TERDEM: 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.
TERDEM
Largest movements
- Receivables within one year +€31,927
up €31,927 (+30.6%), from €104,422 to €136,349
- Tangible fixed assets -€22,749
down €22,749 (-1.8%), from €1.3m to €1.3m
of which Land and buildings: -€22,749
- Reserves +€32,531
up €32,531 (+9.8%), from €331,970 to €364,501
- Other debts -€20,000
down €20,000 (-1.9%), from €1.1m to €1.0m
- Gross operating margin +€37,936
up €37,936 (+38.6%), from €98,177 to €136,113
- Depreciation +€6,971
up €6,971 (+10.6%), from €65,870 to €72,841
- Other operating charges +€4,328
up €4,328 (+17.0%), from €25,485 to €29,813
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 | €1,438,823 | €1,446,390 | +€7,567 | +0.5% |
| Fixed assets | 21/28 | €1,295,052 | €1,272,303 | -€22,749 | -1.8% |
| Tangible fixed assets | 22/27 | €1,295,052 | €1,272,303 | -€22,749 | -1.8% |
| Land and buildings | 22 | €1,295,052 | €1,272,303 | -€22,749 | -1.8% |
| Plant, machinery and equipment | 23 | - | €0 | = | |
| Current assets | 29/58 | €143,771 | €174,087 | +€30,316 | +21.1% |
| Amounts receivable within one year | 40/41 | €104,422 | €136,349 | +€31,927 | +30.6% |
| Other amounts receivable | 41 | €104,422 | €136,349 | +€31,927 | +30.6% |
| Cash at bank and in hand | 54/58 | €16,149 | €8,439 | -€7,710 | -47.7% |
| Deferred charges and accrued income | 490/1 | €23,200 | €29,299 | +€6,099 | +26.3% |
| Total equity and liabilities | 10/49 | €1,438,823 | €1,446,390 | +€7,567 | +0.5% |
| Equity | 10/15 | €350,570 | €383,101 | +€32,531 | +9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €331,970 | €364,501 | +€32,531 | +9.8% |
| Distributable reserves | 133 | €331,970 | €364,501 | +€32,531 | +9.8% |
| Amounts payable | 17/49 | €1,088,253 | €1,063,289 | -€24,964 | -2.3% |
| Amounts payable within one year | 42/48 | €1,088,253 | €1,063,289 | -€24,964 | -2.3% |
| Trade debts | 44 | €26,501 | €21,537 | -€4,964 | -18.7% |
| Suppliers | 440/4 | €26,501 | €21,537 | -€4,964 | -18.7% |
| Other amounts payable | 47/48 | €1,061,752 | €1,041,752 | -€20,000 | -1.9% |
| Non-recurring operating income | 76A | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,870 | €72,841 | +€6,971 | +10.6% |
| Other operating charges | 640/8 | €25,485 | €29,813 | +€4,328 | +17.0% |
| Gross operating margin | 9900 | €98,177 | €136,113 | +€37,936 | +38.6% |
| Operating profit (loss) | 9901 | €6,822 | €33,458 | +€26,637 | +390% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €60 | €55 | -€5 | -8.3% |
| Recurring financial charges | 65 | €60 | €55 | -€5 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | €6,762 | €33,403 | +€26,642 | +394% |
| Income taxes | 67/77 | - | €873 | +€873 | |
| Profit (loss) for the period | 9904 | €6,762 | €32,531 | +€25,769 | +381% |
| Profit (loss) for the period to be appropriated | 9905 | €6,762 | €32,531 | +€25,769 | +381% |
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 18 October 2026 via checked.be.