TEMSET
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-01-2026 PDF all 32 filings
Turnover
€107,715
EBIT margin
28.2%
Net result
€13,311▲ 26×
2024 · €511
Working capital
-€7,019
2024 · €174,702
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€10,435
▲ 15.9%
2025
20192025
Net result
€13,311
▲ 26×
2025
20192025
EBIT margin
no figure
2025
20192025
Equity
€820,087
▲ 1.6%
2025
20192025
Total assets
€1.2m
▲ 10.2%
2025
20192025
Debt
€246,107
▲ 67.0%
2025
20192025
Working capital
-€7,019
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0.1m-
Operating result€0.03m-€0.1m▲ 227%€0.3m▲ 197%€0.02m▼ 93.6%-€0.07m€0.009m€0.01m▲ 15.9%
Net result€0.03m-€0.06m▲ 139%€0.2m▲ 253%€0.02m▼ 92.2%-€0.07m€0.001m€0.01m▲ 26×
EBIT margin28.2%-
Equity€0.6m-€0.6m▲ 16.1%€0.9m▲ 33.2%€0.9m▲ 1.9%€0.8m▼ 7.6%€0.8m▲ 0.1%€0.8m▲ 1.6%
Total assets€1.2m-€1.1m▼ 8.1%€1.4m▲ 28.4%€1.2m▼ 12.6%€1.1m▼ 12.3%€1.1m▼ 3.4%€1.2m▲ 10.2%
Debt€0.5m-€0.4m▼ 32.9%€0.4m▲ 7.1%€0.3m▼ 31.6%€0.2m▼ 31.2%€0.1m▼ 18.5%€0.2m▲ 67.0%
Working capital€0.1m-€0.1m▼ 4.6%€0.6m▲ 400%€0.3m▼ 42.6%€0.1m▼ 62.1%€0.2m▲ 43.1%-€0.007m
The operating result for 2025 is 16% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.1m ▲ 25.8%
Current assets
€55,668 ▼ 68.3%
Equity and liabilities €1.2m
Equity
€820,087 ▲ 1.6%
Provisions
€99,158 ▼ 3.9%
Debt
€246,107 ▲ 67.0%
Debt's share of the balance-sheet total rises from 13.9% to 21.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€54,330▲
2024 · €50,884
Cash flow
€57,207▲
2024 · €42,395
Current ratio
0.89
Debt to equity
0.30▲
2024 · 0.18
ROE
1.6%▲
2024 · 0.1%
ROA
1.1%▲
2024 · 0.0%
Interest coverage
23.86▲
2024 · 2.78
Debt ≤ 1 year
€62,687▲
2024 · €720
Debt > 1 year
€178,022▲
2024 · €141,324
Income taxes
€473
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €729,572 | €74,473 | €27,258 | €276,288 |
| Financial fixed assets | - | €50 | - | - |
| Depreciation and write-downs of the year | €127,638 | €48,449 | €41,885 | €43,896 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €107,715 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €144,860 | - | - | €7,651 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,668 | €63,280 | €56,525 | €127,638 | €48,449 | €41,885 | €43,896 | ▲ 4.8% |
| Other operating charges640/8 | - | - | - | €9,241 | €12,747 | €12,396 | €13,429 | ▲ 8.3% |
| Gross operating margin9900 | €112,246 | €178,497 | €367,137 | €155,782 | -€7,210 | €63,280 | €67,760 | ▲ 7.1% |
| Operating profit (loss)9901 | €30,332 | €99,189 | €294,555 | €18,903 | -€68,406 | €8,999 | €10,435 | ▲ 15.9% |
| Financial income75/76B | - | - | - | - | - | €5,523 | €1,576 | ▼ 71.5% |
| Recurring financial income75 | - | €0 | - | - | - | €5,523 | €1,576 | ▼ 71.5% |
| Non-recurring financial income76B | - | - | - | - | - | €5,523 | - | - |
| Financial charges65/66B | - | - | - | €5,360 | €2,738 | €18,315 | €2,277 | ▼ 87.6% |
| Recurring financial charges65 | €17,120 | €21,295 | €3,979 | €5,360 | €2,738 | €18,315 | €2,277 | ▼ 87.6% |
| Profit (loss) for the period before taxes9903 | €13,212 | €77,894 | €290,576 | €13,543 | -€71,145 | -€3,793 | €9,734 | - |
| Transfer from deferred taxes780 | - | - | - | €75,585 | €4,303 | €4,303 | €4,050 | ▼ 5.9% |
| Income taxes67/77 | €817 | - | - | €72,516 | -€253 | - | €473 | - |
| Profit (loss) for the period9904 | €25,318 | €60,410 | €213,428 | €16,613 | -€66,588 | €511 | €13,311 | ▲ 26× |
| Transfer from tax-exempt reserves789 | - | - | - | €226,696 | €12,910 | €12,910 | €12,149 | ▼ 5.9% |
| Profit (loss) for the period to be appropriated9905 | €50,405 | -€5,727 | -€17,958 | €243,308 | -€53,678 | €13,421 | €25,460 | ▲ 89.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.4m | €1.2m | €1.1m | €1.1m | €1.2m | ▲ 10.2% |
| Formation expenses20 | - | - | - | - | - | - | €0 | - |
| Fixed assets21/28 | €1.0m | €0.9m | €0.8m | €0.9m | €0.9m | €0.9m | €1.1m | ▲ 25.8% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.8m | €0.9m | €0.9m | €0.9m | €1.1m | ▲ 25.8% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €0.9m | €1.1m | ▲ 26.1% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.003m | €0.003m | €0.002m | ▼ 29.2% |
