Summary
TERCAE is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €216,078 and a net result of €119,278. Equity is growing by ~28.1% per year across the filed fiscal years. Its solvency ranks better than 72% of 8074 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit check for your own amount and term
Open the credit simulator : see how the verdict changes with amount, term and advance.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 10-03-2026, 51 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
51 d early
2024
22 d early
2023
15 d early
2022
10 d early
2021
2 d early
2020
15 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 19 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€216,078▲ 123%
2024 · €96,800
Net result
€119,278▲ 326%
2024 · €27,969
Total assets
€286,781▲ 49.1%
2024 · €192,282
Solvency
75.3%▲ 25.0pp
2024 · 50.3%
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€18,202▼ 59.3%€12,436▼ 31.7%€14,045▲ 12.9%€40,820▲ 191%€176,380▲ 332%
Net result€15,303▼ 49.8%€8,209▼ 46.4%€8,619▲ 5.0%€27,969▲ 225%€119,278▲ 326%
Equity€52,004▲ 41.7%€60,212▲ 15.8%€68,831▲ 14.3%€96,800▲ 40.6%€216,078▲ 123%
Total assets€159,700▼ 0.1%€148,140▼ 7.2%€140,880▼ 4.9%€192,282▲ 36.5%€286,781▲ 49.1%
Debt€107,696▼ 12.5%€87,928▼ 18.4%€72,050▼ 18.1%€95,481▲ 32.5%€70,703▼ 26.0%
Working capital-€30,612-€23,977▲ 21.7%-€714▲ 97.0%€8,357€143,664▲ 1,619%
Solvency32.6%▲ 9.6pp40.6%▲ 8.1pp48.9%▲ 8.2pp50.3%▲ 1.5pp75.3%▲ 25.0pp
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 332% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €286,781
Fixed assets
€85,115 ▼ 19.7%
Current assets
€201,666 ▲ 134%
Equity and liabilities €286,781
Equity
€216,078 ▲ 123%
Debt
€70,703 ▼ 26.0%
Debt's share of the balance-sheet total falls from 49.7% to 24.7%. Equity is higher and debt is lower.
Key figures and ratios
ROE
55.2%▲
2024 · 28.9%
ROA
41.6%▲
2024 · 14.5%
Debt ≤ 1 year
€58,002▼
2024 · €77,870
Debt > 1 year
€12,701▼
2024 · €17,611
Income taxes
€52,736▲
2024 · €11,918
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,160 | €18,397 | €19,294 | €21,347 | €22,695 | ▲ 6.3% |
| Other operating charges640/8 | €754 | €512 | €1,030 | €1,059 | €1,158 | ▲ 9.4% |
| Gross operating margin9900 | €35,116 | €31,345 | €34,369 | €63,226 | €200,233 | ▲ 217% |
| Operating profit (loss)9901 | €18,202 | €12,436 | €14,045 | €40,820 | €176,380 | ▲ 332% |
| Financial income75/76B | €103 | €0 | €229 | €172 | €381 | ▲ 122% |
| Recurring financial income75 | €103 | €0 | €229 | €172 | €381 | ▲ 122% |
| Financial charges65/66B | €339 | €276 | €230 | €1,105 | €4,747 | ▲ 330% |
| Recurring financial charges65 | €339 | €276 | €230 | €1,105 | €4,747 | ▲ 330% |
| Profit (loss) for the period before taxes9903 | €17,966 | €12,160 | €14,043 | €39,887 | €172,014 | ▲ 331% |
| Income taxes67/77 | €2,663 | €3,952 | €5,424 | €11,918 | €52,736 | ▲ 342% |
| Profit (loss) for the period9904 | €15,303 | €8,209 | €8,619 | €27,969 | €119,278 | ▲ 326% |
| Profit (loss) for the period to be appropriated9905 | €15,303 | €8,209 | €8,619 | €27,969 | €119,278 | ▲ 326% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €159,700 | €148,140 | €140,880 | €192,282 | €286,781 | ▲ 49.1% |
| Fixed assets21/28 | €92,419 | €86,654 | €69,544 | €106,055 | €85,115 | ▼ 19.7% |
| Tangible fixed assets22/27 | €92,349 | €86,654 | €69,544 | €106,055 | €85,115 | ▼ 19.7% |
| Plant, machinery and equipment23 | €72,293 | €75,251 | €66,794 | €56,753 | €47,147 | ▼ 16.9% |
| Furniture and vehicles24 | €20,056 | €11,403 | €2,750 | €49,301 | €37,968 | ▼ 23.0% |
| Financial fixed assets28 | €70 | €0 | - | - | - | - |
| Current assets29/58 | €67,281 | €61,486 | €71,336 | €86,227 | €201,666 | ▲ 134% |
| Amounts receivable within one year40/41 | €53,199 | €13,660 | €54,194 | €39,103 | €52,245 | ▲ 33.6% |
| Trade receivables40 | €52,891 | €13,349 | €53,888 | €34,973 | €47,194 | ▲ 34.9% |
| Other amounts receivable41 | €307 | €311 | €305 | €4,130 | €5,051 | ▲ 22.3% |
