TURQUOISE
ActiveSummary
TURQUOISE has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €472k and a net result of €148k. Equity remains stable across the filed fiscal years (±1.7% per year). Its solvency ranks better than 82% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability98=
Solvency100=
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 1.52 against 1.41 in 2024; short-term debt: 24.8% and cash: 2.7% of total assets), and 25.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
74.8%
Return on assets
23.4%
Age of the figures
9 mo
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 18-05-2026, 74 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
74 d early
2024
51 d early
2023
55 d early
2022
39 d early
2021
60 d early
2020
23 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€472k▲ 1.6%
2024 · €465k
2020: €498k
2021: €525k▲ +5.2% vs 2020
2022: €632k▲ +20.4% vs 2021highest in 6 years
2023: €468k▼ -25.9% vs 2022
2024: €465k▼ -0.7% vs 2023lowest in 6 years
2025: €472k▲ +1.6% vs 2024
2020 → 2025
Total assets
€631k▲ 1.9%
2024 · €620k
2020: €522klowest in 6 years
2021: €564k▲ +8.1% vs 2020
2022: €688k▲ +22.1% vs 2021
2023: €776k▲ +12.7% vs 2022highest in 6 years
2024: €620k▼ -20.2% vs 2023
2025: €631k▲ +1.9% vs 2024
2020 → 2025
Net result
€148k▲ 0.5%
2024 · €147k
2020: €56k
2021: €26k▼ -53.8% vs 2020lowest in 6 years
2022: €107k▲ +311% vs 2021
2023: €86k▼ -19.8% vs 2022
2024: €147k▲ +70.7% vs 2023
2025: €148k▲ +0.5% vs 2024highest in 6 years
2020 → 2025
Working capital
€82k▲ 27.8%
2024 · €64k
2020: €65k
2021: €99k▲ +52.6% vs 2020
2022: €215k▲ +116% vs 2021highest in 6 years
2023: €59k▼ -72.5% vs 2022lowest in 6 years
2024: €64k▲ +8.5% vs 2023
2025: €82k▲ +27.8% vs 2024
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€525k-€632k▲ 20.4%€468k▼ 25.9%€465k▼ 0.7%€472k▲ 1.6%
2021: €525k
2022: €632k▲ +20.4% vs 2021highest in 5 years
2023: €468k▼ -25.9% vs 2022
2024: €465k▼ -0.7% vs 2023lowest in 5 years
2025: €472k▲ +1.6% vs 2024
Operating result€33k-€146k▲ 348%€115k▼ 21.1%€196k▲ 69.9%€197k▲ 0.5%
2021: €33klowest in 5 years
2022: €146k▲ +348% vs 2021
2023: €115k▼ -21.1% vs 2022
2024: €196k▲ +69.9% vs 2023
2025: €197k▲ +0.5% vs 2024highest in 5 years
Net result€26k-€107k▲ 311%€86k▼ 19.8%€147k▲ 70.7%€148k▲ 0.5%
2021: €26klowest in 5 years
2022: €107k▲ +311% vs 2021
2023: €86k▼ -19.8% vs 2022
2024: €147k▲ +70.7% vs 2023
2025: €148k▲ +0.5% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated 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 0% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €631k
Fixed assets
€393k ▼ 2.0%
Current assets
€239k ▲ 9.0%
Equity and liabilities €631k
Equity
€472k ▲ 1.6%
Debt
€159k ▲ 2.6%
Debt's share of the balance-sheet total rises from 25.0% to 25.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€205k▲
2024 · €204k
Cash flow
€156k▲
2024 · €155k
Current ratio
1.52▲
2024 · 1.41
Debt to equity
0.34▲
2024 · 0.33
ROE
31.2%▼
2024 · 31.6%
ROA
23.4%▼
2024 · 23.7%
Interest coverage
1110.44▲
2024 · 992.41
Debt ≤ 1 year
€157k▲
2024 · €155k
Income taxes
€49k▲
2024 · €49k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 36 lines
Balance sheet
Code20242025
Assets
Total assets20/58€620k€631k▲
Fixed assets21/28€401k€393k▼
Tangible fixed assets22/27€401k€393k▼
Land and buildings22€401k€393k▼
Current assets29/58€219k€239k▲
Amounts receivable within one year40/41€172k€220k▲
Trade receivables40€24k€26k▲
Other amounts receivable41€148k€193k▲
Cash at bank and in hand54/58€45k€17k▼
Deferred charges and accrued income490/1€2k€2k▲
Equity and liabilities
Total equity and liabilities10/49€620k€631k▲
Equity10/15€465k€472k▲
Contributions10/11€442k€442k=
Profit (loss) carried forward14€23k€30k▲
Amounts payable17/49€155k€159k▲
Amounts payable within one year42/48€155k€157k▲
Trade debts44€157€382▲
Suppliers440/4€157€382▲
Taxes, remuneration and social security45€4k€16k▲
Taxes450/3€4k€16k▲
Other amounts payable47/48€150k€140k▼
Accrued charges and deferred income492/3-€2k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€8k=
Other operating charges640/8€25k€26k▲
Gross operating margin9900€229k€231k▲
Operating profit (loss)9901€196k€197k▲
Financial charges65/66B€206€185▼
Recurring financial charges65€206€185▼
Profit (loss) for the period before taxes9903€196k€197k▲
Income taxes67/77€49k€49k▲
