TRACE
ActiveSummary
The annual accounts of TRACE for fiscal year 2025 show a net loss of 74% of the equity at the start of that year. The 2025 annual accounts show equity of €41k and a net result of €-116k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 17% of 191 sector peers (fiscal year 2025). The company has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-88
Solvency33▼-15
Growth53▼-31
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.07 against 2.38 in 2024; short-term debt: 92.4% and cash: 50.9% of total assets), and 92.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 72
Relative position
BE, all sectors
reference
Scientific research and development (NACE 72)
about 30% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
7.6%
Return on assets
-21.6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 191 sector peers (2025).
NBB · sector comparisonPosition among 191 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-07-2026, 3 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
3 d early
2024
30 d early
2023
48 d early
2022
42 d early
2021
74 d early
2020
61 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€754k▼ 33.0%
2024 · €1.12M
2020: €560klowest in 6 years
2021: €680k▲ +21.4% vs 2020
2022: €810k▲ +19.1% vs 2021
2023: €980k▲ +21.0% vs 2022
2024: €1.12M▲ +14.8% vs 2023highest in 6 years
2025: €754k▼ -33.0% vs 2024
2020 → 2025
EBIT margin
-15.3%▼ 28.3pp
2024 · 12.9%
2020: -15.9%lowest in 6 years
2021: 0.1%▲ +100% vs 2020
2022: 0.1%▼ -4.1% vs 2021
2023: 1.2%▲ +2074% vs 2022
2024: 12.9%▲ +998% vs 2023highest in 6 years
2025: -15.3%▼ -218% vs 2024
2020 → 2025
Net result
€-116k
2024 · €145k
2020: €-89k
2021: €259▲ +100% vs 2020
2022: €296▲ +14.6% vs 2021
2023: €10k▲ +3311% vs 2022
2024: €145k▲ +1338% vs 2023highest in 6 years
2025: €-116k▼ -180% vs 2024lowest in 6 years
2020 → 2025
Working capital
€33k▼ 91.8%
2024 · €397k
2020: €-23klowest in 6 years
2021: €-13k▲ +42.7% vs 2020
2022: €-16k▼ -16.9% vs 2021
2023: €314▲ +102% vs 2022
2024: €397k▲ +126444% vs 2023highest in 6 years
2025: €33k▼ -91.8% vs 2024
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€680k-€810k▲ 19.1%€980k▲ 21.0%€1.12M▲ 14.8%€754k▼ 33.0%
2021: €680klowest in 5 years
2022: €810k▲ +19.1% vs 2021
2023: €980k▲ +21.0% vs 2022
2024: €1.12M▲ +14.8% vs 2023highest in 5 years
2025: €754k▼ -33.0% vs 2024
Equity€714-€1k▲ 41.5%€11k▲ 1,001%€156k▲ 1,307%€41k▼ 74.0%
2021: €714lowest in 5 years
2022: €1k▲ +41.5% vs 2021
2023: €11k▲ +1001% vs 2022
2024: €156k▲ +1307% vs 2023highest in 5 years
2025: €41k▼ -74.0% vs 2024
Operating result€384-€439▲ 14.3%€12k▲ 2,531%€146k▲ 1,160%€-116k
2021: €384
2022: €439▲ +14.3% vs 2021
2023: €12k▲ +2531% vs 2022
2024: €146k▲ +1160% vs 2023highest in 5 years
2025: €-116k▼ -179% vs 2024lowest in 5 years
Net result€259-€296▲ 14.6%€10k▲ 3,311%€145k▲ 1,338%€-116k
2021: €259
2022: €296▲ +14.6% vs 2021
2023: €10k▲ +3311% vs 2022
2024: €145k▲ +1338% vs 2023highest in 5 years
2025: €-116k▼ -180% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €116k after €146k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €536k
Fixed assets
€8k ▲ 13.3%
Current assets
€528k ▼ 22.9%
Equity and liabilities €536k
Equity
€41k ▼ 74.0%
Debt
€495k ▼ 7.6%
Debt's share of the balance-sheet total rises from 77.4% to 92.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-110k▼
2024 · €151k
Cash flow
€-110k▼
2024 · €150k
Current ratio
1.07▼
2024 · 2.38
Debt to equity
