TERDA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 08-10-2026 at the NBB all 11 filings
Turnover
≈ €350,000
Estimated: probably between €230,000 and €540,000
Total assets
€539,129▲ 4.1%
2025 · €517,737
Net result
€67,489▲ 57.5%
2025 · €42,853
Working capital
€30,062▼ 35.7%
2025 · €46,751
Trend over the years
2022 to 2026, 5 financial years 2019 to 2026, 8 financial years
The operating result for 2026 is 42% higher than in 2025 and the highest since 2022. It is the fourth rise in a row.
Operating result€93,382
2026
Net result€67,489
2026
Total assets€539,129
2026
Equity€126,675
2026
Debt€412,454
2026
Working capital€30,062
2026
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€49,373-€8,104▼ 83.6%€43,231▲ 433%€23,930▼ 44.6%€45,858▲ 91.6%€58,761▲ 28.1%€65,616▲ 11.7%€93,382▲ 42.3%
Net result€36,550-€416▼ 98.9%€26,034▲ 63×€10,961▼ 57.9%€26,307▲ 140%€35,104▲ 33.4%€42,853▲ 22.1%€67,489▲ 57.5%
Equity€90,864-€74,780▼ 17.7%€90,514▲ 21.0%€91,475▲ 1.1%€102,782▲ 12.4%€104,285▲ 1.5%€132,139▲ 26.7%€126,675▼ 4.1%
Total assets€141,671-€405,500▲ 186%€419,775▲ 3.5%€521,848▲ 24.3%€517,004▼ 0.9%€496,529▼ 4.0%€517,737▲ 4.3%€539,129▲ 4.1%
Debt€50,807-€330,721▲ 551%€329,261▼ 0.4%€430,372▲ 30.7%€414,223▼ 3.8%€392,243▼ 5.3%€385,598▼ 1.7%€412,454▲ 7.0%
Working capital€111,385-€61,628▼ 44.7%€25,861▼ 58.0%€18,595▼ 28.1%€35,941▲ 93.3%€28,277▼ 21.3%€46,751▲ 65.3%€30,062▼ 35.7%
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €539,129
Fixed assets
€397,711 ▼ 2.2%
Current assets
€141,418 ▲ 27.5%
Equity and liabilities €539,129
Equity
€126,675 ▼ 4.1%
Debt
€412,454 ▲ 7.0%
Debt's share of the balance-sheet total rises from 74.5% to 76.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€125,519▲
2025 · €94,924
Cash flow
€99,627▲
2025 · €72,162
Current ratio
1.27▼
2025 · 1.73
Debt to equity
3.26▲
2025 · 2.92
ROE
53.3%▲
2025 · 32.4%
ROA
12.5%▲
2025 · 8.3%
Interest coverage
18.43▲
2025 · 12.94
Debt ≤ 1 year
€111,355▲
2025 · €64,135
Debt > 1 year
€297,372▼
2025 · €317,468
Income taxes
€20,713▲
2025 · €16,609
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €115,000 | €115,000 | €115,000 | €115,000 | €115,000 |
| Carrying value of the mortgaged assets | €440,633 | €421,224 | €413,224 | €404,816 | €382,909 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €158,959 | €7,465 | €17,834 | €19,690 | €22,998 |
| Depreciation and write-downs of the year | €39,905 | €31,230 | €28,378 | €29,308 | €32,138 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Companies with the same profile, two years later
Historical observationIn July 2024, 2,609 companies had the same profile as TERDA has now. Two years later, 1.0% had gone bankrupt and 96.8% were still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.0%
went bankrupt
2.1%
stopped otherwise
96.8%
was still going
That fits the bankruptcy probability of TERDA 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 2,609 companies, not a prediction for TERDA. 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.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €848 | €41,770 | €22,478 | €39,905 | €31,230 | €28,378 | €29,308 | €32,138 | ▲ 9.7% |
