ACTIVE

TFD

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Financial year 2025 · closed on 31/12/2025

Net result

-2,2 k €

-109.3% YoY

Gross margin

11,9 k €

-77.7% YoY

Equity

283 k €

-0.8% YoY

What does TFD do?

TFD is a Private limited company incorporated in 2005. Its main activity is: Market research and public opinion polling. Its registered office is in Herentals.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0875.638.893

Incorporation

22/08/2005

Legal form

Private limited company

Registered office

Hoogton(NDW) 34
2200 Herentals · FlandreSee on map

Contributed capital

6 200,00 €

Latest accounts

31/12/2025

Activities (NACE)

73200Market research and public opinion polling· main 73200Market research and public opinion polling 74131Specialised design activities 70200Management consultancy activities 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (1)

Signals

Solid 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	11,9 k €	-77.7%	53,5 k €	-67.1%	162,8 k €	+1083%	13,8 k €	-69.1%	44,5 k €	-2.6%	45,7 k €	-22.1%	58,7 k €	+131%	25,5 k €	-54.7%	56,2 k €	+36.9%	41 k €	-66.3%	121,7 k €	-12.0%	138,3 k €	+1.5%	136,2 k €	+80.2%	75,6 k €	-25.8%	101,9 k €	-19.0%	125,7 k €	+25.9%	99,8 k €	+19.0%	83,9 k €	+16.5%	72 k €	+19.1%	60,5 k €
EBITDA	10,3 k €	-80.2%	51,9 k €	-67.8%	161,2 k €	+1181%	12,6 k €	-71.0%	43,4 k €	-2.4%	44,5 k €	-22.0%	57 k €	+144%	23,4 k €	-57.2%	54,6 k €	+45.4%	37,6 k €	-68.7%	120 k €	-10.0%	133,3 k €	+27.1%	104,9 k €	+127%	46,2 k €	-52.8%	97,8 k €	-21.6%	124,8 k €	+25.9%	99,1 k €	+19.4%	83 k €	+18.2%	70,2 k €	+18.0%	59,5 k €
Operating result	-267,9 €	-101%	40,6 k €	-73.3%	152 k €	+1544%	9,2 k €	-77.1%	40,4 k €	+2.1%	39,5 k €	-19.8%	49,3 k €	+218%	15,5 k €	-67.4%	47,6 k €	+77.5%	26,8 k €	-71.5%	94 k €	-10.3%	104,8 k €	+38.5%	75,6 k €	+409%	14,9 k €	-71.5%	52,1 k €	-41.6%	89,2 k €	+45.9%	61,1 k €	-0.8%	61,6 k €	+4.7%	58,9 k €	+10.9%	53,1 k €
Net result	-2,2 k €	-109%	23,9 k €	-75.3%	96,5 k €	+5798%	1,6 k €	-93.2%	24,1 k €	-7.3%	26 k €	-11.4%	29,4 k €	+320%	7 k €	-72.2%	25,2 k €	+85.9%	13,5 k €	-76.0%	56,3 k €	-12.0%	64 k €	+53.0%	41,8 k €	+671%	5,4 k €	-79.2%	26 k €	-50.9%	53 k €	+62.6%	32,6 k €	-21.6%	41,6 k €	+15.4%	36 k €	+3.0%	35 k €
Balance sheet
Equity	283 k €	-0.8%	285,2 k €	+4.0%	274,3 k €	+20.4%	227,8 k €	+0.7%	226,2 k €	+11.9%	202 k €	+8.6%	186 k €	-0.3%	186,6 k €	+3.9%	179,6 k €	-25.7%	241,8 k €	+5.9%	228,2 k €	+32.7%	172 k €	+59.2%	108 k €	-2.6%	110,9 k €	+5.1%	105,5 k €	+32.7%	79,4 k €	-37.2%	126,4 k €	+6.4%	118,8 k €	+53.9%	77,2 k €	+87.5%	41,2 k €
Total assets	299,4 k €	-2.7%	307,5 k €	-13.7%	356,5 k €	+49.2%	238,9 k €	+1.6%	235,1 k €	+6.7%	220,4 k €	-10.0%	244,8 k €	+10.0%	222,5 k €	-21.7%	284,1 k €	+16.4%	244,1 k €	-12.5%	278,9 k €	+21.9%	228,8 k €	+6.2%	215,5 k €	+10.2%	195,5 k €	-22.8%	253,3 k €	+12.3%	225,4 k €	-10.3%	251,4 k €	-2.6%	258,3 k €	+58.3%	163,1 k €	+82.6%	89,3 k €
Cash	89 k €	+22.0%	72,9 k €	-47.8%	139,6 k €	+16.2%	120,2 k €	-38.3%	194,7 k €	+7.4%	181,2 k €	+6.7%	169,9 k €	+7.5%	158 k €	+22.4%	129 k €	-8.2%	140,6 k €	+42.0%	99 k €	+31.0%	75,6 k €	-28.0%	105 k €	+87.9%	55,9 k €	-39.3%	92,1 k €	+6.8%	86,3 k €	-8.5%	94,3 k €	-43.0%	165,5 k €	+56.6%	105,7 k €	+72.9%	61,1 k €
Debts	16,4 k €	-26.5%	22,3 k €	-72.8%	82,2 k €	+642%	11,1 k €	+23.6%	9 k €	-51.1%	18,3 k €	-68.9%	58,8 k €	+63.8%	35,9 k €	-65.6%	104,5 k €	+4445%	2,3 k €	-95.5%	50,6 k €	-10.9%	56,8 k €	-47.1%	107,5 k €	+27.1%	84,6 k €	-42.8%	147,8 k €	+1.2%	146 k €	+28.7%	113,4 k €	-18.7%	139,4 k €	+62.3%	85,9 k €	+78.4%	48,1 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

