ACTIVE

THERAtRAME

Financial year 2025 · closed on 31/12/2025
Net result
-2,1 M €
-97.6% YoY
Gross margin
-869,3 k €
-11991.7% YoY
Equity
1,8 M €
+126.3% YoY
Workforce
10,1 ETP
+40.3% YoY

What does THERAtRAME do?

THERAtRAME is a Public limited company incorporated in 2022. Its main activity is: Research and experimental development on natural sciences and engineering. Its registered office is in Liège. It employs on average 10,1 ETP workers (FTE).

Legal situation
Normal situation
BCE/KBO no. / VAT
BE 0786.448.581
Incorporation
23/05/2022
Legal form
Public limited company
Registered office
Avenue de l'Hôpital 1
4000 Liège · WallonieSee on map
Contributed capital
2 476 525,48 €
Latest accounts
31/12/2025
Average workforce
10,1 ETP
Joint committees (2)
  • 200
  • 20000
Signals
Solid equityGood liquidityHealthy social debts
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 3 financial years

202520242023
Income statement
Gross margin-869,3 k €7,3 k €-382,8 k €
EBITDA-1,6 M €-487,7 k €-546,5 k €
Operating result-2,6 M €-2 M €-2,1 M €
Net result-2,1 M €-1,1 M €-1,1 M €
Balance sheet
Equity1,8 M €774,8 k €1,8 M €
Total assets2,7 M €2,2 M €2,5 M €
Cash1,6 M €1,1 M €1,2 M €
Debts888,5 k €1,4 M €624,6 k €
Other
Workforce10,1 ETP7,2 ETP2,6 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 9 active · 2 ended

Active mandates

Jérôme Majoie

Director · since 21 avril 2026 · until 21 avril 2032

Active
JCO Consulting

Director · since 14 avril 2025 · until 25 avril 2031 · 0693.684.414

Represented by Combalbert JEAN

Active
QBIC VENTURE PARTNERS III

Director · since 04 septembre 2023 · until 27 avril 2029 · 0782.427.932

Represented by VANDENWIJNGAERT SARA

Active
Didier ALLAER

Director · since 28 juillet 2022 · until 28 juillet 2028

Active
Marcus ZABEAU

Director · since 28 juillet 2022 · until 14 avril 2025

Active
NOSHAQ PARTNERS

Director · since 28 juillet 2022 · until 28 juillet 2028 · 0808.219.836

Represented by LIMBOURG MARLEEN

Active
R&D CLOSE

Managing director · since 28 juillet 2022 · until 28 juillet 2028 · 0783.455.736

Represented by CLOSE PIERRE

Active
RAPINO Management

Managing director · since 28 juillet 2022 · until 28 juillet 2028 · 0783.455.142

Represented by RAPINO FRANCESCA

Active
VENTURE COACHING

Director · since 28 juillet 2022 · until 21 avril 2026 · 0480.168.905

Represented by MATTIVI Didier

Active

Ended mandates

Marcus ZABEAU

Director · since 28 juillet 2022 · until 28 juillet 2028

Ended
VENTURE COACHING

Director · since 28 juillet 2022 · until 28 juillet 2028 · 0480.168.905

Represented by MATTIVI DIDIER

Ended
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Annual accounts

Full financial information

202520242023
Type of accountAbridged modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202420/05/2022
Closing of the financial year31/12/202531/12/202431/12/2023
Length of the financial year12 months12 months20 months
Filing date09/07/202621/08/202526/06/2024
General meeting05/06/202622/07/202530/05/2024
Currency of the financial yearEUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

3 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202505/06/202609/07/2026FrenchPDF
Abridged model31/12/202422/07/202521/08/2025FrenchPDF
Abridged model31/12/202330/05/202426/06/2024FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 9 active · 2 ended

Active mandates

Jérôme Majoie

Director · since 21 avril 2026 · until 21 avril 2032

Active
JCO Consulting

Director · since 14 avril 2025 · until 25 avril 2031 · 0693.684.414

Represented by Combalbert JEAN

Active
QBIC VENTURE PARTNERS III

Director · since 04 septembre 2023 · until 27 avril 2029 · 0782.427.932

Represented by VANDENWIJNGAERT SARA

Active
Didier ALLAER

Director · since 28 juillet 2022 · until 28 juillet 2028

Active
Marcus ZABEAU

Director · since 28 juillet 2022 · until 14 avril 2025

Active
NOSHAQ PARTNERS

Director · since 28 juillet 2022 · until 28 juillet 2028 · 0808.219.836

Represented by LIMBOURG MARLEEN

Active
R&D CLOSE

Managing director · since 28 juillet 2022 · until 28 juillet 2028 · 0783.455.736

Represented by CLOSE PIERRE

Active
RAPINO Management

Managing director · since 28 juillet 2022 · until 28 juillet 2028 · 0783.455.142

Represented by RAPINO FRANCESCA

Active
VENTURE COACHING

Director · since 28 juillet 2022 · until 21 avril 2026 · 0480.168.905

Represented by MATTIVI Didier

Active

Ended mandates

Marcus ZABEAU

Director · since 28 juillet 2022 · until 28 juillet 2028

Ended
VENTURE COACHING

Director · since 28 juillet 2022 · until 28 juillet 2028 · 0480.168.905

Represented by MATTIVI DIDIER

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Mandates29/05/2026
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Capital / shares22/12/2025
    CAPITAL, ACTIONS
    PDF
  • Capital / shares23/10/2025
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DIVERS - CAPITAL, ACTIONS
    PDF
  • Mandates09/07/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates23/04/2024
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates03/08/2022
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …) - DIVERS - CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
    PDF
  • Other25/05/2022
    RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
    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

Timeline

  1. 2025
    Annual accounts 2025-2,1 M €
  2. 2024
    Annual accounts 2024-1,1 M €
  3. 2023
    Annual accounts 2023-1,1 M €
  4. 23/05/2022
    IncorporationPublic limited company