TEVIOS
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 27 days after the deadline Filed on 27 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00452796.
Annual accounts 2025 filed on 27-08-2026 at the NBB all 11 filings
Turnover
≈ €110,000
Estimated: probably between €77,000 and €170,000
EBIT margin
Not included in this filing
Net result
-€30,854
2024 · €14,710
Working capital
€71,197▼ 28.9%
2024 · €100,195
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€30,802
2025
20182025
Net result
-€30,854
2025
lowest quarter of the sector
20182025
Equity
€79,945
▼ 27.8%
2025
lowest quarter of the sector
20182025
Total assets
€292,311
▲ 17.7%
2025
lowest quarter of the sector
20182025
Debt
€212,366
▲ 54.5%
2025
20182025
Working capital
€71,197
▼ 28.9%
2025
middle half of the sector
20182025
Solvency
27.3%
▼ 17.3pp
2025
middle half of the sector
20182025
Current ratio
1.34
▼ 0.39
2025
middle half of the sector
20182025
Return on assets (ROA)
-10.6%
▼ 16.5pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1.4
▲ 7.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,387-€19,133▲ 200%€18,215▼ 4.8%€15,386▼ 15.5%€43,913▲ 185%€47,695▲ 8.6%€23,913▼ 49.9%-€30,802
Net result€3,623-€11,522▲ 218%€11,921within the sector's middle half▲ 3.5%€9,770within the sector's middle half▼ 18.0%€30,994within the sector's middle half▲ 217%€33,503within the sector's middle half▲ 8.1%€14,710within the sector's middle half▼ 56.1%-€30,854below the sector's middle half
Equity€28,694-€40,215▲ 40.2%€52,136below the sector's middle half▲ 29.6%€61,906below the sector's middle half▲ 18.7%€75,185below the sector's middle half▲ 21.5%€110,088within the sector's middle half▲ 46.4%€110,799within the sector's middle half▲ 0.6%€79,945below the sector's middle half▼ 27.8%
Total assets€217,070-€189,279▼ 12.8%€198,732below the sector's middle half▲ 5.0%€232,860below the sector's middle half▲ 17.2%€443,701within the sector's middle half▲ 90.5%€293,285below the sector's middle half▼ 33.9%€248,295below the sector's middle half▼ 15.3%€292,311below the sector's middle half▲ 17.7%
Debt€188,376-€149,064▼ 20.9%€146,596▼ 1.7%€170,954▲ 16.6%€368,516▲ 116%€183,197▼ 50.3%€137,496▼ 24.9%€212,366▲ 54.5%
Working capital€50,384-€45,494▼ 9.7%€13,165within the sector's middle half▼ 71.1%€43,108within the sector's middle half▲ 227%€62,348within the sector's middle half▲ 44.6%€103,501within the sector's middle half▲ 66.0%€100,195within the sector's middle half▼ 3.2%€71,197within the sector's middle half▼ 28.9%
Solvency13.2%-21.2%▲ 8.0pp26.2%within the sector's middle half▲ 5.0pp26.6%within the sector's middle half▲ 0.4pp16.9%below the sector's middle half▼ 9.6pp37.5%within the sector's middle half▲ 20.6pp44.6%within the sector's middle half▲ 7.1pp27.3%within the sector's middle half▼ 17.3pp
Current ratio1.34-1.35▲ 0.011.09within the sector's middle half▼ 0.261.25within the sector's middle half▲ 0.161.17within the sector's middle half▼ 0.081.56within the sector's middle half▲ 0.401.73within the sector's middle half▲ 0.161.34within the sector's middle half▼ 0.39
Return on assets (ROA)1.7%-6.1%▲ 4.4pp6.0%within the sector's middle half▼ 0.1pp4.2%within the sector's middle half▼ 1.8pp7.0%within the sector's middle half▲ 2.8pp11.4%within the sector's middle half▲ 4.4pp5.9%within the sector's middle half▼ 5.5pp-10.6%below the sector's middle half▼ 16.5pp
Staff (FTE)0.3below the sector's middle half0.5below the sector's middle half▲ 66.7%1.3within the sector's middle half▲ 160%1.4within the sector's middle half▲ 7.7%
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 a loss of €30,802, after a profit of €23,913 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €292,311
Fixed assets
€8,748 ▼ 17.5%
