TER BRAEM: 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.
TER BRAEM
Largest movements
- Tangible fixed assets -€38,179
down €38,179 (-29.0%), from €131,499 to €93,320
of which Other tangible fixed assets: -€31,324
- Intangible fixed assets +€29,821
up €29,821 (+6.8%), from €440,715 to €470,536
- Receivables within one year +€24,002
up €24,002 (+51.2%), from €46,855 to €70,857
of which Trade receivables: +€25,322
- Cash +€21,929
up €21,929 (+114.4%), from €19,167 to €41,096
mainly Depreciation (+€102,160) and Trade debts (+€101,398)
- Debts after one year -€134,916
down €134,916 (-23.6%), from €572,201 to €437,285
- Trade debts +€101,398
up €101,398 (+63.4%), from €159,995 to €261,392
- Profit (loss) carried forward +€99,614
up €99,614 (+22.8%), from -€437,066 to -€337,452
- Tax, wage and social debts -€40,008
down €40,008 (-41.1%), from €97,239 to €57,231
of which Taxes: -€28,300
- Staff costs -€677,397
down €677,397 (-58.6%), from €1.2m to €479,369
- Gross operating margin -€303,813
down €303,813 (-29.7%), from €1.0m to €717,511
- Depreciation -€134,614
down €134,614 (-56.9%), from €236,774 to €102,160
- Financial charges -€19,387
down €19,387 (-36.7%), from €52,840 to €33,453
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 | €702,747 | €731,747 | +€29,001 | +4.1% |
| Formation expenses | 20 | €1,164 | €834 | -€330 | -28.4% |
| Fixed assets | 21/28 | €588,694 | €577,936 | -€10,758 | -1.8% |
| Intangible fixed assets | 21 | €440,715 | €470,536 | +€29,821 | +6.8% |
| Tangible fixed assets | 22/27 | €131,499 | €93,320 | -€38,179 | -29.0% |
| Plant, machinery and equipment | 23 | €11,863 | €5,495 | -€6,369 | -53.7% |
| Furniture and vehicles | 24 | €998 | €511 | -€486 | -48.8% |
| Other tangible fixed assets | 26 | €118,639 | €87,314 | -€31,324 | -26.4% |
| Financial fixed assets | 28 | €16,480 | €14,080 | -€2,400 | -14.6% |
| Current assets | 29/58 | €112,889 | €152,978 | +€40,089 | +35.5% |
| Stocks and contracts in progress | 3 | €36,438 | €31,221 | -€5,217 | -14.3% |
| Stocks | 30/36 | €36,438 | €31,221 | -€5,217 | -14.3% |
| Amounts receivable within one year | 40/41 | €46,855 | €70,857 | +€24,002 | +51.2% |
| Trade receivables | 40 | €39,860 | €65,183 | +€25,322 | +63.5% |
| Other amounts receivable | 41 | €6,994 | €5,674 | -€1,321 | -18.9% |
| Cash at bank and in hand | 54/58 | €19,167 | €41,096 | +€21,929 | +114.4% |
| Deferred charges and accrued income | 490/1 | €10,429 | €9,804 | -€625 | -6.0% |
| Total equity and liabilities | 10/49 | €702,747 | €731,747 | +€29,001 | +4.1% |
| Equity | 10/15 | -€427,066 | -€327,452 | +€99,614 | +23.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€437,066 | -€337,452 | +€99,614 | +22.8% |
| Amounts payable | 17/49 | €1,129,813 | €1,059,200 | -€70,613 | -6.3% |
| Amounts payable after more than one year | 17 | €572,201 | €437,285 | -€134,916 | -23.6% |
| Financial debts | 170/4 | €572,201 | €437,285 | -€134,916 | -23.6% |
| Amounts payable within one year | 42/48 | €557,307 | €620,360 | +€63,052 | +11.3% |
| Current portion of amounts payable after more than one year | 42 | €129,284 | €134,916 | +€5,632 | +4.4% |
| Trade debts | 44 | €159,995 | €261,392 | +€101,398 | +63.4% |
| Suppliers | 440/4 | €159,995 | €261,392 | +€101,398 | +63.4% |
| Advances received on contracts in progress | 46 | €10,097 | €9,764 | -€333 | -3.3% |
| Taxes, remuneration and social security | 45 | €97,239 | €57,231 | -€40,008 | -41.1% |
| Taxes | 450/3 | €32,887 | €4,587 | -€28,300 | -86.1% |
| Remuneration and social security | 454/9 | €64,352 | €52,644 | -€11,708 | -18.2% |
| Other amounts payable | 47/48 | €160,693 | €157,057 | -€3,636 | -2.3% |
| Accrued charges and deferred income | 492/3 | €305 | €1,555 | +€1,250 | +410.1% |
| Non-recurring operating income | 76A | - | €93,472 | +€93,472 | |
| Remuneration, social security and pensions | 62 | €1,156,766 | €479,369 | -€677,397 | -58.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €236,774 | €102,160 | -€134,614 | -56.9% |
| Other operating charges | 640/8 | €4,172 | €2,862 | -€1,310 | -31.4% |
| Non-recurring operating charges | 66A | €8,554 | €0 | -€8,554 | -100.0% |
| Gross operating margin | 9900 | €1,021,323 | €717,511 | -€303,813 | -29.7% |
| Operating profit (loss) | 9901 | -€384,943 | €133,120 | +€518,063 | |
| Financial income | 75/76B | €799 | €4 | -€796 | -99.5% |
| Recurring financial income | 75 | €799 | €4 | -€796 | -99.5% |
| Financial charges | 65/66B | €52,840 | €33,453 | -€19,387 | -36.7% |
| Recurring financial charges | 65 | €52,840 | €33,453 | -€19,387 | -36.7% |
| Profit (loss) for the period before taxes | 9903 | -€436,984 | €99,671 | +€536,654 | |
| Income taxes | 67/77 | €83 | €56 | -€27 | -32.1% |
| Profit (loss) for the period | 9904 | -€437,066 | €99,615 | +€536,681 | |
| Profit (loss) for the period to be appropriated | 9905 | -€437,066 | €99,615 | +€536,681 |
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.