TERCOFIN BARGING: 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.
What changed
TERCOFIN BARGING
NACE 77.340, Rental and leasing activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€186,516
2024 · €98,121+€88,395
Equity
€786,325
2024 · €615,191+€171,134
Cash
€88,454
2024 · €10,854+€77,600
Balance sheet total
€6.1m
2024 · €6.4m-€317,897
Largest movements
Assets
- Tangible fixed assets -€550,032
down €550,032 (-9.8%), from €5.6m to €5.1m
of which Plant, machinery and equipment: -€547,861
- Receivables within one year +€159,502
up €159,502 (+20.8%), from €765,501 to €925,003
- Cash +€77,600
up €77,600 (+715%), from €10,854 to €88,454
mainly Depreciation (+€669,239) and Net result for the year (+€186,516)
Equity and liabilities
- Debts after one year -€549,220
down €549,220 (-12.9%), from €4.3m to €3.7m
- Profit (loss) carried forward +€186,516
up €186,516, from -€184,872 to €1,644
- Short-term financial debts +€100,000
up €100,000 (+14.3%), from €700,000 to €800,000
- Trade debts -€82,815
down €82,815 (-41.1%), from €201,395 to €118,580
Income statement
- Turnover +€169,857
up €169,857 (+6.5%), from €2.6m to €2.8m
- Staff costs +€133,524
up €133,524 (+36.4%), from €366,927 to €500,451
- Other operating income -€87,189
down €87,189 (-22.5%), from €386,819 to €299,630
- Services and other goods -€73,106
down €73,106 (-5.5%), from €1.3m to €1.3m
- Other operating charges -€31,605
down €31,605 (-68.7%), from €45,997 to €14,392
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.
Result 2024
€98,121
Turnover
+€169,857
Other operating income
-€87,189
Goods and materials
+€26,654
Services and other goods
+€73,106
Staff costs
-€133,524
Depreciation
-€15,949
Other operating charges
+€31,605
Other operating items
+€12,985
Financial income
+€0
Financial charges
+€10,850
Result 2025
€186,516
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€655,218
Investment
-€119,206
Financing
-€458,412
Cash 2024
€10,854
From operations (derived)
+€655,218
Net result for the year
+€186,516
Depreciation
+€669,239
Receivables within one year
-€159,502
Deferred charges and accrued income
+€4,967
Trade debts
-€82,815
Tax, wage and social debts
+€1,813
Other debts
+€35,000
Investment (derived)
-€119,206
Investment in fixed assets (net)
-€119,206
Financing
-€458,412
Debts after one year
-€549,220
Current portion of long-term debt
+€6,190
Short-term financial debts
+€100,000
Contributions, distributions and other
-€15,382
Cash 2025
€88,454
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,409,521 | €6,091,624 | -€317,897 | -5.0% |
| Fixed assets | 21/28 | €5,628,199 | €5,078,167 | -€550,032 | -9.8% |
| Tangible fixed assets | 22/27 | €5,628,099 | €5,078,067 | -€550,032 | -9.8% |
| Plant, machinery and equipment | 23 | €5,621,523 | €5,073,661 | -€547,861 | -9.7% |
| Furniture and vehicles | 24 | €6,576 | €4,405 | -€2,171 | -33.0% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Other financial fixed assets | 284/8 | €100 | €100 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €781,322 | €1,013,457 | +€232,135 | +29.7% |
| Amounts receivable within one year | 40/41 | €765,501 | €925,003 | +€159,502 | +20.8% |
| Trade receivables | 40 | €765,501 | €925,003 | +€159,502 | +20.8% |
| Cash at bank and in hand | 54/58 | €10,854 | €88,454 | +€77,600 | +715% |
| Deferred charges and accrued income | 490/1 | €4,967 | - | -€4,967 | |
| Total equity and liabilities | 10/49 | €6,409,521 | €6,091,624 | -€317,897 | -5.0% |
