TERING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 15 filings
Turnover
≈ €200,000
Estimated: probably between €170,000 and €260,000
EBIT margin
Not included in this filing
Net result
€12,024▼ 31.8%
2024 · €17,626
Working capital
€41,795▲ 53.5%
2024 · €27,235
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,746
▼ 24.1%
2025
20182025
Net result
€12,024
▼ 31.8%
2025
middle half of the sector
20182025
Equity
€53,327
▲ 29.1%
2025
middle half of the sector
20182025
Total assets
€80,469
▲ 12.0%
2025
middle half of the sector
20182025
Debt
€27,141
▼ 11.1%
2025
20182025
Working capital
€41,795
▲ 53.5%
2025
middle half of the sector
20182025
Solvency
66.3%
▲ 8.8pp
2025
highest quarter of the sector
20182025
Current ratio
2.60
▲ 0.58
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.9%
▼ 9.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1.1
▲ 57.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€16,396--€6,273▲ 61.7%€29,611€24,818▼ 16.2%€7,510▼ 69.7%€33,623▲ 348%€26,015▼ 22.6%€19,746▼ 24.1%
Net result-€21,952--€10,417▲ 52.5%€26,997€22,680▼ 16.0%€4,435▼ 80.4%€28,995▲ 554%€17,626▼ 39.2%€12,024within the sector's middle half▼ 31.8%
Equity-€49,012--€59,430▼ 21.3%-€32,433▲ 45.4%-€9,752▲ 69.9%-€5,318▲ 45.5%€23,677€41,304▲ 74.4%€53,327within the sector's middle half▲ 29.1%
Total assets€35,782-€35,061▼ 2.0%€37,723▲ 7.6%€45,561▲ 20.8%€64,516▲ 41.6%€59,996▼ 7.0%€71,817▲ 19.7%€80,469within the sector's middle half▲ 12.0%
Debt€84,794-€94,491▲ 11.4%€70,155▼ 25.8%€55,313▼ 21.2%€69,834▲ 26.3%€36,318▼ 48.0%€30,513▼ 16.0%€27,141▼ 11.1%
Working capital-€55,757--€68,145▼ 22.2%-€43,219▲ 36.6%-€17,854▲ 58.7%-€17,378▲ 2.7%€5,999€27,235▲ 354%€41,795within the sector's middle half▲ 53.5%
Solvency-137.0%--169.5%▼ 32.5pp-86.0%▲ 83.5pp-21.4%▲ 64.6pp-8.2%▲ 13.2pp39.5%▲ 47.7pp57.5%▲ 18.0pp66.3%above the sector's middle half▲ 8.8pp
Current ratio0.13-0.14▲ 0.020.30▲ 0.150.62▲ 0.320.71▲ 0.091.20▲ 0.492.02▲ 0.822.60above the sector's middle half▲ 0.58
Return on assets (ROA)-61.3%--29.7%▲ 31.6pp71.6%▲ 101.3pp49.8%▼ 21.8pp6.9%▼ 42.9pp48.3%▲ 41.5pp24.5%▼ 23.8pp14.9%within the sector's middle half▼ 9.6pp
Staff (FTE)0.4-0.1▼ 75.0%0.2▲ 100%0.3▲ 50.0%0.3=0.6▲ 100%0.7▲ 16.7%1.1▲ 57.1%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 24% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €80,469
Fixed assets
€12,535 ▼ 29.6%
Current assets
€67,934 ▲ 25.8%
Equity and liabilities €80,469
Equity
€53,327 ▲ 29.1%
Debt
€27,141 ▼ 11.1%
Debt's share of the balance-sheet total falls from 42.5% to 33.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,020▼
2024 · €31,529
Cash flow
€17,297▼
2024 · €23,140
Quick ratio
2.50▲
2024 · 1.91
Debt to equity
0.51▼
2024 · 0.74
ROE
22.5%▼
2024 · 42.7%
Interest coverage
9.91▼
2024 · 11.13
Debt ≤ 1 year
€26,139▼
2024 · €26,774
Debt > 1 year
€1,002▼
2024 · €3,358
Income taxes
€5,392▼
2024 · €5,571
Staff costs
€35,978▲
2024 · €24,235
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | - | - | 2 | 1 |
| full-time | - | - | - | 2 | 1 |
| in full-time equivalents | - | - | - | 2 | 1 |
| Average over the year, in full-time equivalents | 0.3 | 0.3 | 0.6 | 0.7 | 1.1 |
| Joined | 98 | 181 | 232 | 251 | 340 |
| Left | 98 | 181 | 232 | 249 | 341 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,105 | €11,278 | €5,763 | - | - |
