Terco+
ActiveSummary
Terco+ has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €167k and a net result of €259. Equity remains stable across the filed fiscal years (±1.8% per year). Its solvency ranks better than 34% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69=
Solvency57▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10k at 30 days acceptable
Liquidity short (current ratio 0.96 against 1.0 in 2024; short-term debt: 24.3% and cash: 13.9% of total assets), and 68.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
31.6%
Return on assets
0%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-07-2026, 15 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
15 d early
2024
15 d late
2023
33 d early
2022
34 d early
2021
19 d late
2020
31 d early
2019
31 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€167k▲ 0.2%
2024 · €167k
2018: €131klowest in 8 years
2019: €203k▲ +54.7% vs 2018
2020: €287k▲ +41.0% vs 2019highest in 8 years
2021: €286k▼ -0.2% vs 2020
2022: €212k▼ -25.9% vs 2021
2023: €165k▼ -22.3% vs 2022
2024: €167k▲ +1.2% vs 2023
2025: €167k▲ +0.2% vs 2024
2018 → 2025
Total assets
€528k▼ 10.8%
2024 · €592k
2018: €800k
2019: €761k▼ -4.8% vs 2018
2020: €908k▲ +19.3% vs 2019highest in 8 years
2021: €904k▼ -0.5% vs 2020
2022: €764k▼ -15.5% vs 2021
2023: €627k▼ -17.9% vs 2022
2024: €592k▼ -5.7% vs 2023
2025: €528k▼ -10.8% vs 2024lowest in 8 years
2018 → 2025
Net result
€259▼ 87.2%
2024 · €2k
2018: €-61klowest in 8 years
2019: €72k▲ +219% vs 2018
2020: €83k▲ +16.0% vs 2019highest in 8 years
2021: €47k▼ -43.1% vs 2020
2022: €12k▼ -74.2% vs 2021
2023: €2k▼ -82.3% vs 2022
2024: €2k▼ -6.1% vs 2023
2025: €259▼ -87.2% vs 2024
2018 → 2025
Working capital
€-6k
2024 · €408
2018: €-51klowest in 8 years
2019: €26k▲ +151% vs 2018
2020: €118k▲ +349% vs 2019
2021: €123k▲ +4.4% vs 2020highest in 8 years
2022: €51k▼ -58.1% vs 2021
2023: €907▼ -98.2% vs 2022
2024: €408▼ -55.0% vs 2023
2025: €-6k▼ -1464% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€286k-€212k▼ 25.9%€165k▼ 22.3%€167k▲ 1.2%€167k▲ 0.2%
2021: €286khighest in 5 years
2022: €212k▼ -25.9% vs 2021
2023: €165k▼ -22.3% vs 2022lowest in 5 years
2024: €167k▲ +1.2% vs 2023
2025: €167k▲ +0.2% vs 2024
Operating result€75k-€24k▼ 67.5%€9k▼ 64.5%€9k▲ 2.8%€5k▼ 38.8%
2021: €75khighest in 5 years
2022: €24k▼ -67.5% vs 2021
2023: €9k▼ -64.5% vs 2022
2024: €9k▲ +2.8% vs 2023
2025: €5k▼ -38.8% vs 2024lowest in 5 years
Net result€47k-€12k▼ 74.2%€2k▼ 82.3%€2k▼ 6.1%€259▼ 87.2%
2021: €47khighest in 5 years
2022: €12k▼ -74.2% vs 2021
2023: €2k▼ -82.3% vs 2022
2024: €2k▼ -6.1% vs 2023
2025: €259▼ -87.2% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 39% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €528k
Fixed assets
€405k ▼ 6.3%
Current assets
€123k ▼ 22.9%
Equity and liabilities €528k
Equity
€167k ▲ 0.2%
Debt
€361k ▼ 15.1%
Debt's share of the balance-sheet total falls from 71.8% to 68.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39k▼
2024 · €42k
Cash flow
€34k▼
2024 · €35k
Current ratio
0.96▼
2024 · 1.00
Quick ratio
0.82▼
2024 · 0.97
Debt to equity
2.16▼
2024 · 2.55
ROE
0.2%▼
2024 · 1.2%
ROA
0.0%▼
2024 · 0.3%
Interest coverage
8.58▲
2024 · 8.33
Debt ≤ 1 year
€129k▼
2024 · €159k
Debt > 1 year
€233k▼
2024 · €266k
Income taxes
€774▼
2024 · €2k
Staff costs
€84k▲
2024 · €81k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€592k€528k▼
Fixed assets21/28€433k€405k▼
Tangible fixed assets22/27€433k€405k▼
Land and buildings22€425k€396k▼
