TER WAERT: 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 WAERT
Largest movements
- Tangible fixed assets +€389,843
up €389,843 (+37.8%), from €1.0m to €1.4m
of which Land and buildings: +€393,431
- Current investments +€200,000
new in 2026: €200,000
- Cash -€25,883
down €25,883 (-64.3%), from €40,269 to €14,386
mainly Investment in fixed assets (net) (-€498,047) and Current investments (-€200,000)
- Debts after one year +€575,972
up €575,972 (+121%), from €476,578 to €1.1m
- Profit (loss) carried forward -€177,503
no longer reported in 2026 (was €177,503)
- Trade debts +€99,541
up €99,541 (+28.7%), from €347,285 to €446,826
- Reserves +€46,222
up €46,222 (+186%), from €24,824 to €71,045
of which Distributable reserves: +€46,222
- Tax, wage and social debts -€20,152
down €20,152 (-86.8%), from €23,213 to €3,061
- Gross operating margin +€87,312
up €87,312 (+46.9%), from €186,098 to €273,410
- Depreciation +€57,649
up €57,649 (+114%), from €50,555 to €108,204
- Write-downs +€50,774
up €50,774 (+212%), from €23,920 to €74,694
- Other operating charges -€11,456
down €11,456 (-67.2%), from €17,055 to €5,599
- Taxes -€5,732
down €5,732 (-23.4%), from €24,539 to €18,807
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,335,949 | €1,875,922 | +€539,973 | +40.4% |
| Fixed assets | 21/28 | €1,032,630 | €1,422,473 | +€389,843 | +37.8% |
| Tangible fixed assets | 22/27 | €1,032,630 | €1,422,473 | +€389,843 | +37.8% |
| Land and buildings | 22 | €1,022,213 | €1,415,644 | +€393,431 | +38.5% |
| Plant, machinery and equipment | 23 | €7,769 | €5,140 | -€2,629 | -33.8% |
| Furniture and vehicles | 24 | €2,649 | €1,689 | -€959 | -36.2% |
| Current assets | 29/58 | €303,319 | €453,449 | +€150,130 | +49.5% |
| Stocks and contracts in progress | 3 | €247,956 | €230,312 | -€17,644 | -7.1% |
| Stocks | 30/36 | €247,956 | €230,312 | -€17,644 | -7.1% |
| Amounts receivable within one year | 40/41 | €15,093 | €8,751 | -€6,343 | -42.0% |
| Trade receivables | 40 | €8,500 | - | -€8,500 | |
| Other amounts receivable | 41 | €6,593 | €8,751 | +€2,157 | +32.7% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €40,269 | €14,386 | -€25,883 | -64.3% |
| Total equity and liabilities | 10/49 | €1,335,949 | €1,875,922 | +€539,973 | +40.4% |
| Equity | 10/15 | €275,624 | €144,343 | -€131,281 | -47.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €54,698 | €54,698 | = | 0.0% |
| Reserves | 13 | €24,824 | €71,045 | +€46,222 | +186% |
| Tax-exempt reserves | 132 | €3,000 | €3,000 | = | 0.0% |
| Distributable reserves | 133 | €21,824 | €68,045 | +€46,222 | +212% |
| Profit (loss) carried forward | 14 | €177,503 | - | -€177,503 | |
| Amounts payable | 17/49 | €1,060,325 | €1,731,579 | +€671,254 | +63.3% |
| Amounts payable after more than one year | 17 | €476,578 | €1,052,551 | +€575,972 | +121% |
| Financial debts | 170/4 | €476,578 | €1,052,551 | +€575,972 | +121% |
| Amounts payable within one year | 42/48 | €583,746 | €679,028 | +€95,282 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €152,535 | €159,525 | +€6,990 | +4.6% |
| Trade debts | 44 | €347,285 | €446,826 | +€99,541 | +28.7% |
| Suppliers | 440/4 | €347,285 | €446,826 | +€99,541 | +28.7% |
| Taxes, remuneration and social security | 45 | €23,213 | €3,061 | -€20,152 | -86.8% |
| Taxes | 450/3 | €23,213 | €3,061 | -€20,152 | -86.8% |
| Other amounts payable | 47/48 | €60,713 | €69,616 | +€8,903 | +14.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,555 | €108,204 | +€57,649 | +114% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,920 | €74,694 | +€50,774 | +212% |
| Other operating charges | 640/8 | €17,055 | €5,599 | -€11,456 | -67.2% |
| Non-recurring operating charges | 66A | €52 | - | -€52 | |
| Gross operating margin | 9900 | €186,098 | €273,410 | +€87,312 | +46.9% |
| Operating profit (loss) | 9901 | €94,516 | €84,912 | -€9,603 | -10.2% |
| Financial income | 75/76B | €3 | €1,705 | +€1,703 | +65,495% |
| Recurring financial income | 75 | €3 | €1,705 | +€1,703 | +65,495% |
| Financial charges | 65/66B | €3,728 | €1,625 | -€2,103 | -56.4% |
| Recurring financial charges | 65 | €3,728 | €1,625 | -€2,103 | -56.4% |
| Profit (loss) for the period before taxes | 9903 | €90,790 | €84,993 | -€5,797 | -6.4% |
| Income taxes | 67/77 | €24,539 | €18,807 | -€5,732 | -23.4% |
| Profit (loss) for the period | 9904 | €66,250 | €66,185 | -€65 | -0.1% |
| Transfer from tax-exempt reserves | 789 | €136 | - | -€136 | |
| Profit (loss) for the period to be appropriated | 9905 | €66,386 | €66,185 | -€201 | -0.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.