Ter Hulst: 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 Hulst
Largest movements
- Stocks and contracts +€23,180
up €23,180 (+30.5%), from €75,894 to €99,074
- Tangible fixed assets -€22,504
down €22,504 (-7.9%), from €286,678 to €264,173
of which Furniture and vehicles: -€13,244
- Cash -€11,769
down €11,769 (-11.6%), from €101,496 to €89,727
mainly Investment in fixed assets (net) (-€47,129) and Stocks and contracts (-€23,180)
- Receivables within one year +€11,305
up €11,305 (+145%), from €7,792 to €19,097
of which Other amounts receivable: +€11,261
- Debts after one year -€15,073
down €15,073 (-33.1%), from €45,554 to €30,481
- Reserves +€8,642
up €8,642 (+3.1%), from €282,485 to €291,127
of which Distributable reserves: +€8,642
- Tax, wage and social debts +€5,985
up €5,985 (+15.0%), from €40,012 to €45,997
of which Remuneration and social security: +€7,414
- Staff costs +€32,862
up €32,862 (+14.1%), from €232,746 to €265,609
- Gross operating margin +€18,923
up €18,923 (+4.9%), from €384,581 to €403,504
- Depreciation +€14,697
up €14,697 (+26.8%), from €54,937 to €69,633
- Taxes -€7,507
down €7,507 (-66.7%), from €11,263 to €3,756
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 | €476,800 | €478,248 | +€1,447 | +0.3% |
| Fixed assets | 21/28 | €286,678 | €264,173 | -€22,504 | -7.9% |
| Tangible fixed assets | 22/27 | €286,678 | €264,173 | -€22,504 | -7.9% |
| Land and buildings | 22 | €144,633 | €134,602 | -€10,031 | -6.9% |
| Plant, machinery and equipment | 23 | €50,300 | €47,055 | -€3,244 | -6.4% |
| Furniture and vehicles | 24 | €63,092 | €49,848 | -€13,244 | -21.0% |
| Other tangible fixed assets | 26 | €28,653 | €32,668 | +€4,015 | +14.0% |
| Current assets | 29/58 | €190,123 | €214,074 | +€23,952 | +12.6% |
| Stocks and contracts in progress | 3 | €75,894 | €99,074 | +€23,180 | +30.5% |
| Stocks | 30/36 | €75,894 | €99,074 | +€23,180 | +30.5% |
| Amounts receivable within one year | 40/41 | €7,792 | €19,097 | +€11,305 | +145% |
| Trade receivables | 40 | €1,555 | €1,600 | +€44 | +2.8% |
| Other amounts receivable | 41 | €6,237 | €17,497 | +€11,261 | +181% |
| Cash at bank and in hand | 54/58 | €101,496 | €89,727 | -€11,769 | -11.6% |
| Deferred charges and accrued income | 490/1 | €4,940 | €6,176 | +€1,236 | +25.0% |
| Total equity and liabilities | 10/49 | €476,800 | €478,248 | +€1,447 | +0.3% |
| Equity | 10/15 | €301,085 | €309,727 | +€8,642 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €282,485 | €291,127 | +€8,642 | +3.1% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €282,485 | €291,127 | +€8,642 | +3.1% |
| Amounts payable | 17/49 | €175,715 | €168,521 | -€7,194 | -4.1% |
| Amounts payable after more than one year | 17 | €45,554 | €30,481 | -€15,073 | -33.1% |
| Financial debts | 170/4 | €45,554 | €30,481 | -€15,073 | -33.1% |
| Amounts payable within one year | 42/48 | €130,161 | €138,040 | +€7,879 | +6.1% |
| Current portion of amounts payable after more than one year | 42 | €14,576 | €15,073 | +€496 | +3.4% |
| Trade debts | 44 | €24,038 | €22,520 | -€1,518 | -6.3% |
| Suppliers | 440/4 | €24,038 | €22,520 | -€1,518 | -6.3% |
| Taxes, remuneration and social security | 45 | €40,012 | €45,997 | +€5,985 | +15.0% |
| Taxes | 450/3 | €14,210 | €12,782 | -€1,429 | -10.1% |
| Remuneration and social security | 454/9 | €25,801 | €33,215 | +€7,414 | +28.7% |
| Other amounts payable | 47/48 | €51,535 | €54,450 | +€2,915 | +5.7% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100% |
| Remuneration, social security and pensions | 62 | €232,746 | €265,609 | +€32,862 | +14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,937 | €69,633 | +€14,697 | +26.8% |
| Other operating charges | 640/8 | €3,212 | €3,698 | +€487 | +15.2% |
| Gross operating margin | 9900 | €384,581 | €403,504 | +€18,923 | +4.9% |
| Operating profit (loss) | 9901 | €93,686 | €64,564 | -€29,123 | -31.1% |
| Financial income | 75/76B | €308 | €488 | +€180 | +58.4% |
| Recurring financial income | 75 | €308 | €488 | +€180 | +58.4% |
| Financial charges | 65/66B | €50,698 | €52,654 | +€1,955 | +3.9% |
| Recurring financial charges | 65 | €50,698 | €52,654 | +€1,955 | +3.9% |
| Profit (loss) for the period before taxes | 9903 | €43,296 | €12,398 | -€30,898 | -71.4% |
| Income taxes | 67/77 | €11,263 | €3,756 | -€7,507 | -66.7% |
| Profit (loss) for the period | 9904 | €32,033 | €8,642 | -€23,391 | -73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €32,033 | €8,642 | -€23,391 | -73.0% |
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.