TERCERA: 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.
TERCERA
Largest movements
- Tangible fixed assets -€34,238
down €34,238 (-31.6%), from €108,316 to €74,078
of which Other tangible fixed assets: -€18,458
- Cash -€17,477
down €17,477 (-71.2%), from €24,561 to €7,083
mainly Net result for the year (-€64,447) and Investment in fixed assets (net) (-€9,140)
- Receivables within one year -€12,359
down €12,359 (-63.1%), from €19,575 to €7,216
of which Other amounts receivable: -€13,885
- Profit (loss) carried forward -€48,411
new in 2025: -€48,411
- Reserves -€16,036
down €16,036 (-25.4%), from €63,066 to €47,030
- Tax, wage and social debts +€12,360
up €12,360 (+30.8%), from €40,120 to €52,479
of which Taxes: +€14,854
- Debts after one year -€7,729
down €7,729 (-24.6%), from €31,360 to €23,631
- Trade debts -€4,492
down €4,492 (-98.1%), from €4,581 to €89
- Gross operating margin -€64,181
down €64,181 (-28.8%), from €222,503 to €158,322
- Depreciation +€11,753
up €11,753 (+39.1%), from €30,025 to €41,778
- Staff costs -€7,143
down €7,143 (-4.0%), from €179,740 to €172,597
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.
Derived cash bridge
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 | €166,012 | €101,876 | -€64,137 | -38.6% |
| Fixed assets | 21/28 | €110,453 | €77,815 | -€32,638 | -29.5% |
| Tangible fixed assets | 22/27 | €108,316 | €74,078 | -€34,238 | -31.6% |
| Plant, machinery and equipment | 23 | €40,371 | €28,437 | -€11,934 | -29.6% |
| Furniture and vehicles | 24 | €10,303 | €6,457 | -€3,846 | -37.3% |
| Other tangible fixed assets | 26 | €57,642 | €39,184 | -€18,458 | -32.0% |
| Financial fixed assets | 28 | €2,138 | €3,738 | +€1,600 | +74.9% |
| Current assets | 29/58 | €55,559 | €24,060 | -€31,499 | -56.7% |
| Stocks and contracts in progress | 3 | €4,848 | €4,301 | -€547 | -11.3% |
| Stocks | 30/36 | €4,848 | €4,301 | -€547 | -11.3% |
| Amounts receivable within one year | 40/41 | €19,575 | €7,216 | -€12,359 | -63.1% |
| Trade receivables | 40 | €0 | €1,526 | +€1,526 | |
| Other amounts receivable | 41 | €19,575 | €5,690 | -€13,885 | -70.9% |
| Cash at bank and in hand | 54/58 | €24,561 | €7,083 | -€17,477 | -71.2% |
| Deferred charges and accrued income | 490/1 | €6,576 | €5,460 | -€1,116 | -17.0% |
| Total equity and liabilities | 10/49 | €166,012 | €101,876 | -€64,137 | -38.6% |
| Equity | 10/15 | €81,666 | €17,219 | -€64,447 | -78.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,066 | €47,030 | -€16,036 | -25.4% |
| Distributable reserves | 133 | €63,066 | €47,030 | -€16,036 | -25.4% |
| Profit (loss) carried forward | 14 | - | -€48,411 | -€48,411 | |
| Amounts payable | 17/49 | €84,347 | €84,657 | +€310 | +0.4% |
| Amounts payable after more than one year | 17 | €31,360 | €23,631 | -€7,729 | -24.6% |
| Financial debts | 170/4 | €31,360 | €23,631 | -€7,729 | -24.6% |
| Amounts payable within one year | 42/48 | €52,131 | €60,594 | +€8,463 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €7,430 | €7,729 | +€299 | +4.0% |
| Trade debts | 44 | €4,581 | €89 | -€4,492 | -98.1% |
| Suppliers | 440/4 | €4,581 | €89 | -€4,492 | -98.1% |
| Taxes, remuneration and social security | 45 | €40,120 | €52,479 | +€12,360 | +30.8% |
| Taxes | 450/3 | €10,526 | €25,380 | +€14,854 | +141% |
| Remuneration and social security | 454/9 | €29,594 | €27,099 | -€2,495 | -8.4% |
| Other amounts payable | 47/48 | - | €296 | +€296 | |
| Accrued charges and deferred income | 492/3 | €856 | €432 | -€424 | -49.5% |
| Remuneration, social security and pensions | 62 | €179,740 | €172,597 | -€7,143 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,025 | €41,778 | +€11,753 | +39.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,357 | €2,004 | +€647 | +47.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €222,503 | €158,322 | -€64,181 | -28.8% |
| Operating profit (loss) | 9901 | €11,382 | -€58,056 | -€69,438 | |
| Financial income | 75/76B | €79 | €1 | -€78 | -99.4% |
| Recurring financial income | 75 | €79 | €1 | -€78 | -99.4% |
| Financial charges | 65/66B | €6,561 | €6,391 | -€170 | -2.6% |
| Recurring financial charges | 65 | €6,561 | €6,391 | -€170 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €4,900 | -€64,447 | -€69,347 | |
| Profit (loss) for the period | 9904 | €4,900 | -€64,447 | -€69,347 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,900 | -€64,447 | -€69,347 |
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 20 October 2026 via checked.be.