Ter Heyde: 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 Heyde
Largest movements
- Cash +€79,163
up €79,163 (+18.9%), from €418,510 to €497,673
mainly Other debts (+€175,000) and Net result for the year (+€95,309)
- Tangible fixed assets -€15,171
down €15,171 (-29.9%), from €50,767 to €35,596
of which Plant, machinery and equipment: -€12,606
- Receivables within one year +€8,089
up €8,089 (+299%), from €2,702 to €10,791
of which Trade receivables: +€8,556
- Profit (loss) carried forward -€304,691
down €304,691 (-98.3%), from €309,878 to €5,187
- Reserves +€200,000
new in 2025: €200,000
- Other debts +€175,000
up €175,000 (+13,305%), from €1,315 to €176,315
- Advances received -€14,121
down €14,121 (-13.3%), from €106,344 to €92,223
- Trade debts +€9,714
up €9,714 (+93.9%), from €10,341 to €20,055
- Staff costs +€18,761
up €18,761 (+40.7%), from €46,108 to €64,869
- Gross operating margin -€14,104
down €14,104 (-6.4%), from €221,427 to €207,323
- Taxes -€7,784
down €7,784 (-22.4%), from €34,691 to €26,907
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 | €474,697 | €546,744 | +€72,047 | +15.2% |
| Fixed assets | 21/28 | €53,484 | €36,612 | -€16,873 | -31.5% |
| Intangible fixed assets | 21 | €2,717 | €1,016 | -€1,702 | -62.6% |
| Tangible fixed assets | 22/27 | €50,767 | €35,596 | -€15,171 | -29.9% |
| Plant, machinery and equipment | 23 | €39,505 | €26,900 | -€12,606 | -31.9% |
| Furniture and vehicles | 24 | €3,392 | €2,318 | -€1,074 | -31.7% |
| Other tangible fixed assets | 26 | €7,870 | €6,378 | -€1,491 | -19.0% |
| Current assets | 29/58 | €421,213 | €510,132 | +€88,919 | +21.1% |
| Amounts receivable within one year | 40/41 | €2,702 | €10,791 | +€8,089 | +299% |
| Trade receivables | 40 | €2,112 | €10,668 | +€8,556 | +405% |
| Other amounts receivable | 41 | €591 | €123 | -€467 | -79.1% |
| Cash at bank and in hand | 54/58 | €418,510 | €497,673 | +€79,163 | +18.9% |
| Deferred charges and accrued income | 490/1 | - | €1,668 | +€1,668 | |
| Total equity and liabilities | 10/49 | €474,697 | €546,744 | +€72,047 | +15.2% |
| Equity | 10/15 | €312,878 | €208,187 | -€104,691 | -33.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €200,000 | +€200,000 | |
| Distributable reserves | 133 | - | €200,000 | +€200,000 | |
| Profit (loss) carried forward | 14 | €309,878 | €5,187 | -€304,691 | -98.3% |
| Amounts payable | 17/49 | €161,819 | €338,557 | +€176,738 | +109% |
| Amounts payable within one year | 42/48 | €161,819 | €338,557 | +€176,738 | +109% |
| Trade debts | 44 | €10,341 | €20,055 | +€9,714 | +93.9% |
| Suppliers | 440/4 | €10,341 | €20,055 | +€9,714 | +93.9% |
| Advances received on contracts in progress | 46 | €106,344 | €92,223 | -€14,121 | -13.3% |
| Taxes, remuneration and social security | 45 | €43,818 | €49,963 | +€6,145 | +14.0% |
| Taxes | 450/3 | €34,691 | €31,951 | -€2,740 | -7.9% |
| Remuneration and social security | 454/9 | €9,127 | €18,012 | +€8,886 | +97.4% |
| Other amounts payable | 47/48 | €1,315 | €176,315 | +€175,000 | +13,305% |
| Remuneration, social security and pensions | 62 | €46,108 | €64,869 | +€18,761 | +40.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,789 | €19,143 | +€354 | +1.9% |
| Other operating charges | 640/8 | €64 | €890 | +€826 | +1,295% |
| Gross operating margin | 9900 | €221,427 | €207,323 | -€14,104 | -6.4% |
| Operating profit (loss) | 9901 | €156,466 | €122,421 | -€34,045 | -21.8% |
| Financial income | 75/76B | €58 | €649 | +€591 | +1,015% |
| Recurring financial income | 75 | €58 | €649 | +€591 | +1,015% |
| Financial charges | 65/66B | €847 | €854 | +€6 | +0.7% |
| Recurring financial charges | 65 | €847 | €854 | +€6 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €155,677 | €122,216 | -€33,461 | -21.5% |
| Income taxes | 67/77 | €34,691 | €26,907 | -€7,784 | -22.4% |
| Profit (loss) for the period | 9904 | €120,986 | €95,309 | -€25,677 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €120,986 | €95,309 | -€25,677 | -21.2% |
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 25 October 2026 via checked.be.