| Financial fixed assets28 | - | - | - | - | €50 | €50 | €50 | = |
| Current assets29/58 | €0.2m | €0.2m | €0.6m | €0.4m | €0.2m | €0.2m | €0.06m | ▼ 68.3% |
| Amounts receivable after more than one year29 | - | - | - | €0.07m | €0.1m | €0.2m | €0 | ▼ 100% |
| Trade receivables290 | - | - | - | €0.07m | - | - | - | - |
| Other amounts receivable291 | - | - | - | - | €0.1m | €0.2m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.07m | €0.09m | €0.07m | €0.01m | €0.001m | €0.02m | €0.004m | ▼ 79.6% |
| Trade receivables40 | - | - | - | €0.009m | €0.001m | €0.01m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.005m | €64 | €0.008m | €0.004m | ▼ 54.7% |
| Current investments50/53 | - | - | - | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €0.02m | €0.007m | €0.4m | €0.3m | €0.08m | €0.008m | €0.05m | ▲ 568% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €0 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.4m | €1.2m | €1.1m | €1.1m | €1.2m | ▲ 10.2% |
| Equity10/15 | €0.6m | €0.6m | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | ▲ 1.6% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.2m | €0.3m | €0.6m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.5% |
| Non-distributable reserves130/1 | - | - | - | - | - | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | - | - | €0.04m | €0.04m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 3.9% |
| Profit (loss) carried forward14 | -€0.04m | -€0.05m | -€0.07m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 25.4% |
| Provisions and deferred taxes16 | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.9% |
| Deferred taxes168 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 3.9% |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | €0.1m | €0.2m | ▲ 67.0% |
| Amounts payable after more than one year17 | €0.5m | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 26.0% |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 26.0% |
| Other amounts payable178/9 | - | - | - | €0.01m | - | - | - | - |
| Amounts payable within one year42/48 | €0.04m | €0.05m | €0.05m | €0.05m | €0.07m | €0.001m | €0.06m | ▲ 87× |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.05m | - | €0.06m | - |
| Trade debts44 | €0.001m | €0.002m | €99 | €304 | €0.02m | €155 | €109 | ▼ 29.9% |
| Suppliers440/4 | - | - | - | €304 | €0.02m | €155 | €109 | ▼ 29.9% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | - | - | €0.001m | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €0 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.003m | €0.005m | €0.005m | €0.005m | ▲ 2.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,318 | €60,410 | €213,428 | €16,613 | -€66,588 | €511 | €13,311 | ▲ 26× |
| + Depreciation and write-downs630 | €66,668 | €63,280 | €56,525 | €127,638 | €48,449 | €41,885 | €43,896 | ▲ 4.8% |
| Operating cash flow (approximation) | €91,986 | €123,690 | €269,953 | €144,250 | -€18,139 | €42,395 | €57,207 | ▲ 34.9% |
| Investment in fixed assets (approximation) | - | €37,987 | €75,344 | -€185,932 | -€74,523 | -€22,981 | -€271,689 | ▼ 1,082% |
| Change in cash | - | -€16,718 | €343,592 | -€62,597 | -€205,248 | -€74,488 | €44,279 | - |
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, 14,766 companies had the same profile as TEMSET has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TEMSET itself: 0.2% 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 14,766 companies, not a prediction for TEMSET. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 05-01-2026 | 2026-00001884 | |
| 30-06-2024 | micro format | 03-12-2024 | 2024-00608898 | |
| 30-06-2023 | micro format | 07-12-2023 | 2023-00523654 | |
| 30-06-2022 | full format | 18-01-2023 | 2023-00001107 | |
| 30-06-2021 | full format | 09-12-2021 | 2021-79900045 | |
| 30-06-2020 | full format | 16-12-2020 | 2020-75900265 | |
| 30-06-2019 | full format | 04-12-2019 | 2019-75400017 | |
| 30-06-2018 | full format | 10-12-2018 | 2018-74000214 | |
| 30-06-2017 | full format | 30-11-2017 | 2017-70900511 | |
| 30-06-2016 | full format | 25-11-2016 | 2016-68500553 |