TOR TECH TRAINING
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 10 filings
Turnover
≈ €76,000
Estimated: probably between €45,000 and €100,000
Total assets
€68,494▼ 25.1%
2024 · €91,409
Net result
€14,239▲ 9.0%
2024 · €13,061
Working capital
€36,691▼ 26.6%
2024 · €49,972
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€20,372
▲ 76.0%
2025
20182025
Net result
€14,239
▲ 9.0%
2025
middle half of the sector
20182025
Equity
€44,246
▼ 29.7%
2025
middle half of the sector
20182025
Total assets
€68,494
▼ 25.1%
2025
lowest quarter of the sector
20182025
Debt
€24,248
▼ 14.7%
2025
20182025
Working capital
€36,691
▼ 26.6%
2025
middle half of the sector
20182025
Solvency
64.6%
▼ 4.3pp
2025
middle half of the sector
20182025
Current ratio
2.51
▼ 0.24
2025
middle half of the sector
20182025
Return on assets (ROA)
20.8%
▲ 6.5pp
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€27,409-€22,043▼ 19.6%-€7,410€1,583€1,860▲ 17.5%-€50,156€11,573€20,372▲ 76.0%
Net result€18,929-€15,892▼ 16.0%-€5,906below the sector's middle half€2,918within the sector's middle half€2,410below the sector's middle half▼ 17.4%-€48,819below the sector's middle half€13,061within the sector's middle half€14,239within the sector's middle half▲ 9.0%
Equity€83,416-€99,308▲ 19.1%€93,402within the sector's middle half▼ 5.9%€96,320within the sector's middle half▲ 3.1%€98,730within the sector's middle half▲ 2.5%€49,911within the sector's middle half▼ 49.4%€62,972within the sector's middle half▲ 26.2%€44,246within the sector's middle half▼ 29.7%
Total assets€106,537-€122,889▲ 15.3%€122,972within the sector's middle half▲ 0.1%€120,342within the sector's middle half▼ 2.1%€155,169within the sector's middle half▲ 28.9%€131,157within the sector's middle half▼ 15.5%€91,409within the sector's middle half▼ 30.3%€68,494below the sector's middle half▼ 25.1%
Debt€23,121-€23,581▲ 2.0%€29,570▲ 25.4%€24,022▼ 18.8%€56,439▲ 135%€81,246▲ 44.0%€28,436▼ 65.0%€24,248▼ 14.7%
Working capital€82,894-€95,828▲ 15.6%€87,055within the sector's middle half▼ 9.2%€83,081within the sector's middle half▼ 4.6%€83,159within the sector's middle half▲ 0.1%€37,028within the sector's middle half▼ 55.5%€49,972within the sector's middle half▲ 35.0%€36,691within the sector's middle half▼ 26.6%
Solvency78.3%-80.8%▲ 2.5pp76.0%within the sector's middle half▼ 4.9pp80.0%above the sector's middle half▲ 4.1pp63.6%within the sector's middle half▼ 16.4pp38.1%within the sector's middle half▼ 25.6pp68.9%within the sector's middle half▲ 30.8pp64.6%within the sector's middle half▼ 4.3pp
Current ratio4.68-9.56▲ 4.885.40above the sector's middle half▼ 4.164.89above the sector's middle half▼ 0.502.86within the sector's middle half▼ 2.041.49within the sector's middle half▼ 1.372.76within the sector's middle half▲ 1.272.51within the sector's middle half▼ 0.24
Return on assets (ROA)17.8%-12.9%▼ 4.8pp-4.8%below the sector's middle half▼ 17.7pp2.4%within the sector's middle half▲ 7.2pp1.6%below the sector's middle half▼ 0.9pp-37.2%below the sector's middle half▼ 38.8pp14.3%within the sector's middle half▲ 51.5pp20.8%within the sector's middle half▲ 6.5pp
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 76% higher than in 2024 and the highest since 2019. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro 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 €68,494
Fixed assets
€7,555 ▼ 41.9%