| Equity | 10/15 | €615,191 | €786,325 | +€171,134 | +27.8% |
| Contributions | 10/11 | €660,000 | €660,000 | = | 0.0% |
| Capital | 10 | €660,000 | €660,000 | = | 0.0% |
| Issued capital | 100 | €660,000 | €660,000 | = | 0.0% |
| Reserves | 13 | €1,574 | €1,574 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,574 | €1,574 | = | 0.0% |
| Legal reserve | 130 | €1,574 | €1,574 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€184,872 | €1,644 | +€186,516 | |
| Investment grants | 15 | €138,489 | €123,107 | -€15,382 | -11.1% |
| Amounts payable | 17/49 | €5,794,330 | €5,305,299 | -€489,031 | -8.4% |
| Amounts payable after more than one year | 17 | €4,255,328 | €3,706,109 | -€549,220 | -12.9% |
| Financial debts | 170/4 | €4,255,328 | €3,706,109 | -€549,220 | -12.9% |
| Credit institutions | 173 | €4,255,328 | €3,706,109 | -€549,220 | -12.9% |
| Amounts payable within one year | 42/48 | €1,539,002 | €1,599,191 | +€60,189 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €543,029 | €549,220 | +€6,190 | +1.1% |
| Financial debts | 43 | €700,000 | €800,000 | +€100,000 | +14.3% |
| Credit institutions | 430/8 | €700,000 | €800,000 | +€100,000 | +14.3% |
| Trade debts | 44 | €201,395 | €118,580 | -€82,815 | -41.1% |
| Suppliers | 440/4 | €201,395 | €118,580 | -€82,815 | -41.1% |
| Taxes, remuneration and social security | 45 | €94,578 | €96,391 | +€1,813 | +1.9% |
| Taxes | 450/3 | €39,987 | €46,515 | +€6,528 | +16.3% |
| Remuneration and social security | 454/9 | €54,590 | €49,876 | -€4,714 | -8.6% |
| Other amounts payable | 47/48 | - | €35,000 | +€35,000 | |
| Operating income | 70/76A | €3,012,586 | €3,114,464 | +€101,879 | +3.4% |
| Turnover | 70 | €2,621,930 | €2,791,788 | +€169,857 | +6.5% |
| Other operating income | 74 | €386,819 | €299,630 | -€87,189 | -22.5% |
| Non-recurring operating income | 76A | €3,836 | €23,047 | +€19,211 | +501% |
| Operating charges | 60/66A | €2,814,608 | €2,838,942 | +€24,334 | +0.9% |
| Goods for resale, raw materials and consumables | 60 | €412,781 | €386,127 | -€26,654 | -6.5% |
| Purchases | 600/8 | €412,781 | €386,127 | -€26,654 | -6.5% |
| Services and other goods | 61 | €1,331,065 | €1,257,959 | -€73,106 | -5.5% |
| Remuneration, social security and pensions | 62 | €366,927 | €500,451 | +€133,524 | +36.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €653,289 | €669,239 | +€15,949 | +2.4% |
| Other operating charges | 640/8 | €45,997 | €14,392 | -€31,605 | -68.7% |
| Non-recurring operating charges | 66A | €4,548 | €10,773 | +€6,225 | +137% |
| Operating profit (loss) | 9901 | €197,978 | €275,522 | +€77,544 | +39.2% |
| Financial income | 75/76B | €15,382 | €15,382 | +€0 | 0.0% |
| Recurring financial income | 75 | €15,382 | €15,382 | +€0 | 0.0% |
| Other financial income | 752/9 | €15,382 | €15,382 | +€0 | 0.0% |
| Financial charges | 65/66B | €115,239 | €104,389 | -€10,850 | -9.4% |
| Recurring financial charges | 65 | €115,239 | €104,389 | -€10,850 | -9.4% |
| Debt charges | 650 | €114,397 | €103,494 | -€10,903 | -9.5% |
| Other financial charges | 652/9 | €842 | €895 | +€52 | +6.2% |
| Profit (loss) for the period before taxes | 9903 | €98,121 | €186,516 | +€88,395 | +90.1% |
| Profit (loss) for the period | 9904 | €98,121 | €186,516 | +€88,395 | +90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €98,121 | €186,516 | +€88,395 | +90.1% |
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 29 October 2026 via checked.be.