Ter Hoeven: 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 Hoeven
Largest movements
- Financial fixed assets +€166,675
up €166,675 (+95.2%), from €175,000 to €341,675
- Intangible fixed assets +€22,386
new in 2025: €22,386
- Tangible fixed assets +€17,771
up €17,771 (+3.5%), from €513,801 to €531,572
of which Furniture and vehicles: +€21,114
- Receivables within one year -€16,552
down €16,552 (-71.9%), from €23,008 to €6,456
of which Trade receivables: -€19,571
- Debts after one year +€211,932
up €211,932 (+70.2%), from €301,756 to €513,688
- Reserves +€37,983
up €37,983 (+24.1%), from €157,341 to €195,324
of which Distributable reserves: +€37,983
- Short-term financial debts -€35,395
down €35,395 (-51.1%), from €69,273 to €33,879
- Current portion of long-term debt -€17,985
down €17,985 (-38.1%), from €47,189 to €29,204
- Tax, wage and social debts -€10,289
down €10,289 (-66.2%), from €15,545 to €5,256
- Turnover +€94,088
up €94,088 (+51.2%), from €183,880 to €277,968
- Purchases and services +€69,225
up €69,225 (+60.6%), from €114,218 to €183,443
- Gross operating margin -€4,754
down €4,754 (-4.7%), from €101,025 to €96,270
- Taxes +€4,704
up €4,704 (+41.0%), from €11,467 to €16,171
- Depreciation +€3,074
up €3,074 (+20.3%), from €15,156 to €18,230
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 | €723,297 | €907,041 | +€183,744 | +25.4% |
| Fixed assets | 21/28 | €688,801 | €895,633 | +€206,832 | +30.0% |
| Intangible fixed assets | 21 | - | €22,386 | +€22,386 | |
| Tangible fixed assets | 22/27 | €513,801 | €531,572 | +€17,771 | +3.5% |
| Land and buildings | 22 | €501,279 | €487,723 | -€13,556 | -2.7% |
| Plant, machinery and equipment | 23 | €12,365 | €22,579 | +€10,213 | +82.6% |
| Furniture and vehicles | 24 | €157 | €21,270 | +€21,114 | +13,489% |
| Financial fixed assets | 28 | €175,000 | €341,675 | +€166,675 | +95.2% |
| Current assets | 29/58 | €34,496 | €11,409 | -€23,088 | -66.9% |
| Amounts receivable within one year | 40/41 | €23,008 | €6,456 | -€16,552 | -71.9% |
| Trade receivables | 40 | €21,127 | €1,556 | -€19,571 | -92.6% |
| Other amounts receivable | 41 | €1,881 | €4,900 | +€3,019 | +161% |
| Cash at bank and in hand | 54/58 | €11,489 | €4,953 | -€6,536 | -56.9% |
| Total equity and liabilities | 10/49 | €723,297 | €907,041 | +€183,744 | +25.4% |
| Equity | 10/15 | €175,941 | €213,924 | +€37,983 | +21.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €157,341 | €195,324 | +€37,983 | +24.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €155,481 | €193,464 | +€37,983 | +24.4% |
| Amounts payable | 17/49 | €547,356 | €693,117 | +€145,761 | +26.6% |
| Amounts payable after more than one year | 17 | €301,756 | €513,688 | +€211,932 | +70.2% |
| Financial debts | 170/4 | €301,756 | €513,688 | +€211,932 | +70.2% |
| Amounts payable within one year | 42/48 | €245,599 | €179,429 | -€66,171 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €47,189 | €29,204 | -€17,985 | -38.1% |
| Financial debts | 43 | €69,273 | €33,879 | -€35,395 | -51.1% |
| Other loans | 439 | €69,273 | €33,879 | -€35,395 | -51.1% |
| Trade debts | 44 | €8,434 | €15,191 | +€6,757 | +80.1% |
| Suppliers | 440/4 | €8,434 | €15,191 | +€6,757 | +80.1% |
| Advances received on contracts in progress | 46 | €200 | €200 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €15,545 | €5,256 | -€10,289 | -66.2% |
| Taxes | 450/3 | €15,545 | €5,256 | -€10,289 | -66.2% |
| Other amounts payable | 47/48 | €104,958 | €95,699 | -€9,259 | -8.8% |
| Turnover | 70 | €183,880 | €277,968 | +€94,088 | +51.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €114,218 | €183,443 | +€69,225 | +60.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,156 | €18,230 | +€3,074 | +20.3% |
| Other operating charges | 640/8 | €1,613 | €2,717 | +€1,104 | +68.5% |
| Gross operating margin | 9900 | €101,025 | €96,270 | -€4,754 | -4.7% |
| Operating profit (loss) | 9901 | €84,256 | €75,323 | -€8,932 | -10.6% |
| Financial income | 75/76B | €42 | €132 | +€90 | +214% |
| Recurring financial income | 75 | €42 | €132 | +€90 | +214% |
| Financial charges | 65/66B | €23,269 | €21,301 | -€1,968 | -8.5% |
| Recurring financial charges | 65 | €23,269 | €21,301 | -€1,968 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €61,029 | €54,154 | -€6,875 | -11.3% |
| Income taxes | 67/77 | €11,467 | €16,171 | +€4,704 | +41.0% |
| Profit (loss) for the period | 9904 | €49,561 | €37,983 | -€11,578 | -23.4% |
| Profit (loss) for the period to be appropriated | 9905 | €49,561 | €37,983 | -€11,578 | -23.4% |
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 24 October 2026 via checked.be.