Current assets
€283,563 ▲ 19.3%
Equity and liabilities €292,311
Equity
€79,945 ▼ 27.8%
Debt
€212,366 ▲ 54.5%
Debt's share of the balance-sheet total rises from 55.4% to 72.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€27,582▼
2024 · €26,654
Cash flow
-€27,633▼
2024 · €17,452
Quick ratio
1.29▼
2024 · 1.65
Debt to equity
2.66▲
2024 · 1.24
ROE
-38.6%▼
2024 · 13.3%
Interest coverage
-8.81▼
2024 · 6.47
Debt ≤ 1 year
€212,366▲
2024 · €137,496
Staff costs
€81,274▲
2024 · €63,750
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 2 | 1 |
| full-time | - | - | 1 | - |
| part-time | 1 | 2 | 1 | 1 |
| in full-time equivalents | 0.3 | 0.8 | 1.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.3 | 0.5 | 1.3 | 1.4 |
| On a permanent contract | 1 | 2 | 2 | 1 |
| Joined | 1 | 2 | 1 | 0 |
| Left | 0 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,139 | €9,809 | €4,803 | €6,758 | €1,365 |
| Depreciation and write-downs of the year | €14,344 | €15,770 | €4,919 | €2,741 | €3,221 |
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 | - | - | - | - | €2,207 | €29,744 | €63,750 | €81,274 | ▲ 27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,368 | €12,833 | €30,568 | €14,344 | €15,770 | €4,919 | €2,741 | €3,221 | ▲ 17.5% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €19,195 | €32,314 | €49,131 | €30,078 | €62,238 | €82,742 | €90,792 | €54,092 | ▼ 40.4% |
| Operating profit (loss)9901 | €6,387 | €19,133 | €18,215 | €15,386 | €43,913 | €47,695 | €23,913 | -€30,802 | - |
| Financial income75/76B | - | - | - | €47 | €20 | €3,499 | €1,271 | €3,078 | ▲ 142% |
| Recurring financial income75 | €551 | €0 | €86 | €47 | €20 | €3,499 | €1,271 | €3,078 | ▲ 142% |
| Financial charges65/66B | - | - | - | €2,068 | €2,421 | €4,385 | €4,121 | €3,130 | ▼ 24.1% |
| Recurring financial charges65 | €1,580 | €2,113 | €1,839 | €2,068 | €2,421 | €4,385 | €4,121 | €3,130 | ▼ 24.1% |
| Profit (loss) for the period before taxes9903 | €5,359 | €17,020 | €16,463 | €13,365 | €41,512 | €46,809 | €21,063 | -€30,854 | - |
| Income taxes67/77 | €1,735 | €5,499 | €4,542 | €3,595 | €10,519 | €13,306 | €6,353 | - | - |
| Profit (loss) for the period9904 | €3,623 | €11,522 | €11,921 | €9,770 | €30,994 | €33,503 | €14,710 | -€30,854 | - |
| Profit (loss) for the period to be appropriated9905 | €3,623 | €11,522 | €11,921 | €9,770 | €30,994 | €33,503 | €14,710 | -€30,854 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €217,070 | €189,279 | €198,732 | €232,860 | €443,701 | €293,285 | €248,295 | €292,311 | ▲ 17.7% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €18,420 | €14,899 | €38,971 | €18,798 | €12,837 | €6,587 | €10,604 | €8,748 | ▼ 17.5% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €18,420 | €14,899 | €38,971 | €18,798 | €12,837 | €6,587 | €10,604 | €8,748 | ▼ 17.5% |
| Plant, machinery and equipment23 | - | - | - | €18,798 | €12,837 | €4,605 | €7,906 | €6,903 | ▼ 12.7% |
| Furniture and vehicles24 | - | - | - | - | - | €1,982 | €2,698 | €1,845 | ▼ 31.6% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €198,650 | €174,380 | €159,760 | €214,062 | €430,864 | €286,698 | €237,691 | €283,563 | ▲ 19.3% |
| Stocks and contracts in progress3 | €37,098 | €31,449 | €35,685 | €40,135 | €12,024 | €26,572 | €10,732 | €8,988 | ▼ 16.2% |
| Stocks30/36 | - | - | - | €40,135 | €12,024 | €26,572 | €10,732 | €8,988 | ▼ 16.2% |
| Amounts receivable within one year40/41 | €149,632 | €73,614 | €68,281 | €115,937 | €186,157 | €101,633 | €164,316 | €197,416 | ▲ 20.1% |
| Trade receivables40 | - | - | - | €115,937 | €186,157 | €101,633 | €149,313 | €183,769 | ▲ 23.1% |