Profit (loss) for the period9904€147k€148k▲
Profit (loss) for the period to be appropriated9905€147k€148k▲
Appropriation of the result
Profit (loss) to be appropriated9906€173k€170k▼
Profit (loss) brought forward from the previous period14P€26k€23k▼
Profit to be distributed694/7€150k€140k▼
Return on contributions (dividend)694€150k€140k▼
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €8k | €8k | €8k | €8k | = |
| Other operating charges640/8 | €22k | €22k | €24k | €25k | €26k | ▲ 4.5% |
| Gross operating margin9900 | €62k | €177k | €148k | €229k | €231k | ▲ 0.9% |
| Operating profit (loss)9901 | €33k | €146k | €115k | €196k | €197k | ▲ 0.5% |
| Financial charges65/66B | €69 | €31 | €97 | €206 | €185 | ▼ 10.2% |
| Recurring financial charges65 | €69 | €31 | €97 | €206 | €185 | ▼ 10.2% |
| Profit (loss) for the period before taxes9903 | €33k | €146k | €115k | €196k | €197k | ▲ 0.5% |
| Income taxes67/77 | €7k | €39k | €29k | €49k | €49k | ▲ 0.5% |
| Profit (loss) for the period9904 | €26k | €107k | €86k | €147k | €148k | ▲ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €26k | €107k | €86k | €147k | €148k | ▲ 0.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €564k | €688k | €776k | €620k | €631k | ▲ 1.9% |
| Fixed assets21/28 | €425k | €417k | €409k | €401k | €393k | ▼ 2.0% |
| Tangible fixed assets22/27 | €425k | €417k | €409k | €401k | €393k | ▼ 2.0% |
| Land and buildings22 | €425k | €417k | €409k | €401k | €393k | ▼ 2.0% |
| Current assets29/58 | €139k | €271k | €367k | €219k | €239k | ▲ 9.0% |
| Amounts receivable within one year40/41 | €23k | - | €361k | €172k | €220k | ▲ 27.8% |
| Trade receivables40 | €23k | - | €31k | €24k | €26k | ▲ 10.5% |
| Other amounts receivable41 | - | - | €330k | €148k | €193k | ▲ 30.6% |
| Cash at bank and in hand54/58 | €116k | €270k | €5k | €45k | €17k | ▼ 62.7% |
| Deferred charges and accrued income490/1 | - | €813 | €1k | €2k | €2k | ▲ 7.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €564k | €688k | €776k | €620k | €631k | ▲ 1.9% |
| Equity10/15 | €525k | €632k | €468k | €465k | €472k | ▲ 1.6% |
| Contributions10/11 | €442k | €442k | €442k | €442k | €442k | = |
| Profit (loss) carried forward14 | €83k | €190k | €26k | €23k | €30k | ▲ 33.3% |
| Amounts payable17/49 | €39k | €56k | €308k | €155k | €159k | ▲ 2.6% |
| Amounts payable within one year42/48 | €39k | €56k | €308k | €155k | €157k | ▲ 1.3% |
| Trade debts44 | €9k | €7 | €10k | €157 | €382 | ▲ 143% |
| Suppliers440/4 | €9k | €7 | €10k | €157 | €382 | ▲ 143% |
| Taxes, remuneration and social security45 | €30k | €56k | €48k | €4k | €16k | ▲ 266% |
| Taxes450/3 | €30k | €56k | €48k | €4k | €16k | ▲ 266% |
| Other amounts payable47/48 | - | - | €250k | €150k | €140k | ▼ 6.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26k | €107k | €86k | €147k | €148k | ▲ 0.5% |
| + Depreciation and write-downs630 | €8k | €8k | €8k | €8k | €8k | = |
| Operating cash flow (approximation) | €34k | €115k | €94k | €155k | €156k | ▲ 0.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €154k | €-265k | €40k | €-28k | ▼ 171% |
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
18-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2020net €148k ▲0.5%
Operating result €197k, net result €148k, both a record.
10-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
22-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
01-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet €26k ▼53.8%
Net result drops to €26k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €500kEq €525k ▲5.2%
2 profitable years in a row build equity to €525k.
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
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, Veurne · 1 establishment unit since 2020
Ground area
1,835 m²
Building footprint
206 m²
Volume, LiDAR
1,029 m³
Parcel 38028B0182/00H000, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
TURQUOISE
since 20202.298.950.874
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38028B0182/00H000 | Flanders | 1,835 m² | 1 · 206 m² | 8.5 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,422 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
Founded09-01-2020
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
Scores and ratios are computed by Checked and are not a credit decision.