Ter Maene: 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 Maene
Largest movements
- Stocks and contracts -€162,257
down €162,257 (-17.9%), from €904,588 to €742,332
- Cash -€122,022
down €122,022 (-74.1%), from €164,602 to €42,581
mainly Net result for the year (-€162,745) and Current portion of long-term debt (-€52,129)
- Deferred charges and accrued income +€24,845
up €24,845 (+323%), from €7,691 to €32,536
- Receivables within one year +€17,028
up €17,028 (+5.3%), from €319,572 to €336,600
of which Trade receivables: +€16,681
- Profit (loss) carried forward -€162,745
down €162,745 (-32.3%), from -€503,468 to -€666,213
- Current portion of long-term debt -€52,129
down €52,129 (-100%), from €52,129 to €0
- Trade debts -€28,609
down €28,609 (-5.4%), from €529,273 to €500,664
- Gross operating margin -€193,277
down €193,277, from €161,507 to -€31,770
- Depreciation -€59,712
down €59,712 (-61.6%), from €96,940 to €37,228
- Other operating charges +€7,797
up €7,797 (+69.9%), from €11,148 to €18,945
- Financial income -€4,242
down €4,242 (-31.5%), from €13,487 to €9,245
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 | €1,680,590 | €1,436,771 | -€243,819 | -14.5% |
| Fixed assets | 21/28 | €284,136 | €271,300 | -€12,835 | -4.5% |
| Tangible fixed assets | 22/27 | €282,836 | €270,000 | -€12,835 | -4.5% |
| Land and buildings | 22 | €262,142 | €252,391 | -€9,750 | -3.7% |
| Plant, machinery and equipment | 23 | €9,371 | €16,723 | +€7,352 | +78.5% |
| Furniture and vehicles | 24 | €11,323 | €886 | -€10,437 | -92.2% |
| Financial fixed assets | 28 | €1,300 | €1,300 | = | 0.0% |
| Current assets | 29/58 | €1,396,454 | €1,165,470 | -€230,983 | -16.5% |
| Stocks and contracts in progress | 3 | €904,588 | €742,332 | -€162,257 | -17.9% |
| Stocks | 30/36 | €904,588 | €742,332 | -€162,257 | -17.9% |
| Amounts receivable within one year | 40/41 | €319,572 | €336,600 | +€17,028 | +5.3% |
| Trade receivables | 40 | €61,425 | €78,106 | +€16,681 | +27.2% |
| Other amounts receivable | 41 | €258,147 | €258,494 | +€347 | +0.1% |
| Current investments | 50/53 | - | €11,422 | +€11,422 | |
| Cash at bank and in hand | 54/58 | €164,602 | €42,581 | -€122,022 | -74.1% |
| Deferred charges and accrued income | 490/1 | €7,691 | €32,536 | +€24,845 | +323% |
| Total equity and liabilities | 10/49 | €1,680,590 | €1,436,771 | -€243,819 | -14.5% |
| Equity | 10/15 | €734,490 | €571,745 | -€162,745 | -22.2% |
| Contributions | 10/11 | €1,228,800 | €1,228,800 | = | 0.0% |
| Reserves | 13 | €9,158 | €9,158 | = | 0.0% |
| Distributable reserves | 133 | €9,158 | €9,158 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€503,468 | -€666,213 | -€162,745 | -32.3% |
| Amounts payable | 17/49 | €946,100 | €865,026 | -€81,074 | -8.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €936,808 | €852,023 | -€84,786 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €52,129 | €0 | -€52,129 | -100% |
| Financial debts | 43 | €121,368 | €121,368 | = | 0.0% |
| Credit institutions | 430/8 | €121,368 | €121,368 | = | 0.0% |
| Trade debts | 44 | €529,273 | €500,664 | -€28,609 | -5.4% |
| Suppliers | 440/4 | €529,273 | €500,664 | -€28,609 | -5.4% |
| Taxes, remuneration and social security | 45 | €11,677 | €8,292 | -€3,385 | -29.0% |
| Taxes | 450/3 | €4,234 | €2,340 | -€1,894 | -44.7% |
| Remuneration and social security | 454/9 | €7,444 | €5,953 | -€1,491 | -20.0% |
| Other amounts payable | 47/48 | €222,361 | €221,698 | -€663 | -0.3% |
| Accrued charges and deferred income | 492/3 | €9,291 | €13,003 | +€3,712 | +39.9% |
| Remuneration, social security and pensions | 62 | €68,913 | €69,685 | +€772 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,940 | €37,228 | -€59,712 | -61.6% |
| Other operating charges | 640/8 | €11,148 | €18,945 | +€7,797 | +69.9% |
| Gross operating margin | 9900 | €161,507 | -€31,770 | -€193,277 | |
| Operating profit (loss) | 9901 | -€15,493 | -€157,628 | -€142,135 | -917% |
| Financial income | 75/76B | €13,487 | €9,245 | -€4,242 | -31.5% |
| Recurring financial income | 75 | €13,487 | €9,245 | -€4,242 | -31.5% |
| Financial charges | 65/66B | €13,885 | €13,950 | +€65 | +0.5% |
| Recurring financial charges | 65 | €13,885 | €13,950 | +€65 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€15,890 | -€162,332 | -€146,442 | -922% |
| Income taxes | 67/77 | €366 | €412 | +€46 | +12.6% |
| Profit (loss) for the period | 9904 | -€16,257 | -€162,745 | -€146,488 | -901% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,257 | -€162,745 | -€146,488 | -901% |
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 15 October 2026 via checked.be.