TERCOREN: what changed
Two fiscal 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.
TERCOREN
Largest movements
- Receivables within one year +€151,563
up €151,563 (+951.1%), from €15,935 to €167,498
- Tangible fixed assets -€26,624
down €26,624 (-36.1%), from €73,786 to €47,162
of which Furniture and vehicles: -€20,154
- Stocks and contracts -€11,415
no longer reported in 2025 (was €11,415)
- Cash -€7,465
down €7,465 (-91.9%), from €8,126 to €661
mainly Receivables within one year (-€151,563) and Debts after one year (-€18,084)
- Other debts +€110,474
up €110,474 (+2111.0%), from €5,233 to €115,707
- Profit (loss) carried forward +€20,816
up €20,816 (+55.8%), from €37,321 to €58,136
- Debts after one year -€18,084
down €18,084 (-82.7%), from €21,867 to €3,783
- Tax, wage and social debts -€4,344
down €4,344 (-54.3%), from €7,994 to €3,650
of which Taxes: -€2,644
- Trade debts -€3,603
down €3,603 (-18.0%), from €19,985 to €16,383
- Staff costs -€19,053
down €19,053 (-32.0%), from €59,510 to €40,457
- Gross operating margin -€7,155
down €7,155 (-8.2%), from €87,173 to €80,018
- Depreciation -€3,512
down €3,512 (-23.5%), from €14,949 to €11,437
- Taxes +€2,774
up €2,774 (+628.3%), from €442 to €3,216
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 | €112,251 | €217,744 | +€105,493 | +94.0% |
| Fixed assets | 21/28 | €73,786 | €47,162 | -€26,624 | -36.1% |
| Intangible fixed assets | 21 | €1 | €0 | -€0 | -33.3% |
| Tangible fixed assets | 22/27 | €73,786 | €47,162 | -€26,624 | -36.1% |
| Plant, machinery and equipment | 23 | €41,188 | €32,921 | -€8,267 | -20.1% |
| Furniture and vehicles | 24 | €32,598 | €12,444 | -€20,154 | -61.8% |
| Other tangible fixed assets | 26 | - | €1,797 | +€1,797 | |
| Current assets | 29/58 | €38,464 | €170,582 | +€132,117 | +343.5% |
| Stocks and contracts in progress | 3 | €11,415 | - | -€11,415 | |
| Contracts in progress | 37 | €11,415 | - | -€11,415 | |
| Amounts receivable within one year | 40/41 | €15,935 | €167,498 | +€151,563 | +951.1% |
| Trade receivables | 40 | €15,935 | €167,498 | +€151,563 | +951.1% |
| Cash at bank and in hand | 54/58 | €8,126 | €661 | -€7,465 | -91.9% |
| Deferred charges and accrued income | 490/1 | €2,988 | €2,422 | -€566 | -18.9% |
| Total equity and liabilities | 10/49 | €112,251 | €217,744 | +€105,493 | +94.0% |
| Equity | 10/15 | €39,321 | €60,136 | +€20,816 | +52.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,321 | €58,136 | +€20,816 | +55.8% |
| Amounts payable | 17/49 | €72,930 | €157,608 | +€84,678 | +116.1% |
| Amounts payable after more than one year | 17 | €21,867 | €3,783 | -€18,084 | -82.7% |
| Financial debts | 170/4 | €21,867 | €3,783 | -€18,084 | -82.7% |
| Amounts payable within one year | 42/48 | €51,063 | €153,825 | +€102,761 | +201.2% |
| Current portion of amounts payable after more than one year | 42 | €17,851 | €18,085 | +€234 | +1.3% |
| Trade debts | 44 | €19,985 | €16,383 | -€3,603 | -18.0% |
| Suppliers | 440/4 | €19,985 | €16,383 | -€3,603 | -18.0% |
| Taxes, remuneration and social security | 45 | €7,994 | €3,650 | -€4,344 | -54.3% |
| Taxes | 450/3 | €6,293 | €3,650 | -€2,644 | -42.0% |
| Remuneration and social security | 454/9 | €1,700 | - | -€1,700 | |
| Other amounts payable | 47/48 | €5,233 | €115,707 | +€110,474 | +2111.0% |
| Remuneration, social security and pensions | 62 | €59,510 | €40,457 | -€19,053 | -32.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,949 | €11,437 | -€3,512 | -23.5% |
| Other operating charges | 640/8 | €825 | €1,475 | +€650 | +78.8% |
| Gross operating margin | 9900 | €87,173 | €80,018 | -€7,155 | -8.2% |
| Operating profit (loss) | 9901 | €11,889 | €26,649 | +€14,759 | +124.1% |
| Financial income | 75/76B | €0 | €0 | -€0 | -76.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -76.7% |
| Financial charges | 65/66B | €2,963 | €2,617 | -€346 | -11.7% |
| Recurring financial charges | 65 | €2,963 | €2,617 | -€346 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €8,927 | €24,031 | +€15,105 | +169.2% |
| Income taxes | 67/77 | €442 | €3,216 | +€2,774 | +628.3% |
| Profit (loss) for the period | 9904 | €8,485 | €20,816 | +€12,330 | +145.3% |
| Profit (loss) for the period to be appropriated | 9905 | €8,485 | €20,816 | +€12,330 | +145.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.