | - | - | - | €0.01m | €0.01m | €0 | - | €418 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €418 | - |
| Other loans439 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Trade debts44 | €0.003m | €0.07m | €0.006m | €0.003m | €0.02m | €0.004m | €0.01m | €0.008m | ▼ 42.7% |
| Suppliers440/4 | - | - | - | €0.003m | €0.02m | €0.004m | €0.01m | €0.008m | ▼ 42.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.05m | €0.02m | €0.04m | €0.09m | ▲ 117% |
| Taxes450/3 | - | - | - | €0.07m | €0.04m | €0.005m | €0.03m | €0.07m | ▲ 117% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.01m | €0.01m | €0.006m | €0.01m | ▲ 112% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.09m | €0.07m | €0 | €0.01m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.007m | €0.004m | €0.004m | €0.004m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €156,128 | €135,108 | €212,130 | €259,388 | €91,396 | €143,972 | €204,778 | €311,947 | ▲ 52.3% |
| + Depreciation and write-downs630 | €47,308 | €75,897 | €46,609 | €49,166 | €56,509 | €42,393 | €43,730 | €43,497 | ▼ 0.5% |
| Operating cash flow (approximation) | €203,436 | €211,004 | €258,740 | €308,553 | €147,905 | €186,365 | €248,508 | €355,445 | ▲ 43.0% |
| Investment in fixed assets (approximation) | - | -€328,342 | -€210,943 | -€350,045 | -€51,340 | -€10,631 | -€14,575 | €0 | - |
| Change in cash | - | €101,950 | €185,722 | -€24,188 | €92,157 | €61,290 | -€66,191 | €221,940 | - |
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 TEMA 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 TEMA 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 TEMA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00313820 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00263680 | |
| 31-12-2023 | micro format | 02-10-2024 | 2024-00487641 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00208383 | |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20172787 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51600045 | |
| 31-12-2019 | micro format | 06-10-2020 | 2020-59100373 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31300298 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-32000130 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24900100 |