TESTAS has been active since 1973 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €26.9m and a net result of €1.9m. Equity has been growing by about 6.6% per year since 2018. Its solvency ranks better than 66% of 6,172 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Score breakdownraises riskLiquidity: current ratio 2.20, cash €695,359lowers riskFounded in 1973Size: turnover €128.2m, 79 FTE, total assets €45.4mEquity €26.9m (59.3% of total assets)Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
94/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 49% of medium-sized companies in wholesale trade (NACE 46)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Average
Solvency84-1
equity 59.3% of total assets
Liquidity34+1
short-term debt 38.1% · cash 1.5%
Profitability59-7
return on assets 4.1%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.2% (748 companies, NACE 46, medium-sized)
Last 24 months12-2024: 0.2%01-2025: 0.2%● unchanged vs 12-202402-2025: 0.2%● unchanged vs 01-202503-2025: 0.2%● unchanged vs 02-202504-2025: 0.2%● unchanged vs 03-202505-2025: 0.2%● unchanged vs 04-202506-2025: 0.2%● unchanged vs 05-202507-2025: 0.2%● unchanged vs 06-2025highest value08-2025: 0.1%▼ -0.1 percentage points vs 07-202509-2025: 0.1%● unchanged vs 08-202510-2025: 0.1%● unchanged vs 09-202511-2025: 0.1%● unchanged vs 10-202512-2025: 0.1%● unchanged vs 11-202501-2026: 0.1%● unchanged vs 12-202502-2026: 0.1%● unchanged vs 01-202603-2026: 0.1%● unchanged vs 02-202604-2026: 0.1%● unchanged vs 03-202605-2026: 0.1%● unchanged vs 04-202606-2026: 0.1%● unchanged vs 05-202607-2026: 0.1%● unchanged vs 06-202608-2026: 0.1%● unchanged vs 07-2026lowest value09-2026: 0.1%● unchanged vs 08-2026lowest value10-2026: 0.1%● unchanged vs 09-2026lowest value11-2026: 0.1%● unchanged vs 10-2026lowest value
Credit of up to €2,500,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.2 (2.25 in 2024), above the usual 1.5. Short-term debt is 38.1% and cash 1.5% of total assets. 40.7% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, medium-sized). It does better than 72% of them on solvency, 44% on liquidity, 43% on profitability and 38% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 7 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 3 July (5 of the last 5 accounts filed within 30 days either side of that date).
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result€3.5m-€4.0m▲ 16.0%€3.3mabove the sector's middle half▼ 17.6%€16.0mabove the sector's middle half▲ 381%€7.3mabove the sector's middle half▼ 54.5%-€1.9mbelow the sector's middle half€4.1mabove the sector's middle half€1.9mabove the sector's middle half▼ 54.5%
Equity€17.7m-€13.6m▼ 23.2%€13.4mabove the sector's middle half▼ 1.5%€22.4mabove the sector's middle half▲ 67.5%€26.8mabove the sector's middle half▲ 19.4%€24.8mabove the sector's middle half▼ 7.2%€26.9mabove the sector's middle half▲ 8.1%€26.9mabove the sector's middle half▲ 0.3%
Total assets€32.0m-€29.8m▼ 6.7%€32.0mabove the sector's middle half▲ 7.3%€50.7mabove the sector's middle half▲ 58.3%€53.6mabove the sector's middle half▲ 5.8%€42.0mabove the sector's middle half▼ 21.7%€44.4mabove the sector's middle half▲ 5.9%€45.4mabove the sector's middle half▲ 2.3%
