TERCADES: 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.
TERCADES
Largest movements
- Stocks and contracts -€382,504
down €382,504 (-23.3%), from €1.6m to €1.3m
- Receivables within one year +€108,994
up €108,994 (+61.1%), from €178,506 to €287,500
- Short-term financial debts -€289,132
down €289,132 (-21.0%), from €1.4m to €1.1m
- Profit (loss) carried forward +€36,472
up €36,472 (+62.3%), from -€58,503 to -€22,032
- Accrued charges and deferred income -€27,050
down €27,050 (-99.9%), from €27,080 to €31
- Financial charges -€66,652
down €66,652 (-72.5%), from €91,966 to €25,313
- Gross operating margin -€21,119
down €21,119 (-25.3%), from €83,561 to €62,443
- Other operating charges -€1,171
down €1,171 (-64.0%), from €1,829 to €658
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 | €1,865,254 | €1,585,564 | -€279,690 | -15.0% |
| Fixed assets | 21/28 | €39,000 | €39,000 | = | 0.0% |
| Financial fixed assets | 28 | €39,000 | €39,000 | = | 0.0% |
| Current assets | 29/58 | €1,826,254 | €1,546,564 | -€279,690 | -15.3% |
| Stocks and contracts in progress | 3 | €1,640,145 | €1,257,641 | -€382,504 | -23.3% |
| Stocks | 30/36 | €1,640,145 | €1,257,641 | -€382,504 | -23.3% |
| Amounts receivable within one year | 40/41 | €178,506 | €287,500 | +€108,994 | +61.1% |
| Other amounts receivable | 41 | €178,506 | €287,500 | +€108,994 | +61.1% |
| Cash at bank and in hand | 54/58 | €7,603 | €1,423 | -€6,180 | -81.3% |
| Total equity and liabilities | 10/49 | €1,865,254 | €1,585,564 | -€279,690 | -15.0% |
| Equity | 10/15 | -€56,503 | -€20,032 | +€36,472 | +64.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,503 | -€22,032 | +€36,472 | +62.3% |
| Amounts payable | 17/49 | €1,921,758 | €1,605,596 | -€316,162 | -16.5% |
| Amounts payable after more than one year | 17 | €515,000 | €515,000 | = | 0.0% |
| Other amounts payable | 178/9 | €515,000 | €515,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,379,677 | €1,090,565 | -€289,112 | -21.0% |
| Financial debts | 43 | €1,379,607 | €1,090,475 | -€289,132 | -21.0% |
| Credit institutions | 430/8 | €1,379,607 | €1,090,475 | -€289,132 | -21.0% |
| Trade debts | 44 | €70 | €91 | +€20 | +28.9% |
| Suppliers | 440/4 | €70 | €91 | +€20 | +28.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €27,080 | €31 | -€27,050 | -99.9% |
| Other operating charges | 640/8 | €1,829 | €658 | -€1,171 | -64.0% |
| Gross operating margin | 9900 | €83,561 | €62,443 | -€21,119 | -25.3% |
| Operating profit (loss) | 9901 | €81,732 | €61,785 | -€19,947 | -24.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €91,966 | €25,313 | -€66,652 | -72.5% |
| Recurring financial charges | 65 | €91,966 | €25,313 | -€66,652 | -72.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,233 | €36,472 | +€46,705 | |
| Profit (loss) for the period | 9904 | -€10,233 | €36,472 | +€46,705 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,233 | €36,472 | +€46,705 |
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.