| Other operating charges640/8 | - | - | - | €2,185 | €4,492 | €4,979 | €4,908 | €13,846 | ▲ 182% |
| Non-recurring operating charges66A | - | - | - | €4,020 | - | - | - | - | - |
| Gross operating margin9900 | €55,011 | €53,186 | €68,842 | €70,040 | €81,580 | €92,118 | €99,833 | €139,366 | ▲ 39.6% |
| Operating profit (loss)9901 | €49,373 | €8,104 | €43,231 | €23,930 | €45,858 | €58,761 | €65,616 | €93,382 | ▲ 42.3% |
| Financial income75/76B | - | - | - | €0 | €0 | €15 | €1,183 | €1,631 | ▲ 37.8% |
| Recurring financial income75 | - | €0 | €0 | €0 | €0 | €15 | €1,183 | €1,631 | ▲ 37.8% |
| Financial charges65/66B | - | - | - | €6,388 | €7,218 | €7,240 | €7,336 | €6,810 | ▼ 7.2% |
| Recurring financial charges65 | €994 | €5,092 | €5,571 | €6,388 | €7,218 | €7,240 | €7,336 | €6,810 | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €48,380 | €3,012 | €37,660 | €17,542 | €38,641 | €51,536 | €59,463 | €88,203 | ▲ 48.3% |
| Income taxes67/77 | €11,830 | €2,596 | €11,625 | €6,581 | €12,334 | €16,432 | €16,609 | €20,713 | ▲ 24.7% |
| Profit (loss) for the period9904 | €36,550 | €416 | €26,034 | €10,961 | €26,307 | €35,104 | €42,853 | €67,489 | ▲ 57.5% |
| Profit (loss) for the period to be appropriated9905 | €36,550 | €416 | €26,034 | €10,961 | €26,307 | €35,104 | €42,853 | €67,489 | ▲ 57.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €141,671 | €405,500 | €419,775 | €521,848 | €517,004 | €496,529 | €517,737 | €539,129 | ▲ 4.1% |
| Fixed assets21/28 | €1,696 | €296,583 | €335,746 | €450,780 | €427,015 | €416,470 | €406,851 | €397,711 | ▼ 2.2% |
| Tangible fixed assets22/27 | €1,696 | €296,583 | €335,746 | €450,780 | €427,015 | €416,470 | €406,851 | €397,711 | ▼ 2.2% |
| Land and buildings22 | - | - | - | - | - | - | - | €382,909 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €2,061 | - |
| Furniture and vehicles24 | - | - | - | €5,925 | €2,751 | €1,388 | €1,360 | €11,676 | ▲ 759% |
| Leasing and similar rights25 | - | - | - | €440,633 | €421,224 | €413,224 | €404,816 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | - | €4,221 | €3,039 | €1,857 | €675 | €1,066 | ▲ 57.8% |
| Current assets29/58 | €139,975 | €108,917 | €84,029 | €71,068 | €89,990 | €80,059 | €110,886 | €141,418 | ▲ 27.5% |
| Amounts receivable within one year40/41 | €31,017 | €27,907 | €15,318 | €16,996 | €14,015 | €14,018 | €18,140 | €23,347 | ▲ 28.7% |
| Trade receivables40 | - | - | - | €13,577 | €14,015 | €14,018 | €18,140 | €21,572 | ▲ 18.9% |
| Other amounts receivable41 | - | - | - | €3,419 | - | - | - | €1,776 | - |
| Cash at bank and in hand54/58 | €108,079 | €80,122 | €67,796 | €53,130 | €74,955 | €64,954 | €91,591 | €115,864 | ▲ 26.5% |
| Deferred charges and accrued income490/1 | - | - | - | €942 | €1,020 | €1,087 | €1,155 | €2,206 | ▲ 91.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €141,671 | €405,500 | €419,775 | €521,848 | €517,004 | €496,529 | €517,737 | €539,129 | ▲ 4.1% |
