Ter Leyen: 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 Leyen
Largest movements
- Tangible fixed assets +€8,604
up €8,604 (+126%), from €6,829 to €15,433
of which Plant, machinery and equipment: +€8,704
- Receivables within one year +€5,776
up €5,776 (+136%), from €4,244 to €10,020
of which Other amounts receivable: +€5,190
- Cash -€3,609
down €3,609 (-14.3%), from €25,206 to €21,597
mainly Net result for the year (-€37,900) and Investment in fixed assets (net) (-€12,636)
- Other debts +€61,189
up €61,189 (+542%), from €11,285 to €72,474
- Profit (loss) carried forward -€37,900
down €37,900 (-46.1%), from -€82,215 to -€120,115
- Trade debts -€11,419
down €11,419 (-80.8%), from €14,131 to €2,712
- Tax, wage and social debts -€818
down €818 (-100%), from €818 to €0
of which Taxes: -€818
- Gross operating margin -€11,478
down €11,478 (-81.8%), from -€14,035 to -€25,513
- Write-downs +€1,405
new in 2025: €1,405
- Staff costs -€1,133
down €1,133, from €995 to -€138
- Depreciation +€435
up €435 (+12.1%), from €3,596 to €4,032
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 | €48,280 | €59,331 | +€11,052 | +22.9% |
| Fixed assets | 21/28 | €18,829 | €27,433 | +€8,604 | +45.7% |
| Tangible fixed assets | 22/27 | €6,829 | €15,433 | +€8,604 | +126% |
| Plant, machinery and equipment | 23 | €6,529 | €15,233 | +€8,704 | +133% |
| Furniture and vehicles | 24 | €300 | €200 | -€100 | -33.3% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €29,450 | €31,898 | +€2,448 | +8.3% |
| Amounts receivable within one year | 40/41 | €4,244 | €10,020 | +€5,776 | +136% |
| Trade receivables | 40 | €4,125 | €4,710 | +€586 | +14.2% |
| Other amounts receivable | 41 | €120 | €5,310 | +€5,190 | +4,341% |
| Cash at bank and in hand | 54/58 | €25,206 | €21,597 | -€3,609 | -14.3% |
| Deferred charges and accrued income | 490/1 | - | €281 | +€281 | |
| Total equity and liabilities | 10/49 | €48,280 | €59,331 | +€11,052 | +22.9% |
| Equity | 10/15 | -€67,955 | -€105,855 | -€37,900 | -55.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€82,215 | -€120,115 | -€37,900 | -46.1% |
| Amounts payable | 17/49 | €116,234 | €165,186 | +€48,952 | +42.1% |
| Amounts payable after more than one year | 17 | €90,000 | €90,000 | = | 0.0% |
| Financial debts | 170/4 | €90,000 | €90,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,234 | €75,186 | +€48,952 | +187% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €14,131 | €2,712 | -€11,419 | -80.8% |
| Suppliers | 440/4 | €14,131 | €2,712 | -€11,419 | -80.8% |
| Taxes, remuneration and social security | 45 | €818 | €0 | -€818 | -100% |
| Taxes | 450/3 | €818 | €0 | -€818 | -100% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,285 | €72,474 | +€61,189 | +542% |
| Remuneration, social security and pensions | 62 | €995 | -€138 | -€1,133 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,596 | €4,032 | +€435 | +12.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,405 | +€1,405 | |
| Other operating charges | 640/8 | €4,401 | €4,339 | -€62 | -1.4% |
| Gross operating margin | 9900 | -€14,035 | -€25,513 | -€11,478 | -81.8% |
| Operating profit (loss) | 9901 | -€23,027 | -€35,150 | -€12,123 | -52.6% |
| Financial income | 75/76B | €11 | €4 | -€7 | -62.8% |
| Recurring financial income | 75 | €11 | €4 | -€7 | -62.8% |
| Financial charges | 65/66B | €2,690 | €2,754 | +€64 | +2.4% |
| Recurring financial charges | 65 | €2,690 | €2,754 | +€64 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | -€25,707 | -€37,900 | -€12,194 | -47.4% |
| Profit (loss) for the period | 9904 | -€25,707 | -€37,900 | -€12,194 | -47.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,707 | -€37,900 | -€12,194 | -47.4% |
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 30 October 2026 via checked.be.