| Depreciation and write-downs of the year | €3,803 | €5,172 | €5,402 | €5,514 | €5,274 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €7,536 | €14,231 | €21,342 | €24,235 | €35,978 | ▲ 48.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,977 | €3,977 | €3,977 | €3,803 | €5,172 | €5,402 | €5,514 | €5,274 | ▼ 4.4% |
| Other operating charges640/8 | - | - | - | - | - | - | €124 | €362 | ▲ 192% |
| Gross operating margin9900 | -€1,401 | €1,752 | €36,867 | €36,156 | €26,913 | €60,366 | €55,888 | €61,360 | ▲ 9.8% |
| Operating profit (loss)9901 | -€16,396 | -€6,273 | €29,611 | €24,818 | €7,510 | €33,623 | €26,015 | €19,746 | ▼ 24.1% |
| Financial income75/76B | - | - | - | €6 | €0 | €219 | €15 | €195 | ▲ 13× |
| Recurring financial income75 | €1 | €19 | €1 | €6 | €0 | €219 | €15 | €195 | ▲ 13× |
| Financial charges65/66B | - | - | - | €1,877 | €2,862 | €3,080 | €2,833 | €2,526 | ▼ 10.8% |
| Recurring financial charges65 | €5,320 | €3,462 | €2,348 | €1,877 | €2,862 | €3,080 | €2,833 | €2,526 | ▼ 10.8% |
| Profit (loss) for the period before taxes9903 | -€21,715 | -€10,181 | €27,264 | €22,947 | €4,648 | €30,762 | €23,197 | €17,415 | ▼ 24.9% |
| Income taxes67/77 | €237 | €237 | €267 | €267 | €214 | €1,767 | €5,571 | €5,392 | ▼ 3.2% |
| Profit (loss) for the period9904 | -€21,952 | -€10,417 | €26,997 | €22,680 | €4,435 | €28,995 | €17,626 | €12,024 | ▼ 31.8% |
| Profit (loss) for the period to be appropriated9905 | -€21,952 | -€10,417 | €26,997 | €22,680 | €4,435 | €28,995 | €17,626 | €12,024 | ▼ 31.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €35,782 | €35,061 | €37,723 | €45,561 | €64,516 | €59,996 | €71,817 | €80,469 | ▲ 12.0% |
| Fixed assets21/28 | €27,506 | €23,529 | €19,552 | €16,855 | €22,961 | €23,322 | €17,808 | €12,535 | ▼ 29.6% |
| Tangible fixed assets22/27 | €27,106 | €23,129 | €19,152 | €16,455 | €22,561 | €22,922 | €17,408 | €12,135 | ▼ 30.3% |
| Land and buildings22 | - | - | - | €15,298 | €12,616 | €9,934 | €7,252 | €4,811 | ▼ 33.7% |
| Plant, machinery and equipment23 | - | - | - | - | €9,945 | €12,988 | €10,156 | €7,324 | ▼ 27.9% |
| Furniture and vehicles24 | - | - | - | €1,157 | - | - | €0 | €0 | - |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €8,276 | €11,532 | €18,171 | €28,706 | €41,555 | €36,674 | €54,009 | €67,934 | ▲ 25.8% |
| Stocks and contracts in progress3 | €1,208 | €1,057 | €523 | €1,155 | €2,221 | €2,537 | €2,785 | €2,657 | ▼ 4.6% |
| Stocks30/36 | - | - | - | €1,155 | €2,221 | €2,537 | €2,785 | €2,657 | ▼ 4.6% |
| Amounts receivable within one year40/41 | €1,534 | €2,103 | €2,047 | €5,231 | €11,468 | €17,737 | €21,339 | €53,645 | ▲ 151% |
| Trade receivables40 | - | - | - | €1,132 | €11,319 | €6,662 | - | - | - |
| Other amounts receivable41 | - | - | - | €4,099 | €150 | €11,075 | €21,339 | €53,645 | ▲ 151% |
| Cash at bank and in hand54/58 | €5,428 | €4,836 | €15,495 | €22,319 | €27,547 | €16,166 | €29,266 | €11,309 | ▼ 61.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €320 | €234 | €620 | €323 | ▼ 47.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €35,782 | €35,061 | €37,723 | €45,561 | €64,516 | €59,996 | €71,817 | €80,469 | ▲ 12.0% |
| Equity10/15 | -€49,012 | -€59,430 | -€32,433 | -€9,752 | -€5,318 | €23,677 | €41,304 | €53,327 | ▲ 29.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | - | - | - | - | €15,000 | €15,000 | €27,000 | ▲ 80.0% |