| Equity10/15 | €90,864 | €74,780 | €90,514 | €91,475 | €102,782 | €104,285 | €132,139 | €126,675 | ▼ 4.1% |
| Contributions10/11 | €12,400 | - | - | €18,600 | €18,600 | - | - | - | - |
| Reserves13 | €78,464 | €62,380 | €71,914 | €72,875 | €84,182 | €104,285 | €132,139 | €126,675 | ▼ 4.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €71,015 | €82,322 | €104,285 | €132,139 | €126,675 | ▼ 4.1% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €50,807 | €330,721 | €329,261 | €430,372 | €414,223 | €392,243 | €385,598 | €412,454 | ▲ 7.0% |
| Amounts payable after more than one year17 | €20,000 | €281,420 | €269,031 | €375,786 | €356,669 | €337,232 | €317,468 | €297,372 | ▼ 6.3% |
| Financial debts170/4 | - | - | - | €355,786 | €336,669 | €317,232 | €297,468 | €277,372 | ▼ 6.8% |
| Other amounts payable178/9 | - | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Amounts payable within one year42/48 | €28,589 | €47,289 | €58,168 | €52,473 | €54,049 | €51,783 | €64,135 | €111,355 | ▲ 73.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,801 | €19,116 | €19,438 | €19,764 | €20,096 | ▲ 1.7% |
| Trade debts44 | €1,786 | €1,275 | €3,853 | €4,827 | €1,733 | €1,935 | €4,608 | €1,932 | ▼ 58.1% |
| Suppliers440/4 | - | - | - | €4,827 | €1,733 | €1,935 | €4,608 | €1,932 | ▼ 58.1% |
| Taxes, remuneration and social security45 | - | - | - | €9,108 | €12,149 | €8,662 | €17,807 | €12,501 | ▼ 29.8% |
| Taxes450/3 | - | - | - | €9,108 | €12,149 | €8,662 | €15,407 | €12,501 | ▼ 18.9% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €2,400 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €19,737 | €21,050 | €21,748 | €21,955 | €76,826 | ▲ 250% |
| Accrued charges and deferred income492/3 | - | - | - | €2,114 | €3,505 | €3,229 | €3,996 | €3,726 | ▼ 6.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,550 | €416 | €26,034 | €10,961 | €26,307 | €35,104 | €42,853 | €67,489 | ▲ 57.5% |
| + Depreciation and write-downs630 | €848 | €41,770 | €22,478 | €39,905 | €31,230 | €28,378 | €29,308 | €32,138 | ▲ 9.7% |
| Operating cash flow (approximation) | €37,398 | €42,186 | €48,512 | €50,866 | €57,537 | €63,482 | €72,162 | €99,627 | ▲ 38.1% |
| Investment in fixed assets (approximation) | - | -€336,657 | -€61,641 | -€154,938 | -€7,465 | -€17,834 | -€19,690 | -€22,998 | ▼ 16.8% |
| Change in cash | - | -€27,958 | -€12,325 | -€14,666 | €21,825 | -€10,000 | €26,637 | €24,273 | ▼ 8.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 08-10-2026 | 2026-00551445 | NBB |
| 31-03-2025 | micro format | 15-09-2025 | 2025-00491798 | |
| 31-03-2024 | micro format | 24-10-2024 | 2024-00513789 | |
| 31-03-2023 | micro format | 17-10-2023 | 2023-00487406 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20479172 | |
| 31-03-2021 | micro format | 09-09-2021 | 2021-66700495 | |
| 31-03-2020 | micro format | 26-10-2020 | 2020-63500077 | |
| 31-03-2019 | micro format | 26-09-2019 | 2019-66100593 | |
| 31-03-2018 | micro format | 01-10-2018 | 2018-67300482 | |
| 31-03-2017 | micro format | 11-10-2017 | 2017-66800155 |