EL TERNERO: what changed
Two fiscal 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.
EL TERNERO
Largest movements
- Tangible fixed assets -€18,805
down €18,805 (-15.9%), from €118,194 to €99,390
of which Other tangible fixed assets: -€21,147
- Receivables within one year +€8,334
up €8,334 (+49.7%), from €16,755 to €25,088
of which Trade receivables: +€8,878
- Deferred charges and accrued income -€6,205
down €6,205 (-81.5%), from €7,610 to €1,405
- Cash +€3,348
up €3,348 (+7.5%), from €44,791 to €48,139
mainly Depreciation (+€24,296) and Deferred charges and accrued income (+€6,205)
- Debts after one year -€20,000
down €20,000 (-23.5%), from €85,000 to €65,000
- Other debts +€5,702
up €5,702 (+26.3%), from €21,656 to €27,358
- Gross operating margin +€24,303
up €24,303 (+428.5%), from €5,672 to €29,975
- Depreciation -€2,224
down €2,224 (-8.4%), from €26,520 to €24,296
- Other operating charges +€1,603
up €1,603 (+36.4%), from €4,397 to €6,000
- Financial income -€536
down €536 (-75.0%), from €714 to €178
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.
Cash bridge derived
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 | €191,821 | €177,493 | -€14,327 | -7.5% |
| Fixed assets | 21/28 | €121,824 | €102,365 | -€19,460 | -16.0% |
| Intangible fixed assets | 21 | €1,583 | €928 | -€655 | -41.4% |
| Tangible fixed assets | 22/27 | €118,194 | €99,390 | -€18,805 | -15.9% |
| Plant, machinery and equipment | 23 | €5,389 | €7,731 | +€2,342 | +43.5% |
| Other tangible fixed assets | 26 | €112,806 | €91,659 | -€21,147 | -18.7% |
| Financial fixed assets | 28 | €2,047 | €2,047 | = | 0.0% |
| Current assets | 29/58 | €69,997 | €75,129 | +€5,132 | +7.3% |
| Stocks and contracts in progress | 3 | €840 | €496 | -€344 | -40.9% |
| Stocks | 30/36 | €840 | €496 | -€344 | -40.9% |
| Amounts receivable within one year | 40/41 | €16,755 | €25,088 | +€8,334 | +49.7% |
| Trade receivables | 40 | €16,133 | €25,011 | +€8,878 | +55.0% |
| Other amounts receivable | 41 | €621 | €77 | -€544 | -87.6% |
| Cash at bank and in hand | 54/58 | €44,791 | €48,139 | +€3,348 | +7.5% |
| Deferred charges and accrued income | 490/1 | €7,610 | €1,405 | -€6,205 | -81.5% |
| Total equity and liabilities | 10/49 | €191,821 | €177,493 | -€14,327 | -7.5% |
| Equity | 10/15 | €55,480 | €53,565 | -€1,916 | -3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €36,888 | €34,973 | -€1,916 | -5.2% |
| Distributable reserves | 133 | €36,888 | €34,973 | -€1,916 | -5.2% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Deferred taxes | 168 | €0 | - | = | |
| Amounts payable | 17/49 | €136,340 | €123,929 | -€12,412 | -9.1% |
| Amounts payable after more than one year | 17 | €85,000 | €65,000 | -€20,000 | -23.5% |
| Financial debts | 170/4 | €85,000 | €65,000 | -€20,000 | -23.5% |
| Amounts payable within one year | 42/48 | €51,341 | €58,929 | +€7,588 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €6,472 | €7,965 | +€1,492 | +23.1% |
| Suppliers | 440/4 | €6,472 | €7,965 | +€1,492 | +23.1% |
| Taxes, remuneration and social security | 45 | €3,212 | €3,606 | +€394 | +12.3% |
| Taxes | 450/3 | €697 | €1,091 | +€394 | +56.6% |
| Remuneration and social security | 454/9 | €2,515 | €2,515 | = | 0.0% |
| Other amounts payable | 47/48 | €21,656 | €27,358 | +€5,702 | +26.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,520 | €24,296 | -€2,224 | -8.4% |
| Other operating charges | 640/8 | €4,397 | €6,000 | +€1,603 | +36.4% |
| Gross operating margin | 9900 | €5,672 | €29,975 | +€24,303 | +428.5% |
| Operating profit (loss) | 9901 | -€25,246 | -€321 | +€24,925 | +98.7% |
| Financial income | 75/76B | €714 | €178 | -€536 | -75.0% |
| Recurring financial income | 75 | €714 | €178 | -€536 | -75.0% |
| Financial charges | 65/66B | €1,954 | €1,716 | -€238 | -12.2% |
| Recurring financial charges | 65 | €1,954 | €1,716 | -€238 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,486 | -€1,859 | +€24,627 | +93.0% |
| Transfer from deferred taxes | 780 | €38 | €0 | -€38 | -100.0% |
| Income taxes | 67/77 | €97 | €56 | -€41 | -41.9% |
| Profit (loss) for the period | 9904 | -€26,546 | -€1,916 | +€24,630 | +92.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,546 | -€1,916 | +€24,630 | +92.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.