Plant, machinery and equipment23€6k€8k▲
Furniture and vehicles24€2k€797▼
Current assets29/58€159k€123k▼
Stocks and contracts in progress3€5k€18k▲
Stocks30/36€5k€5k▼
Contracts in progress37-€13k
Amounts receivable within one year40/41€57k€28k▼
Trade receivables40€56k€27k▼
Other amounts receivable41€800€800=
Cash at bank and in hand54/58€94k€73k▼
Deferred charges and accrued income490/1€3k€3k▼
Equity and liabilities
Total equity and liabilities10/49€592k€528k▼
Equity10/15€167k€167k▲
Contributions10/11€6k€6k=
Reserves13€160k€161k▲
Distributable reserves133€160k€161k▲
Amounts payable17/49€425k€361k▼
Amounts payable after more than one year17€266k€233k▼
Financial debts170/4€266k€233k▼
Amounts payable within one year42/48€159k€129k▼
Current portion of amounts payable after more than one year42€33k€33k▲
Trade debts44€33k€36k▲
Suppliers440/4€33k€36k▲
Taxes, remuneration and social security45€26k€21k▼
Taxes450/3€10k€5k▼
Remuneration and social security454/9€16k€16k▲
Other amounts payable47/48€67k€39k▼
Income statement
Code20242025
Remuneration, social security and pensions62€81k€84k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€33k€34k▲
Gross operating margin9900€123k€123k=
Operating profit (loss)9901€9k€5k▼
Financial income75/76B€38€127▲
Recurring financial income75€38€127▲
Financial charges65/66B€5k€5k▼
Recurring financial charges65€5k€5k▼
Profit (loss) for the period before taxes9903€4k€1k▼
Income taxes67/77€2k€774▼
Profit (loss) for the period9904€2k€259▼
Profit (loss) for the period to be appropriated9905€2k€259▼
Appropriation of the result
Profit (loss) to be appropriated9906€2k€259▼
Transfer to equity691/2€2k€259▼
To other reserves6921€2k€259▼
Social balance
Average headcount (FTE)90871.01.0=
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €73k | €72k | €80k | €81k | €84k | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54k | €38k | €34k | €33k | €34k | ▲ 1.2% |
| Gross operating margin9900 | €202k | €134k | €123k | €123k | €123k | = |
| Operating profit (loss)9901 | €75k | €24k | €9k | €9k | €5k | ▼ 38.8% |
| Financial income75/76B | €2k | €804 | €940 | €38 | €127 | ▲ 240% |
| Recurring financial income75 | €2k | €804 | €940 | €38 | €127 | ▲ 240% |
| Financial charges65/66B | €7k | €6k | €6k | €5k | €5k | ▼ 10.0% |
| Recurring financial charges65 | €7k | €6k | €6k | €5k | €5k | ▼ 10.0% |
| Profit (loss) for the period before taxes9903 | €70k | €19k | €4k | €4k | €1k | ▼ 73.5% |
| Income taxes67/77 | €22k | €7k | €2k | €2k | €774 | ▼ 58.4% |
| Profit (loss) for the period9904 | €47k | €12k | €2k | €2k | €259 | ▼ 87.2% |
| Profit (loss) for the period to be appropriated9905 | €47k | €12k | €2k | €2k | €259 | ▼ 87.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €904k | €764k | €627k | €592k | €528k | ▼ 10.8% |
| Fixed assets21/28 | €527k | €492k | €463k | €433k | €405k | ▼ 6.3% |
| Tangible fixed assets22/27 | €527k | €492k | €463k | €433k | €405k | ▼ 6.3% |
| Land and buildings22 | €509k | €479k | €454k | €425k | €396k | ▼ 6.8% |
| Plant, machinery and equipment23 | €16k | €9k | €6k | €6k | €8k | ▲ 45.9% |
| Furniture and vehicles24 | €3k | €4k | €3k | €2k | €797 | ▼ 55.2% |
| Current assets29/58 | €377k | €272k | €164k | €159k | €123k | ▼ 22.9% |
| Stocks and contracts in progress3 | - | €43k | €9k | €5k | €18k | ▲ 265% |
| Stocks30/36 | - | €43k | €9k | €5k | €5k | ▼ 8.3% |
| Contracts in progress37 | - | - | - | - | €13k | - |
| Amounts receivable within one year40/41 | €85k | €84k | €9k | €57k | €28k | ▼ 50.7% |
