TERMAERTEN: 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.
TERMAERTEN
Largest movements
- Cash -€57,771
down €57,771 (-67.8%), from €85,257 to €27,486
mainly Contributions, distributions and other (-€47,059) and Other debts (-€22,700)
- Receivables within one year +€2,728
up €2,728 (+22.5%), from €12,150 to €14,878
of which Other amounts receivable: +€2,728
- Reserves -€47,059
down €47,059 (-98.9%), from €47,577 to €518
- Other debts -€22,700
no longer reported in 2025 (was €22,700)
- Profit (loss) carried forward +€18,460
new in 2025: €18,460
- Tax, wage and social debts -€3,697
down €3,697 (-20.7%), from €17,872 to €14,175
of which Taxes: -€3,645
- Gross operating margin -€2,034
down €2,034 (-7.2%), from €28,134 to €26,100
- Taxes -€568
down €568 (-9.8%), from €5,776 to €5,208
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 | €98,799 | €43,594 | -€55,205 | -55.9% |
| Fixed assets | 21/28 | €1,392 | €1,229 | -€163 | -11.7% |
| Tangible fixed assets | 22/27 | €1,392 | €1,229 | -€163 | -11.7% |
| Furniture and vehicles | 24 | €1,392 | €1,229 | -€163 | -11.7% |
| Current assets | 29/58 | €97,407 | €42,364 | -€55,042 | -56.5% |
| Amounts receivable within one year | 40/41 | €12,150 | €14,878 | +€2,728 | +22.5% |
| Trade receivables | 40 | €12,100 | €12,100 | = | 0.0% |
| Other amounts receivable | 41 | €50 | €2,778 | +€2,728 | +5,457% |
| Cash at bank and in hand | 54/58 | €85,257 | €27,486 | -€57,771 | -67.8% |
| Total equity and liabilities | 10/49 | €98,799 | €43,594 | -€55,205 | -55.9% |
| Equity | 10/15 | €57,577 | €28,978 | -€28,598 | -49.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €47,577 | €518 | -€47,059 | -98.9% |
| Distributable reserves | 133 | €47,577 | €518 | -€47,059 | -98.9% |
| Profit (loss) carried forward | 14 | - | €18,460 | +€18,460 | |
| Amounts payable | 17/49 | €41,222 | €14,615 | -€26,607 | -64.5% |
| Amounts payable within one year | 42/48 | €41,222 | €14,615 | -€26,607 | -64.5% |
| Trade debts | 44 | €650 | €440 | -€210 | -32.3% |
| Suppliers | 440/4 | €650 | €440 | -€210 | -32.3% |
| Taxes, remuneration and social security | 45 | €17,872 | €14,175 | -€3,697 | -20.7% |
| Taxes | 450/3 | €15,120 | €11,475 | -€3,645 | -24.1% |
| Remuneration and social security | 454/9 | €2,752 | €2,700 | -€52 | -1.9% |
| Other amounts payable | 47/48 | €22,700 | - | -€22,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €657 | €823 | +€166 | +25.2% |
| Other operating charges | 640/8 | €769 | €546 | -€223 | -28.9% |
| Gross operating margin | 9900 | €28,134 | €26,100 | -€2,034 | -7.2% |
| Operating profit (loss) | 9901 | €26,708 | €24,731 | -€1,977 | -7.4% |
| Financial income | 75/76B | - | €28 | +€28 | |
| Recurring financial income | 75 | - | €28 | +€28 | |
| Financial charges | 65/66B | €880 | €1,090 | +€210 | +23.9% |
| Recurring financial charges | 65 | €880 | €1,090 | +€210 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €25,828 | €23,669 | -€2,159 | -8.4% |
| Income taxes | 67/77 | €5,776 | €5,208 | -€568 | -9.8% |
| Profit (loss) for the period | 9904 | €20,052 | €18,460 | -€1,591 | -7.9% |
| Profit (loss) for the period to be appropriated | 9905 | €20,052 | €18,460 | -€1,591 | -7.9% |
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.