ACTIVE

TELFORCE

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Financial year 2025 · closed on 31/12/2025

Net result

109,5 k €

+187.5% YoY

Gross margin

214 k €

+7.4% YoY

Equity

588,2 k €

+22.9% YoY

What does TELFORCE do?

TELFORCE is a Private limited company incorporated in 2006. Its main activity is: Computer programming activities. Its registered office is in Waasmunster.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0879.762.185

Incorporation

06/03/2006

Legal form

Private limited company

Registered office

Nijverheidslaan 73
9250 Waasmunster · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

31/12/2025

Activities (NACE)

62010Computer programming activities· main 62100Computer programming, consultancy and related activities 63100Data processing, hosting and related activities; web portals 63110Data processing, hosting and related activities 72220Research and experimental development on social sciences and humanities 63100Data processing, hosting and related activities; web portals+5

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	214 k €	+7.4%	199,3 k €	+1.0%	197,4 k €	-5.2%	208,2 k €	+51.0%	137,9 k €	-7.9%	149,7 k €	+60.5%	93,3 k €	+62.1%	57,5 k €	-13.2%	66,3 k €	+92.2%	34,5 k €	-46.2%	64,1 k €	+277%	17 k €	+16.9%	14,5 k €	-61.4%	37,6 k €	+23.2%	30,5 k €	+236%	-22,4 k €	-191%	24,7 k €	+161%	9,5 k €
EBITDA	147,1 k €	+129%	64,2 k €	-53.5%	138 k €	-8.5%	150,9 k €	+81.6%	83 k €	+1.1%	82,2 k €	-3.2%	84,9 k €	+54.8%	54,8 k €	-11.0%	61,6 k €	+101%	30,7 k €	-18.0%	37,4 k €	+144%	15,3 k €	+35.0%	11,3 k €	-68.6%	36,1 k €	+25.2%	28,8 k €	+225%	-23,1 k €	-196%	24 k €	+396%	4,8 k €
Operating result	146 k €	+153%	57,7 k €	-50.3%	116,2 k €	+0.8%	115,3 k €	+109%	55,2 k €	-5.1%	58,2 k €	+7.0%	54,4 k €	+20.2%	45,2 k €	-16.5%	54,2 k €	+129%	23,7 k €	-28.4%	33,1 k €	+181%	11,8 k €	+477%	2 k €	-91.9%	25,3 k €	+0.9%	25,1 k €	+182%	-30,6 k €	-251%	20,3 k €	+768%	2,3 k €
Net result	109,5 k €	+187%	38,1 k €	-50.4%	76,9 k €	+3.6%	74,2 k €	+137%	31,3 k €	-14.7%	36,7 k €	+8.8%	33,7 k €	+41.7%	23,8 k €	-24.0%	31,3 k €	+294%	8 k €	-56.4%	18,3 k €	+228%	5,6 k €	+245%	-3,9 k €	-123%	17,1 k €	-11.7%	19,4 k €	+152%	-37,5 k €	-284%	20,4 k €	+2325%	841,7 €
Balance sheet
Equity	588,2 k €	+22.9%	478,7 k €	+8.7%	440,5 k €	+21.1%	363,6 k €	+25.6%	289,4 k €	+50.6%	192,2 k €	+23.6%	155,6 k €	+27.7%	121,9 k €	+24.3%	98,1 k €	+46.9%	66,8 k €	+13.5%	58,8 k €	+45.0%	40,6 k €	+15.9%	35 k €	-9.9%	38,8 k €	+78.6%	21,7 k €	+401%	-7,2 k €	-124%	30,3 k €	+207%	9,8 k €
Total assets	729,9 k €	+9.8%	664,5 k €	+22.0%	544,7 k €	+7.7%	505,8 k €	+13.7%	444,7 k €	-0.3%	446 k €	+14.3%	390,2 k €	+77.8%	219,5 k €	-5.4%	232 k €	+24.2%	186,8 k €	+10.6%	168,9 k €	+37.3%	123 k €	+6.3%	115,7 k €	+10.4%	104,8 k €	+8.0%	97 k €	+24.7%	77,8 k €	+5.3%	73,9 k €	+55.8%	47,4 k €
Cash	5,3 k €	-54.0%	11,5 k €		–		–		–		–		–		–		5,7 k €	+35.3%	4,2 k €	-82.6%	24,2 k €	+4575%	517 €	+109%	247 €	-93.0%	3,5 k €		–		–		96,1 €	-94.0%	1,6 k €
Debts	115,7 k €	-14.3%	135,1 k €	+33.3%	101,3 k €	-28.7%	142,2 k €	-8.1%	154,8 k €	-37.0%	245,7 k €	+4.7%	234,7 k €	+140%	97,6 k €	-27.1%	133,9 k €	+11.6%	120 k €	+9.1%	110,1 k €	+33.5%	82,4 k €	+21.7%	67,7 k €	+18.7%	57,1 k €	-22.0%	73,2 k €	-14.0%	85 k €	+95.0%	43,6 k €	+16.1%	37,6 k €

