ACTIVE

Terval

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Financial year 2025 · closed on 31/12/2025

Net result

5,7 M €

-48.4% YoY

Revenue

135,9 M €

+27.7% YoY

Equity

29,4 M €

+19.2% YoY

Workforce

30,6 ETP

-10.0% YoY

What does Terval do?

Terval is a Public limited company incorporated in 1981. Its main activity is: Wholesale of solid, liquid and gaseous fuels and related products. Its registered office is in Liège. It employs on average 30,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0422.252.876

Incorporation

08/12/1981

Legal form

Public limited company

Registered office

Rue de l'Ile-Monsin 129
4020 Liège · WallonieSee on map

Contributed capital

1 239 467,62 €

Latest accounts

31/12/2025

Average workforce

30,6 ETP

Activities (NACE)

46710Wholesale of solid, liquid and gaseous fuels and related products· main 46810Wholesale trade, except of motor vehicles and motorcycles 51510Air transport

Joint committees (4)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2006
Income statement
Revenue	135,9 M €	+27.7%	106,4 M €	-34.8%	163,2 M €	-59.5%	402,9 M €	+165%	152,1 M €	+81.2%	83,9 M €	-35.4%	129,9 M €	-10.5%	145,2 M €	-1.1%	146,9 M €	+27.5%	115,2 M €	-7.1%	123,9 M €	-21.4%	157,7 M €	+25.9%	125,2 M €	+23.7%	101,2 M €	-4.2%	105,6 M €	+28.2%	82,4 M €	-4.4%	86,2 M €	+36.8%	63 M €
EBITDA	9,6 M €	-38.6%	15,7 M €	+5.2%	14,9 M €	-67.7%	46,2 M €	+63.5%	28,2 M €	+210%	9,1 M €	-16.8%	10,9 M €	+146%	4,4 M €	+160%	-7,4 M €	-230%	5,7 M €	+35.6%	4,2 M €	-49.4%	8,3 M €	+34.6%	6,1 M €	+16.3%	5,3 M €	-6.2%	5,6 M €	+21.6%	4,6 M €	-0.0%	4,6 M €	+23.2%	3,7 M €
Operating result	9,3 M €	-37.2%	14,8 M €	-23.1%	19,2 M €	-47.8%	36,9 M €	+32.2%	27,9 M €	+220%	8,7 M €	-17.3%	10,6 M €	+185%	3,7 M €	+148%	-7,8 M €	-241%	5,5 M €	+36.9%	4 M €	-49.7%	8 M €	+39.1%	5,8 M €	+17.0%	4,9 M €	-6.6%	5,3 M €	+22.8%	4,3 M €	+2.7%	4,2 M €	+17.5%	3,6 M €
