TER WAARDE: 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 WAARDE
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€94,017
2024 · €73,233+€20,784
Equity
€1.1m
2024 · €1.0m+€94,017
Cash
€39,348
2024 · €31,546+€7,802
Balance sheet total
€3.1m
2024 · €3.2m-€73,206
Largest movements
Assets
- Tangible fixed assets -€118,174
down €118,174 (-3.8%), from €3.1m to €3.0m
Equity and liabilities
- Debts after one year -€215,468
down €215,468 (-12.6%), from €1.7m to €1.5m
of which Financial debts: -€218,468
- Profit (loss) carried forward +€100,565
up €100,565 (+40.0%), from €251,388 to €351,954
- Short-term financial debts +€35,632
up €35,632 (+100%), from €35,632 to €71,264
Income statement
- Depreciation -€15,157
down €15,157 (-10.9%), from €139,132 to €123,974
- Gross operating margin +€10,470
up €10,470 (+3.1%), from €334,068 to €344,538
- Taxes +€5,634
up €5,634 (+19.3%), from €29,229 to €34,863
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
€73,233
Gross operating margin
+€10,470
Depreciation
+€15,157
Other operating charges
-€2,267
Financial income
+€0
Financial charges
+€3,058
Taxes
-€5,634
Result 2025
€94,017
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
+€192,532
Investment
-€5,800
Financing
-€178,930
Cash 2024
€31,546
From operations (derived)
+€192,532
Net result for the year
+€94,017
Depreciation
+€123,974
Receivables within one year
-€31,443
Deferred charges and accrued income
-€5,724
Provisions
-€2,778
Trade debts
-€5,758
Tax, wage and social debts
+€19,863
Accrued charges and deferred income
+€380
Investment (derived)
-€5,800
Investment in fixed assets (net)
-€5,800
Financing
-€178,930
Debts after one year
-€215,468
Current portion of long-term debt
+€906
Short-term financial debts
+€35,632
Cash 2025
€39,348
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,166,137 | €3,092,932 | -€73,206 | -2.3% |
| Fixed assets | 21/28 | €3,121,492 | €3,003,318 | -€118,174 | -3.8% |
| Tangible fixed assets | 22/27 | €3,121,492 | €3,003,318 | -€118,174 | -3.8% |
| Land and buildings | 22 | €3,121,492 | €3,003,318 | -€118,174 | -3.8% |
| Current assets | 29/58 | €44,645 | €89,614 | +€44,969 | +101% |
| Amounts receivable within one year | 40/41 | €12,780 | €44,223 | +€31,443 | +246% |
| Trade receivables | 40 | €12,780 | €44,223 | +€31,443 | +246% |
| Cash at bank and in hand | 54/58 | €31,546 | €39,348 | +€7,802 | +24.7% |
| Deferred charges and accrued income | 490/1 | €320 | €6,044 | +€5,724 | +1,791% |
| Total equity and liabilities | 10/49 | €3,166,137 | €3,092,932 | -€73,206 | -2.3% |
| Equity | 10/15 | €1,016,199 | €1,110,216 | +€94,017 | +9.3% |
| Contributions | 10/11 | €461,500 | €461,500 | = | 0.0% |
| Reserves | 13 | €303,311 | €296,763 | -€6,548 | -2.2% |
| Tax-exempt reserves | 132 | €157,161 | €150,613 | -€6,548 | -4.2% |
| Distributable reserves | 133 | €146,150 | €146,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €251,388 | €351,954 | +€100,565 | +40.0% |
| Provisions and deferred taxes | 16 | €66,672 | €63,894 | -€2,778 | -4.2% |
| Deferred taxes | 168 | €66,672 | €63,894 | -€2,778 | -4.2% |
| Amounts payable | 17/49 | €2,083,266 | €1,918,821 | -€164,445 | -7.9% |
| Amounts payable after more than one year | 17 | €1,706,974 | €1,491,506 | -€215,468 | -12.6% |
| Financial debts | 170/4 | €1,673,891 | €1,455,423 | -€218,468 | -13.1% |
| Other amounts payable | 178/9 | €33,083 | €36,083 | +€3,000 | +9.1% |
| Amounts payable within one year | 42/48 | €292,632 | €343,275 | +€50,643 | +17.3% |
| Current portion of amounts payable after more than one year | 42 | €217,561 | €218,468 | +€906 | +0.4% |
| Financial debts | 43 | €35,632 | €71,264 | +€35,632 | +100% |
| Other loans | 439 | €35,632 | €71,264 | +€35,632 | +100% |
| Trade debts | 44 | €10,210 | €4,452 | -€5,758 | -56.4% |
| Suppliers | 440/4 | €10,210 | €4,452 | -€5,758 | -56.4% |
| Taxes, remuneration and social security | 45 | €29,229 | €49,091 | +€19,863 | +68.0% |
| Taxes | 450/3 | €29,229 | €49,091 | +€19,863 | +68.0% |
| Accrued charges and deferred income | 492/3 | €83,661 | €84,041 | +€380 | +0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,132 | €123,974 | -€15,157 | -10.9% |
| Other operating charges | 640/8 | €42,877 | €45,144 | +€2,267 | +5.3% |
| Gross operating margin | 9900 | €334,068 | €344,538 | +€10,470 | +3.1% |
| Operating profit (loss) | 9901 | €152,059 | €175,419 | +€23,360 | +15.4% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €52,375 | €49,318 | -€3,058 | -5.8% |
| Recurring financial charges | 65 | €52,375 | €49,318 | -€3,058 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €99,684 | €126,102 | +€26,418 | +26.5% |
| Transfer from deferred taxes | 780 | €2,778 | €2,778 | = | 0.0% |
| Income taxes | 67/77 | €29,229 | €34,863 | +€5,634 | +19.3% |
| Profit (loss) for the period | 9904 | €73,233 | €94,017 | +€20,784 | +28.4% |
| Transfer from tax-exempt reserves | 789 | €6,548 | €6,548 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €79,782 | €100,565 | +€20,784 | +26.1% |
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.