TESTO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 40 filings
Turnover
€12.4m▲ 3.7%
2023 · €12.0m
EBIT margin
8.9%▼ 2.8pp
2023 · 11.7%
Net result
€553,072▼ 35.7%
2024 · €860,792
Working capital
€1.6m▼ 37.6%
2024 · €2.5m
In the rankings
#6 employer in Ternat, Wholesale and retail trade sector#6 company by staff growth in Ternat, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€727,394
▼ 34.2%
2025
20182025
Net result
€553,072
▼ 35.7%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€3.1m
▼ 17.5%
2025
middle half of the sector
20182025
Total assets
€5.0m
▲ 8.5%
2025
middle half of the sector
20182025
Debt
€1.9m
▲ 119%
2025
20182025
Working capital
€1.6m
▼ 37.6%
2025
middle half of the sector
20182025
Solvency
61.5%
▼ 19.4pp
2025
middle half of the sector
20182025
Current ratio
1.84
▼ 2.32
2025
middle half of the sector
20182025
Return on assets (ROA)
11.1%
▼ 7.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
45.1
▲ 4.9%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€9.0m-€9.7m▲ 6.8%€10.0m▲ 3.5%€12.3m▲ 23.3%€11.3m▼ 8.1%€12.0m▲ 5.8%€12.4m▲ 3.7%
Operating result€0.9m-€1.1m▲ 20.6%€1.2m▲ 1.2%€1.8m▲ 58.2%€1.5m▼ 18.6%€1.4m▼ 5.3%€1.1m▼ 21.4%€0.7m▼ 34.2%
Net result€0.7m-€0.8m▲ 17.8%€0.9mabove the sector's middle half▲ 7.9%€1.4mabove the sector's middle half▲ 57.9%€1.1mabove the sector's middle half▼ 18.7%€1.1mabove the sector's middle half▼ 4.0%€0.9mabove the sector's middle half▼ 18.8%€0.6mwithin the sector's middle half▼ 35.7%
EBIT margin10.4%-11.8%▲ 1.3pp11.5%▼ 0.3pp14.8%▲ 3.3pp13.1%▼ 1.7pp11.7%▼ 1.4pp8.9%▼ 2.8pp
Equity€3.6m-€2.6m▼ 28.2%€3.4mabove the sector's middle half▲ 33.6%€3.7mabove the sector's middle half▲ 7.6%€4.8mabove the sector's middle half▲ 30.1%€4.2mwithin the sector's middle half▼ 11.3%€3.7mwithin the sector's middle half▼ 12.7%€3.1mwithin the sector's middle half▼ 17.5%
Total assets€4.2m-€3.6m▼ 14.9%€4.6mabove the sector's middle half▲ 28.7%€4.8mabove the sector's middle half▲ 4.5%€5.8mwithin the sector's middle half▲ 19.9%€5.3mwithin the sector's middle half▼ 8.2%€4.6mwithin the sector's middle half▼ 14.2%€5.0mwithin the sector's middle half▲ 8.5%
Debt€0.7m-€1.0m▲ 55.7%€1.2m▲ 16.7%€1.2m▼ 4.0%€1.0m▼ 11.9%€1.1m▲ 6.3%€0.9m▼ 20.0%€1.9m▲ 119%
Working capital€2.7m-€1.6m▼ 42.1%€2.5mabove the sector's middle half▲ 63.5%€2.7mabove the sector's middle half▲ 6.5%€3.8mabove the sector's middle half▲ 39.8%€3.3mwithin the sector's middle half▼ 12.9%€2.5mwithin the sector's middle half▼ 24.1%€1.6mwithin the sector's middle half▼ 37.6%
Solvency84.2%-71.0%▼ 13.1pp73.8%above the sector's middle half▲ 2.7pp75.9%above the sector's middle half▲ 2.1pp82.3%above the sector's middle half▲ 6.4pp79.5%above the sector's middle half▼ 2.8pp80.9%above the sector's middle half▲ 1.4pp61.5%within the sector's middle half▼ 19.4pp
Current ratio5.07-2.49▼ 2.583.43above the sector's middle half▲ 0.943.67above the sector's middle half▲ 0.245.23above the sector's middle half▲ 1.564.45above the sector's middle half▼ 0.794.16above the sector's middle half▼ 0.291.84within the sector's middle half▼ 2.32
Return on assets (ROA)16.0%-22.1%▲ 6.2pp18.6%above the sector's middle half▼ 3.6pp28.0%above the sector's middle half▲ 9.5pp19.0%above the sector's middle half▼ 9.0pp19.9%above the sector's middle half▲ 0.9pp18.8%above the sector's middle half▼ 1.1pp11.1%above the sector's middle half▼ 7.7pp