| Distributable reserves133 | - | - | - | - | - | €15,000 | €15,000 | €27,000 | ▲ 80.0% |
| Profit (loss) carried forward14 | -€55,212 | -€65,630 | -€38,633 | -€15,952 | -€11,518 | €2,477 | €20,104 | €20,127 | ▲ 0.1% |
| Amounts payable17/49 | €84,794 | €94,491 | €70,155 | €55,313 | €69,834 | €36,318 | €30,513 | €27,141 | ▼ 11.1% |
| Amounts payable after more than one year17 | €20,761 | €14,813 | €8,766 | €8,753 | €10,447 | €5,644 | €3,358 | €1,002 | ▼ 70.1% |
| Financial debts170/4 | - | - | - | €8,753 | €10,447 | €5,644 | €3,358 | €1,002 | ▼ 70.1% |
| Amounts payable within one year42/48 | €64,033 | €79,677 | €61,390 | €46,560 | €58,933 | €30,675 | €26,774 | €26,139 | ▼ 2.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,065 | €8,321 | €6,884 | €2,286 | €2,355 | ▲ 3.0% |
| Financial debts43 | - | - | - | €4,253 | €4,678 | - | €3,352 | €4,678 | ▲ 39.6% |
| Credit institutions430/8 | - | - | - | €4,253 | €4,678 | - | €3,352 | €4,678 | ▲ 39.6% |
| Trade debts44 | €26,751 | €23,458 | €15,986 | €10,371 | €22,272 | €17,452 | €5,520 | €5,283 | ▼ 4.3% |
| Suppliers440/4 | - | - | - | €10,371 | €22,272 | €17,452 | €5,520 | €5,283 | ▼ 4.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €1,262 | €365 | ▼ 71.1% |
| Taxes, remuneration and social security45 | - | - | - | €702 | €2,783 | €6,339 | €14,354 | €13,458 | ▼ 6.2% |
| Taxes450/3 | - | - | - | €606 | €2,466 | €5,654 | €12,784 | €11,162 | ▼ 12.7% |
| Remuneration and social security454/9 | - | - | - | €96 | €316 | €684 | €1,570 | €2,295 | ▲ 46.2% |
| Other amounts payable47/48 | - | - | - | €25,169 | €20,880 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €454 | - | €381 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,952 | -€10,417 | €26,997 | €22,680 | €4,435 | €28,995 | €17,626 | €12,024 | ▼ 31.8% |
| + Depreciation and write-downs630 | €3,977 | €3,977 | €3,977 | €3,803 | €5,172 | €5,402 | €5,514 | €5,274 | ▼ 4.4% |
| Operating cash flow (approximation) | -€17,975 | -€6,440 | €30,974 | €26,483 | €9,607 | €34,397 | €23,140 | €17,297 | ▼ 25.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,105 | -€11,278 | -€5,763 | €0 | €0 | - |
| Change in cash | - | -€592 | €10,659 | €6,825 | €5,227 | -€11,380 | €13,099 | -€17,957 | - |
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, 34,693 companies had the same profile as TERING has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of TERING itself: 0.8% 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 34,693 companies, not a prediction for TERING. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00253623 | |
| 31-12-2024 | unclassified schema | 31-07-2025 | 2025-00337110 | |
| 31-12-2023 | unclassified schema | 16-09-2024 | 2024-00462046 | |
| 31-12-2022 | unclassified schema | 02-10-2023 | 2023-00466557 | |
| 31-12-2021 | unclassified schema | 30-08-2022 | 2022-20404585 | |
| 31-12-2020 | unclassified schema | 22-09-2021 | 2021-68600503 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-36500373 | |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-45400370 | |
| 31-12-2017 | abbreviated format | 07-08-2018 | 2018-44300205 | |
| 31-12-2016 | abbreviated format | 25-09-2017 | 2017-62500586 |