TERMA: 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.
TERMA
Largest movements
- Receivables after one year -€36,300
down €36,300 (-50.0%), from €72,600 to €36,300
- Cash +€12,519
up €12,519 (+463%), from €2,704 to €15,223
mainly Receivables after one year (+€36,300) and Net result for the year (+€15,933)
- Receivables within one year +€10,200
up €10,200 (+19.7%), from €51,759 to €61,959
of which Other amounts receivable: +€17,830
- Deferred charges and accrued income -€1,457
down €1,457 (-52.0%), from €2,800 to €1,343
- Other debts -€28,443
down €28,443 (-48.9%), from €58,177 to €29,734
- Reserves +€15,933
up €15,933 (+58.4%), from €27,277 to €43,210
of which Distributable reserves: +€15,933
- Trade debts -€4,454
down €4,454 (-75.1%), from €5,933 to €1,478
- Tax, wage and social debts +€1,826
up €1,826 (+1,188%), from €154 to €1,980
- Taxes +€6,772
up €6,772 (+215%), from €3,154 to €9,925
- Gross operating margin +€6,681
up €6,681 (+30.7%), from €21,780 to €28,461
- Depreciation +€755
up €755 (+75.4%), from €1,002 to €1,758
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 | €133,312 | €117,851 | -€15,462 | -11.6% |
| Fixed assets | 21/28 | €3,449 | €3,025 | -€424 | -12.3% |
| Tangible fixed assets | 22/27 | €3,449 | €3,025 | -€424 | -12.3% |
| Furniture and vehicles | 24 | €3,449 | €3,025 | -€424 | -12.3% |
| Current assets | 29/58 | €129,863 | €114,825 | -€15,038 | -11.6% |
| Amounts receivable after more than one year | 29 | €72,600 | €36,300 | -€36,300 | -50.0% |
| Trade receivables | 290 | €72,600 | €36,300 | -€36,300 | -50.0% |
| Amounts receivable within one year | 40/41 | €51,759 | €61,959 | +€10,200 | +19.7% |
| Trade receivables | 40 | €15,139 | €7,509 | -€7,630 | -50.4% |
| Other amounts receivable | 41 | €36,620 | €54,450 | +€17,830 | +48.7% |
| Cash at bank and in hand | 54/58 | €2,704 | €15,223 | +€12,519 | +463% |
| Deferred charges and accrued income | 490/1 | €2,800 | €1,343 | -€1,457 | -52.0% |
| Total equity and liabilities | 10/49 | €133,312 | €117,851 | -€15,462 | -11.6% |
| Equity | 10/15 | €68,577 | €84,510 | +€15,933 | +23.2% |
| Contributions | 10/11 | €41,300 | €41,300 | = | 0.0% |
| Reserves | 13 | €27,277 | €43,210 | +€15,933 | +58.4% |
| Non-distributable reserves | 130/1 | €14,130 | €14,130 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,130 | €14,130 | = | 0.0% |
| Distributable reserves | 133 | €13,147 | €29,080 | +€15,933 | +121% |
| Amounts payable | 17/49 | €64,735 | €33,340 | -€31,394 | -48.5% |
| Amounts payable within one year | 42/48 | €64,264 | €33,192 | -€31,071 | -48.4% |
| Trade debts | 44 | €5,933 | €1,478 | -€4,454 | -75.1% |
| Suppliers | 440/4 | €5,933 | €1,478 | -€4,454 | -75.1% |
| Taxes, remuneration and social security | 45 | €154 | €1,980 | +€1,826 | +1,188% |
| Taxes | 450/3 | €154 | €1,980 | +€1,826 | +1,188% |
| Other amounts payable | 47/48 | €58,177 | €29,734 | -€28,443 | -48.9% |
| Accrued charges and deferred income | 492/3 | €471 | €148 | -€323 | -68.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,002 | €1,758 | +€755 | +75.4% |
| Other operating charges | 640/8 | €384 | €403 | +€18 | +4.7% |
| Gross operating margin | 9900 | €21,780 | €28,461 | +€6,681 | +30.7% |
| Operating profit (loss) | 9901 | €20,394 | €26,301 | +€5,907 | +29.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -97.3% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -97.3% |
| Financial charges | 65/66B | €424 | €443 | +€19 | +4.5% |
| Recurring financial charges | 65 | €424 | €443 | +€19 | +4.5% |
| Profit (loss) for the period before taxes | 9903 | €19,970 | €25,858 | +€5,888 | +29.5% |
| Income taxes | 67/77 | €3,154 | €9,925 | +€6,772 | +215% |
| Profit (loss) for the period | 9904 | €16,817 | €15,933 | -€884 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €16,817 | €15,933 | -€884 | -5.3% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.