TERCOBEL: 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.
TERCOBEL
Largest movements
- Cash +€403,072
up €403,072 (+165%), from €244,157 to €647,229
mainly Net result for the year (+€681,212) and Current investments (+€71,852)
- Current investments -€71,852
down €71,852 (-3.8%), from €1.9m to €1.8m
- Tangible fixed assets +€49,615
up €49,615 (+13.4%), from €369,643 to €419,259
of which Furniture and vehicles: +€48,183
- Reserves +€681,212
up €681,212 (+27.9%), from €2.4m to €3.1m
- Other debts -€322,800
down €322,800 (-100%), from €322,800 to €0
- Financial income +€204,567
up €204,567 (+52.8%), from €387,624 to €592,191
- Financial charges +€49,241
up €49,241 (+86.5%), from €56,895 to €106,136
- Gross operating margin +€32,951
up €32,951 (+8.7%), from €376,882 to €409,833
- Taxes +€16,862
up €16,862 (+13.4%), from €125,752 to €142,613
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 | €3,688,799 | €4,063,481 | +€374,681 | +10.2% |
| Fixed assets | 21/28 | €1,536,617 | €1,586,233 | +€49,615 | +3.2% |
| Tangible fixed assets | 22/27 | €369,643 | €419,259 | +€49,615 | +13.4% |
| Land and buildings | 22 | €368,420 | €367,748 | -€672 | -0.2% |
| Plant, machinery and equipment | 23 | - | €2,105 | +€2,105 | |
| Furniture and vehicles | 24 | €1,223 | €49,406 | +€48,183 | +3,939% |
| Financial fixed assets | 28 | €1,166,974 | €1,166,974 | = | 0.0% |
| Current assets | 29/58 | €2,152,182 | €2,477,248 | +€325,066 | +15.1% |
| Amounts receivable within one year | 40/41 | €18,550 | €9,775 | -€8,775 | -47.3% |
| Other amounts receivable | 41 | €18,550 | €9,775 | -€8,775 | -47.3% |
| Current investments | 50/53 | €1,883,054 | €1,811,202 | -€71,852 | -3.8% |
| Cash at bank and in hand | 54/58 | €244,157 | €647,229 | +€403,072 | +165% |
| Deferred charges and accrued income | 490/1 | €6,421 | €9,042 | +€2,621 | +40.8% |
| Total equity and liabilities | 10/49 | €3,688,799 | €4,063,481 | +€374,681 | +10.2% |
| Equity | 10/15 | €2,517,825 | €3,199,038 | +€681,212 | +27.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,439,390 | €3,120,602 | +€681,212 | +27.9% |
| Distributable reserves | 133 | €2,439,390 | €3,120,602 | +€681,212 | +27.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Investment grants | 15 | €16,435 | €16,435 | = | 0.0% |
| Amounts payable | 17/49 | €1,170,974 | €864,443 | -€306,531 | -26.2% |
| Amounts payable after more than one year | 17 | €743,684 | €743,684 | = | 0.0% |
| Other amounts payable | 178/9 | €743,684 | €743,684 | = | 0.0% |
| Amounts payable within one year | 42/48 | €402,438 | €98,820 | -€303,618 | -75.4% |
| Trade debts | 44 | €3,790 | €5,110 | +€1,320 | +34.8% |
| Suppliers | 440/4 | €3,790 | €5,110 | +€1,320 | +34.8% |
| Taxes, remuneration and social security | 45 | €75,849 | €93,710 | +€17,861 | +23.5% |
| Taxes | 450/3 | €57,989 | €75,624 | +€17,635 | +30.4% |
| Remuneration and social security | 454/9 | €17,859 | €18,086 | +€227 | +1.3% |
| Other amounts payable | 47/48 | €322,800 | €0 | -€322,800 | -100% |
| Accrued charges and deferred income | 492/3 | €24,851 | €21,939 | -€2,913 | -11.7% |
| Non-recurring operating income | 76A | - | €7,500 | +€7,500 | |
| Remuneration, social security and pensions | 62 | €67,836 | €67,337 | -€499 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,909 | €2,848 | +€939 | +49.2% |
| Other operating charges | 640/8 | €1,463 | €1,877 | +€414 | +28.3% |
| Gross operating margin | 9900 | €376,882 | €409,833 | +€32,951 | +8.7% |
| Operating profit (loss) | 9901 | €305,674 | €337,771 | +€32,097 | +10.5% |
| Financial income | 75/76B | €387,624 | €592,191 | +€204,567 | +52.8% |
| Recurring financial income | 75 | €387,624 | €592,191 | +€204,567 | +52.8% |
| Financial charges | 65/66B | €56,895 | €106,136 | +€49,241 | +86.5% |
| Recurring financial charges | 65 | €56,895 | €106,136 | +€49,241 | +86.5% |
| Profit (loss) for the period before taxes | 9903 | €636,403 | €823,826 | +€187,422 | +29.5% |
| Income taxes | 67/77 | €125,752 | €142,613 | +€16,862 | +13.4% |
| Profit (loss) for the period | 9904 | €510,651 | €681,212 | +€170,561 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €510,651 | €681,212 | +€170,561 | +33.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.