TERMOFARMA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 18 days after the deadline Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00403445.
Annual accounts 2025 filed on 18-08-2026 at the NBB all 16 filings
Turnover
≈ €380,000
Estimated: probably between €300,000 and €490,000
Total assets
€3.7m▲ 1.1%
2024 · €3.7m
Net result
€131,866▼ 7.3%
2024 · €142,301
Working capital
-€524,419▼ 67.8%
2024 · -€312,499
In the rankings
#10 company by total assets in Waasmunster, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€233,342
▼ 8.2%
2025
20182025
Net result
€131,866
▼ 7.3%
2025
middle half of the sector
20182025
Equity
€2.2m
▼ 3.2%
2025
highest quarter of the sector
20182025
Total assets
€3.7m
▲ 1.1%
2025
highest quarter of the sector
20182025
Debt
€1.5m
▲ 8.0%
2025
20182025
Working capital
-€524,419
▼ 67.8%
2025
lowest quarter of the sector
20182025
Solvency
58.7%
▼ 2.6pp
2025
middle half of the sector
20182025
Current ratio
0.43
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.5%
▼ 0.3pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.2m▼ 7.5%€0.2m▲ 40.3%€0.3m▲ 13.1%€0.3m▲ 18.1%€0.3m▼ 22.4%€0.3m▼ 0.5%€0.2m▼ 8.2%
Net result€0.1m-€0.1m▼ 8.8%€0.4mabove the sector's middle half▲ 315%€0.2mabove the sector's middle half▼ 59.8%€0.2mabove the sector's middle half▲ 23.3%€0.1mwithin the sector's middle half▼ 34.2%€0.1mwithin the sector's middle half▼ 2.1%€0.1mwithin the sector's middle half▼ 7.3%
Equity€1.0m-€1.1m▲ 10.5%€1.6mabove the sector's middle half▲ 39.5%€1.8mabove the sector's middle half▲ 11.4%€2.0mabove the sector's middle half▲ 12.6%€2.1mabove the sector's middle half▲ 7.4%€2.3mabove the sector's middle half▲ 6.7%€2.2mabove the sector's middle half▼ 3.2%
Total assets€1.5m-€3.1m▲ 105%€2.9mabove the sector's middle half▼ 7.6%€2.8mabove the sector's middle half▼ 1.2%€3.6mabove the sector's middle half▲ 26.9%€3.6mabove the sector's middle half▲ 0.5%€3.7mabove the sector's middle half▲ 2.4%€3.7mabove the sector's middle half▲ 1.1%
Debt€0.5m-€2.0m▲ 301%€1.3m▼ 34.6%€1.1m▼ 16.6%€1.6m▲ 50.5%€1.5m▼ 7.9%€1.4m▼ 3.7%€1.5m▲ 8.0%
Working capital-€0.02m--€0.5m▼ 2,120%-€0.2mbelow the sector's middle half▲ 58.1%-€0.4mbelow the sector's middle half▼ 85.5%-€0.3mbelow the sector's middle half▲ 12.8%-€0.3mbelow the sector's middle half▼ 2.7%-€0.3mbelow the sector's middle half▲ 5.6%-€0.5mbelow the sector's middle half▼ 67.8%
Solvency67.6%-36.5%▼ 31.1pp55.1%within the sector's middle half▲ 18.6pp62.1%within the sector's middle half▲ 7.0pp55.1%within the sector's middle half▼ 7.0pp58.9%within the sector's middle half▲ 3.8pp61.3%within the sector's middle half▲ 2.5pp58.7%within the sector's middle half▼ 2.6pp
Current ratio0.91-0.43▼ 0.480.25below the sector's middle half▼ 0.180.08below the sector's middle half▼ 0.170.43below the sector's middle half▲ 0.350.44below the sector's middle half▲ 0.010.53below the sector's middle half▲ 0.080.43below the sector's middle half▼ 0.10
Return on assets (ROA)7.8%-3.5%▼ 4.3pp15.6%above the sector's middle half▲ 12.1pp6.3%within the sector's middle half▼ 9.2pp6.2%within the sector's middle half▼ 0.2pp4.0%within the sector's middle half▼ 2.1pp3.9%within the sector's middle half▼ 0.2pp3.5%within the sector's middle half▼ 0.3pp
Staff (FTE)0below the sector's middle half0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 8% lower than in 2024 and the lowest since 2021. It is the third fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€3.3m =
Current assets
€390,068 ▲ 11.4%
Equity and liabilities €3.7m
Equity
€2.2m ▼ 3.2%
Debt
€1.5m ▲ 8.0%
Debt's share of the balance-sheet total rises from 38.7% to 41.3%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
0.70▲
2024 · 0.63
ROE
6.0%▼
2024 · 6.3%
Debt ≤ 1 year
€914,487▲
2024 · €662,508
Debt > 1 year
€593,484▼
2024 · €729,458
Income taxes
€55,825▼
2024 · €60,316
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €788,740 | €1.2m | €1.0m | €877,044 | €739,759 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | €550,000 | - | €1,804 | - |
| Depreciation and write-downs of the year | €1,400 | €1,400 | €0 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,400 | €1,400 | €1,400 | €1,400 | €1,400 | €0 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,083 | €1,016 | €1,882 | €1,313 | €1,127 | ▼ 14.1% |
| Gross operating margin9900 | €192,645 | €177,997 | €248,595 | €281,053 | €331,502 | €257,280 | €255,420 | €234,469 | ▼ 8.2% |
| Operating profit (loss)9901 | €189,775 | €175,590 | €246,362 | €278,569 | €329,085 | €255,398 | €254,108 | €233,342 | ▼ 8.2% |
