TERCHAP: 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.
TERCHAP
Largest movements
- Receivables within one year -€135,344
down €135,344 (-61.5%), from €220,038 to €84,694
of which Trade receivables: -€98,987
- Tangible fixed assets +€50,992
up €50,992 (+13.4%), from €380,438 to €431,430
of which Assets under construction and advance payments: +€45,801
- Cash -€22,697
down €22,697 (-73.4%), from €30,936 to €8,239
mainly Investment in fixed assets (net) (-€58,567) and Debts after one year (-€45,027)
- Financial fixed assets -€13,752
down €13,752 (-79.1%), from €17,387 to €3,635
- Debts after one year -€45,027
down €45,027 (-13.5%), from €333,999 to €288,972
- Profit (loss) carried forward -€33,319
down €33,319, from €8,478 to -€24,841
- Tax, wage and social debts -€25,613
down €25,613 (-73.8%), from €34,684 to €9,071
of which Remuneration and social security: -€26,085
- Other debts -€21,415
down €21,415 (-15.3%), from €139,913 to €118,498
- Current portion of long-term debt +€14,239
new in 2025: €14,239
- Purchases and services -€132,237
down €132,237 (-40.0%), from €330,198 to €197,961
- Gross operating margin -€52,924
down €52,924 (-31.3%), from €168,883 to €115,959
- Staff costs -€7,813
down €7,813 (-6.5%), from €121,012 to €113,198
- Depreciation -€6,407
down €6,407 (-23.1%), from €27,734 to €21,327
- Financial charges -€2,537
down €2,537 (-15.5%), from €16,412 to €13,874
of which Financial charges: -€2,800
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 | €648,799 | €527,998 | -€120,802 | -18.6% |
| Fixed assets | 21/28 | €397,825 | €435,065 | +€37,239 | +9.4% |
| Tangible fixed assets | 22/27 | €380,438 | €431,430 | +€50,992 | +13.4% |
| Land and buildings | 22 | €216,455 | €223,628 | +€7,173 | +3.3% |
| Plant, machinery and equipment | 23 | €49,583 | €44,681 | -€4,902 | -9.9% |
| Furniture and vehicles | 24 | €473 | €2,088 | +€1,615 | +341.4% |
| Other tangible fixed assets | 26 | €543 | €1,847 | +€1,304 | +240.4% |
| Assets under construction and advance payments | 27 | €113,384 | €159,185 | +€45,801 | +40.4% |
| Financial fixed assets | 28 | €17,387 | €3,635 | -€13,752 | -79.1% |
| Current assets | 29/58 | €250,974 | €92,933 | -€158,041 | -63.0% |
| Amounts receivable within one year | 40/41 | €220,038 | €84,694 | -€135,344 | -61.5% |
| Trade receivables | 40 | €176,478 | €77,491 | -€98,987 | -56.1% |
| Other amounts receivable | 41 | €43,560 | €7,203 | -€36,357 | -83.5% |
| Cash at bank and in hand | 54/58 | €30,936 | €8,239 | -€22,697 | -73.4% |
| Total equity and liabilities | 10/49 | €648,799 | €527,998 | -€120,802 | -18.6% |
| Equity | 10/15 | €84,527 | €42,961 | -€41,566 | -49.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,926 | €46,926 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €44,926 | €46,926 | +€2,000 | +4.5% |
| Profit (loss) carried forward | 14 | €8,478 | -€24,841 | -€33,319 | |
| Investment grants | 15 | €10,523 | €2,276 | -€8,247 | -78.4% |
| Amounts payable | 17/49 | €564,272 | €485,037 | -€79,236 | -14.0% |
| Amounts payable after more than one year | 17 | €333,999 | €288,972 | -€45,027 | -13.5% |
| Financial debts | 170/4 | €333,999 | €288,972 | -€45,027 | -13.5% |
| Amounts payable within one year | 42/48 | €230,273 | €196,065 | -€34,208 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | - | €14,239 | +€14,239 | |
| Financial debts | 43 | €18,421 | €19,988 | +€1,567 | +8.5% |
| Credit institutions | 430/8 | €18,421 | €19,988 | +€1,567 | +8.5% |
| Trade debts | 44 | €37,255 | €34,269 | -€2,986 | -8.0% |
| Suppliers | 440/4 | €37,255 | €34,269 | -€2,986 | -8.0% |
| Taxes, remuneration and social security | 45 | €34,684 | €9,071 | -€25,613 | -73.8% |
| Taxes | 450/3 | €3,933 | €4,405 | +€472 | +12.0% |
| Remuneration and social security | 454/9 | €30,751 | €4,666 | -€26,085 | -84.8% |
| Other amounts payable | 47/48 | €139,913 | €118,498 | -€21,415 | -15.3% |
| Non-recurring operating income | 76A | €9,783 | €13,023 | +€3,240 | +33.1% |
| Goods, raw materials, services and sundry goods | 60/61 | €330,198 | €197,961 | -€132,237 | -40.0% |
| Remuneration, social security and pensions | 62 | €121,012 | €113,198 | -€7,813 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,734 | €21,327 | -€6,407 | -23.1% |
| Other operating charges | 640/8 | €4,077 | €3,814 | -€263 | -6.4% |
| Non-recurring operating charges | 66A | €9,711 | €5,221 | -€4,489 | -46.2% |
| Gross operating margin | 9900 | €168,883 | €115,959 | -€52,924 | -31.3% |
| Operating profit (loss) | 9901 | €6,350 | -€27,602 | -€33,952 | |
| Financial income | 75/76B | €8,249 | €8,335 | +€86 | +1.0% |
| Recurring financial income | 75 | €8,249 | €8,335 | +€86 | +1.0% |
| Financial charges | 65/66B | €16,412 | €13,874 | -€2,537 | -15.5% |
| Recurring financial charges | 65 | €16,412 | €13,612 | -€2,800 | -17.1% |
| Non-recurring financial charges | 66B | - | €263 | +€263 | |
| Profit (loss) for the period before taxes | 9903 | -€1,813 | -€33,141 | -€31,329 | -1728.3% |
| Income taxes | 67/77 | €158 | €178 | +€19 | +12.3% |
| Profit (loss) for the period | 9904 | -€1,971 | -€33,319 | -€31,348 | -1590.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,971 | -€33,319 | -€31,348 | -1590.4% |
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.