TER HEUVEN: 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.
TER HEUVEN
Largest movements
- Current investments -€781,847
down €781,847 (-27.9%), from €2.8m to €2.0m
- Tangible fixed assets +€468,164
up €468,164 (+32.3%), from €1.5m to €1.9m
of which Land and buildings: +€362,636
- Other debts -€305,871
down €305,871 (-93.4%), from €327,429 to €21,558
- Profit (loss) carried forward -€51,701
down €51,701, from €0 to -€51,701
- Gross operating margin -€3.8m
down €3.8m (-99.6%), from €3.8m to €16,237
- Taxes -€1.2m
down €1.2m (-100.0%), from €1.2m to €352
- Other operating charges -€46,795
down €46,795 (-89.9%), from €52,029 to €5,234
- Depreciation +€44,417
up €44,417 (+164%), from €27,084 to €71,500
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 | €4,314,972 | €3,947,208 | -€367,763 | -8.5% |
| Fixed assets | 21/28 | €1,451,259 | €1,919,423 | +€468,164 | +32.3% |
| Tangible fixed assets | 22/27 | €1,451,154 | €1,919,318 | +€468,164 | +32.3% |
| Land and buildings | 22 | €1,443,141 | €1,805,778 | +€362,636 | +25.1% |
| Plant, machinery and equipment | 23 | €461 | €18,676 | +€18,215 | +3,948% |
| Furniture and vehicles | 24 | €7,551 | €94,864 | +€87,313 | +1,156% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €2,863,713 | €2,027,785 | -€835,927 | -29.2% |
| Amounts receivable within one year | 40/41 | - | €3,965 | +€3,965 | |
| Other amounts receivable | 41 | - | €3,965 | +€3,965 | |
| Current investments | 50/53 | €2,802,042 | €2,020,195 | -€781,847 | -27.9% |
| Cash at bank and in hand | 54/58 | €30,479 | €2,395 | -€28,084 | -92.1% |
| Deferred charges and accrued income | 490/1 | €31,192 | €1,231 | -€29,961 | -96.1% |
| Total equity and liabilities | 10/49 | €4,314,972 | €3,947,208 | -€367,763 | -8.5% |
| Equity | 10/15 | €2,734,234 | €2,682,533 | -€51,701 | -1.9% |
| Contributions | 10/11 | €257,276 | €257,276 | = | 0.0% |
| Capital | 10 | €257,276 | €257,276 | = | 0.0% |
| Issued capital | 100 | €310,000 | €310,000 | = | 0.0% |
| Uncalled capital | 101 | €52,724 | €52,724 | = | 0.0% |
| Reserves | 13 | €2,476,958 | €2,476,958 | = | 0.0% |
| Distributable reserves | 133 | €2,476,958 | €2,476,958 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€51,701 | -€51,701 | |
| Amounts payable | 17/49 | €1,580,738 | €1,264,675 | -€316,063 | -20.0% |
| Amounts payable within one year | 42/48 | €1,567,588 | €1,262,114 | -€305,474 | -19.5% |
| Trade debts | 44 | €15,000 | €15,397 | +€397 | +2.6% |
| Suppliers | 440/4 | €15,000 | €15,397 | +€397 | +2.6% |
| Taxes, remuneration and social security | 45 | €1,225,159 | €1,225,159 | = | 0.0% |
| Taxes | 450/3 | €1,225,159 | €1,225,159 | = | 0.0% |
| Other amounts payable | 47/48 | €327,429 | €21,558 | -€305,871 | -93.4% |
| Accrued charges and deferred income | 492/3 | €13,149 | €2,561 | -€10,588 | -80.5% |
| Non-recurring operating income | 76A | €3,774,115 | €0 | -€3.8m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,084 | €71,500 | +€44,417 | +164% |
| Other operating charges | 640/8 | €52,029 | €5,234 | -€46,795 | -89.9% |
| Non-recurring operating charges | 66A | €4,625 | €0 | -€4,625 | -100% |
| Gross operating margin | 9900 | €3,788,949 | €16,237 | -€3.8m | -99.6% |
| Operating profit (loss) | 9901 | €3,705,212 | -€60,498 | -€3.8m | |
| Financial income | 75/76B | €43,084 | €14,399 | -€28,686 | -66.6% |
| Recurring financial income | 75 | €43,084 | €14,399 | -€28,686 | -66.6% |
| Financial charges | 65/66B | €115 | €5,250 | +€5,135 | +4,481% |
| Recurring financial charges | 65 | €115 | €5,250 | +€5,135 | +4,481% |
| Profit (loss) for the period before taxes | 9903 | €3,748,181 | -€51,349 | -€3.8m | |
| Income taxes | 67/77 | €1,238,083 | €352 | -€1.2m | -100.0% |
| Profit (loss) for the period | 9904 | €2,510,099 | -€51,701 | -€2.6m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,510,099 | -€51,701 | -€2.6m |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.