| Financial income75/76B | - | - | - | €0 | - | - | - | €1,713 | - |
| Recurring financial income75 | - | - | €325,000 | €0 | - | - | - | €1,713 | - |
| Financial charges65/66B | - | - | - | €20,424 | €11,008 | €48,378 | €51,491 | €47,364 | ▼ 8.0% |
| Recurring financial charges65 | €18,615 | €20,401 | €32,882 | €20,424 | €11,008 | €48,378 | €51,491 | €47,364 | ▼ 8.0% |
| Profit (loss) for the period before taxes9903 | €171,160 | €155,189 | €538,480 | €258,145 | €318,078 | €207,020 | €202,617 | €187,691 | ▼ 7.4% |
| Income taxes67/77 | €53,331 | €47,787 | €93,277 | €79,064 | €97,227 | €61,643 | €60,316 | €55,825 | ▼ 7.4% |
| Profit (loss) for the period9904 | €117,829 | €107,402 | €445,203 | €179,081 | €220,851 | €145,377 | €142,301 | €131,866 | ▼ 7.3% |
| Profit (loss) for the period to be appropriated9905 | €117,829 | €107,402 | €445,203 | €179,081 | €220,851 | €145,377 | €142,301 | €131,866 | ▼ 7.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €3.1m | €2.9m | €2.8m | €3.6m | €3.6m | €3.7m | €3.7m | ▲ 1.1% |
| Fixed assets21/28 | €1.3m | €2.7m | €2.8m | €2.8m | €3.3m | €3.3m | €3.3m | €3.3m | = |
| Tangible fixed assets22/27 | €0.006m | €0.004m | €0.003m | €0.001m | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €0 | - | - | - | - |
| Financial fixed assets28 | €1.3m | €2.7m | €2.8m | €2.8m | €3.3m | €3.3m | €3.3m | €3.3m | = |
| Current assets29/58 | €0.2m | €0.4m | €0.07m | €0.03m | €0.2m | €0.3m | €0.4m | €0.4m | ▲ 11.4% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.01m | €0 | €0.1m | €0.07m | €0.1m | €0.2m | ▲ 31.1% |
| Trade receivables40 | - | - | - | - | €0.002m | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | €0 | €0.1m | €0.07m | €0.1m | €0.2m | ▲ 31.1% |
| Cash at bank and in hand54/58 | €0.02m | €0.05m | €0.05m | €0.03m | €0.1m | €0.2m | €0.2m | €0.2m | ▲ 0.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.003m | ▲ 297% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €3.1m | €2.9m | €2.8m | €3.6m | €3.6m | €3.7m | €3.7m | ▲ 1.1% |
| Equity10/15 | €1.0m | €1.1m | €1.6m | €1.8m | €2.0m | €2.1m | €2.3m | €2.2m | ▼ 3.2% |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €1.0m | €1.1m | €1.6m | €1.7m | €2.0m | €2.1m | €2.3m | €2.2m | ▼ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.7m | €2.0m | €2.1m | €2.3m | €2.2m | ▼ 3.3% |
| Amounts payable17/49 | €0.5m | €2.0m | €1.3m | €1.1m | €1.6m | €1.5m | €1.4m | €1.5m | ▲ 8.0% |
| Amounts payable after more than one year17 | €0.2m | €1.1m | €1.0m | €0.7m | €1.0m | €0.9m | €0.7m | €0.6m | ▼ 18.6% |
| Financial debts170/4 | - | - | - | €0.7m | €1.0m | €0.9m | €0.7m | €0.6m | ▼ 18.6% |
| Amounts payable within one year42/48 | €0.3m | €0.8m | €0.3m | €0.4m | €0.6m | €0.6m | €0.7m | €0.9m | ▲ 38.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 0.9% |
| Trade debts44 | €246 | - | - | - | €0.002m | €300 | €0 | €0.006m | - |
| Suppliers440/4 | - | - | - | - | €0.002m | €300 | €0 | €0.006m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.04m | €0.05m | €0.07m | ▲ 19.8% |
| Taxes450/3 | - | - | - | €0.1m | €0.1m | €0.04m | €0.05m | €0.07m | ▲ 19.8% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.4m | €0.5m | €0.7m | ▲ 51.5% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.001m | €0.02m | €0.03m | €0.03m | ▼ 7.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.4m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 7.3% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0 | - | - | - |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.4m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 7.3% |
| Investment in fixed assets (approximation) | - | -€1.5m | -€0.06m | €0 | -€0.6m | €0 | -€0.002m | €0 | - |
| Change in cash | - | €0.03m | €0.01m | -€0.02m | €0.1m | €0.06m | €0.04m | €0.002m | ▼ 94.5% |
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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-08-2026 | 2026-00403445 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00457958 | |
| 31-12-2023 | abbreviated format | 28-08-2024 | 2024-00422768 | |
| 31-12-2022 | abbreviated format | 29-08-2023 | 2023-00367231 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20382512 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-63900472 | |
| 31-12-2019 | abbreviated format | 28-08-2020 | 2020-48500353 | |
| 31-12-2018 | abbreviated format | 27-08-2019 | 2019-56600445 | |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-52000301 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-54100523 |