Staff (FTE)36.1-37.1▲ 2.8%39.7above the sector's middle half▲ 7.0%41.7above the sector's middle half▲ 5.0%41.9above the sector's middle half▲ 0.5%41.5above the sector's middle half▼ 1.0%43above the sector's middle half▲ 3.6%45.1above the sector's middle half▲ 4.9%
above
within
below
The 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 34% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.0m
Fixed assets
€1.6m ▲ 21.4%
Current assets
€3.4m ▲ 3.5%
Equity and liabilities €5.0m
Equity
€3.1m ▼ 17.5%
Debt
€1.9m ▲ 119%
Debt's share of the balance-sheet total rises from 19.1% to 38.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€964,938▼
2024 · €1.3m
Cash flow
€790,615▼
2024 · €1.1m
Quick ratio
1.65▼
2024 · 3.68
Debt to equity
0.63▲
2024 · 0.24
ROE
18.1%▼
2024 · 23.3%
Interest coverage
27.88▼
2024 · over 100
Debt ≤ 1 year
€1.8m▲
2024 · €790,985
Income taxes
€194,780▼
2024 · €294,334
Staff costs
€4.4m▲
2024 · €3.8m
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 | 43 | 44 | 44 | 45 | 47 |
| full-time | 34 | 34 | 35 | 34 | 36 |
| part-time | 9 | 10 | 9 | 11 | 11 |
| in full-time equivalents | 40.5 | 41.3 | 42.3 | 42.9 | 45 |
| Average over the year, in full-time equivalents | 41.7 | 41.9 | 41.5 | 43 | 45.1 |
| On a permanent contract | 43 | 44 | 44 | 45 | 47 |
| Joined | 7 | 3 | 7 | 8 | 10 |
| Left | 7 | 3 | 7 | 7 | 8 |
| Agency workers, average number | - | 0.5 | 0.1 | 0.7 | - |
| Training hours | 119 | 705 | 2,975 | 47,153 | 1,954 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €285,498 | €220,697 | €189,124 | €436,092 | €470,007 |
| Intangible fixed assets | €21,645 | €28,445 | - | - | - |
| Financial fixed assets | - | - | - | - | €52,952 |
| Depreciation and write-downs of the year | €227,111 | €242,698 | €236,375 | €222,288 | €237,543 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | - | €9,000 | €9,000 | €9,000 | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,663 awarded · €2,663 paidSchemes
Public contracts
1 award · 2022
Marché ouvert pluriannuel (48 mois à partir de la notification en 2022) pour étalonnage, entretien, réparation et fourniture de divers appareils de mesure de la marque TESTO
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €11.6m | €12.2m | €12.6m | - | - |
| Turnover70 | €9.0m | €9.7m | €10.0m | €12.3m | €11.3m | €12.0m | €12.4m | - | - |
| Other operating income74 | - | - | - | - | €0.2m | €0.2m | €0.2m | - | - |
| Operating charges60/66A | - | - | - | - | €10.1m | €10.8m | €11.5m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €7.1m | - | - | - | - | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | €5.5m | €5.9m | €6.4m | - | - |
| Purchases600/8 | - | - | - | - | €5.6m | €5.9m | €6.4m | - | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | -€0.06m | €0.01m | -€0.02m | - | - |
| Services and other goods61 | - | - | - | - | €0.8m | €0.9m | €1.1m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €3.3m | €3.4m | €3.7m | €3.8m | €4.4m | ▲ 14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€0.007m | €0.02m | €0.02m | -€0.02m | -€0.005m | ▲ 77.5% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.03m | €0.05m | €0.04m | ▼ 22.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.006m | - |
