Ter Muden: what changed
Two fiscal 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 Muden
Largest movements
- Financial fixed assets -€287,665
down €287,665 (-100.0%), from €287,665 to €0
- Cash -€62,386
down €62,386 (-39.4%), from €158,226 to €95,840
mainly Contributions, distributions and other (-€787,982) and Receivables within one year (-€13,326)
- Tangible fixed assets -€38,287
down €38,287 (-4.5%), from €845,479 to €807,192
- Current investments -€32,766
down €32,766 (-11.6%), from €283,232 to €250,465
- Reserves -€461,836
down €461,836 (-34.0%), from €1.4m to €897,874
of which Distributable reserves: -€461,836
- Other debts +€58,933
up €58,933 (+26.1%), from €225,972 to €284,905
- Financial income +€238,239
up €238,239 (+230.2%), from €103,509 to €341,748
of which Non-recurring financial income: +€238,952
- Taxes +€87,881
up €87,881 (+139.8%), from €62,882 to €150,763
- Depreciation -€29,988
down €29,988 (-42.5%), from €70,504 to €40,515
- Financial charges +€11,100
up €11,100 (+122.2%), from €9,084 to €20,184
of which Financial charges: +€13,682
- Gross operating margin +€6,166
up €6,166 (+3.2%), from €194,129 to €200,294
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.
Cash bridge derived
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 | €1,605,345 | €1,197,727 | -€407,618 | -25.4% |
| Fixed assets | 21/28 | €1,133,144 | €807,192 | -€325,952 | -28.8% |
| Tangible fixed assets | 22/27 | €845,479 | €807,192 | -€38,287 | -4.5% |
| Land and buildings | 22 | €766,761 | €747,695 | -€19,065 | -2.5% |
| Plant, machinery and equipment | 23 | €10,091 | €8,213 | -€1,878 | -18.6% |
| Furniture and vehicles | 24 | €68,628 | €51,284 | -€17,344 | -25.3% |
| Financial fixed assets | 28 | €287,665 | €0 | -€287,665 | -100.0% |
| Current assets | 29/58 | €472,201 | €390,534 | -€81,666 | -17.3% |
| Amounts receivable within one year | 40/41 | €26,346 | €39,672 | +€13,326 | +50.6% |
| Trade receivables | 40 | €18,969 | €30,805 | +€11,836 | +62.4% |
| Other amounts receivable | 41 | €7,377 | €8,867 | +€1,490 | +20.2% |
| Current investments | 50/53 | €283,232 | €250,465 | -€32,766 | -11.6% |
| Cash at bank and in hand | 54/58 | €158,226 | €95,840 | -€62,386 | -39.4% |
| Deferred charges and accrued income | 490/1 | €4,397 | €4,557 | +€160 | +3.6% |
| Total equity and liabilities | 10/49 | €1,605,345 | €1,197,727 | -€407,618 | -25.4% |
| Equity | 10/15 | €1,360,460 | €898,624 | -€461,836 | -33.9% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Reserves | 13 | €1,359,710 | €897,874 | -€461,836 | -34.0% |
| Tax-exempt reserves | 132 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €1,354,710 | €892,874 | -€461,836 | -34.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €244,885 | €299,103 | +€54,218 | +22.1% |
| Amounts payable within one year | 42/48 | €244,604 | €299,103 | +€54,499 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €2,321 | €1,130 | -€1,191 | -51.3% |
| Suppliers | 440/4 | €2,321 | €1,130 | -€1,191 | -51.3% |
| Taxes, remuneration and social security | 45 | €16,311 | €13,068 | -€3,244 | -19.9% |
| Taxes | 450/3 | €16,311 | €13,068 | -€3,244 | -19.9% |
| Other amounts payable | 47/48 | €225,972 | €284,905 | +€58,933 | +26.1% |
| Accrued charges and deferred income | 492/3 | €281 | €0 | -€281 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,504 | €40,515 | -€29,988 | -42.5% |
| Other operating charges | 640/8 | €3,066 | €4,433 | +€1,367 | +44.6% |
| Non-recurring operating charges | 66A | €357 | €0 | -€357 | -100.0% |
| Gross operating margin | 9900 | €194,129 | €200,294 | +€6,166 | +3.2% |
| Operating profit (loss) | 9901 | €120,202 | €155,345 | +€35,144 | +29.2% |
| Financial income | 75/76B | €103,509 | €341,748 | +€238,239 | +230.2% |
| Recurring financial income | 75 | €17,876 | €17,162 | -€713 | -4.0% |
| Non-recurring financial income | 76B | €85,633 | €324,585 | +€238,952 | +279.0% |
| Financial charges | 65/66B | €9,084 | €20,184 | +€11,100 | +122.2% |
| Recurring financial charges | 65 | €5,398 | €19,080 | +€13,682 | +253.5% |
| Non-recurring financial charges | 66B | €3,686 | €1,104 | -€2,583 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €214,627 | €476,910 | +€262,283 | +122.2% |
| Income taxes | 67/77 | €62,882 | €150,763 | +€87,881 | +139.8% |
| Profit (loss) for the period | 9904 | €151,744 | €326,146 | +€174,402 | +114.9% |
| Profit (loss) for the period to be appropriated | 9905 | €151,744 | €326,146 | +€174,402 | +114.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.