| Cash at bank and in hand54/58 | €6,664 | €41,325 | €11,337 | €40,988 | €143,161 | ▲ 249% |
| Deferred charges and accrued income490/1 | €7,418 | €6,501 | €5,806 | €6,136 | €6,260 | ▲ 2.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €159,700 | €148,140 | €140,880 | €192,282 | €286,781 | ▲ 49.1% |
| Equity10/15 | €52,004 | €60,212 | €68,831 | €96,800 | €216,078 | ▲ 123% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €45,804 | €54,012 | €62,631 | €90,600 | €209,878 | ▲ 132% |
| Distributable reserves133 | €45,804 | €54,012 | €62,631 | €90,600 | €209,878 | ▲ 132% |
| Amounts payable17/49 | €107,696 | €87,928 | €72,050 | €95,481 | €70,703 | ▼ 26.0% |
| Amounts payable after more than one year17 | €9,803 | €2,465 | €0 | €17,611 | €12,701 | ▼ 27.9% |
| Financial debts170/4 | €9,803 | €2,465 | €0 | €17,611 | €12,701 | ▼ 27.9% |
| Amounts payable within one year42/48 | €97,893 | €85,463 | €72,050 | €77,870 | €58,002 | ▼ 25.5% |
| Current portion of amounts payable after more than one year42 | €7,254 | €7,338 | €2,465 | €4,720 | €4,911 | ▲ 4.0% |
| Trade debts44 | €11,934 | €11,637 | €13,193 | €10,997 | €24,973 | ▲ 127% |
| Suppliers440/4 | €11,934 | €11,637 | €13,193 | €10,997 | €24,973 | ▲ 127% |
| Taxes, remuneration and social security45 | €8,712 | €10,657 | €6,066 | €10,776 | €25,764 | ▲ 139% |
| Taxes450/3 | €8,712 | €10,657 | €6,066 | €10,776 | €25,764 | ▲ 139% |
| Other amounts payable47/48 | €69,992 | €55,831 | €50,326 | €51,377 | €2,354 | ▼ 95.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,303 | €8,209 | €8,619 | €27,969 | €119,278 | ▲ 326% |
| + Depreciation and write-downs630 | €16,160 | €18,397 | €19,294 | €21,347 | €22,695 | ▲ 6.3% |
| Operating cash flow (approximation) | €31,463 | €26,605 | €27,912 | €49,317 | €141,973 | ▲ 188% |
| Investment in fixed assets (approximation) | - | -€12,632 | -€2,184 | -€57,858 | -€1,755 | ▲ 97.0% |
| Change in cash | - | €34,660 | -€29,988 | €29,652 | €102,173 | ▲ 245% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Highest result since 2020net €119,278 ▲326%
Operating result €176,380, net result €119,278, both a record.
30-09
Financial
Liquidity triplescurrent ratio 3.48
Current ratio from 1.11 to 3.48; short-term debt falls from €77,870 to €58,002.
30-09
Financial
Equity above €200,000Eq €216,078 ▲123%
6 profitable years in a row build equity to €216,078.
08-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
15-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
20-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Weakest financial yearnet €8,209 ▼46.4%
Net result drops to €8,209, the lowest in the series; recovery starts the following year.
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
15-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kruisem · 1 establishment unit since 2019
Ground area
1,005 m²
Building footprint
165 m²
Volume, LiDAR
941 m³
Parcel 45053C0454/00R002, Flanders · tallest building 7.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
TERCAE
since 20192.284.304.468
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45053C0454/00R002 | Flanders | 1,005 m² | 1 · 165 m² | 7.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
BOSTYN INVEST
BE 0553.952.152
Lendelede · Eq €216,095
Vacona
BE 0647.964.651
Wetteren · Eq €216,045
SEKARO
BE 0826.444.156
Koksijde · Eq €216,126
MANAGEMENT LIEN DE VOS
BE 1000.372.975
Houthalen-Helchteren · Eq €215,976
RUDRA CONSULT GROUP
BE 1004.598.316
Evere · Eq €216,227
Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 13,558 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded02-01-2019
Fiscal year end30-09
Activities, NACEBEL 2025
64210Activities of holding companies
Contact
E-mail
tilde_vandenbroucke@yahoo.comKruisem
Phone
0478484504Kruisem
E-invoicing
Reachable via Peppol
Peppol ID
0208:0717858990
Also
9925:BE0717858990
Registered
10-01-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.