TERCOFIN: 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.
TERCOFIN
Largest movements
- Cash +€2.5m
up €2.5m (+330%), from €764,420 to €3.3m
mainly Current investments (+€1.3m) and Deferred charges and accrued income (+€1.2m)
- Current investments -€1.3m
no longer reported in 2026 (was €1.3m)
- Deferred charges and accrued income -€1.2m
no longer reported in 2026 (was €1.2m)
- Receivables within one year +€208,896
up €208,896 (+26.5%), from €789,662 to €998,558
of which Trade receivables: +€201,253
- Other debts -€750,000
down €750,000 (-58.9%), from €1.3m to €522,807
- Profit (loss) carried forward +€711,231
up €711,231 (+28.5%), from €2.5m to €3.2m
- Trade debts +€290,614
up €290,614 (+4,704%), from €6,178 to €296,793
- Other operating income -€490,019
no longer reported in 2026 (was €490,019)
- Services and other goods -€199,021
down €199,021 (-37.2%), from €535,203 to €336,182
- Financial income +€116,426
up €116,426 (+9.7%), from €1.2m to €1.3m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,129,896 | €7,384,923 | +€255,026 | +3.6% |
| Fixed assets | 21/28 | €3,109,147 | €3,101,250 | -€7,897 | -0.3% |
| Intangible fixed assets | 21 | €26,820 | €18,923 | -€7,897 | -29.4% |
| Financial fixed assets | 28 | €3,082,327 | €3,082,327 | = | 0.0% |
| Affiliated companies | 280/1 | €3,082,327 | €3,082,327 | = | 0.0% |
| Participating interests | 280 | €3,082,327 | €3,082,327 | = | 0.0% |
| Current assets | 29/58 | €4,020,749 | €4,283,672 | +€262,923 | +6.5% |
| Amounts receivable within one year | 40/41 | €789,662 | €998,558 | +€208,896 | +26.5% |
| Trade receivables | 40 | - | €201,253 | +€201,253 | |
| Other amounts receivable | 41 | €789,662 | €797,305 | +€7,643 | +1.0% |
| Current investments | 50/53 | €1,300,000 | - | -€1.3m | |
| Other investments | 51/53 | €1,300,000 | - | -€1.3m | |
| Cash at bank and in hand | 54/58 | €764,420 | €3,285,114 | +€2.5m | +330% |
| Deferred charges and accrued income | 490/1 | €1,166,667 | - | -€1.2m | |
| Total equity and liabilities | 10/49 | €7,129,896 | €7,384,923 | +€255,026 | +3.6% |
| Equity | 10/15 | €5,850,911 | €6,562,142 | +€711,231 | +12.2% |
| Contributions | 10/11 | €3,050,000 | €3,050,000 | = | 0.0% |
| Capital | 10 | €3,050,000 | €3,050,000 | = | 0.0% |
| Issued capital | 100 | €3,050,000 | €3,050,000 | = | 0.0% |
| Reserves | 13 | €305,000 | €305,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €305,000 | €305,000 | = | 0.0% |
| Legal reserve | 130 | €305,000 | €305,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,495,911 | €3,207,142 | +€711,231 | +28.5% |
| Amounts payable | 17/49 | €1,278,985 | €822,781 | -€456,204 | -35.7% |
| Amounts payable within one year | 42/48 | €1,278,985 | €822,781 | -€456,204 | -35.7% |
| Trade debts | 44 | €6,178 | €296,793 | +€290,614 | +4,704% |
| Suppliers | 440/4 | €6,178 | €296,793 | +€290,614 | +4,704% |
| Taxes, remuneration and social security | 45 | - | €3,181 | +€3,181 | |
| Taxes | 450/3 | - | €3,181 | +€3,181 | |
| Other amounts payable | 47/48 | €1,272,807 | €522,807 | -€750,000 | -58.9% |
| Operating income | 70/76A | €490,019 | - | -€490,019 | |
| Other operating income | 74 | €490,019 | - | -€490,019 | |
| Operating charges | 60/66A | €544,287 | €345,097 | -€199,191 | -36.6% |
| Services and other goods | 61 | €535,203 | €336,182 | -€199,021 | -37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,897 | €7,897 | = | 0.0% |
| Other operating charges | 640/8 | €1,188 | €1,018 | -€170 | -14.3% |
| Operating profit (loss) | 9901 | -€54,268 | -€345,097 | -€290,828 | -536% |
| Financial income | 75/76B | €1,194,494 | €1,310,919 | +€116,426 | +9.7% |
| Recurring financial income | 75 | €1,194,494 | €1,310,919 | +€116,426 | +9.7% |
| Income from financial fixed assets | 750 | €1,166,667 | €1,288,247 | +€121,580 | +10.4% |
| Income from current assets | 751 | €27,827 | €22,672 | -€5,154 | -18.5% |
| Financial charges | 65/66B | €1,002 | €1,411 | +€409 | +40.8% |
| Recurring financial charges | 65 | €1,002 | €1,411 | +€409 | +40.8% |
| Debt charges | 650 | - | €1,411 | +€1,411 | |
| Other financial charges | 652/9 | €1,002 | - | -€1,002 | |
| Profit (loss) for the period before taxes | 9903 | €1,139,223 | €964,412 | -€174,811 | -15.3% |
| Income taxes | 67/77 | - | €3,181 | +€3,181 | |
| Taxes | 670/3 | - | €3,181 | +€3,181 | |
| Profit (loss) for the period | 9904 | €1,139,223 | €961,231 | -€177,992 | -15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,139,223 | €961,231 | -€177,992 | -15.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.