TERMATAL HOLDING: 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.
TERMATAL HOLDING
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Short-term financial debts -€174,000
down €174,000 (-11.1%), from €1.6m to €1.4m
of which Other loans: -€164,000
- Reserves +€105,200
up €105,200 (+687.6%), from €15,300 to €120,500
of which Distributable reserves: +€100,000
- Gross operating margin +€76,679
up €76,679 (+69.9%), from €109,725 to €186,404
- Financial charges -€15,910
down €15,910 (-20.6%), from €77,113 to €61,204
- Taxes +€14,958
up €14,958 (+1750.4%), from €855 to €15,812
- Depreciation -€8,283
down €8,283 (-53.2%), from €15,566 to €7,283
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.
Cash bridge derived
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 | €6,825,137 | €6,788,607 | -€36,530 | -0.5% |
| Fixed assets | 21/28 | €6,752,186 | €6,744,903 | -€7,283 | -0.1% |
| Tangible fixed assets | 22/27 | €8,163 | €880 | -€7,283 | -89.2% |
| Plant, machinery and equipment | 23 | €1,124 | €880 | -€244 | -21.7% |
| Furniture and vehicles | 24 | €7,039 | €0 | -€7,039 | -100.0% |
| Financial fixed assets | 28 | €6,744,023 | €6,744,023 | = | 0.0% |
| Current assets | 29/58 | €72,951 | €43,704 | -€29,247 | -40.1% |
| Amounts receivable within one year | 40/41 | €64,480 | €0 | -€64,480 | -100.0% |
| Trade receivables | 40 | €64,480 | €0 | -€64,480 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €6,657 | €19,879 | +€13,222 | +198.6% |
| Deferred charges and accrued income | 490/1 | €1,814 | €23,826 | +€22,011 | +1213.3% |
| Total equity and liabilities | 10/49 | €6,825,137 | €6,788,607 | -€36,530 | -0.5% |
| Equity | 10/15 | €1,674,353 | €1,774,664 | +€100,312 | +6.0% |
| Contributions | 10/11 | €949,400 | €949,400 | = | 0.0% |
| Capital | 10 | €949,400 | €949,400 | = | 0.0% |
| Issued capital | 100 | €949,400 | €949,400 | = | 0.0% |
| Reserves | 13 | €15,300 | €120,500 | +€105,200 | +687.6% |
| Non-distributable reserves | 130/1 | €15,300 | €20,500 | +€5,200 | +34.0% |
| Legal reserve | 130 | €15,300 | €20,500 | +€5,200 | +34.0% |
| Distributable reserves | 133 | - | €100,000 | +€100,000 | |
| Profit (loss) carried forward | 14 | €709,653 | €704,764 | -€4,888 | -0.7% |
| Amounts payable | 17/49 | €5,150,785 | €5,013,943 | -€136,842 | -2.7% |
| Amounts payable after more than one year | 17 | €1,200,000 | €1,200,000 | = | 0.0% |
| Financial debts | 170/4 | €1,200,000 | €1,200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,928,384 | €3,802,441 | -€125,944 | -3.2% |
| Financial debts | 43 | €1,564,000 | €1,390,000 | -€174,000 | -11.1% |
| Credit institutions | 430/8 | €900,000 | €890,000 | -€10,000 | -1.1% |
| Other loans | 439 | €664,000 | €500,000 | -€164,000 | -24.7% |
| Trade debts | 44 | €6,698 | €14,378 | +€7,680 | +114.7% |
| Suppliers | 440/4 | €6,698 | €14,378 | +€7,680 | +114.7% |
| Taxes, remuneration and social security | 45 | €20,667 | €41,535 | +€20,869 | +101.0% |
| Taxes | 450/3 | €20,667 | €41,535 | +€20,869 | +101.0% |
| Other amounts payable | 47/48 | €2,337,020 | €2,356,527 | +€19,507 | +0.8% |
| Accrued charges and deferred income | 492/3 | €22,400 | €11,502 | -€10,898 | -48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,566 | €7,283 | -€8,283 | -53.2% |
| Other operating charges | 640/8 | €2,387 | €1,793 | -€594 | -24.9% |
| Non-recurring operating charges | 66A | €14,477 | €0 | -€14,477 | -100.0% |
| Gross operating margin | 9900 | €109,725 | €186,404 | +€76,679 | +69.9% |
| Operating profit (loss) | 9901 | €77,295 | €177,327 | +€100,033 | +129.4% |
| Financial income | 75/76B | €84 | €0 | -€84 | -100.0% |
| Recurring financial income | 75 | €84 | €0 | -€84 | -100.0% |
| Financial charges | 65/66B | €77,113 | €61,204 | -€15,910 | -20.6% |
| Recurring financial charges | 65 | €77,113 | €61,204 | -€15,910 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €265 | €116,124 | +€115,859 | +43700.5% |
| Income taxes | 67/77 | €855 | €15,812 | +€14,958 | +1750.4% |
| Profit (loss) for the period | 9904 | -€589 | €100,312 | +€100,901 | |
| Profit (loss) for the period to be appropriated | 9905 | -€589 | €100,312 | +€100,901 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.