ACTIVE

Tertholen

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Financial year 2025 · closed on 31/12/2025

Net result

302 k €

-4.0% YoY

Gross margin

588,6 k €

+5.5% YoY

Equity

776,3 k €

+63.7% YoY

Workforce

3,0 ETP

+3.4% YoY

What does Tertholen do?

Tertholen is a Private limited company incorporated in 1994. Its registered office is in Dilbeek. It employs on average 3,0 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0453.637.227

Incorporation

21/10/1994

Legal form

Private limited company

Registered office

Zavelstraat 76
1700 Dilbeek · FlandreSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Average workforce

3,0 ETP

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	588,6 k €	+5.5%	558 k €	+114%	261,2 k €	-8.6%	285,6 k €	+307%	70,2 k €	+317%	16,8 k €	-93.0%	240 k €	-1.1%	242,7 k €	+21.2%	200,2 k €	+236%	59,6 k €	-63.1%	161,4 k €	+7.8%	149,7 k €	+6.1%	141,1 k €	+52.2%	92,7 k €	-33.4%	139,3 k €	-8.5%	152,3 k €	-0.8%	153,5 k €	-19.7%	191,3 k €	-20.1%	239,5 k €	+28.8%	186 k €
EBITDA	464,6 k €	-1.2%	470,1 k €	+130%	204,3 k €	-21.9%	261,6 k €	+398%	52,5 k €	+448%	-15,1 k €	-109%	172,8 k €	-8.5%	188,9 k €	+6.3%	177,7 k €	+72269%	-246,2 €	-100%	105,6 k €	+11.1%	95,1 k €	+15.4%	82,4 k €	+77.4%	46,5 k €	-41.6%	79,5 k €	-31.1%	115,3 k €	+2.1%	112,9 k €	-15.3%	133,3 k €	-24.7%	176,9 k €	+25.7%	140,7 k €
Operating result	409 k €	-1.5%	415,3 k €	+151%	165,4 k €	-3.6%	171,6 k €	+811%	-24,1 k €	+73.9%	-92,4 k €	-193%	99 k €	-3.8%	102,9 k €	-20.8%	129,9 k €	+474%	-34,7 k €	-171%	48,9 k €	+48.4%	33 k €	+2.5%	32,2 k €	+1.2%	31,8 k €	-49.4%	62,8 k €	-20.8%	79,4 k €	+24.4%	63,8 k €	-29.8%	90,9 k €	-28.5%	127,1 k €	+58.1%	80,4 k €
Net result	302 k €	-4.0%	314,6 k €	+149%	126,5 k €	-22.5%	163,2 k €	+1069%	-16,8 k €	+81.5%	-91 k €	-224%	73,5 k €	-7.9%	79,8 k €	-21.9%	102,2 k €	+427%	-31,2 k €	-149%	63,9 k €	+13.1%	56,5 k €	+20.0%	47,1 k €	-7.3%	50,8 k €	-5.0%	53,4 k €	-11.0%	60 k €	+19.9%	50,1 k €	-26.6%	68,3 k €	-24.3%	90,1 k €	+71.7%	52,5 k €
Balance sheet
Equity	776,3 k €	+63.7%	474,3 k €	+164%	179,7 k €	-64.3%	503,2 k €	+48.0%	340 k €	-4.7%	356,8 k €	-20.3%	447,8 k €	+16.5%	384,2 k €	+18.4%	324,4 k €	+34.0%	242,2 k €	-73.8%	923,4 k €	+7.4%	859,5 k €	+7.0%	803,1 k €	+6.2%	756 k €	+7.2%	705,2 k €	+8.2%	651,8 k €	+10.1%	591,8 k €	+9.2%	541,7 k €	+14.4%	473,5 k €	+21.9%	388,3 k €
Total assets	1,4 M €	+16.9%	1,2 M €	-5.5%	1,3 M €	+42.3%	915,3 k €	-8.5%	999,8 k €	-6.2%	1,1 M €	-17.3%	1,3 M €	+0.3%	1,3 M €	+20.5%	1,1 M €	+2.6%	1 M €	-9.0%	1,1 M €	+3.8%	1,1 M €	+2.3%	1,1 M €	+23.8%	870,3 k €	+5.8%	822,5 k €	+5.3%	780,8 k €	+5.0%	743,4 k €	+0.8%	737,5 k €	+0.9%	730,8 k €	+14.4%	638,9 k €
Cash	281 k €	-8.3%	306,3 k €	+30.8%	234,1 k €	+70.1%	137,7 k €	+46.8%	93,7 k €	-19.0%	115,7 k €	-43.4%	204,6 k €	-29.1%	288,5 k €	+75.7%	164,1 k €	+126%	72,8 k €	-64.4%	204,6 k €	+17.6%	174 k €	+48.8%	116,9 k €	-11.7%	132,4 k €	-42.0%	228,2 k €	-17.1%	275,4 k €	-9.4%	303,8 k €	+25.4%	242,3 k €	+40.8%	172,1 k €	+2.0%	168,7 k €
Debts	658,8 k €	-12.6%	754 k €	-32.8%	1,1 M €	+173%	411,4 k €	-37.6%	659,2 k €	-7.0%	708,8 k €	-15.6%	840,2 k €	-6.8%	901,6 k €	+21.5%	742,3 k €	-7.0%	797,9 k €	+306%	196,5 k €	-19.0%	242,5 k €	-11.5%	274 k €	+140%	114,3 k €	-2.5%	117,3 k €	-9.0%	129 k €	-14.9%	151,6 k €	-20.9%	191,7 k €	-24.4%	253,5 k €	+1.5%	249,8 k €
Other
Workforce	3,0 ETP	+3.4%	2,9 ETP	+81.2%	1,6 ETP	+23.1%	1,3 ETP	-7.1%	1,4 ETP	-12.5%	1,6 ETP	+33.3%	1,2 ETP	-7.7%	1,3 ETP	+160%	0,5 ETP	-44.4%	0,9 ETP	-30.8%	1,3 ETP	0.0%	1,3 ETP	+18.2%	1,1 ETP	+37.5%	0,8 ETP	-42.9%	1,4 ETP	+75.0%	0,8 ETP	0.0%	0,8 ETP	-38.5%	1,3 ETP	-27.8%	1,8 ETP	+38.5%	1,3 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 1 ended