Working capital€15.0m-€10.6m▼ 29.6%€10.2mabove the sector's middle half▼ 4.0%€18.9mabove the sector's middle half▲ 86.0%€22.5mabove the sector's middle half▲ 19.3%€19.6mabove the sector's middle half▼ 12.9%€20.4mabove the sector's middle half▲ 3.9%€20.7mabove the sector's middle half▲ 1.7%
Solvency55.4%-45.6%▼ 9.8pp41.9%within the sector's middle half▼ 3.8pp44.3%within the sector's middle half▲ 2.4pp50.0%within the sector's middle half▲ 5.7pp59.2%within the sector's middle half▲ 9.3pp60.4%within the sector's middle half▲ 1.2pp59.3%within the sector's middle half▼ 1.2pp
Current ratio2.07-1.67▼ 0.411.55within the sector's middle half▼ 0.121.73within the sector's middle half▲ 0.181.91within the sector's middle half▲ 0.172.26within the sector's middle half▲ 0.352.25within the sector's middle half▼ 0.012.20within the sector's middle half▼ 0.05
Return on assets (ROA)10.9%-13.5%▲ 2.6pp10.4%above the sector's middle half▼ 3.1pp31.5%above the sector's middle half▲ 21.2pp13.6%above the sector's middle half▼ 18.0pp-4.6%below the sector's middle half▼ 18.2pp9.3%within the sector's middle half▲ 13.9pp4.1%within the sector's middle half▼ 5.2pp
Staff (FTE)63.6-67.1▲ 5.5%71.7above the sector's middle half▲ 6.9%75.2above the sector's middle half▲ 4.9%79.1above the sector's middle half▲ 5.2%75.7above the sector's middle half▼ 4.3%78above the sector's middle half▲ 3.0%79above the sector's middle half▲ 1.3%
abovewithinbelowThe sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 65% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €45.4m
16.2%
83.8%
Fixed assets€7.4m ▼ 4.4%
Current assets€38.1m ▲ 3.7%
Equity and liabilities €45.4m
59.3%
40.7%
Equity€26.9m ▲ 0.3%
Debt€18.5m ▲ 5.2%
Debt's share of the balance-sheet total rises from 39.6% to 40.7%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.5m▼
2024 · €5.1m
Cash flow
€2.9m▼
2024 · €5.1m
Quick ratio
1.01▼
2024 · 1.02
Debt to equity
0.69▲
2024 · 0.65
ROE
7.0%▼
2024 · 15.4%
Interest coverage
9.45▼
2024 · 14.27
Debt ≤ 1 year
€17.3m▲
2024 · €16.3m
Debt > 1 year
€997,253▼
2024 · €1.2m
Income taxes
€717,861▼
2024 · €954,714
Customer credit
46 days▲
2024 · 45 days
Supplier credit
28 days▲
2024 · 23 days
Staff costs
€6.2m▲
2024 · €5.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2021
31-12-2022
31-12-2023
31-12-2024
31-12-2025
Employees at the balance-sheet date
80
79
77
81
85
full-time
70
71
67
65
75
part-time
10
8
10
16
10
in full-time equivalents
77.6
77.6
75.5
77.5
83.4
Average over the year, in full-time equivalents
75.2
79.1
75.7
78
79
On a permanent contract
79
78
77
80
84
Joined
21
17
11
13
30
Left
15
18
13
9
26
Agency workers, average number
4.7
1.8
3.9
3.3
9.5
Training hours
1,039
654
2,371
2,612
-
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
on own assets and for others
Item
2021
2022
2023
2024
2025
Mandates to pledge the business
-
-
€32.8m
€34.6m
€35.4m
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€3.0m
€964,783
€1.2m
€1.9m
€727,473
Depreciation and write-downs of the year
€452,936
€716,388
€782,646
€917,814
€1.1m
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
fees
The auditor is BV PwC Bedrijfsrevisoren.
Item
2021
2022
2023
2024
2025
Fee for the audit
€25,850
€28,400
€32,908
€31,452
€32,396
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
Flemish government
The Flemish government granted these subsidies and aid to the company. Such aid usually goes with a project, with conditions the company must meet.
