Summary
TERCOFIN 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 €5.85M and a net result of €1.14M. Equity is growing by ~5.7% per year across the filed fiscal years. Its solvency ranks better than 70% of 2399 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health 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.
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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 30-06-2025 was due by 31-01-2026 and was filed on 24-10-2025, 99 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
99 d early
2024
141 d early
2023
148 d early
2022
117 d early
2021
83 d early
2020
86 d early
2019
35 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Equity
€5.85M▲ 2.4%
2024 · €5.71M
Net result
€1.14M▲ 54.8%
2024 · €736k
Total assets
€7.13M▲ 18.5%
2024 · €6.02M
Solvency
82.1%▼ 12.9pp
2024 · 94.9%
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
Turnover€135k▲ 176%€50k▼ 62.9%€71k▲ 42.5%
Operating result€66k€-98k€-140k▼ 43.0%€-86k▲ 38.5%€-54k▲ 37.2%
Net result€2.68M€1.41M▼ 47.1%€2.08M▲ 47.0%€736k▼ 64.6%€1.14M▲ 54.8%
Equity€5.83M▲ 55.2%€5.58M▼ 4.4%€5.28M▼ 5.4%€5.71M▲ 8.3%€5.85M▲ 2.4%
Total assets€6.45M▲ 60.0%€6.53M▲ 1.2%€6.28M▼ 3.8%€6.02M▼ 4.2%€7.13M▲ 18.5%
Debt€612k▲ 126%€949k▲ 55.0%€1.00M▲ 5.5%€304k▼ 69.6%€1.28M▲ 320%
Working capital€2.99M▲ 228%€2.85M▼ 4.6%€2.02M▼ 29.3%€2.42M▲ 19.9%€2.74M▲ 13.4%
Solvency90.5%▼ 2.8pp85.5%▼ 5.0pp84.1%▼ 1.4pp94.9%▲ 10.9pp82.1%▼ 12.9pp
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €54k in 2025 against €86k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.13M
Fixed assets
€3.11M ▼ 5.6%
Current assets
€4.02M ▲ 47.7%
Equity and liabilities €7.13M
Equity
€5.85M ▲ 2.4%
Debt
€1.28M ▲ 320%
Debt's share of the balance-sheet total rises from 5.1% to 17.9%. Equity and debt are higher.
Key figures and ratios
ROE
19.5%▲
2024 · 12.9%
ROA
16.0%▲
2024 · 12.2%
Debt ≤ 1 year
€1.28M▲
2024 · €304k
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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €165k | €71k | €766k | €490k | ▼ 36.1% |
| Turnover70 | €135k | €50k | €71k | - | - | - |
| Other operating income74 | - | €115k | - | €766k | €490k | ▼ 36.1% |
| Operating charges60/66A | - | €264k | €212k | €853k | €544k | ▼ 36.2% |
| Services and other goods61 | - | €259k | €211k | €839k | €535k | ▼ 36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €3k | - | €5k | €8k | ▲ 65.6% |
| Other operating charges640/8 | - | €1k | €1k | €9k | €1k | ▼ 86.9% |
| Operating profit (loss)9901 | €66k | €-98k | €-140k | €-86k | €-54k | ▲ 37.2% |
| Financial income75/76B | - | €1.52M | €2.22M | €824k | €1.19M | ▲ 45.0% |
| Recurring financial income75 | €2.61M | €1.52M | €2.22M | €824k | €1.19M | ▲ 45.0% |
| Income from financial fixed assets750 | - | €1.50M | €2.20M | €800k | €1.17M | ▲ 45.8% |
| Income from current assets751 | - | €15k | €22k | €24k | €28k | ▲ 17.7% |
| Financial charges65/66B | - | €2k | €1k | €1k | €1k | ▼ 27.3% |
| Recurring financial charges65 | €481 | €2k | €1k | €1k | €1k | ▼ 27.3% |
| Debt charges650 | €6 | - | €407 | - | - | - |
| Other financial charges652/9 | - | €2k | €724 | €1k | €1k | ▼ 27.3% |
| Profit (loss) for the period before taxes9903 | €2.68M | €1.41M | €2.08M | €736k | €1.14M | ▲ 54.8% |
| Profit (loss) for the period9904 | €2.68M | €1.41M | €2.08M | €736k | €1.14M | ▲ 54.8% |
| Profit (loss) for the period to be appropriated9905 | €2.68M | €1.41M | €2.08M | €736k | €1.14M | ▲ 54.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.45M | €6.53M | €6.28M | €6.02M | €7.13M | ▲ 18.5% |
| Formation expenses20 | €3k | - | - | - | - | - |
| Fixed assets21/28 | €2.84M | €2.84M | €3.26M | €3.29M | €3.11M | ▼ 5.6% |
| Intangible fixed assets21 | - | - | - | €35k | €27k | ▼ 22.7% |
| Financial fixed assets28 | €2.84M | €2.84M | €3.26M | €3.26M | €3.08M | ▼ 5.4% |
| Affiliated companies280/1 | - | €2.84M | €3.26M | €3.26M | €3.08M | ▼ 5.4% |
| Participating interests280 | - | €2.84M | €3.26M | €3.26M | €3.08M | ▼ 5.4% |
| Current assets29/58 | €3.60M | €3.69M | €3.02M | €2.72M | €4.02M | ▲ 47.7% |
| Amounts receivable within one year40/41 | €1.04M | €1.46M | €895k | €395k | €790k | ▲ 99.7% |