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 · 3 ended

Active mandates

Wim Van Puyvelde

Mandate

Active

Ended mandates

Ann Vercauteren

Manager · since 02 mars 2006

Ended

Jonathan Van Meerbeeck

Manager · since 02 mars 2006 · until 31 décembre 2009

Ended

Jonathan Van Meerbeeck

Manager · since 02 mars 2006

Ended

At this address

Other companies at this address

Company	CBE no.
Comadco● Active	0839.781.854
FORCECOM● Active	0436.901.163
FORCETEC● Active	0886.433.510
Puvytec● Active	0767.677.893

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2019
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	01/01/2019
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2019
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/07/2026	25/07/2025	23/08/2024	19/09/2023	29/06/2022	31/08/2020
General meeting	26/06/2026	27/06/2025	28/06/2024	30/06/2023	24/06/2022	26/06/2020
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	26/06/2026	29/07/2026	Dutch	PDF
Micro model	31/12/2024	27/06/2025	25/07/2025	Dutch	PDF
Micro model	31/12/2023	28/06/2024	23/08/2024	Dutch	PDF
Micro model	31/12/2022	30/06/2023	19/09/2023	Dutch	PDF
Micro model	31/12/2021	24/06/2022	29/06/2022	Dutch	PDF
Micro model	31/12/2019	26/06/2020	31/08/2020	Dutch	PDF
Micro model	31/12/2018	28/06/2019	12/07/2019	Dutch	PDF
Abridged model	31/12/2017	29/06/2018	29/06/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	08/08/2017	Dutch	PDF
Abridged model	31/12/2015	14/03/2016	09/06/2016	Dutch	PDF
Abridged model	31/12/2014	02/03/2015	18/05/2015	Dutch	PDF
Abridged model	31/12/2013	03/04/2014	14/07/2014	Dutch	PDF
Abridged model	31/12/2012	13/06/2013	19/09/2013	Dutch	PDF
Abridged model	31/12/2011	24/05/2012	28/06/2012	Dutch	PDF
Abridged model	31/12/2010	30/06/2011	04/08/2011	Dutch	PDF
Abridged model	31/12/2009	24/02/2010	01/06/2010	Dutch	PDF
Abridged model	31/12/2008	26/06/2009	16/07/2009	Dutch	PDF
Abridged model	31/12/2007	27/06/2008	21/07/2008	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 · 3 ended

Active mandates

Wim Van Puyvelde

Mandate

Active

Ended mandates

Ann Vercauteren

Manager · since 02 mars 2006

Ended

Jonathan Van Meerbeeck

Manager · since 02 mars 2006 · until 31 décembre 2009

Ended

Jonathan Van Meerbeeck

Manager · since 02 mars 2006

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/07/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DIVERSEN - ONTSLAGEN - BENOEMINGEN
PDF
Registered office27/09/2017
BENAMING - MAATSCHAPPELIJKE ZETEL
PDF
Registered office17/12/2013
MAATSCHAPPELIJKE ZETEL
PDF
Mandates28/03/2011
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates01/07/2010
ONTSLAGEN - BENOEMINGEN
PDF
Other16/03/2006
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 2025109,5 k €↑
2024
Annual accounts 202438,1 k €↓
2023
Annual accounts 202376,9 k €↑
2022
Annual accounts 202274,2 k €↑
2021
Annual accounts 202131,3 k €↓
2019
Annual accounts 201936,7 k €↑
2018
Annual accounts 201833,7 k €↑
2017
Annual accounts 201723,8 k €↓
2017
Name changeTelforce BV
2016
Annual accounts 201631,3 k €↑
2015
Annual accounts 20158 k €↓
2014
Annual accounts 201418,3 k €↑
2013
Annual accounts 20135,6 k €↑
2012
Annual accounts 2012-3,9 k €↓
2011
Annual accounts 201117,1 k €↓
2010
Annual accounts 201019,4 k €↑
2009
Annual accounts 2009-37,5 k €↓
2008
Annual accounts 200820,4 k €↑
2007
Annual accounts 2007841,7 €
2007
Name changeMJTRAD
06/03/2006
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

TELFORCE

Overview

What does TELFORCE 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