Net result	5,7 M €	-48.4%	11,1 M €	-45.4%	20,4 M €	-53.5%	43,9 M €	+36.6%	32,1 M €	+364%	6,9 M €	-1.7%	7 M €	-6.5%	7,5 M €	-19.9%	9,4 M €	+12.9%	8,3 M €	+177%	3 M €	+44.3%	2,1 M €	+74.8%	1,2 M €	-29.4%	1,7 M €	-50.5%	3,4 M €	-0.8%	3,4 M €	+8.9%	3,2 M €	+21.9%	2,6 M €
Balance sheet
Equity	29,4 M €	+19.2%	24,7 M €	-24.8%	32,8 M €	+77.1%	18,5 M €	-58.5%	44,6 M €	+258%	12,5 M €	-0.6%	12,5 M €	+0.3%	12,5 M €	+13.9%	11 M €	+3.8%	10,6 M €	+3.2%	10,2 M €	+4.2%	9,8 M €	-37.6%	15,7 M €	-15.1%	18,6 M €	+6.2%	17,5 M €	+19.2%	14,7 M €	-7.4%	15,8 M €	+99.5%	7,9 M €
Total assets	78,1 M €	+11.1%	70,3 M €	+2.4%	68,7 M €	-56.1%	156,4 M €	+81.5%	86,2 M €	+99.5%	43,2 M €	-21.8%	55,2 M €	-22.6%	71,3 M €	+13.0%	63,1 M €	+0.7%	62,7 M €	+26.2%	49,7 M €	-28.8%	69,7 M €	+47.0%	47,4 M €	+5.8%	44,8 M €	-10.4%	50 M €	+20.1%	41,7 M €	+42.8%	29,2 M €	+57.0%	18,6 M €
Cash	7,5 M €	+67.3%	4,5 M €	-71.6%	15,8 M €	-25.6%	21,3 M €	+378%	4,4 M €	-50.3%	8,9 M €	+24.5%	7,2 M €	+87.0%	3,8 M €	+204%	1,3 M €	-44.7%	2,3 M €	-33.8%	3,5 M €	+23.0%	2,8 M €	-44.1%	5 M €	-55.6%	11,3 M €	+73.0%	6,6 M €	-2.8%	6,7 M €	+268%	1,8 M €	+2.3%	1,8 M €
Debts	48,4 M €	+10.4%	43,8 M €	+28.9%	34 M €	-74.8%	134,9 M €	+247%	38,9 M €	+36.7%	28,4 M €	-27.1%	39 M €	-21.5%	49,7 M €	+24.7%	39,9 M €	-1.4%	40,4 M €	+46.4%	27,6 M €	-37.1%	43,9 M €	+113%	20,6 M €	-0.4%	20,6 M €	-16.5%	24,7 M €	+21.7%	20,3 M €	+226%	6,2 M €	-29.9%	8,9 M €
Other
Workforce	30,6 ETP	-10.0%	34,0 ETP	-8.1%	37,0 ETP	+5.4%	35,1 ETP	+7.0%	32,8 ETP	-2.1%	33,5 ETP	+0.3%	33,4 ETP	+1.8%	32,8 ETP	+3.8%	31,6 ETP	+6.8%	29,6 ETP	+4.6%	28,3 ETP	-4.7%	29,7 ETP	-4.2%	31,0 ETP	+4.4%	29,7 ETP	+2.8%	28,9 ETP	+4.0%	27,8 ETP	+0.7%	27,6 ETP	+6.6%	25,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 50 M€ and 100 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 38 ended