| Trade receivables40 | - | €12k | - | - | - | - |
| Other amounts receivable41 | - | €1.44M | €895k | €395k | €790k | ▲ 99.7% |
| Current investments50/53 | - | - | €750k | - | €1.30M | - |
| Other investments51/53 | - | - | €750k | - | €1.30M | - |
| Cash at bank and in hand54/58 | €2.56M | €2.23M | €1.37M | €2.33M | €764k | ▼ 67.1% |
| Deferred charges and accrued income490/1 | - | €1k | €1k | €2k | €1.17M | ▲ 76,476% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.45M | €6.53M | €6.28M | €6.02M | €7.13M | ▲ 18.5% |
| Equity10/15 | €5.83M | €5.58M | €5.28M | €5.71M | €5.85M | ▲ 2.4% |
| Contributions10/11 | €3.05M | €3.05M | €3.05M | €3.05M | €3.05M | = |
| Capital10 | - | €3.05M | €3.05M | €3.05M | €3.05M | = |
| Issued capital100 | - | €3.05M | €3.05M | €3.05M | €3.05M | = |
| Reserves13 | €199k | €305k | €305k | €305k | €305k | = |
| Non-distributable reserves130/1 | - | €305k | €305k | €305k | €305k | = |
| Legal reserve130 | - | €305k | €305k | €305k | €305k | = |
| Profit (loss) carried forward14 | €2.58M | €2.22M | €1.92M | €2.36M | €2.50M | ▲ 5.9% |
| Amounts payable17/49 | €612k | €949k | €1.00M | €304k | €1.28M | ▲ 320% |
| Amounts payable within one year42/48 | €612k | €834k | €1.00M | €304k | €1.28M | ▲ 320% |
| Trade debts44 | €7k | €85k | €79k | €4k | €6k | ▲ 38.9% |
| Suppliers440/4 | - | €85k | €79k | €4k | €6k | ▲ 38.9% |
| Other amounts payable47/48 | - | €749k | €922k | €300k | €1.27M | ▲ 324% |
| Accrued charges and deferred income492/3 | - | €115k | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.68M | €1.41M | €2.08M | €736k | €1.14M | ▲ 54.8% |
| + Depreciation and write-downs630 | €6k | €3k | - | €5k | €8k | ▲ 65.6% |
| Operating cash flow (approximation) | €2.68M | €1.42M | €2.08M | €741k | €1.15M | ▲ 54.9% |
| Investment in fixed assets (approximation) | - | €-3k | €-421k | €-39k | €177k | ▲ 548% |
| Change in cash | - | €-325k | €-859k | €955k | €-1.56M | ▼ 263% |
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
2025
24-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
12-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
30-06
Financial
Liquidity triplescurrent ratio 8.94
Current ratio from 3.01 to 8.94; short-term debt falls from €1.00M to €304k.
2023
05-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
06-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
09-11
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
30-06
Financial
Back to profitnet €2.68M
Net result €2.68M after one loss-making year.
30-06
Financial
Equity above €5MEq €5.83M ▲55.2%
Equity rises from €3.76M to €5.83M.
2020
06-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
30-06
Financial
Weakest financial yearnet €-201k
Net result drops to €-201k, the lowest in the series; recovery starts the following year.
2019
27-12
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
05-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Liège · 1 establishment unit since 2016
Ground area
1.0 ha
Building footprint
315 m²
Volume, LiDAR
2,984 m³
Parcel 62002A0056/00A008, Wallonia · tallest building 11.9 m, ±3 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
TERCOFIN
since 20162.257.882.658
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62002A0056/00A008 | Wallonia | 1.0 ha | 1 · 315 m² | 11.9 m · 3 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.
Public money · subsidies and aid
Federal government
2023 to 2024 · 2 entries · 1,256,333 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2024 | FOD Economie | 1 | 490,019 EUR |
| 2023 | FOD Economie | 1 | 766,314 EUR |
Budget allocations
Subsidies voor de verbetering van telecommunicatieconnectiviteit
European Union, budget
2021 · 1 entry · 223,514 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2021 | 1 | 223,514 EUR |
Projects
INEA/CEF/TRAN/M2020/2440834 -"TERCOFIN-SEAFAR"
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Of 24,730 companies in sector 64210 we hold annual accounts for 19,766. 7,628 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded21-10-2016
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
Scores and ratios are computed by Checked and are not a credit decision.