12.16▲
2024 · 3.42
ROE
-284.2%▼
2024 · 92.9%
ROA
-21.6%▼
2024 · 21.0%
Interest coverage
-554.85▼
2024 · 759.72
Debt ≤ 1 year
€495k▲
2024 · €288k
Staff costs
€993k▲
2024 · €940k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 37 lines
Balance sheet
Code20242025
Assets
Total assets20/58€692k€536k▼
Fixed assets21/28€7k€8k▲
Tangible fixed assets22/27€7k€8k▲
Plant, machinery and equipment23€540€338▼
Furniture and vehicles24€7k€8k▲
Current assets29/58€685k€528k▼
Amounts receivable within one year40/41€617k€243k▼
Trade receivables40€617k€243k▼
Cash at bank and in hand54/58€57k€273k▲
Deferred charges and accrued income490/1€11k€12k▲
Equity and liabilities
Total equity and liabilities10/49€692k€536k▼
Equity10/15€156k€41k▼
Reserves13€156k€41k▼
Amounts payable17/49€536k€495k▼
Amounts payable within one year42/48€288k€495k▲
Trade debts44€56k€61k▲
Suppliers440/4€56k€61k▲
Advances received on contracts in progress46-€200k
Taxes, remuneration and social security45€232k€234k▲
Taxes450/3€33k€97k▲
Remuneration and social security454/9€199k€137k▼
Accrued charges and deferred income492/3€248k-
Income statement
Code20242025
Turnover70€1.12M€754k▼
Goods, raw materials, services and sundry goods60/61€215k€231k▲
Remuneration, social security and pensions62€940k€993k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€5k▲
Gross operating margin9900€1.09M€883k▼
Operating profit (loss)9901€146k€-116k▼
Financial charges65/66B€198€199▲
Recurring financial charges65€198€199▲
Profit (loss) for the period before taxes9903€145k€-116k▼
Profit (loss) for the period9904€145k€-116k▼
Profit (loss) for the period to be appropriated9905€145k€-116k▼
Appropriation of the result
Profit (loss) to be appropriated9906€145k€-116k▼
From contributions791-€116k
To contributions691€145k-
Social balance
Average headcount (FTE)90877.77.8▲
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €680k | €810k | €980k | €1.12M | €754k | ▼ 33.0% |
| Goods, raw materials, services and sundry goods60/61 | €154k | €182k | €223k | €215k | €231k | ▲ 7.1% |
| Remuneration, social security and pensions62 | €631k | €759k | €901k | €940k | €993k | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20k | €8k | €7k | €5k | €5k | ▲ 5.7% |
| Gross operating margin9900 | €651k | €768k | €920k | €1.09M | €883k | ▼ 19.0% |
| Operating profit (loss)9901 | €384 | €439 | €12k | €146k | €-116k | ▼ 179% |
| Financial income75/76B | - | - | €13 | - | - | - |
| Recurring financial income75 | - | - | €13 | - | - | - |
| Financial charges65/66B | €126 | €143 | €1k | €198 | €199 | ▲ 0.1% |
| Recurring financial charges65 | €126 | €143 | €1k | €198 | €199 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | €259 | €296 | €10k | €145k | €-116k | ▼ 180% |
| Profit (loss) for the period9904 | €259 | €296 | €10k | €145k | €-116k | ▼ 180% |
| Profit (loss) for the period to be appropriated9905 | €259 | €296 | €10k | €145k | €-116k | ▼ 180% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €136k | €179k | €218k | €692k | €536k | ▼ 22.6% |
| Formation expenses20 | €0 | €0 | - | - | - | - |
| Fixed assets21/28 | €14k | €17k | €11k | €7k | €8k | ▲ 13.3% |
| Tangible fixed assets22/27 | €14k | €17k | €11k | €7k | €8k | ▲ 13.3% |
| Plant, machinery and equipment23 | - | €943 | €741 | €540 | €338 | ▼ 37.3% |
| Furniture and vehicles24 | €14k | €16k | €10k | €7k | €8k | ▲ 17.4% |
| Current assets29/58 | €122k | €162k | €207k | €685k | €528k | ▼ 22.9% |
| Amounts receivable within one year40/41 | €51k | €131k | €81k | €617k | €243k | ▼ 60.5% |
| Trade receivables40 | €51k | €131k | €81k | €617k | €243k | ▼ 60.5% |
| Other amounts receivable41 | - | €121 | - | - | - | - |
| Cash at bank and in hand54/58 | €70k | €29k | €123k | €57k | €273k | ▲ 375% |
| Deferred charges and accrued income490/1 | €1k | €3k | €3k | €11k | €12k | ▲ 4.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €136k | €179k | €218k | €692k | €536k | ▼ 22.6% |
| Equity10/15 | €714 | €1k | €11k | €156k | €41k | ▼ 74.0% |
| Reserves13 | €714 | €1k | €11k | €156k | €41k | ▼ 74.0% |
| Amounts payable17/49 | €136k | €178k | €207k | €536k | €495k | ▼ 7.6% |
| Amounts payable within one year42/48 | €136k | €178k | €207k | €288k | €495k | ▲ 72.0% |
| Trade debts44 | €16k | €35k | €18k | €56k | €61k | ▲ 10.2% |
| Suppliers440/4 | €16k | €35k | €18k | €56k | €61k | ▲ 10.2% |
| Advances received on contracts in progress46 | - | - | - | - | €200k | - |
| Taxes, remuneration and social security45 | €119k | €143k | €189k | €232k | €234k | ▲ 0.9% |
| Taxes450/3 | €31k | €32k | €58k | €33k | €97k | ▲ 195% |
| Remuneration and social security454/9 | €88k | €111k | €131k | €199k | €137k | ▼ 31.3% |
| Accrued charges and deferred income492/3 | - | - | - | €248k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €259 | €296 | €10k | €145k | €-116k | ▼ 180% |
| + Depreciation and write-downs630 | €20k | €8k | €7k | €5k | €5k | ▲ 5.7% |
| Operating cash flow (approximation) | €20k | €9k | €18k | €150k | €-110k | ▼ 173% |
| Investment in fixed assets (approximation) | - | €-11k | €-2k | €-2k | €-6k | ▼ 305% |
| Change in cash | - | €-41k | €95k | €-66k | €216k | ▲ 427% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-116k
Net result drops to €-116k, the lowest in the series.
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2020net €145k ▲1,338%
Operating result €146k, net result €145k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 2.38
Current ratio from 1.00 to 2.38.
31-12
Financial
Equity above €150kEq €156k ▲1,307%
4 profitable years in a row build equity to €156k.
13-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
18-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €259
Net result €259 after one loss-making year.
31-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Leuven · 1 establishment unit since 2017
Ground area
8,837 m²
Building footprint
2,096 m²
Volume, LiDAR
12,516 m³
Parcel 24040C0005/00F000, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
47
companies at this address
See who is registered here
1 establishment unit
TRACE
since 20172.263.522.120
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24040C0005/00F000 | Flanders | 8,837 m² | 1 · 2,096 m² | 8.1 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Federal government
2024 to 2025 · 2 entries · 371,781 EUR in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | Defensie | 1 | 123,927 EUR |
| 2024 | Defensie | 1 | 247,854 EUR |
Budget allocations
Inkomensoverdracht R&D naar AOI
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Of 1,177 companies in sector 72109 we hold annual accounts for 716. 340 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded02-03-2017
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
72109Other research and development on natural sciences
Scores and ratios are computed by Checked and are not a credit decision.