Terwatec
ActiveSummary
Terwatec has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €49,681 and a net result of €10,144. Equity is growing by ~8.5% per year across the filed fiscal years. Its solvency ranks better than 91% of 1535 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-5
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days acceptable
Liquidity ample (current ratio 7.54 against 5.66 in 2024; short-term debt: 13.3% and cash: 4.5% of total assets), and 13.3% of the assets are financed with debt.
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Signals
Five 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 77
Relative position
BE, all sectors
reference
Rental and leasing activities (NACE 77)
about 44% 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
86.7%
Return on assets
17.7%
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 11-03-2026, 142 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
142 d early
2024
47 d late
2023
30 d early
2022
30 d early
2021
31 d early
2020
87 d late
2019
15 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€49,681▲ 25.7%
2024 · €39,537
Total assets
€57,282▲ 19.5%
2024 · €47,942
Net result
€10,144▲ 45.6%
2024 · €6,966
Working capital
€49,681▲ 26.8%
2024 · €39,167
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 77, Rental and leasing activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€774€12,144▲ 1,468%-€1,242€7,831€11,063▲ 41.3%
Net result€58within the sector's middle half€11,484within the sector's middle half▲ 19,813%-€1,920within the sector's middle half€6,966within the sector's middle half€10,144within the sector's middle half▲ 45.6%
Equity€23,007within the sector's middle half▲ 0.3%€34,491within the sector's middle half▲ 49.9%€32,571within the sector's middle half▼ 5.6%€39,537within the sector's middle half▲ 21.4%€49,681within the sector's middle half▲ 25.7%
Total assets€46,400below the sector's middle half▼ 1.9%€50,346below the sector's middle half▲ 8.5%€42,716below the sector's middle half▼ 15.2%€47,942below the sector's middle half▲ 12.2%€57,282below the sector's middle half▲ 19.5%
Debt€23,393▼ 3.9%€15,855▼ 32.2%€10,145▼ 36.0%€8,405▼ 17.2%€7,601▼ 9.6%
Working capital€21,800within the sector's middle half▲ 3.1%€32,517within the sector's middle half▲ 49.2%€31,701within the sector's middle half▼ 2.5%€39,167within the sector's middle half▲ 23.6%€49,681within the sector's middle half▲ 26.8%
Solvency49.6%within the sector's middle half▲ 1.1pp68.5%above the sector's middle half▲ 18.9pp76.3%above the sector's middle half▲ 7.7pp82.5%above the sector's middle half▲ 6.2pp86.7%above the sector's middle half▲ 4.3pp
Current ratio1.93within the sector's middle half▲ 0.063.05above the sector's middle half▲ 1.124.12above the sector's middle half▲ 1.075.66above the sector's middle half▲ 1.547.54above the sector's middle half▲ 1.88
Return on assets (ROA)0.1%within the sector's middle half▲ 25.8pp22.8%above the sector's middle half▲ 22.7pp-4.5%below the sector's middle half▼ 27.3pp14.5%above the sector's middle half▲ 19.0pp17.7%above the sector's middle half▲ 3.2pp
above
within
below
the middle half (P25 to P75) of NACE 77, Rental and leasing activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 41% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €57,282
Equity
€49,681 ▲ 25.7%
Debt
€7,601 ▼ 9.6%
Debt's share of the balance-sheet total falls from 17.5% to 13.3%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.15▼
2024 · 0.21
ROE
20.4%▲
2024 · 17.6%
Debt ≤ 1 year
€7,601▼
2024 · €8,405
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,679 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €2,000 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €604 | €734 | €1,104 | €500 | - | - |
| Other operating charges640/8 | €1,225 | €1,377 | €1,034 | €1,096 | €1,054 | ▼ 3.8% |
| Gross operating margin9900 | €2,603 | €14,255 | €896 | €9,427 | €12,117 | ▲ 28.5% |
| Operating profit (loss)9901 | €774 | €12,144 | -€1,242 | €7,831 | €11,063 | ▲ 41.3% |
| Financial charges65/66B | €717 | €660 | €678 | €864 | €919 | ▲ 6.3% |
| Recurring financial charges65 | €717 | €660 | €678 | €864 | €919 | ▲ 6.3% |
| Profit (loss) for the period before taxes9903 | €58 | €11,484 | -€1,920 | €6,966 | €10,144 | ▲ 45.6% |
| Profit (loss) for the period9904 | €58 | €11,484 | -€1,920 | €6,966 | €10,144 | ▲ 45.6% |
| Profit (loss) for the period to be appropriated9905 | €58 | €11,484 | -€1,920 | €6,966 | €10,144 | ▲ 45.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €46,400 | €50,346 | €42,716 | €47,942 | €57,282 | ▲ 19.5% |