| Other amounts receivable41 | - | - | - | - | - | - | €15,003 | €13,647 | ▼ 9.0% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €11,741 | €69,009 | €55,653 | €57,912 | €232,682 | €158,407 | €61,537 | €75,697 | ▲ 23.0% |
| Deferred charges and accrued income490/1 | - | - | - | €78 | - | €86 | €1,107 | €1,462 | ▲ 32.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €217,070 | €189,279 | €198,732 | €232,860 | €443,701 | €293,285 | €248,295 | €292,311 | ▲ 17.7% |
| Equity10/15 | €28,694 | €40,215 | €52,136 | €61,906 | €75,185 | €110,088 | €110,799 | €79,945 | ▼ 27.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | - | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €22,460 | €33,960 | €45,860 | €54,860 | €68,985 | €91,488 | €92,199 | €61,345 | ▼ 33.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €53,000 | €67,125 | €89,628 | €90,339 | €59,485 | ▼ 34.2% |
| Profit (loss) carried forward14 | €34 | €55 | €76 | €846 | - | - | - | - | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €188,376 | €149,064 | €146,596 | €170,954 | €368,516 | €183,197 | €137,496 | €212,366 | ▲ 54.5% |
| Amounts payable after more than one year17 | €40,110 | €20,178 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €148,266 | €128,886 | €146,596 | €170,954 | €368,516 | €183,197 | €137,496 | €212,366 | ▲ 54.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €50,000 | - | - | - | - | - |
| Financial debts43 | - | - | - | - | €75,000 | - | - | €50,000 | - |
| Credit institutions430/8 | - | - | - | - | €75,000 | - | - | €50,000 | - |
| Trade debts44 | €126,901 | €103,454 | €120,047 | €109,075 | €252,655 | €142,360 | €110,121 | €141,971 | ▲ 28.9% |
| Suppliers440/4 | - | - | - | €109,075 | €252,655 | €142,360 | €110,121 | €141,971 | ▲ 28.9% |
| Taxes, remuneration and social security45 | - | - | - | €11,879 | €28,161 | €31,907 | €15,132 | €20,273 | ▲ 34.0% |
| Taxes450/3 | - | - | - | €11,879 | €28,161 | €31,907 | €15,132 | €20,273 | ▲ 34.0% |
| Other amounts payable47/48 | - | - | - | - | €12,700 | €8,930 | €12,243 | €122 | ▼ 99.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,623 | €11,522 | €11,921 | €9,770 | €30,994 | €33,503 | €14,710 | -€30,854 | - |
| + Depreciation and write-downs630 | €12,368 | €12,833 | €30,568 | €14,344 | €15,770 | €4,919 | €2,741 | €3,221 | ▲ 17.5% |
| Operating cash flow (approximation) | €15,992 | €24,355 | €42,489 | €24,114 | €46,763 | €38,423 | €17,452 | -€27,633 | - |
| Investment in fixed assets (approximation) | - | -€9,312 | -€54,641 | €5,830 | -€9,809 | €1,331 | -€6,758 | -€1,365 | ▲ 79.8% |
| Change in cash | - | €57,268 | -€13,356 | €2,259 | €174,771 | -€74,276 | -€96,869 | €14,160 | - |
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, 1,294 companies had the same profile as TEVIOS has now. Two years later, 89.6% were still going and 4.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
89.6%
was still going
5.9%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of TEVIOS itself is lower: 0.3% within 12 months. It rests on far more data about TEVIOS than the profile alone.
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 1,294 companies, not a prediction for TEVIOS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 27-08-2026 | 2026-00452796 | |
| 31-12-2024 | full format | 28-08-2025 | 2025-00463866 | |
| 31-12-2023 | full format | 23-08-2024 | 2024-00372780 | |
| 31-12-2022 | full format | 26-09-2023 | 2023-00456521 | |
| 31-12-2021 | full format | 17-06-2022 | 2022-20073775 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-24600207 | |
| 31-12-2019 | full format | 31-07-2020 | 2020-38000363 | |
| 31-12-2018 | abbreviated format | 28-06-2019 | 2019-25500220 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-33500409 | |
| 31-12-2016 | full format | 28-08-2017 | 2017-53100188 |