TERDECO: 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.
TERDECO
Largest movements
- Cash +€428,627
up €428,627 (+61.5%), from €697,094 to €1.1m
mainly Net result for the year (+€285,337) and Depreciation (+€75,763)
- Tangible fixed assets -€75,763
down €75,763 (-9.8%), from €772,889 to €697,127
- Profit (loss) carried forward +€1.4m
up €1.4m (+170.3%), from €838,311 to €2.3m
- Reserves -€1.1m
no longer reported in 2026 (was €1.1m)
- Tax, wage and social debts +€69,468
up €69,468 (+769.5%), from €9,028 to €78,496
- Gross operating margin -€94,684
down €94,684 (-15.6%), from €606,227 to €511,543
- Taxes +€32,900
up €32,900 (+32.9%), from €100,051 to €132,951
- Depreciation -€18,966
down €18,966 (-20.0%), from €94,729 to €75,763
- Other operating charges -€6,132
down €6,132 (-17.4%), from €35,194 to €29,063
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.
Cash bridge derived
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 | €2,011,526 | €2,366,321 | +€354,795 | +17.6% |
| Fixed assets | 21/28 | €1,229,153 | €1,153,390 | -€75,763 | -6.2% |
| Tangible fixed assets | 22/27 | €772,889 | €697,127 | -€75,763 | -9.8% |
| Land and buildings | 22 | €772,889 | €697,127 | -€75,763 | -9.8% |
| Financial fixed assets | 28 | €456,264 | €456,264 | = | 0.0% |
| Current assets | 29/58 | €782,373 | €1,212,930 | +€430,558 | +55.0% |
| Amounts receivable within one year | 40/41 | €85,278 | €87,209 | +€1,931 | +2.3% |
| Trade receivables | 40 | €85,278 | €87,209 | +€1,931 | +2.3% |
| Other amounts receivable | 41 | €0 | - | -€0 | |
| Cash at bank and in hand | 54/58 | €697,094 | €1,125,722 | +€428,627 | +61.5% |
| Total equity and liabilities | 10/49 | €2,011,526 | €2,366,321 | +€354,795 | +17.6% |
| Equity | 10/15 | €1,999,588 | €2,284,925 | +€285,337 | +14.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,142,685 | - | -€1.1m | |
| Distributable reserves | 133 | €1,142,685 | - | -€1.1m | |
| Profit (loss) carried forward | 14 | €838,311 | €2,266,333 | +€1.4m | +170.3% |
| Amounts payable | 17/49 | €11,938 | €81,396 | +€69,458 | +581.8% |
| Amounts payable within one year | 42/48 | €11,938 | €81,396 | +€69,458 | +581.8% |
| Trade debts | 44 | €2,834 | €2,900 | +€66 | +2.3% |
| Suppliers | 440/4 | €2,834 | €2,900 | +€66 | +2.3% |
| Taxes, remuneration and social security | 45 | €9,028 | €78,496 | +€69,468 | +769.5% |
| Taxes | 450/3 | €9,028 | €78,496 | +€69,468 | +769.5% |
| Other amounts payable | 47/48 | €76 | - | -€76 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,729 | €75,763 | -€18,966 | -20.0% |
| Other operating charges | 640/8 | €35,194 | €29,063 | -€6,132 | -17.4% |
| Gross operating margin | 9900 | €606,227 | €511,543 | -€94,684 | -15.6% |
| Operating profit (loss) | 9901 | €476,304 | €406,717 | -€69,586 | -14.6% |
| Financial income | 75/76B | €14,900 | €12,394 | -€2,506 | -16.8% |
| Recurring financial income | 75 | €14,900 | €12,394 | -€2,506 | -16.8% |
| Financial charges | 65/66B | €994 | €823 | -€171 | -17.2% |
| Recurring financial charges | 65 | €994 | €823 | -€171 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €490,209 | €418,288 | -€71,921 | -14.7% |
| Income taxes | 67/77 | €100,051 | €132,951 | +€32,900 | +32.9% |
| Profit (loss) for the period | 9904 | €390,158 | €285,337 | -€104,821 | -26.9% |
| Profit (loss) for the period to be appropriated | 9905 | €390,158 | €285,337 | -€104,821 | -26.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.