Current assets
€60,939 ▼ 22.3%
Equity and liabilities €68,494
Equity
€44,246 ▼ 29.7%
Debt
€24,248 ▼ 14.7%
Debt's share of the balance-sheet total rises from 31.1% to 35.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,817▲
2024 · €17,138
Cash flow
€19,684▲
2024 · €18,626
Quick ratio
1.06▼
2024 · 1.52
Debt to equity
0.55▲
2024 · 0.45
ROE
32.2%▲
2024 · 20.7%
Interest coverage
over 100▲
2024 · 23.32
Debt ≤ 1 year
€24,248▼
2024 · €28,436
Income taxes
€5,940▲
2024 · €140
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €636 | €18,316 | - | - | - |
| Intangible fixed assets | €6,456 | - | - | €600 | - |
| Depreciation and write-downs of the year | €6,336 | €7,030 | €9,246 | €5,565 | €5,445 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €817 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €702 | €4,985 | €5,308 | €6,336 | €7,030 | €9,246 | €5,565 | €5,445 | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €506 | €612 | €139 | €1,127 | €582 | ▼ 48.4% |
| Gross operating margin9900 | €28,679 | €27,773 | -€1,291 | €8,425 | €9,502 | -€40,770 | €18,264 | €26,399 | ▲ 44.5% |
| Operating profit (loss)9901 | €27,409 | €22,043 | -€7,410 | €1,583 | €1,860 | -€50,156 | €11,573 | €20,372 | ▲ 76.0% |
| Financial income75/76B | - | - | - | €3,579 | €2,680 | €2,095 | €2,363 | €0 | ▼ 100% |
| Recurring financial income75 | €190 | €1,359 | €2,598 | €3,579 | €2,680 | €2,095 | €2,363 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1,013 | €701 | €636 | €735 | €192 | ▼ 73.8% |
| Recurring financial charges65 | €452 | €442 | €985 | €1,013 | €701 | €636 | €735 | €192 | ▼ 73.8% |
| Profit (loss) for the period before taxes9903 | €27,147 | €22,960 | -€5,797 | €4,149 | €3,839 | -€48,696 | €13,201 | €20,179 | ▲ 52.9% |
| Income taxes67/77 | €8,218 | €7,068 | €109 | €1,232 | €1,429 | €123 | €140 | €5,940 | ▲ 43× |
| Profit (loss) for the period9904 | €18,929 | €15,892 | -€5,906 | €2,918 | €2,410 | -€48,819 | €13,061 | €14,239 | ▲ 9.0% |
| Profit (loss) for the period to be appropriated9905 | €18,929 | €15,892 | -€5,906 | €2,918 | €2,410 | -€48,819 | €13,061 | €14,239 | ▲ 9.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €106,537 | €122,889 | €122,972 | €120,342 | €155,169 | €131,157 | €91,409 | €68,494 | ▼ 25.1% |
| Fixed assets21/28 | €1,105 | €15,869 | €16,120 | €15,926 | €27,211 | €17,965 | €13,000 | €7,555 | ▼ 41.9% |
| Intangible fixed assets21 | - | - | €383 | €5,588 | €4,202 | €2,817 | €1,867 | €369 | ▼ 80.2% |
| Tangible fixed assets22/27 | €1,105 | €15,869 | €15,737 | €10,338 | €23,009 | €15,148 | €11,133 | €7,185 | ▼ 35.5% |
| Plant, machinery and equipment23 | - | - | - | €3,438 | €2,569 | €1,821 | €1,470 | €1,185 | ▼ 19.4% |
| Furniture and vehicles24 | - | - | - | €6,900 | €20,440 | €13,327 | €9,664 | €6,001 | ▼ 37.9% |
| Current assets29/58 | €105,433 | €107,021 | €106,853 | €104,416 | €127,958 | €113,192 | €78,409 | €60,939 | ▼ 22.3% |
| Stocks and contracts in progress3 | - | - | - | - | €4,691 | €50,436 | €35,122 | €35,122 | = |
| Stocks30/36 | - | - | - | - | €4,691 | €50,436 | €35,122 | €35,122 | = |
| Amounts receivable within one year40/41 | €60,130 | €59,888 | €55,156 | €59,409 | €81,389 | €56,313 | €42,233 | €20,627 | ▼ 51.2% |
| Trade receivables40 | - | - | - | €8,501 | €37,406 | €17,611 | €0 | €17,387 | - |
| Other amounts receivable41 | - | - | - | €50,908 | €43,984 | €38,702 | €42,233 | €3,240 | ▼ 92.3% |
