TER MUDE: 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 MUDE
Largest movements
- Receivables within one year +€116,922
up €116,922 (+5,789%), from €2,020 to €118,942
of which Other amounts receivable: +€116,922
- Cash -€66,425
down €66,425 (-77.5%), from €85,721 to €19,296
mainly Receivables within one year (-€116,922) and Tax, wage and social debts (-€7,146)
- Tangible fixed assets -€9,933
down €9,933 (-3.1%), from €321,351 to €311,417
of which Land and buildings: -€8,721
- Profit (loss) carried forward +€46,826
up €46,826 (+20.6%), from €226,819 to €273,645
- Tax, wage and social debts -€7,146
down €7,146 (-35.8%), from €19,938 to €12,792
of which Taxes: -€7,146
- Taxes -€12,777
down €12,777 (-41.8%), from €30,569 to €17,792
- Gross operating margin -€5,416
down €5,416 (-6.0%), from €90,524 to €85,108
- Financial income +€3,135
up €3,135 (+2,277%), from €138 to €3,272
- Other operating charges -€2,255
down €2,255 (-14.1%), from €15,983 to €13,728
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 | €415,580 | €456,151 | +€40,571 | +9.8% |
| Fixed assets | 21/28 | €321,416 | €311,482 | -€9,933 | -3.1% |
| Tangible fixed assets | 22/27 | €321,351 | €311,417 | -€9,933 | -3.1% |
| Land and buildings | 22 | €319,645 | €310,925 | -€8,721 | -2.7% |
| Plant, machinery and equipment | 23 | €1,705 | €493 | -€1,213 | -71.1% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €65 | €65 | = | 0.0% |
| Current assets | 29/58 | €94,164 | €144,668 | +€50,504 | +53.6% |
| Amounts receivable within one year | 40/41 | €2,020 | €118,942 | +€116,922 | +5,789% |
| Trade receivables | 40 | €1,277 | €1,277 | = | 0.0% |
| Other amounts receivable | 41 | €743 | €117,665 | +€116,922 | +15,741% |
| Cash at bank and in hand | 54/58 | €85,721 | €19,296 | -€66,425 | -77.5% |
| Deferred charges and accrued income | 490/1 | €6,424 | €6,430 | +€7 | +0.1% |
| Total equity and liabilities | 10/49 | €415,580 | €456,151 | +€40,571 | +9.8% |
| Equity | 10/15 | €390,569 | €437,395 | +€46,826 | +12.0% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €101,250 | €101,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Distributable reserves | 133 | €95,000 | €95,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €226,819 | €273,645 | +€46,826 | +20.6% |
| Amounts payable | 17/49 | €25,011 | €18,756 | -€6,256 | -25.0% |
| Amounts payable within one year | 42/48 | €21,011 | €14,721 | -€6,290 | -29.9% |
| Current portion of amounts payable after more than one year | 42 | €952 | - | -€952 | |
| Trade debts | 44 | €121 | €1,929 | +€1,808 | +1,494% |
| Suppliers | 440/4 | €121 | €1,929 | +€1,808 | +1,494% |
| Taxes, remuneration and social security | 45 | €19,938 | €12,792 | -€7,146 | -35.8% |
| Taxes | 450/3 | €17,938 | €10,792 | -€7,146 | -39.8% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,000 | €4,035 | +€35 | +0.9% |
| Remuneration, social security and pensions | 62 | €116 | - | -€116 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,238 | €9,933 | -€305 | -3.0% |
| Other operating charges | 640/8 | €15,983 | €13,728 | -€2,255 | -14.1% |
| Gross operating margin | 9900 | €90,524 | €85,108 | -€5,416 | -6.0% |
| Operating profit (loss) | 9901 | €64,186 | €61,447 | -€2,739 | -4.3% |
| Financial income | 75/76B | €138 | €3,272 | +€3,135 | +2,277% |
| Recurring financial income | 75 | €138 | €3,272 | +€3,135 | +2,277% |
| Financial charges | 65/66B | €478 | €101 | -€377 | -78.8% |
| Recurring financial charges | 65 | €478 | €101 | -€377 | -78.8% |
| Profit (loss) for the period before taxes | 9903 | €63,846 | €64,618 | +€772 | +1.2% |
| Income taxes | 67/77 | €30,569 | €17,792 | -€12,777 | -41.8% |
| Profit (loss) for the period | 9904 | €33,277 | €46,826 | +€13,549 | +40.7% |
| Profit (loss) for the period to be appropriated | 9905 | €33,277 | €46,826 | +€13,549 | +40.7% |
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 18 October 2026 via checked.be.