TERAM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 6 days after the deadline Filed on 6 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00104219.
Annual accounts 2025 filed on 06-05-2026 PDF all 16 filings
Equity
€14,755▼ 51.6%
2024 · €30,501
Total assets
€168,167▼ 5.3%
2024 · €177,669
Net result
-€15,745▼ 261%
2024 · -€4,363
Working capital
€140,468▼ 7.0%
2024 · €151,088
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
-€10,663
2025
20192025
Net result
-€15,745
▼ 261%
2025
lowest quarter of the sector
20192025
Equity
€14,755
▼ 51.6%
2025
lowest quarter of the sector
20192025
Total assets
€168,167
▼ 5.3%
2025
middle half of the sector
20192025
Debt
€153,412
▲ 4.2%
2025
20192025
Working capital
€140,468
▼ 7.0%
2025
highest quarter of the sector
20192025
Solvency
8.8%
▼ 8.4pp
2025
lowest quarter of the sector
20192025
Current ratio
6.07
▼ 0.61
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-9.4%
▼ 6.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920212022202320242025
Operating result€18,545€5,874▼ 68.3%€4,093▼ 30.3%-€10,663
Net result€18,545within the sector's middle half€1,004within the sector's middle half▼ 94.6%-€4,363below the sector's middle half-€15,745below the sector's middle half▼ 261%
Equity€548-€9,114below the sector's middle half-€33,859within the sector's middle half▲ 271%€34,863within the sector's middle half▲ 3.0%€30,501within the sector's middle half▼ 12.5%€14,755below the sector's middle half▼ 51.6%
Total assets€154,033-€149,654within the sector's middle half-€147,200within the sector's middle half▼ 1.6%€163,155within the sector's middle half▲ 10.8%€177,669within the sector's middle half▲ 8.9%€168,167within the sector's middle half▼ 5.3%
Debt€153,485-€140,539-€113,341▼ 19.4%€128,292▲ 13.2%€147,168▲ 14.7%€153,412▲ 4.2%
Working capital-€963-€9,114within the sector's middle half-€33,859within the sector's middle half▲ 271%€154,863above the sector's middle half▲ 357%€151,088above the sector's middle half▼ 2.4%€140,468above the sector's middle half▼ 7.0%
Solvency0.4%-6.1%below the sector's middle half-23.0%within the sector's middle half▲ 16.9pp21.4%within the sector's middle half▼ 1.6pp17.2%below the sector's middle half▼ 4.2pp8.8%below the sector's middle half▼ 8.4pp
Current ratio0.99-1.06within the sector's middle half-1.30within the sector's middle half▲ 0.2319.68above the sector's middle half▲ 18.386.68above the sector's middle half▼ 12.996.07above the sector's middle half▼ 0.61
Return on assets (ROA)12.6%within the sector's middle half0.6%within the sector's middle half▼ 12.0pp-2.5%below the sector's middle half▼ 3.1pp-9.4%below the sector's middle half▼ 6.9pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 a loss of €10,663, after a profit of €4,093 in 2024. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €168,167
Equity
€14,755 ▼ 51.6%
Debt
€153,412 ▲ 4.2%
Debt's share of the balance-sheet total rises from 82.8% to 91.2%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
4.84▼
2024 · 5.40
Debt to equity
10.40▲
2024 · 4.83
ROE
-106.7%▼
2024 · -14.3%
Debt ≤ 1 year
€27,699▲
2024 · €26,580
Debt > 1 year
€120,000=
2024 · €120,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €257 | €260 | €2,342 | ▲ 801% |
| Gross operating margin9900 | - | €0 | €18,545 | €6,131 | €4,353 | -€8,321 | - |
| Operating profit (loss)9901 | - | - | €18,545 | €5,874 | €4,093 | -€10,663 | - |
| Financial charges65/66B | - | - | - | €4,800 | €5,395 | €5,083 | ▼ 5.8% |
| Recurring financial charges65 | - | - | - | €4,800 | €5,395 | €5,083 | ▼ 5.8% |
| Profit (loss) for the period before taxes9903 | - | - | €18,545 | €1,074 | -€1,302 | -€15,745 | ▼ 1,109% |
| Income taxes67/77 | - | - | - | €69 | €3,060 | - | - |
| Profit (loss) for the period9904 | - | - | €18,545 | €1,004 | -€4,363 | -€15,745 | ▼ 261% |
| Profit (loss) for the period to be appropriated9905 | - | €0 | €18,545 | €1,004 | -€4,363 | -€15,745 | ▼ 261% |
