Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Shrinking team NBB
FTE fell two years in a row, from 37 to 30.6.
Financials
Financial year 2025
Terval from Liège, company number BE0422252876, closed financial year 2025 with a result of € 5.7 million after tax. For that financial year Terval recorded revenue of € 135.9 million and equity of € 29.4 million. Compared with financial year 2024, the result moved from € 11.1 million to € 5.7 million. The company is profitable. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on July 7, 2026.
€ 29.4 million
▲ 19% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 5.7 million
▼ 48% vs 2024
Profit after tax over the fiscal year.
€ 7.5 million
▲ 67% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 1 million paid out
17 % of the profit went to the shareholders, mostly to 2H INVEST (51 % of the shares). That is where the money ends up.
People and assets in 2025
30.6
▼ 3.4 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.5 million
▲ 2% vs 2024
€ 82,300 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 90,453
▼ 49% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 12.6 million
▲ 17% vs 2024
€ 503,107 is repaid this year. At this pace the long-term loan is gone in ≈ 14 years.
€ 20.3 million
▲ 102% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 60 days on average.
€ 455,064
▼ 9% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 402,901,356 | € 163,180,978 | € 106,404,572 | € 135,922,596 | ▲ 28% |
| Profit after taxes | € 43,899,486 | € 20,404,509 | € 11,131,696 | € 5,738,998 | ▼ 48% |
| Equity | € 18,504,851 | € 32,775,425 | € 24,658,899 | € 29,397,896 | ▲ 19% |
| Total debts | € 135,617,973 | € 34,713,825 | € 44,377,020 | € 48,705,897 | ▲ 10% |
| Cash | € 21,288,470 | € 15,830,359 | € 4,488,425 | € 7,508,527 | ▲ 67% |
| Land & buildings | € 524,004 | € 568,349 | - | € 0 | |
| Retained profit | € 17,265,383 | € 31,535,957 | € 23,419,431 | € 28,158,429 | ▲ 20% |
| Dividend | € 70,000,000 | € 6,000,000 | € 19,000,000 | € 1,000,000 | ▼ 95% |
| Bank debt | € 49,147,398 | € 5,350,000 | € 10,800,000 | € 12,645,369 | ▲ 17% |
| Balance sheet total | € 156,395,105 | € 68,678,043 | € 70,314,514 | € 78,103,794 | ▲ 11% |
| Employees (FTE) | 35.1 | 37 | 34 | 30.6 | ▼ 3.4 |
Key figures of Terval, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Terval?
What happened at Terval in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Heiko KLEMP stepped down as director. NBB
- 2H INVEST stepped down as director. NBB
- Nicolas STRUNDEN stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 5.7 million (▼ 48% vs 2024). Source: NBB ↗
- Nicolas STRUNDEN became a director. NBB
- 2H INVEST became a director. NBB
- Heiko KLEMP became a director. NBB
- New establishment in Liège. KBO
In short
From € 43.9 million profit in 2022 to € 5.7 million profit in 2025.
Paid € 26.5 million in corporate taxes since 2022.
Best year ever: 2022, with € 43.9 million profit.
Paid out € 96 million in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
The stake of B.S.C.A., BELIMPEX comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
TervalThe shares are held by 2H INVEST (51%), FUTURE ITC HOLDING GMBH (24.5%), DEFRANI (24.5%), B.S.C.A. (51%) and BELIMPEX (24.5%). It owns 100% of TERVAL and 100% of TERVAL GMBH itself.
Directors
According to the 2025 annual accounts
Participations
TERVAL
100%
TERVAL GMBH
100%
Establishments
Establishment units
Physical locations of this company
Rue de l'Ile-Monsin 129
4020 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0422.252.876
- VAT number
- BE 0422.252.876
- Registered office
- Rue de l'Ile-Monsin 129, 4020 Liège
- Names & denominations
- Terval
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 8 December 1981
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Groothandel in vaste, vloeibare en gasvormige brandstoffen en aanverwante producten