| Trade receivables40 | €85k | €79k | €7k | €56k | €27k | ▼ 51.5% |
| Other amounts receivable41 | €300 | €5k | €1k | €800 | €800 | = |
| Cash at bank and in hand54/58 | €288k | €141k | €142k | €94k | €73k | ▼ 21.9% |
| Deferred charges and accrued income490/1 | €4k | €4k | €4k | €3k | €3k | ▼ 0.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €904k | €764k | €627k | €592k | €528k | ▼ 10.8% |
| Equity10/15 | €286k | €212k | €165k | €167k | €167k | ▲ 0.2% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €280k | €206k | €158k | €160k | €161k | ▲ 0.2% |
| Distributable reserves133 | €280k | €206k | €158k | €160k | €161k | ▲ 0.2% |
| Amounts payable17/49 | €618k | €552k | €463k | €425k | €361k | ▼ 15.1% |
| Amounts payable after more than one year17 | €364k | €332k | €299k | €266k | €233k | ▼ 12.6% |
| Financial debts170/4 | €364k | €332k | €299k | €266k | €233k | ▼ 12.6% |
| Amounts payable within one year42/48 | €254k | €220k | €164k | €159k | €129k | ▼ 19.2% |
| Current portion of amounts payable after more than one year42 | €35k | €29k | €29k | €33k | €33k | ▲ 1.4% |
| Trade debts44 | €134k | €99k | €33k | €33k | €36k | ▲ 9.2% |
| Suppliers440/4 | €134k | €99k | €33k | €33k | €36k | ▲ 9.2% |
| Taxes, remuneration and social security45 | €60k | €37k | €29k | €26k | €21k | ▼ 20.0% |
| Taxes450/3 | €43k | €19k | €9k | €10k | €5k | ▼ 56.0% |
| Remuneration and social security454/9 | €18k | €18k | €20k | €16k | €16k | ▲ 3.5% |
| Other amounts payable47/48 | €25k | €55k | €72k | €67k | €39k | ▼ 42.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €47k | €12k | €2k | €2k | €259 | ▼ 87.2% |
| + Depreciation and write-downs630 | €54k | €38k | €34k | €33k | €34k | ▲ 1.2% |
| Operating cash flow (approximation) | €101k | €50k | €36k | €35k | €34k | ▼ 3.9% |
| Investment in fixed assets (approximation) | - | €-3k | €-5k | €-3k | €-6k | ▼ 135% |
| Change in cash | - | €-148k | €1k | €-48k | €-21k | ▲ 56.9% |
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
16-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
15-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 15 days late
2024
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 19 days late
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €83k ▲16%
Operating result €119k, net result €83k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
31-12
Financial
Back to profitnet €72k
Net result €72k after one loss-making year.
31-12
Financial
Equity above €200kEq €203k ▲54.7%
Equity rises from €131k to €203k.
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
13-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 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, Balen · 1 establishment unit since 2014
Ground area
2,387 m²
Building footprint
1,196 m²
Volume, LiDAR
260 m³
Parcel 13342B1320/00H005, Flanders · tallest building 3.9 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
TERCO+
since 20142.226.800.294
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13342B1320/00H005 | Flanders | 2,386 m² | 1 · 1,196 m² | 3.9 m |
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.
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Of 20,018 companies in sector 43320 we hold annual accounts for 9,132. 7,558 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
Founded09-01-2014
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
Scores and ratios are computed by Checked and are not a credit decision.