TERGEMAT: 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.
TERGEMAT
Largest movements
- Stocks and contracts +€213,896
up €213,896 (+9.1%), from €2.4m to €2.6m
- Accrued charges and deferred income +€105,020
up €105,020 (+38.0%), from €276,618 to €381,638
- Other debts +€103,577
up €103,577 (+5.1%), from €2.1m to €2.2m
- Other operating charges +€97,598
up €97,598 (+2071.5%), from €4,712 to €102,310
- Gross operating margin +€79,369
up €79,369 (+60.0%), from €132,212 to €211,580
- Financial charges -€18,042
down €18,042 (-14.2%), from €127,117 to €109,075
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
Cash bridge derived
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,358,711 | €2,566,214 | +€207,503 | +8.8% |
| Formation expenses | 20 | €196 | - | -€196 | |
| Current assets | 29/58 | €2,358,515 | €2,566,214 | +€207,699 | +8.8% |
| Stocks and contracts in progress | 3 | €2,352,117 | €2,566,012 | +€213,896 | +9.1% |
| Stocks | 30/36 | €2,352,117 | €2,566,012 | +€213,896 | +9.1% |
| Cash at bank and in hand | 54/58 | €6,398 | €201 | -€6,197 | -96.9% |
| Total equity and liabilities | 10/49 | €2,358,711 | €2,566,214 | +€207,503 | +8.8% |
| Equity | 10/15 | €30,000 | €30,000 | = | 0.0% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Contributions outside capital | 11 | €30,000 | €30,000 | = | 0.0% |
| Other | 1109/19 | €30,000 | €30,000 | = | 0.0% |
| Amounts payable | 17/49 | €2,328,711 | €2,536,214 | +€207,503 | +8.9% |
| Amounts payable within one year | 42/48 | €2,052,093 | €2,154,576 | +€102,482 | +5.0% |
| Trade debts | 44 | €2,093 | €998 | -€1,095 | -52.3% |
| Suppliers | 440/4 | €2,093 | €998 | -€1,095 | -52.3% |
| Other amounts payable | 47/48 | €2,050,000 | €2,153,577 | +€103,577 | +5.1% |
| Accrued charges and deferred income | 492/3 | €276,618 | €381,638 | +€105,020 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384 | €196 | -€188 | -48.9% |
| Other operating charges | 640/8 | €4,712 | €102,310 | +€97,598 | +2071.5% |
| Gross operating margin | 9900 | €132,212 | €211,580 | +€79,369 | +60.0% |
| Operating profit (loss) | 9901 | €127,117 | €109,075 | -€18,042 | -14.2% |
| Financial charges | 65/66B | €127,117 | €109,075 | -€18,042 | -14.2% |
| Recurring financial charges | 65 | €127,117 | €109,075 | -€18,042 | -14.2% |
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 12 October 2026 via checked.be.