Alfons Turelinckx

Administrator - manager

Active

Ended mandates

Alfons Turelinckx

Director

Ended

Alfons Turelinckx

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
LIES BULTEEL● Active	0657.890.325

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	24/07/2026	03/07/2025	20/06/2024	26/06/2023	06/07/2022	16/06/2021
General meeting	09/06/2026	10/06/2025	11/06/2024	13/06/2023	14/06/2022	08/06/2021
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
Micro model	31/12/2025	09/06/2026	24/07/2026	Dutch	PDF
Micro model	31/12/2024	10/06/2025	03/07/2025	Dutch	PDF
Micro model	31/12/2023	11/06/2024	20/06/2024	Dutch	PDF
Micro model	31/12/2022	13/06/2023	26/06/2023	Dutch	PDF
Micro model	31/12/2021	14/06/2022	06/07/2022	Dutch	PDF
Micro model	31/12/2020	08/06/2021	16/06/2021	Dutch	PDF
Micro model	31/12/2019	09/06/2020	16/06/2020	Dutch	PDF
Micro model	31/12/2018	11/06/2019	09/07/2019	Dutch	PDF
Micro model	31/12/2017	12/06/2018	29/06/2018	Dutch	PDF
Micro model	31/12/2016	13/06/2017	03/07/2017	Dutch	PDF
Abridged model	31/12/2015	14/06/2016	28/06/2016	Dutch	PDF
Abridged model	31/12/2014	09/06/2015	12/06/2015	Dutch	PDF
Abridged model	31/12/2013	10/06/2014	17/06/2014	Dutch	PDF
Abridged model	31/12/2012	11/06/2013	14/06/2013	Dutch	PDF
Abridged model	31/12/2011	12/06/2012	29/06/2012	Dutch	PDF
Abridged model	31/12/2010	14/06/2011	05/07/2011	Dutch	PDF
Abridged model	31/12/2009	08/06/2010	15/06/2010	Dutch	PDF
Abridged model	31/12/2008	09/06/2009	19/06/2009	Dutch	PDF
Abridged model	31/12/2007	10/06/2008	12/06/2008	Dutch	PDF
Abridged model	31/12/2006	12/06/2007	28/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 1 active · 2 ended

Active mandates

Alfons Turelinckx

Administrator - manager

Active

Ended mandates

Alfons Turelinckx

Director

Ended

Alfons Turelinckx

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates21/11/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares19/01/2018
KAPITAAL - AANDELEN
PDF
Capital / shares13/01/2014
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Other29/08/2005
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025-2,2 k €↓
2024
Annual accounts 202423,9 k €↓
2023
Annual accounts 202396,5 k €↑
2022
Annual accounts 20221,6 k €↓
2021
Annual accounts 202124,1 k €↓
2020
Annual accounts 202026 k €↓
2019
Annual accounts 201929,4 k €↑
2018
Annual accounts 20187 k €↓
2017
Annual accounts 201725,2 k €↑
2016
Annual accounts 201613,5 k €↓
2015
Annual accounts 201556,3 k €↓
2014
Annual accounts 201464 k €↑
2013
Annual accounts 201341,8 k €↑
2012
Annual accounts 20125,4 k €↓
2011
Annual accounts 201126 k €↓
2010
Annual accounts 201053 k €↑
2009
Annual accounts 200932,6 k €↓
2008
Annual accounts 200841,6 k €↑
2007
Annual accounts 200736 k €↑
2006
Annual accounts 200635 k €
22/08/2005
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

TFD

Overview

What does TFD 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