TER VELDEN: 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.
What changed
TER VELDEN
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€23,744
2024 · €6.4m-€6.4m
Equity
€7.0m
2024 · €7.1m-€23,745
Cash
€31,243
2024 · €120,692-€89,449
Balance sheet total
€10.8m
2024 · €10.8m+€47,406
Largest movements
Assets
- Current investments -€950,558
down €950,558 (-99.2%), from €957,862 to €7,304
- Tangible fixed assets +€939,116
up €939,116 (+13.5%), from €7.0m to €7.9m
of which Assets under construction and advance payments: +€982,266
- Receivables after one year +€180,330
up €180,330 (+9.7%), from €1.9m to €2.0m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€6.5m
down €6.5m, from €6.4m to -€111,029
- Financial income +€75,154
up €75,154 (+54.5%), from €137,836 to €212,990
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.
Result 2024
€6.4m
Gross operating margin
-€6.5m
Staff costs
+€2,905
Depreciation
+€4,872
Other operating charges
-€3,431
Financial income
+€75,154
Financial charges
+€15,924
Taxes
+€51,619
Result 2025
-€23,744
raises the resultlowers the result
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.
From operations
+€36,695
Investment
-€43,540
Financing
-€82,604
Cash 2024
€120,692
From operations (derived)
+€36,695
Net result for the year
-€23,744
Depreciation
+€53,512
Receivables after one year
-€180,330
Receivables within one year
+€34,448
Smaller working-capital items
+€1,125
Tax, wage and social debts
+€51,043
Other debts
+€100,641
Investment (derived)
-€43,540
Investment in fixed assets (net)
-€994,098
Current investments
+€950,558
Financing
-€82,604
Debts after one year
-€83,475
Current portion of long-term debt
+€872
Contributions, distributions and other
-€1
Cash 2025
€31,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,793,774 | €10,841,180 | +€47,406 | +0.4% |
| Fixed assets | 21/28 | €7,784,834 | €8,725,420 | +€940,586 | +12.1% |
| Tangible fixed assets | 22/27 | €6,975,953 | €7,915,069 | +€939,116 | +13.5% |
| Land and buildings | 22 | €5,324,176 | €5,275,748 | -€48,428 | -0.9% |
| Plant, machinery and equipment | 23 | €13,945 | €11,548 | -€2,397 | -17.2% |
| Furniture and vehicles | 24 | €8,670 | €16,345 | +€7,675 | +88.5% |
| Other tangible fixed assets | 26 | €1,280,000 | €1,280,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €349,162 | €1,331,428 | +€982,266 | +281% |
| Financial fixed assets | 28 | €808,881 | €810,351 | +€1,470 | +0.2% |
| Current assets | 29/58 | €3,008,940 | €2,115,760 | -€893,180 | -29.7% |
| Amounts receivable after more than one year | 29 | €1,856,630 | €2,036,960 | +€180,330 | +9.7% |
| Other amounts receivable | 291 | €1,856,630 | €2,036,960 | +€180,330 | +9.7% |
| Amounts receivable within one year | 40/41 | €73,756 | €39,308 | -€34,448 | -46.7% |
| Trade receivables | 40 | €18,756 | - | -€18,756 | |
| Other amounts receivable | 41 | €55,000 | €39,308 | -€15,692 | -28.5% |
| Current investments | 50/53 | €957,862 | €7,304 | -€950,558 | -99.2% |
| Cash at bank and in hand | 54/58 | €120,692 | €31,243 | -€89,449 | -74.1% |
| Deferred charges and accrued income | 490/1 | - | €945 | +€945 | |
| Total equity and liabilities | 10/49 | €10,793,774 | €10,841,180 | +€47,406 | +0.4% |
| Equity | 10/15 | €7,066,831 | €7,043,086 | -€23,745 | -0.3% |
| Contributions | 10/11 | €4,500,000 | €4,500,000 | = | 0.0% |
| Capital | 10 | €4,500,000 | €4,500,000 | = | 0.0% |
| Issued capital | 100 | €4,500,000 | €4,500,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,167,792 | €1,167,792 | = | 0.0% |
| Reserves | 13 | €1,390,000 | €1,370,000 | -€20,000 | -1.4% |
| Non-distributable reserves | 130/1 | €450,000 | €450,000 | = | 0.0% |
| Legal reserve | 130 | €450,000 | €450,000 | = | 0.0% |
| Distributable reserves | 133 | €940,000 | €920,000 | -€20,000 | -2.1% |
| Profit (loss) carried forward | 14 | €9,039 | €5,294 | -€3,745 | -41.4% |
| Amounts payable | 17/49 | €3,726,943 | €3,798,094 | +€71,151 | +1.9% |
| Amounts payable after more than one year | 17 | €875,518 | €792,043 | -€83,475 | -9.5% |
| Financial debts | 170/4 | €875,518 | €792,043 | -€83,475 | -9.5% |
| Amounts payable within one year | 42/48 | €2,851,425 | €3,006,051 | +€154,626 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €82,603 | €83,475 | +€872 | +1.1% |
| Trade debts | 44 | €76,720 | €78,790 | +€2,070 | +2.7% |
| Suppliers | 440/4 | €76,720 | €78,790 | +€2,070 | +2.7% |
| Taxes, remuneration and social security | 45 | €56,284 | €107,327 | +€51,043 | +90.7% |
| Taxes | 450/3 | €56,284 | €107,327 | +€51,043 | +90.7% |
| Other amounts payable | 47/48 | €2,635,818 | €2,736,459 | +€100,641 | +3.8% |
| Non-recurring operating income | 76A | €6,546,274 | - | -€6.5m | |
| Remuneration, social security and pensions | 62 | €2,905 | - | -€2,905 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,384 | €53,512 | -€4,872 | -8.3% |
| Other operating charges | 640/8 | €7,647 | €11,078 | +€3,431 | +44.9% |
| Gross operating margin | 9900 | €6,414,835 | -€111,029 | -€6.5m | |
| Operating profit (loss) | 9901 | €6,345,899 | -€175,619 | -€6.5m | |
| Financial income | 75/76B | €137,836 | €212,990 | +€75,154 | +54.5% |
| Recurring financial income | 75 | €137,836 | €212,990 | +€75,154 | +54.5% |
| Financial charges | 65/66B | €76,877 | €60,953 | -€15,924 | -20.7% |
| Recurring financial charges | 65 | €76,877 | €60,953 | -€15,924 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €6,406,858 | -€23,582 | -€6.4m | |
| Income taxes | 67/77 | €51,781 | €162 | -€51,619 | -99.7% |
| Profit (loss) for the period | 9904 | €6,355,077 | -€23,744 | -€6.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €6,355,077 | -€23,744 | -€6.4m |
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 14 October 2026 via checked.be.