| Gross operating margin9900 | €3.8m | €4.1m | €4.3m | €5.3m | - | - | - | €5.4m | - |
| Operating profit (loss)9901 | €0.9m | €1.1m | €1.2m | €1.8m | €1.5m | €1.4m | €1.1m | €0.7m | ▼ 34.2% |
| Financial income75/76B | - | - | - | €0.06m | €0.05m | €0.07m | €0.08m | €0.06m | ▼ 27.6% |
| Recurring financial income75 | €0.04m | €0.04m | €0.06m | €0.06m | €0.05m | €0.07m | €0.08m | €0.06m | ▼ 27.6% |
| Income from current assets751 | - | - | - | - | - | €0.01m | €0.02m | - | - |
| Other financial income752/9 | - | - | - | - | €0.05m | €0.06m | €0.06m | - | - |
| Financial charges65/66B | - | - | - | €0.04m | €0.03m | €0.04m | €0.03m | €0.03m | ▲ 27.3% |
| Recurring financial charges65 | €0.006m | €0.03m | €0.03m | €0.04m | €0.03m | €0.04m | €0.03m | €0.03m | ▲ 27.3% |
| Debt charges650 | - | - | - | - | €0.001m | €0.003m | €0.004m | - | - |
| Other financial charges652/9 | - | - | - | - | €0.03m | €0.03m | €0.02m | - | - |
| Profit (loss) for the period before taxes9903 | €1.0m | €1.2m | €1.2m | €1.8m | €1.5m | €1.4m | €1.2m | €0.7m | ▼ 35.3% |
| Income taxes67/77 | €0.3m | €0.4m | €0.3m | €0.5m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 33.8% |
| Taxes670/3 | - | - | - | - | €0.4m | €0.4m | €0.3m | - | - |
| Profit (loss) for the period9904 | €0.7m | €0.8m | €0.9m | €1.4m | €1.1m | €1.1m | €0.9m | €0.6m | ▼ 35.7% |
| Profit (loss) for the period to be appropriated9905 | €0.7m | €0.8m | €0.9m | €1.4m | €1.1m | €1.1m | €0.9m | €0.6m | ▼ 35.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.2m | €3.6m | €4.6m | €4.8m | €5.8m | €5.3m | €4.6m | €5.0m | ▲ 8.5% |
| Fixed assets21/28 | €0.9m | €1.0m | €1.0m | €1.1m | €1.1m | €1.1m | €1.3m | €1.6m | ▲ 21.4% |
| Intangible fixed assets21 | €0.01m | €0.07m | €0.09m | €0.06m | €0.04m | €0.02m | €0.008m | - | - |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €1.0m | €1.1m | €1.1m | €1.1m | €1.3m | €1.5m | ▲ 17.9% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.8m | €1.0m | ▲ 26.1% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.1m | €0.09m | €0.07m | €0.09m | ▲ 20.5% |
| Furniture and vehicles24 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 2.1% |
| Leasing and similar rights25 | - | - | - | €0.05m | €0.03m | €0.008m | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | - | €0.05m | - |
| Current assets29/58 | €3.3m | €2.6m | €3.6m | €3.7m | €4.7m | €4.2m | €3.3m | €3.4m | ▲ 3.5% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.5% |
| Stocks30/36 | - | - | - | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 5.5% |
| Goods purchased for resale34 | - | - | - | - | €0.4m | €0.4m | €0.4m | - | - |
| Amounts receivable within one year40/41 | €1.8m | €1.8m | €1.8m | €2.1m | €1.7m | €1.9m | €2.2m | €2.2m | ▼ 0.6% |
| Trade receivables40 | - | - | - | €2.0m | €1.6m | €1.8m | €1.8m | €1.9m | ▲ 5.8% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.08m | €0.1m | €0.4m | €0.3m | ▼ 28.2% |
| Current investments50/53 | - | - | - | - | - | €0.5m | - | - | - |
| Other investments51/53 | - | - | - | - | - | €0.5m | - | - | - |
| Cash at bank and in hand54/58 | €1.3m | €0.5m | €1.4m | €1.3m | €2.5m | €1.4m | €0.6m | €0.7m | ▲ 25.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.07m | €0.07m | €0.1m | €0.07m | €0.07m | ▲ 1.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.2m | €3.6m | €4.6m | €4.8m | €5.8m | €5.3m | €4.6m | €5.0m | ▲ 8.5% |
