TERBEKEHOF: 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.
TERBEKEHOF
Largest movements
- Tangible fixed assets -€88,864
down €88,864 (-5.3%), from €1.7m to €1.6m
of which Other tangible fixed assets: -€45,269
- Cash +€65,041
up €65,041 (+41.4%), from €157,245 to €222,286
mainly Depreciation (+€91,365) and Net result for the year (+€27,996)
- Debts after one year -€42,055
down €42,055 (-6.2%), from €675,817 to €633,761
of which Financial debts: -€40,595
- Reserves +€27,996
up €27,996 (+4.5%), from €622,703 to €650,699
of which Distributable reserves: +€47,336
- Depreciation -€12,641
down €12,641 (-12.2%), from €104,006 to €91,365
- Gross operating margin -€2,624
down €2,624 (-1.9%), from €135,009 to €132,386
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 | €1,854,847 | €1,831,402 | -€23,445 | -1.3% |
| Fixed assets | 21/28 | €1,691,718 | €1,602,854 | -€88,864 | -5.3% |
| Tangible fixed assets | 22/27 | €1,691,718 | €1,602,854 | -€88,864 | -5.3% |
| Land and buildings | 22 | €745,064 | €701,469 | -€43,595 | -5.9% |
| Other tangible fixed assets | 26 | €946,654 | €901,385 | -€45,269 | -4.8% |
| Current assets | 29/58 | €163,129 | €228,548 | +€65,418 | +40.1% |
| Cash at bank and in hand | 54/58 | €157,245 | €222,286 | +€65,041 | +41.4% |
| Deferred charges and accrued income | 490/1 | €5,884 | €6,262 | +€378 | +6.4% |
| Total equity and liabilities | 10/49 | €1,854,847 | €1,831,402 | -€23,445 | -1.3% |
| Equity | 10/15 | €684,203 | €712,199 | +€27,996 | +4.1% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €622,703 | €650,699 | +€27,996 | +4.5% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €396,866 | €377,526 | -€19,340 | -4.9% |
| Distributable reserves | 133 | €219,687 | €267,023 | +€47,336 | +21.5% |
| Provisions and deferred taxes | 16 | €204,355 | €194,396 | -€9,959 | -4.9% |
| Deferred taxes | 168 | €204,355 | €194,396 | -€9,959 | -4.9% |
| Amounts payable | 17/49 | €966,289 | €924,806 | -€41,483 | -4.3% |
| Amounts payable after more than one year | 17 | €675,817 | €633,761 | -€42,055 | -6.2% |
| Financial debts | 170/4 | €674,357 | €633,761 | -€40,595 | -6.0% |
| Other amounts payable | 178/9 | €1,460 | - | -€1,460 | |
| Amounts payable within one year | 42/48 | €289,385 | €289,956 | +€571 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €40,414 | €40,595 | +€181 | +0.4% |
| Trade debts | 44 | €14,973 | €12,100 | -€2,873 | -19.2% |
| Suppliers | 440/4 | €14,973 | €12,100 | -€2,873 | -19.2% |
| Other amounts payable | 47/48 | €233,998 | €237,260 | +€3,262 | +1.4% |
| Accrued charges and deferred income | 492/3 | €1,088 | €1,089 | +€2 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,006 | €91,365 | -€12,641 | -12.2% |
| Other operating charges | 640/8 | €15,924 | €16,062 | +€138 | +0.9% |
| Gross operating margin | 9900 | €135,009 | €132,386 | -€2,624 | -1.9% |
| Operating profit (loss) | 9901 | €15,079 | €24,958 | +€9,879 | +65.5% |
| Financial income | 75/76B | - | €574 | +€574 | |
| Recurring financial income | 75 | - | €574 | +€574 | |
| Financial charges | 65/66B | €8,361 | €7,322 | -€1,038 | -12.4% |
| Recurring financial charges | 65 | €8,361 | €7,322 | -€1,038 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €6,718 | €18,210 | +€11,491 | +171.0% |
| Transfer from deferred taxes | 780 | €9,959 | €9,959 | = | 0.0% |
| Income taxes | 67/77 | - | €172 | +€172 | |
| Profit (loss) for the period | 9904 | €16,677 | €27,996 | +€11,319 | +67.9% |
| Transfer from tax-exempt reserves | 789 | €19,340 | €19,340 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,017 | €47,336 | +€11,319 | +31.4% |
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 9 October 2026 via checked.be.