| Fixed assets21/28 | €1,207 | €1,973 | €870 | €370 | - | - |
| Tangible fixed assets22/27 | €1,207 | €1,973 | €870 | €370 | - | - |
| Plant, machinery and equipment23 | €1,207 | €1,973 | €870 | €370 | - | - |
| Current assets29/58 | €45,193 | €48,373 | €41,846 | €47,572 | €57,282 | ▲ 20.4% |
| Amounts receivable within one year40/41 | €40,709 | €44,958 | €38,606 | €44,836 | €54,542 | ▲ 21.6% |
| Trade receivables40 | €9,391 | €9,232 | - | - | €448 | - |
| Other amounts receivable41 | €31,319 | €35,726 | €38,606 | €44,836 | €54,094 | ▲ 20.6% |
| Cash at bank and in hand54/58 | €4,345 | €3,271 | €3,094 | €2,587 | €2,587 | = |
| Deferred charges and accrued income490/1 | €139 | €143 | €146 | €149 | €153 | ▲ 2.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €46,400 | €50,346 | €42,716 | €47,942 | €57,282 | ▲ 19.5% |
| Equity10/15 | €23,007 | €34,491 | €32,571 | €39,537 | €49,681 | ▲ 25.7% |
| Contributions10/11 | €18,600 | €18,600 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €4,407 | €15,891 | €12,111 | €19,077 | €29,221 | ▲ 53.2% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €2,547 | €14,031 | €12,111 | €19,077 | €29,221 | ▲ 53.2% |
| Amounts payable17/49 | €23,393 | €15,855 | €10,145 | €8,405 | €7,601 | ▼ 9.6% |
| Amounts payable within one year42/48 | €23,393 | €15,855 | €10,145 | €8,405 | €7,601 | ▼ 9.6% |
| Financial debts43 | €6,205 | €3,896 | €7,615 | €4,643 | €5,275 | ▲ 13.6% |
| Credit institutions430/8 | €6,205 | €3,896 | €7,615 | €4,643 | €5,275 | ▲ 13.6% |
| Trade debts44 | €16,850 | €11,620 | €1,266 | €2,461 | €707 | ▼ 71.3% |
| Suppliers440/4 | €16,850 | €11,620 | €1,266 | €2,461 | €707 | ▼ 71.3% |
| Taxes, remuneration and social security45 | - | - | €925 | €975 | €1,297 | ▲ 33.0% |
| Taxes450/3 | - | - | €925 | €975 | €1,297 | ▲ 33.0% |
| Other amounts payable47/48 | €339 | €339 | €339 | €325 | €322 | ▼ 0.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €58 | €11,484 | -€1,920 | €6,966 | €10,144 | ▲ 45.6% |
| + Depreciation and write-downs630 | €604 | €734 | €1,104 | €500 | - | - |
| Operating cash flow (approximation) | €661 | €12,218 | -€816 | €7,466 | €10,144 | ▲ 35.9% |
| Investment in fixed assets (approximation) | - | -€1,500 | €0 | €0 | - | - |
| Change in cash | - | -€1,074 | -€177 | -€507 | €0 | ▲ 100% |
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
11-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 47 days late
2024
31-12
Financial
Back to profitnet €6,966
Net result €6,966 after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
01-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €11,484 ▲19,813%
Operating result €12,144, net result €11,484, both a record.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €58
Net result €58 after 2 loss-making years.
26-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 87 days late
2020
31-12
Financial
Weakest financial yearnet -€12,150
Net result drops to -€12,150, the lowest in the series; recovery starts the following year.
16-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
05-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Oudenburg · 2 establishment units since 2011
Ground area
2,430 m²
Building footprint
958 m²
Volume, LiDAR
4,625 m³
2 parcels, Flanders · tallest building 6.2 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
2 establishment units
TERWATEC
since 20112.196.693.474
Kasteeldreef 5 A, 9230 Wetteren
since 20112.204.114.766
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42302C0235/00L000 | Flanders | 1,666 m² | 1 · 863 m² | 6.2 m · 2 fl. |
| 35004C0633/00X000 | Flanders | 764 m² | 1 · 95 m² | 5.7 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
-
27%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 777 EUR awarded · 777 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 777 EUR | 777 EUR |
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Of 465 companies in sector 77392 we hold annual accounts for 165. 134 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
Founded10-02-2011
Fiscal year end31-12
Activities, NACEBEL 2025
77392Rental and leasing activities
47639Retail sale of other sporting goods
77222Rental and leasing activities
77399Renting and leasing of other machinery, equipment and tangible goods
93299Other amusement and recreation activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0833707971
Also
9925:BE0833707971
Registered
17-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.