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €154,033 | €149,654 | €147,200 | €163,155 | €177,669 | €168,167 | ▼ 5.3% |
| Fixed assets21/28 | €1,511 | €0 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €1,511 | €0 | €0 | - | - | - | - |
| Plant, machinery and equipment23 | - | €0 | €0 | - | - | - | - |
| Furniture and vehicles24 | - | €0 | €0 | - | - | - | - |
| Current assets29/58 | €152,522 | €149,654 | €147,200 | €163,155 | €177,669 | €168,167 | ▼ 5.3% |
| Stocks and contracts in progress3 | €100,000 | €87,000 | €3,000 | - | €34,171 | €34,171 | = |
| Stocks30/36 | - | €87,000 | €3,000 | - | €24,421 | €24,421 | = |
| Contracts in progress37 | - | - | - | - | €9,750 | €9,750 | = |
| Amounts receivable within one year40/41 | €38,549 | €62,654 | €144,200 | €162,698 | €142,467 | €133,010 | ▼ 6.6% |
| Trade receivables40 | - | €62,654 | €144,200 | €162,200 | €137,200 | €132,450 | ▼ 3.5% |
| Other amounts receivable41 | - | €0 | - | €498 | €5,267 | €560 | ▼ 89.4% |
| Cash at bank and in hand54/58 | €13,972 | €0 | - | €457 | €1,031 | €987 | ▼ 4.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €154,033 | €149,654 | €147,200 | €163,155 | €177,669 | €168,167 | ▼ 5.3% |
| Equity10/15 | €548 | €9,114 | €33,859 | €34,863 | €30,501 | €14,755 | ▼ 51.6% |
| Contributions10/11 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €12,400 | - | - | - | - | - |
| Issued capital100 | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | €6,200 | - | - | - | - | - |
| Reserves13 | €10,385 | €10,385 | €11,860 | €11,860 | €11,860 | €11,860 | = |
| Non-distributable reserves130/1 | - | €530 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | €530 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €9,855 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€22,237 | -€13,671 | €3,399 | €4,403 | €41 | -€15,705 | - |
| Amounts payable17/49 | €153,485 | €140,539 | €113,341 | €128,292 | €147,168 | €153,412 | ▲ 4.2% |
| Amounts payable after more than one year17 | - | - | - | €120,000 | €120,000 | €120,000 | = |
| Financial debts170/4 | - | - | - | €120,000 | €120,000 | €120,000 | = |
| Amounts payable within one year42/48 | €153,485 | €140,539 | €113,341 | €8,292 | €26,580 | €27,699 | ▲ 4.2% |
| Trade debts44 | €109,567 | €115,689 | - | €3,254 | €8,109 | €3,491 | ▼ 56.9% |
| Suppliers440/4 | - | €115,689 | - | €3,254 | €8,109 | €3,491 | ▼ 56.9% |
| Taxes, remuneration and social security45 | - | €94 | - | - | - | €27 | - |
| Taxes450/3 | - | €94 | - | - | - | €27 | - |
| Other amounts payable47/48 | - | €24,756 | €113,341 | €5,038 | €18,472 | €24,181 | ▲ 30.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €588 | €5,713 | ▲ 872% |
| Line | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | - | €18,545 | €1,004 | -€4,363 | -€15,745 | ▼ 261% |
| Operating cash flow (approximation) | - | - | €18,545 | €1,004 | -€4,363 | -€15,745 | ▼ 261% |
| Investment in fixed assets (approximation) | - | - | €0 | - | - | - | - |
| Change in cash | - | - | - | - | €574 | -€44 | - |
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, 1,037 companies had the same profile as TERAM has now. Two years later, 93.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
93.8%
was still going
2.9%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TERAM itself: 1.3% 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 1,037 companies, not a prediction for TERAM. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 06-05-2026 | 2026-00104219 | |
| 30-09-2024 | micro format | 24-03-2025 | 2025-00053688 | |
| 30-09-2023 | micro format | 19-03-2024 | 2024-00046407 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00076228 | |
| 30-09-2021 | micro format | 02-05-2022 | 2022-20015648 | |
| 30-09-2019 | micro format | 02-04-2020 | 2020-08500387 | |
| 30-09-2018 | micro format | 11-04-2019 | 2019-09900289 | |
| 30-09-2017 | micro format | 23-03-2018 | 2018-07600522 | |
| 30-09-2016 | abbreviated format | 21-03-2017 | 2017-07100457 | |
| 30-09-2015 | abbreviated format | 25-03-2016 | 2016-07800101 |