Active mandates

Christel Mertens

Director

Active

Stephane Tertholen

Director

Active

TERTHOLEN IMMO

Mandate · 0458.324.505

Represented by Stephane Tertholen

Active

Ended mandates

Stephane Tertholen

Administrator - manager

Ended

At this address

Other companies at this address

Company	CBE no.
TERTHOLEN HOLDING● Active	0543.532.669
TERTHOLEN IMMO● Active	0458.324.505

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	18/08/2026	25/09/2025	03/10/2024	30/08/2023	31/08/2022	30/09/2021
General meeting	25/04/2026	26/04/2025	27/04/2024	29/04/2023	30/04/2022	30/06/2021
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

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	25/04/2026	18/08/2026	Dutch	PDF
Abridged model	31/12/2024	26/04/2025	25/09/2025	Dutch	PDF
Abridged model	31/12/2023	27/04/2024	03/10/2024	Dutch	PDF
Abridged model	31/12/2022	29/04/2023	30/08/2023	Dutch	PDF
Abridged model	31/12/2021	30/04/2022	31/08/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	30/09/2021	Dutch	PDF
Abridged model	31/12/2019	03/07/2020	19/11/2020	Dutch	PDF
Abridged model	31/12/2018	30/06/2019	30/09/2019	Dutch	PDF
Abridged model	31/12/2017	30/06/2018	27/09/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	28/09/2017	Dutch	PDF
Abridged model	31/12/2015	25/06/2016	29/09/2016	Dutch	PDF
Abridged model	31/12/2014	25/06/2015	29/09/2015	Dutch	PDF
Abridged model	31/12/2013	25/06/2014	30/09/2014	Dutch	PDF
Abridged model	31/12/2012	25/06/2013	30/08/2013	Dutch	PDF
Abridged model	31/12/2011	25/06/2012	28/08/2012	Dutch	PDF
Abridged model	31/12/2010	25/06/2011	26/08/2011	Dutch	PDF
Abridged model	31/12/2009	30/06/2010	30/08/2010	Dutch	PDF
Abridged model	31/12/2008	30/06/2009	27/08/2009	Dutch	PDF
Abridged model	31/12/2007	30/06/2008	28/08/2008	Dutch	PDF
Abridged model	31/12/2006	30/06/2007	30/08/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 · 1 ended

Active mandates

Christel Mertens

Director

Active

Stephane Tertholen

Director

Active

TERTHOLEN IMMO

Mandate · 0458.324.505

Represented by Stephane Tertholen

Active

Ended mandates

Stephane Tertholen

Administrator - manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/03/2025
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/12/2009
ONTSLAGEN - BENOEMINGEN
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 2025302 k €↓
2024
Annual accounts 2024314,6 k €↑
2023
Annual accounts 2023126,5 k €↓
2022
Annual accounts 2022163,2 k €↑
2021
Annual accounts 2021-16,8 k €↑
2020
Annual accounts 2020-91 k €↓
2019
Annual accounts 201973,5 k €↓
2018
Annual accounts 201879,8 k €↓
2017
Annual accounts 2017102,2 k €↑
2016
Annual accounts 2016-31,2 k €↓
2015
Annual accounts 201563,9 k €↑
2014
Annual accounts 201456,5 k €↑
2013
Annual accounts 201347,1 k €↓
2012
Annual accounts 201250,8 k €↓
2011
Annual accounts 201153,4 k €↓
2010
Annual accounts 201060 k €↑
2009
Annual accounts 200950,1 k €↓
2008
Annual accounts 200868,3 k €↓
2007
Annual accounts 200790,1 k €↑
2006
Annual accounts 200652,5 k €
21/10/1994
IncorporationPrivate 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

Tertholen

Overview

What does Tertholen do?

Trend over 20 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