TERCAE: what changed
TERCAE
Largest movements
- Cash +€102,173
up €102,173 (+249%), from €40,988 to €143,161
mainly Net result for the year (+€119,278) and Depreciation (+€22,695)
- Tangible fixed assets -€20,940
down €20,940 (-19.7%), from €106,055 to €85,115
of which Furniture and vehicles: -€11,333
- Receivables within one year +€13,142
up €13,142 (+33.6%), from €39,103 to €52,245
of which Trade receivables: +€12,221
- Reserves +€119,278
up €119,278 (+132%), from €90,600 to €209,878
- Other debts -€49,023
down €49,023 (-95.4%), from €51,377 to €2,354
- Tax, wage and social debts +€14,988
up €14,988 (+139%), from €10,776 to €25,764
- Trade debts +€13,977
up €13,977 (+127%), from €10,997 to €24,973
- Debts after one year -€4,911
down €4,911 (-27.9%), from €17,611 to €12,701
- Gross operating margin +€137,007
up €137,007 (+217%), from €63,226 to €200,233
- Taxes +€40,818
up €40,818 (+342%), from €11,918 to €52,736
- Financial charges +€3,642
up €3,642 (+330%), from €1,105 to €4,747
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,282 | €286,781 | +€94,500 | +49.1% |
| Fixed assets | 21/28 | €106,055 | €85,115 | -€20,940 | -19.7% |
| Tangible fixed assets | 22/27 | €106,055 | €85,115 | -€20,940 | -19.7% |
| Plant, machinery and equipment | 23 | €56,753 | €47,147 | -€9,607 | -16.9% |
| Furniture and vehicles | 24 | €49,301 | €37,968 | -€11,333 | -23.0% |
| Current assets | 29/58 | €86,227 | €201,666 | +€115,439 | +134% |
| Amounts receivable within one year | 40/41 | €39,103 | €52,245 | +€13,142 | +33.6% |
| Trade receivables | 40 | €34,973 | €47,194 | +€12,221 | +34.9% |
| Other amounts receivable | 41 | €4,130 | €5,051 | +€921 | +22.3% |
| Cash at bank and in hand | 54/58 | €40,988 | €143,161 | +€102,173 | +249% |
| Deferred charges and accrued income | 490/1 | €6,136 | €6,260 | +€124 | +2.0% |
| Total equity and liabilities | 10/49 | €192,282 | €286,781 | +€94,500 | +49.1% |
| Equity | 10/15 | €96,800 | €216,078 | +€119,278 | +123% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €90,600 | €209,878 | +€119,278 | +132% |
| Distributable reserves | 133 | €90,600 | €209,878 | +€119,278 | +132% |
| Amounts payable | 17/49 | €95,481 | €70,703 | -€24,779 | -26.0% |
| Amounts payable after more than one year | 17 | €17,611 | €12,701 | -€4,911 | -27.9% |
| Financial debts | 170/4 | €17,611 | €12,701 | -€4,911 | -27.9% |
| Amounts payable within one year | 42/48 | €77,870 | €58,002 | -€19,868 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €4,720 | €4,911 | +€190 | +4.0% |
| Trade debts | 44 | €10,997 | €24,973 | +€13,977 | +127% |
| Suppliers | 440/4 | €10,997 | €24,973 | +€13,977 | +127% |
| Taxes, remuneration and social security | 45 | €10,776 | €25,764 | +€14,988 | +139% |
| Taxes | 450/3 | €10,776 | €25,764 | +€14,988 | +139% |
| Other amounts payable | 47/48 | €51,377 | €2,354 | -€49,023 | -95.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,347 | €22,695 | +€1,347 | +6.3% |
| Other operating charges | 640/8 | €1,059 | €1,158 | +€100 | +9.4% |
| Gross operating margin | 9900 | €63,226 | €200,233 | +€137,007 | +217% |
| Operating profit (loss) | 9901 | €40,820 | €176,380 | +€135,560 | +332% |
| Financial income | 75/76B | €172 | €381 | +€209 | +122% |
| Recurring financial income | 75 | €172 | €381 | +€209 | +122% |
| Financial charges | 65/66B | €1,105 | €4,747 | +€3,642 | +330% |
| Recurring financial charges | 65 | €1,105 | €4,747 | +€3,642 | +330% |
| Profit (loss) for the period before taxes | 9903 | €39,887 | €172,014 | +€132,127 | +331% |
| Income taxes | 67/77 | €11,918 | €52,736 | +€40,818 | +342% |
| Profit (loss) for the period | 9904 | €27,969 | €119,278 | +€91,309 | +326% |
| Profit (loss) for the period to be appropriated | 9905 | €27,969 | €119,278 | +€91,309 | +326% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.