| Cash at bank and in hand54/58 | €44,718 | €46,719 | €50,386 | €42,776 | €41,421 | €5,399 | €1,054 | €5,072 | ▲ 381% |
| Deferred charges and accrued income490/1 | - | - | - | €2,231 | €457 | €1,044 | €0 | €119 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €106,537 | €122,889 | €122,972 | €120,342 | €155,169 | €131,157 | €91,409 | €68,494 | ▼ 25.1% |
| Equity10/15 | €83,416 | €99,308 | €93,402 | €96,320 | €98,730 | €49,911 | €62,972 | €44,246 | ▼ 29.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €64,816 | €80,708 | €74,802 | €77,720 | €80,130 | €50,717 | €50,717 | €25,646 | ▼ 49.4% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €75,860 | €78,270 | €48,857 | €48,857 | €25,646 | ▼ 47.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€19,406 | -€6,345 | €0 | - |
| Amounts payable17/49 | €23,121 | €23,581 | €29,570 | €24,022 | €56,439 | €81,246 | €28,436 | €24,248 | ▼ 14.7% |
| Amounts payable after more than one year17 | - | €11,447 | €7,152 | €2,687 | €11,640 | €5,082 | €0 | - | - |
| Financial debts170/4 | - | - | - | €2,687 | €11,640 | €5,082 | €0 | - | - |
| Amounts payable within one year42/48 | €22,539 | €11,192 | €19,797 | €21,335 | €44,799 | €76,164 | €28,436 | €24,248 | ▼ 14.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,466 | €6,317 | €6,558 | €5,082 | €0 | ▼ 100% |
| Trade debts44 | €20,094 | €2,640 | €8,129 | €2,236 | €15,495 | €27,259 | €5,465 | €1,627 | ▼ 70.2% |
| Suppliers440/4 | - | - | - | €2,236 | €15,495 | €27,259 | €5,465 | €1,627 | ▼ 70.2% |
| Taxes, remuneration and social security45 | - | - | - | €14,633 | €22,986 | €14,717 | €17,889 | €18,598 | ▲ 4.0% |
| Taxes450/3 | - | - | - | €14,633 | €22,986 | €14,717 | €17,889 | €18,598 | ▲ 4.0% |
| Other amounts payable47/48 | - | - | - | - | - | €27,630 | €0 | €4,023 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,929 | €15,892 | -€5,906 | €2,918 | €2,410 | -€48,819 | €13,061 | €14,239 | ▲ 9.0% |
| + Depreciation and write-downs630 | €702 | €4,985 | €5,308 | €6,336 | €7,030 | €9,246 | €5,565 | €5,445 | ▼ 2.2% |
| Operating cash flow (approximation) | €19,631 | €20,877 | -€597 | €9,254 | €9,440 | -€39,573 | €18,626 | €19,684 | ▲ 5.7% |
| Investment in fixed assets (approximation) | - | -€19,749 | -€5,559 | -€6,143 | -€18,316 | €0 | -€600 | €0 | - |
| Change in cash | - | €2,000 | €3,667 | -€7,609 | -€1,356 | -€36,021 | -€4,345 | €4,018 | - |
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, 34,693 companies had the same profile as TOR TECH TRAINING has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of TOR TECH TRAINING itself: 0.2% 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 34,693 companies, not a prediction for TOR TECH TRAINING. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00369107 | |
| 31-12-2024 | micro format | 26-09-2025 | 2025-00515696 | |
| 31-12-2023 | micro format | 18-10-2024 | 2024-00509433 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00410291 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20412580 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-38400319 | |
| 31-12-2019 | micro format | 20-06-2020 | 2020-18100171 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-50700247 | |
| 31-12-2017 | micro format | 21-08-2018 | 2018-47500176 | |
| 31-12-2016 | abbreviated format | 19-07-2017 | 2017-33500286 |