TERCASA: 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.
TERCASA
Largest movements
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Stocks and contracts +€197,990
up €197,990 (+4.2%), from €4.7m to €4.9m
- Tangible fixed assets +€51,125
new in 2025: €51,125
- Contributions +€61,500
up €61,500 (+4.8%), from €1.3m to €1.3m
- Gross operating margin -€191,654
down €191,654, from €162,922 to -€28,732
- Other operating charges +€40,128
up €40,128 (+2817.9%), from €1,424 to €41,552
- Taxes -€9,911
down €9,911 (-100.0%), from €9,911 to €0
- Financial income -€9,194
down €9,194 (-81.4%), from €11,296 to €2,102
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 | €5,019,519 | €5,054,660 | +€35,141 | +0.7% |
| Fixed assets | 21/28 | - | €51,125 | +€51,125 | |
| Tangible fixed assets | 22/27 | - | €51,125 | +€51,125 | |
| Land and buildings | 22 | - | €51,125 | +€51,125 | |
| Current assets | 29/58 | €5,019,519 | €5,003,535 | -€15,984 | -0.3% |
| Stocks and contracts in progress | 3 | €4,681,910 | €4,879,900 | +€197,990 | +4.2% |
| Stocks | 30/36 | €4,681,910 | €4,879,900 | +€197,990 | +4.2% |
| Amounts receivable within one year | 40/41 | €0 | €631 | +€631 | |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | €631 | +€631 | |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €137,609 | €123,000 | -€14,609 | -10.6% |
| Deferred charges and accrued income | 490/1 | - | €5 | +€5 | |
| Total equity and liabilities | 10/49 | €5,019,519 | €5,054,660 | +€35,141 | +0.7% |
| Equity | 10/15 | €3,882,835 | €3,915,069 | +€32,234 | +0.8% |
| Contributions | 10/11 | €1,272,000 | €1,333,500 | +€61,500 | +4.8% |
| Capital | 10 | €1,272,000 | €1,333,500 | +€61,500 | +4.8% |
| Issued capital | 100 | €1,272,000 | €1,333,500 | +€61,500 | +4.8% |
| Reserves | 13 | €2,610,835 | €2,581,569 | -€29,266 | -1.1% |
| Non-distributable reserves | 130/1 | €127,200 | €133,350 | +€6,150 | +4.8% |
| Legal reserve | 130 | €127,200 | €133,350 | +€6,150 | +4.8% |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €2,483,635 | €2,448,219 | -€35,416 | -1.4% |
| Amounts payable | 17/49 | €1,136,684 | €1,139,591 | +€2,907 | +0.3% |
| Amounts payable within one year | 42/48 | €1,136,684 | €1,139,591 | +€2,907 | +0.3% |
| Trade debts | 44 | €1,753 | €4,660 | +€2,907 | +165.8% |
| Suppliers | 440/4 | €1,753 | €4,660 | +€2,907 | +165.8% |
| Taxes, remuneration and social security | 45 | €6,522 | €6,522 | = | 0.0% |
| Taxes | 450/3 | €6,522 | €6,522 | = | 0.0% |
| Other amounts payable | 47/48 | €1,128,409 | €1,128,409 | = | 0.0% |
| Other operating charges | 640/8 | €1,424 | €41,552 | +€40,128 | +2817.9% |
| Non-recurring operating charges | 66A | €27,754 | €0 | -€27,754 | -100.0% |
| Gross operating margin | 9900 | €162,922 | -€28,732 | -€191,654 | |
| Operating profit (loss) | 9901 | €133,744 | -€70,284 | -€204,028 | |
| Financial income | 75/76B | €11,296 | €2,102 | -€9,194 | -81.4% |
| Recurring financial income | 75 | €11,296 | €2,102 | -€9,194 | -81.4% |
| Financial charges | 65/66B | €860 | €1,449 | +€589 | +68.5% |
| Recurring financial charges | 65 | €860 | €1,449 | +€589 | +68.5% |
| Profit (loss) for the period before taxes | 9903 | €144,180 | -€69,631 | -€213,811 | |
| Income taxes | 67/77 | €9,911 | €0 | -€9,911 | -100.0% |
| Profit (loss) for the period | 9904 | €134,269 | -€69,631 | -€203,900 | |
| Profit (loss) for the period to be appropriated | 9905 | €134,269 | -€69,631 | -€203,900 |
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 7 October 2026 via checked.be.