1 entry · €500 · €500 paid · Departement Werk en Sociale Economie
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 72 lines
Balance sheetCode20242025
Assets
Total assets20/58€44.4m€45.4m▲
Fixed assets21/28€7.7m€7.4m▼
Tangible fixed assets22/27€5.9m€5.6m▼
Plant, machinery and equipment23€3.6m€3.2m▼
Furniture and vehicles24€0.9m€0.7m▼
Leasing and similar rights25€1.5m€1.2m▼
Assets under construction and advance payments27€0.006m€0.4m▲
Financial fixed assets28€1.8m€1.8m=
Affiliated companies280/1€1.8m€1.8m=
Participating interests280€1.8m€1.8m=
Current assets29/58€36.7m€38.1m▲
Stocks and contracts in progress3€20.0m€20.5m▲
Stocks30/36€20.0m€20.5m▲
Goods purchased for resale34€20.0m€20.5m▲
Amounts receivable within one year40/41€16.6m€16.7m▲
Trade receivables40€15.7m€16.3m▲
Other amounts receivable41€0.8m€0.5m▼
Cash at bank and in hand54/58€0.007m€0.7m▲
Deferred charges and accrued income490/1€0.1m€0.1m▲
Equity and liabilities
Total equity and liabilities10/49€44.4m€45.4m▲
Equity10/15€26.9m€26.9m▲
Contributions10/11€1.8m€1.8m=
Capital10€1.8m€1.8m=
Issued capital100€1.8m€1.8m=
Reserves13€0.2m€0.2m=
Non-distributable reserves130/1€0.2m€0.2m=
Legal reserve130€0.2m€0.2m=
Profit (loss) carried forward14€24.9m€24.9m▲
Amounts payable17/49€17.6m€18.5m▲
Amounts payable after more than one year17€1.2m€1.0m▼
Financial debts170/4€1.2m€1.0m▼
Leasing and similar obligations172€1.2m€1.0m▼
Amounts payable within one year42/48€16.3m€17.3m▲
Current portion of amounts payable after more than one year42€0.2m€0.2m▲
Trade debts44€7.0m€8.9m▲
Suppliers440/4€7.0m€8.9m▲
Taxes, remuneration and social security45€1.8m€1.7m▼
Taxes450/3€1.0m€1.0m▼
Remuneration and social security454/9€0.7m€0.7m▼
Other amounts payable47/48€7.4m€6.6m▼
Accrued charges and deferred income492/3€0.04m€0.2m▲
Income statementCode20242025
Operating income70/76A€131.8m€132.7m▲
Turnover70€128.2m€128.2m=
Other operating income74€3.6m€4.4m▲
Operating charges60/66A€127.7m€131.3m▲
Goods for resale, raw materials and consumables60€112.7m€114.8m▲
Purchases600/8€114.1m€115.3m▲
Change in stocks: decrease (increase)609-€1.3m-€0.5m▲
Services and other goods61€8.1m€9.1m▲
Remuneration, social security and pensions62€5.9m€6.2m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.9m€1.1m▲
Other operating charges640/8€0.09m€0.08m▼
Operating profit (loss)9901€4.1m€1.4m▼
Financial income75/76B€1.4m€1.5m▲
Recurring financial income75€1.4m€1.5m▲
Income from current assets751€0.2m€0.2m▼
Other financial income752/9€1.2m€1.3m▲
Financial charges65/66B€0.4m€0.3m▼
Recurring financial charges65€0.4m€0.3m▼
Debt charges650€0.4m€0.3m▼
Other financial charges652/9€0.04m€0.04m▲
Profit (loss) for the period before taxes9903€5.1m€2.6m▼
Income taxes67/77€1.0m€0.7m▼
Taxes670/3€1.0m€0.7m▼
Profit (loss) for the period9904€4.1m€1.9m▼
Profit (loss) for the period to be appropriated9905€4.1m€1.9m▼
Appropriation of the result
Profit (loss) to be appropriated9906€27.0m€26.7m▼
Profit (loss) brought forward from the previous period14P€22.8m€24.9m▲
Profit to be distributed694/7€2.1m€1.8m▼
Return on contributions (dividend)694€2.0m€1.7m▼
Employees696€0.09m€0.05m▼
Social balance sheet
Average headcount (FTE)908778.079.0▲
The notes to these accounts have 62 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not TESTAS.
In July 2024, 1,887 companies had the same profile as TESTAS has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
Medium-sized
20 years or older
solvency 30% or more
a profit under 5% of the balance sheet
97.9%was still going
2.0%stopped otherwise
0.1%went bankrupt
That fits the bankruptcy probability of TESTAS itself: 0.1% 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 1,887 companies, not a prediction for TESTAS. 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.
Director · since 01-03-2024 · Private limited company · permanent representative: Serge Timmermans · also on the board of 7 other companies · listed in the 2025 annual accounts, filed on 03-07-2026
Statutory auditor · current term since 03-06-2025 · 3-year term from 2025 · permanent representative: Bart Van Gompel · listed in the 2025 annual accounts, filed on 03-07-2026
A capital increase usually strengthens the company. With a reduction, it pays to find out why.
