Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Busy address KBO
11 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
THERAtRAME from Liège, company number BE0786448581, closed financial year 2025 with a result of € -2.1 million after tax. For that financial year THERAtRAME recorded a gross margin of € -869,288 and equity of € 1.8 million. Compared with financial year 2024, the result moved from € -1.1 million to € -2.1 million. The company made a loss. 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 9, 2026.
€ 1.8 million
▲ 126% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -2.1 million
▼ 98 % more loss than in 2024
Profit after tax over the fiscal year.
€ 1.6 million
▲ 39% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -723,093.
People and assets in 2025
10.1
▲ 2.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 752,116
▲ 52% vs 2024
€ 74,500 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.
€ 99,905
▼ 34% vs 2024
Of which on lease € 93,306.
Debts at end 2025
€ 93,091
▼ 83% vs 2024
€ 55,064 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 459,885
▲ 70% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 83,867
▲ 39% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
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| 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|
| Gross margin | € -382,759 | € 7,310 | € -869,288 | ▼ € 876,598 |
| Profit after taxes | € -1,122,624 | € -1,072,532 | € -2,119,188 | ▼ € 1 million |
| Equity | € 1,847,376 | € 774,844 | € 1,753,432 | ▲ 126% |
| Total debts | € 624,634 | € 1,441,593 | € 913,069 | ▼ 37% |
| Cash | € 1,159,042 | € 1,123,148 | € 1,563,898 | ▲ 39% |
| Retained profit | € -1,122,624 | € -2,195,156 | € -723,093 | ▲ € 1.5 million |
| Bank debt | € 0 | € 538,590 | € 93,091 | ▼ 83% |
| Balance sheet total | € 2,472,010 | € 2,216,437 | € 2,666,502 | ▲ 20% |
| Employees (FTE) | 2.6 | 7.2 | 10.1 | ▲ 2.9 |
Key figures of THERAtRAME, fiscal years 2023 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 THERAtRAME?
What happened at THERAtRAME in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Jérôme Majoie stepped down as director. NBB
- JCO Consulting SRL stepped down as director. NBB
- QBIC VENTURE PARTNERS III SA stepped down as director. NBB
- NOSHAQ PARTNERS SRL stepped down as director. NBB
- R&D Close SRL stepped down as director. NBB
- RAPINO Management SRL stepped down as director. NBB
- Didier ALLAER stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 2.1 million. Source: NBB ↗
In short
From € 1.1 million loss in 2023 to € 2.1 million loss in 2025.
On average € 1,000 of value added per employee in 2024.
A new publication or filing at THERAtRAME? We notify you, reason included.
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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 QBIC III FUND, Wallonie Entreprendre comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
THERAtRAMEThe shares are held by QBIC III FUND (22.8%) and Wallonie Entreprendre (16.7%).
Directors
According to the 2025 annual accounts
Director · represented by LIMBOURG Marleen
Also active at: CAUTION MUTUELLE DES METIERS ET NEGOCES, Fonderies J. Marichal Ketin et Cie, DARDENNE, SOGECOM, VITAVERDE.BIO, HAEMERS Technologies, SPACEBEL, NOSHAQ VENTURE +169 more
since 2022 · until 2028
since 2022 · until 2025
Director · represented by Combalbert Jean
Also active at: Newton Biocapital I, pricaf privée de droit belge, EPICS THERAPEUTICS
since 2025 · until 2031
Managing director · represented by CLOSE Pierre
since 2022 · until 2028
Managing director · represented by RAPINO Francesca
since 2022 · until 2028
Director · represented by MATTIVI Didier
Also active at: MICROBELCAPS, NOSHAQ SPIN-OFFS, PRESSES UNIVERSITAIRES DE LIEGE, SCIENCE PARK SERVICES, PHYTESIA, AGROPTIMIZE, Green SURF, Cytomine +11 more
since 2022 · until 2026
Didier ALLAER
Director
Also active at: ZENTECH, LaCAR MDx technologies, MITIS, LOUISE 130 E, Allaer gestion
since 2022 · until 2028
Director · represented by VANDENWIJNGAERT Sara
Also active at: RheaVita, VoxelSensors, AnimAb, AmphiStar, weave.ly, Swave, QBIC III FUND, Obulytix +2 more
since 2023 · until 2029
Jérôme Majoie
Director
since 2026 · until 2032
Shareholders
22.8%
16.7%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Avenue de l'Hôpital 1
4000 Liège
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 11 companies are registered at this address.
All companies at this address →Centre hospitalier universitaire de Liège
Bureau International d'Audiophonologie
CENTRE ANTICANCEREUX PRES L'UNIVERSITE DE LIEGE
Inokura
€ 6.4 million revenue · 2025
Belgian Bone Club
+6 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0786.448.581
- VAT number
- BE 0786.448.581
- Registered office
- Avenue de l'Hôpital 1, 4000 Liège
- Names & denominations
- THERAtRAME
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 23 May 2022
- Peppol
- Active · Active since 17 Dec 2025
- Activities · NACE
Speur- en ontwikkelingswerk op biotechnologisch gebied
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Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied