CHRISTOPHE TERNEST: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CHRISTOPHE TERNEST
Largest movements
- Cash -€17,298
down €17,298 (-24.1%), from €71,681 to €54,382
mainly Tax, wage and social debts (-€17,284) and Receivables within one year (-€8,810)
- Receivables within one year +€8,810
up €8,810 (+79.9%), from €11,023 to €19,834
of which Trade receivables: +€8,885
- Stocks and contracts -€2,150
down €2,150 (-45.3%), from €4,750 to €2,600
- Tax, wage and social debts -€17,284
down €17,284 (-89.4%), from €19,330 to €2,046
- Reserves +€11,000
up €11,000 (+16.5%), from €66,860 to €77,860
- Other debts -€7,740
no longer reported in 2025 (was €7,740)
- Trade debts +€4,245
up €4,245 (+286%), from €1,485 to €5,730
- Gross operating margin +€29,394
up €29,394, from -€10,011 to €19,383
- Taxes +€4,081
up €4,081 (+913%), from €447 to €4,528
- Other operating charges +€380
up €380 (+42.0%), from €906 to €1,286
- Depreciation -€363
down €363 (-13.3%), from €2,716 to €2,354
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €95,860 | €86,199 | -€9,661 | -10.1% |
| Fixed assets | 21/28 | €3,927 | €4,468 | +€541 | +13.8% |
| Tangible fixed assets | 22/27 | €3,927 | €4,468 | +€541 | +13.8% |
| Furniture and vehicles | 24 | €3,927 | €4,468 | +€541 | +13.8% |
| Current assets | 29/58 | €91,932 | €81,730 | -€10,202 | -11.1% |
| Stocks and contracts in progress | 3 | €4,750 | €2,600 | -€2,150 | -45.3% |
| Contracts in progress | 37 | €4,750 | €2,600 | -€2,150 | -45.3% |
| Amounts receivable within one year | 40/41 | €11,023 | €19,834 | +€8,810 | +79.9% |
| Trade receivables | 40 | €4,973 | €13,859 | +€8,885 | +179% |
| Other amounts receivable | 41 | €6,050 | €5,975 | -€75 | -1.2% |
| Cash at bank and in hand | 54/58 | €71,681 | €54,382 | -€17,298 | -24.1% |
| Deferred charges and accrued income | 490/1 | €4,478 | €4,914 | +€436 | +9.7% |
| Total equity and liabilities | 10/49 | €95,860 | €86,199 | -€9,661 | -10.1% |
| Equity | 10/15 | €65,589 | €76,600 | +€11,010 | +16.8% |
| Contributions | 10/11 | €12,800 | €12,800 | = | 0.0% |
| Reserves | 13 | €66,860 | €77,860 | +€11,000 | +16.5% |
| Distributable reserves | 133 | €66,860 | €77,860 | +€11,000 | +16.5% |
| Profit (loss) carried forward | 14 | -€14,071 | -€14,060 | +€10 | +0.1% |
| Amounts payable | 17/49 | €30,270 | €9,599 | -€20,672 | -68.3% |
| Amounts payable within one year | 42/48 | €30,270 | €9,476 | -€20,795 | -68.7% |
| Financial debts | 43 | €1,715 | €1,700 | -€15 | -0.9% |
| Credit institutions | 430/8 | €1,715 | €1,700 | -€15 | -0.9% |
| Trade debts | 44 | €1,485 | €5,730 | +€4,245 | +286% |
| Suppliers | 440/4 | €1,485 | €5,730 | +€4,245 | +286% |
| Taxes, remuneration and social security | 45 | €19,330 | €2,046 | -€17,284 | -89.4% |
| Taxes | 450/3 | €19,330 | €2,046 | -€17,284 | -89.4% |
| Other amounts payable | 47/48 | €7,740 | - | -€7,740 | |
| Accrued charges and deferred income | 492/3 | - | €123 | +€123 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,716 | €2,354 | -€363 | -13.3% |
| Other operating charges | 640/8 | €906 | €1,286 | +€380 | +42.0% |
| Gross operating margin | 9900 | -€10,011 | €19,383 | +€29,394 | |
| Operating profit (loss) | 9901 | -€13,633 | €15,743 | +€29,376 | |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €282 | €235 | -€47 | -16.8% |
| Recurring financial charges | 65 | €282 | €235 | -€47 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | -€13,915 | €15,538 | +€29,454 | |
| Income taxes | 67/77 | €447 | €4,528 | +€4,081 | +913% |
| Profit (loss) for the period | 9904 | -€14,362 | €11,010 | +€25,373 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,362 | €11,010 | +€25,373 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.