Capital over time
14-07-2021Capital stated in 2 acts · €1,784,833.38 · 11,261 shares
Mandate history
Mandate history
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Other provision, “neerlegging en bekendmaking benoeming, neerlegging ter griffie bevoegde Ondernemingsrechtbank en bekendmaking in Bijlagen bij Belgisch Staatsblad” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 29 October 1973, TESTAS was incorporated.1Of the 3 current board members, Ann Heirstrate has served longest, since 2016.2Turnover went from €87.7m in 2018 to €128.2m in 2025 and headcount from 63.6 to 79 full-time equivalents.3
Establishment unitTESTAS NV, Jacobsveldweg 12, 2160 Wommelgem since 15-01-1992 · unit number 2.008.993.427
Activities
NACEBEL 2025
VAT activities
46820Wholesale trademain activity
Social security (RSZ) activities
46820Wholesale trademain activity
Codes under NACEBEL 2008
VAT activities
46720Wholesale trademain activity
Social security (RSZ) activities
46720Wholesale trademain activity
Codes under NACEBEL 2003
VAT activities
51520main activity
Social security (RSZ) activities
51520main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Het vervaardigen, de aankoop, de verkoop, de verandering, de behandeling, de consignatie, de im- en export, de vertegenwoordiging, onder…”
Text of the purpose
“Het vervaardigen, de aankoop, de verkoop, de verandering, de behandeling, de consignatie, de im- en export, de vertegenwoordiging, onder alle vormen, van alle producten, bijproducten en toebehoren betreffende de industrie in het algemeen, openbare werken en aannemingswerken. De handel in oud ijzer van alle soorten. De aankoop, de verkoop van nieuwe en tweedehandse machines en uitrustingen. De aankoop, de verkoop, het verkrijgen, het toekennen van alle brevetten, merken, vergunningen en behandelingen betreffende hiervoor vermelde producten. De aankoop, het huren, het inrichten, de installatie van alle handelsfondsen, lokalen, werkplaatsen, fabrieken, gebouwen, materieel en roerende voorwerpen die nodig zijn voor de verwezenlijking van het hiervoor bepaalde voorwerp. De directe of indirecte deelname, het nemen van belangen onder alle mogelijke vormen, in alle handelingen, vennootschappen of industrieën die betrekking hebben op de voornoemde doelen of die deze zouden kunnen bevorderen, namelijk hetzij door het oprichten van nieuwe vennootschappen, door inbrengen in geld of in natura in bestaande vennootschappen, door fusies of samenwerking met hen, door deelneming, door inschrijving, aan- en verkoop van alle titels, belangen of deelnemingsrechten, door geldschieting, voorschotten en leningen met of zonder waarborg, of op om het even welke andere wijze. In het algemeen, alle commerciële, industriële, roerende, onroerende en financiële handelingen verrichten welke rechtstreeks of onrechtstreeks in verband staan met de hierboven gedefinieerde doelstellingen.”
8 applications in Flanders since 2018 · 4 granted · 2 refused
Een grond gebruiken, aanleggen of inrichten
Granted on 22-08-2022submitted 08-03-2022authority: Wommelgemproject 2022026441
Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies; Verbouwen en/of uitbreiden van bijgebouwen, niet-overdekte lage constructies of wijzigen van andere beperkte handelingen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Granted on 12-11-2020submitted 27-03-2020authority: Provincie Antwerpenproject 2020040159
Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies; Verbouwen en/of uitbreiden van bijgebouwen, niet-overdekte lage constructies of wijzigen van andere beperkte handelingen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Discontinued on 26-03-2020submitted 09-03-2020authority: Wommelgemproject 2020025484
Verbouwen en/of uitbreiden van bijgebouwen en niet overdekte lage constructies; Verbouwen en/of uitbreiden van bijgebouwen, niet-overdekte lage constructies of wijzigen van andere beperkte handelingen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Discontinued on 10-02-2020submitted 16-12-2019authority: Wommelgemproject 2019156405
Verbouwen / Wijzigen Infrastructuur
Refused on 16-07-2019submitted 29-04-2019authority: Wommelgemproject 2019056406
Verbouwen / Wijzigen Infrastructuur
Refused on 04-03-2019submitted 12-12-2018authority: Wommelgemproject 2018149668
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden
Granted on 10-07-2018submitted 27-04-2018authority: Wommelgemproject 2018049677
Slopen van niet vrijstaande gebouwen of constructies
Granted on 17-04-2018submitted 08-02-2018authority: Wommelgemproject 2018014541