Active mandates

Nicolas STRUNDEN

Director · since 30 septembre 2024 · until 18 décembre 2029

Active

2H Invest

Managing director · since 18 juillet 2024 · until 18 décembre 2029 · 0679.578.238

Represented by Hakim HENNEN

Active

Heiko KLEMP

Director · since 14 juillet 2022 · until 18 décembre 2029

Active

Ended mandates

B.S.C.A.

Managing director · since 14 juillet 2022 · until 18 juillet 2024 · 0871.361.391

Represented by Hakim HENNEN

Ended

B.S.C.A.

Managing director · since 14 juillet 2022 · until 05 juin 2028 · 0871.361.391

Represented by Hakim HENNEN

Ended

B.S.C.A.

Managing director · since 14 juillet 2022 · until 18 décembre 2029 · 0871.361.391

Represented by Hakim HENNEN

Ended

Dirk SCHMIDT-HOLZMANN

Managing director · since 14 juillet 2022 · until 05 juin 2028

Ended

At this address

Other companies at this address

Company	CBE no.
BELIMPEX● Active	0420.303.176
CARVAL BIOMASS● Active	1037.420.542
LE MATIGNON● Active	0428.787.312

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	07/07/2026	02/07/2025	28/06/2024	22/06/2023	12/07/2022	30/06/2021
General meeting	30/06/2026	30/06/2025	03/06/2024	05/06/2023	21/06/2022	07/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	07/07/2026	French	PDF
Full model	31/12/2024	30/06/2025	02/07/2025	French	PDF
Full model	31/12/2023	03/06/2024	28/06/2024	French	PDF
Full model	31/12/2022	05/06/2023	22/06/2023	French	PDF
Full model	31/12/2021	21/06/2022	12/07/2022	French	PDF
Full model	31/12/2020	07/06/2021	30/06/2021	French	PDF
Full model	31/12/2019	02/06/2020	25/06/2020	French	PDF
Full model	31/12/2018	03/06/2019	28/06/2019	French	PDF
Full model	31/12/2017	30/06/2018	18/07/2018	French	PDF
Full model	31/12/2016	06/06/2017	04/07/2017	French	PDF
Full model	31/12/2015	10/06/2016	08/07/2016	French	PDF
Full modelCorrection	31/12/2014	30/06/2015	28/08/2015	French	PDF
Full model	31/12/2014	30/06/2015	14/08/2015	French	PDF
Full model	31/12/2013	02/06/2014	04/07/2014	French	PDF
Full model	31/12/2012	03/06/2013	02/07/2013	French	PDF
Full model	31/12/2011	04/06/2012	29/06/2012	French	PDF
Full model	31/12/2010	06/06/2011	05/07/2011	French	PDF
Full model	31/12/2009	30/06/2010	19/07/2010	French	PDF
Full model	31/12/2008	22/06/2009	02/07/2009	French	PDF
Full model	31/12/2007	27/09/2008	01/10/2008	French	PDF
Full model	31/12/2006	04/06/2007	06/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 50 M€ and 100 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 38 ended

Active mandates

Nicolas STRUNDEN

Director · since 30 septembre 2024 · until 18 décembre 2029

Active

2H Invest

Managing director · since 18 juillet 2024 · until 18 décembre 2029 · 0679.578.238

Represented by Hakim HENNEN

Active

Heiko KLEMP

Director · since 14 juillet 2022 · until 18 décembre 2029

Active

Ended mandates

B.S.C.A.

Managing director · since 14 juillet 2022 · until 18 juillet 2024 · 0871.361.391

Represented by Hakim HENNEN

Ended

B.S.C.A.

Managing director · since 14 juillet 2022 · until 05 juin 2028 · 0871.361.391

Represented by Hakim HENNEN

Ended

B.S.C.A.

Managing director · since 14 juillet 2022 · until 18 décembre 2029 · 0871.361.391

Represented by Hakim HENNEN

Ended

Dirk SCHMIDT-HOLZMANN

Managing director · since 14 juillet 2022 · until 05 juin 2028

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates23/09/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates05/11/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates05/02/2024
OBJET - DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates01/08/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates30/07/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates09/10/2019
DEMISSIONS, NOMINATIONS
PDF
Mandates12/07/2019
DEMISSIONS, NOMINATIONS
PDF
Registered office28/05/2019
SIEGE SOCIAL
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 20255,7 M €↓
2024
Annual accounts 202411,1 M €↓
30/09/2024
nominationNicolas STRUNDEN — administrateur
03/06/2024
reconductionSC SCRL P.V.D.M. — Commissaire
2023
Annual accounts 202320,4 M €↓
2022
Annual accounts 202243,9 M €↑
14/07/2022
nominationDirk SCHMIDT-HOLZMANN — administrateur
14/07/2022
nominationHeiko KLEMP — administrateur
14/07/2022
nominationDirk SCHMIDT-HOLZMANN — président du Conseil
2021
Annual accounts 202132,1 M €↑
2020
Annual accounts 20206,9 M €↓
2019
Annual accounts 20197 M €↓
2018
Annual accounts 20187,5 M €↓
2017
Annual accounts 20179,4 M €↑
2016
Annual accounts 20168,3 M €↑
2015
Annual accounts 20153 M €↑
2014
Annual accounts 20142,1 M €↑
2013
Annual accounts 20131,2 M €↓
2012
Annual accounts 20121,7 M €↓
2011
Annual accounts 20113,4 M €↓
2010
Annual accounts 20103,4 M €↑
2009
Annual accounts 20093,2 M €↑
2006
Annual accounts 20062,6 M €
08/12/1981
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Terval

Overview

What does Terval do?

Trend over 18 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline