M.TERLINDEN: 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.
M.TERLINDEN
Largest movements
- Cash -€10,897
down €10,897 (-6.8%), from €161,129 to €150,233
mainly Contributions, distributions and other (-€46,500) and Investment in fixed assets (net) (-€1,805)
- Receivables within one year -€4,388
down €4,388 (-27.5%), from €15,932 to €11,544
of which Other amounts receivable: -€5,423
- Reserves -€16,500
down €16,500 (-10.9%), from €151,310 to €134,810
- Trade debts +€2,533
up €2,533 (+336%), from €753 to €3,287
- Financial income +€10,793
new in 2025: €10,793
of which Financial income: +€10,793
- Taxes +€1,292
up €1,292 (+13.0%), from €9,976 to €11,268
- Other operating charges +€765
up €765 (+42.3%), from €1,806 to €2,571
- Gross operating margin -€597
down €597 (-1.7%), from €35,711 to €35,114
- Financial charges -€443
down €443 (-26.6%), from €1,669 to €1,225
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 | €180,576 | €166,544 | -€14,032 | -7.8% |
| Fixed assets | 21/28 | €1,435 | €2,688 | +€1,252 | +87.2% |
| Tangible fixed assets | 22/27 | €1,435 | €2,688 | +€1,252 | +87.2% |
| Furniture and vehicles | 24 | €1,435 | €2,688 | +€1,252 | +87.2% |
| Current assets | 29/58 | €179,141 | €163,857 | -€15,284 | -8.5% |
| Amounts receivable within one year | 40/41 | €15,932 | €11,544 | -€4,388 | -27.5% |
| Trade receivables | 40 | €9,277 | €10,312 | +€1,035 | +11.2% |
| Other amounts receivable | 41 | €6,655 | €1,232 | -€5,423 | -81.5% |
| Cash at bank and in hand | 54/58 | €161,129 | €150,233 | -€10,897 | -6.8% |
| Deferred charges and accrued income | 490/1 | €2,079 | €2,080 | +€1 | 0.0% |
| Total equity and liabilities | 10/49 | €180,576 | €166,544 | -€14,032 | -7.8% |
| Equity | 10/15 | €168,600 | €152,390 | -€16,211 | -9.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €151,310 | €134,810 | -€16,500 | -10.9% |
| Distributable reserves | 133 | €151,310 | €134,810 | -€16,500 | -10.9% |
| Profit (loss) carried forward | 14 | €4,890 | €5,180 | +€289 | +5.9% |
| Amounts payable | 17/49 | €11,976 | €14,155 | +€2,179 | +18.2% |
| Amounts payable within one year | 42/48 | €11,976 | €14,155 | +€2,179 | +18.2% |
| Trade debts | 44 | €753 | €3,287 | +€2,533 | +336% |
| Suppliers | 440/4 | €753 | €3,287 | +€2,533 | +336% |
| Taxes, remuneration and social security | 45 | €3,450 | €3,450 | = | 0.0% |
| Taxes | 450/3 | €3,450 | €3,450 | = | 0.0% |
| Other amounts payable | 47/48 | €7,772 | €7,418 | -€355 | -4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €279 | €553 | +€274 | +97.9% |
| Other operating charges | 640/8 | €1,806 | €2,571 | +€765 | +42.3% |
| Gross operating margin | 9900 | €35,711 | €35,114 | -€597 | -1.7% |
| Operating profit (loss) | 9901 | €33,625 | €31,990 | -€1,635 | -4.9% |
| Financial income | 75/76B | - | €10,793 | +€10,793 | |
| Recurring financial income | 75 | - | €10,793 | +€10,793 | |
| Non-recurring financial income | 76B | - | €10,793 | +€10,793 | |
| Financial charges | 65/66B | €1,669 | €1,225 | -€443 | -26.6% |
| Recurring financial charges | 65 | €1,669 | €1,225 | -€443 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €31,957 | €41,558 | +€9,601 | +30.0% |
| Income taxes | 67/77 | €9,976 | €11,268 | +€1,292 | +13.0% |
| Profit (loss) for the period | 9904 | €21,980 | €30,289 | +€8,309 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €21,980 | €30,289 | +€8,309 | +37.8% |
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 14 October 2026 via checked.be.