| Equity10/15 | €3.6m | €2.6m | €3.4m | €3.7m | €4.8m | €4.2m | €3.7m | €3.1m | ▼ 17.5% |
| Contributions10/11 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Capital10 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Issued capital100 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Legal reserve130 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Distributable reserves133 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Profit (loss) carried forward14 | €3.4m | €2.4m | €3.3m | €3.5m | €4.6m | €4.1m | €3.6m | €2.9m | ▼ 18.2% |
| Amounts payable17/49 | €0.7m | €1.0m | €1.2m | €1.2m | €1.0m | €1.1m | €0.9m | €1.9m | ▲ 119% |
| Amounts payable after more than one year17 | - | - | €0.05m | €0.03m | €0.007m | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.03m | €0.007m | - | - | - | - |
| Leasing and similar obligations172 | - | - | - | - | €0.007m | - | - | - | - |
| Amounts payable within one year42/48 | €0.7m | €1.0m | €1.0m | €1.0m | €0.9m | €1.0m | €0.8m | €1.8m | ▲ 134% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.007m | - | €0.1m | - |
| Trade debts44 | €0.2m | €0.6m | €0.1m | €0.1m | €0.08m | €0.1m | €0.07m | €0.4m | ▲ 485% |
| Suppliers440/4 | - | - | - | €0.1m | €0.08m | €0.1m | €0.07m | €0.4m | ▲ 485% |
| Advances received on contracts in progress46 | - | - | - | €0.02m | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.8m | €0.8m | €0.8m | €0.7m | €0.8m | ▲ 15.3% |
| Taxes450/3 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 23.0% |
| Remuneration and social security454/9 | - | - | - | €0.5m | €0.5m | €0.6m | €0.5m | €0.6m | ▲ 12.4% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.5m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.06m | ▼ 23.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.7m | €0.8m | €0.9m | €1.4m | €1.1m | €1.1m | €0.9m | €0.6m | ▼ 35.7% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 6.9% |
| Operating cash flow (approximation) | €0.9m | €1.0m | €1.1m | €1.6m | €1.3m | €1.3m | €1.1m | €0.8m | ▼ 27.0% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.3m | -€0.3m | -€0.2m | -€0.2m | -€0.4m | -€0.5m | ▼ 20.7% |
| Change in cash | - | -€0.7m | €0.9m | -€0.2m | €1.3m | -€1.1m | -€0.8m | €0.1m | - |
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, 20,136 companies had the same profile as TESTO has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of TESTO 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.
| 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 20,136 companies, not a prediction for TESTO. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-06-2026 | 2026-00194883 | |
| 31-12-2024 | full format | 22-05-2025 | 2025-00106502 | |
| 31-12-2023 | full format | 22-05-2024 | 2024-00092762 | |
| 31-12-2022 | full format | 17-05-2023 | 2023-00089055 | |
| 31-12-2021 | abbreviated format | 19-05-2022 | 2022-20029950 | |
| 31-12-2020 | abbreviated format | 19-05-2021 | 2021-14500303 | |
| 31-12-2019 | abbreviated format | 29-05-2020 | 2020-13600227 | |
| 31-12-2018 | abbreviated format | 22-05-2019 | 2019-13900319 | |
| 31-12-2017 | abbreviated format | 04-06-2018 | 2018-15500051 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-14100538 |