TERMIN: 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.
TERMIN
Largest movements
- Current investments +€113,952
up €113,952 (+52.8%), from €215,878 to €329,830
- Receivables within one year -€54,517
down €54,517 (-79.2%), from €68,817 to €14,300
- Cash +€38,091
up €38,091 (+46.1%), from €82,674 to €120,765
mainly Net result for the year (+€73,894) and Receivables within one year (+€54,517)
- Tangible fixed assets -€17,351
down €17,351 (-48.8%), from €35,558 to €18,207
- Reserves +€73,894
up €73,894 (+23.3%), from €316,952 to €390,846
of which Distributable reserves: +€73,894
- Tax, wage and social debts +€8,898
up €8,898 (+64.7%), from €13,749 to €22,647
- Gross operating margin +€24,442
up €24,442 (+25.3%), from €96,530 to €120,972
- Taxes +€6,768
up €6,768 (+22.0%), from €30,761 to €37,530
- Financial income +€3,490
up €3,490 (+56.4%), from €6,183 to €9,673
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 | €406,614 | €491,312 | +€84,699 | +20.8% |
| Fixed assets | 21/28 | €35,558 | €18,207 | -€17,351 | -48.8% |
| Tangible fixed assets | 22/27 | €35,558 | €18,207 | -€17,351 | -48.8% |
| Furniture and vehicles | 24 | €35,558 | €18,207 | -€17,351 | -48.8% |
| Current assets | 29/58 | €371,056 | €473,106 | +€102,050 | +27.5% |
| Stocks and contracts in progress | 3 | €3,686 | €5,426 | +€1,740 | +47.2% |
| Stocks | 30/36 | €3,686 | €5,426 | +€1,740 | +47.2% |
| Amounts receivable within one year | 40/41 | €68,817 | €14,300 | -€54,517 | -79.2% |
| Trade receivables | 40 | €68,817 | €14,300 | -€54,517 | -79.2% |
| Current investments | 50/53 | €215,878 | €329,830 | +€113,952 | +52.8% |
| Cash at bank and in hand | 54/58 | €82,674 | €120,765 | +€38,091 | +46.1% |
| Deferred charges and accrued income | 490/1 | - | €2,784 | +€2,784 | |
| Total equity and liabilities | 10/49 | €406,614 | €491,312 | +€84,699 | +20.8% |
| Equity | 10/15 | €378,952 | €452,846 | +€73,894 | +19.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €316,952 | €390,846 | +€73,894 | +23.3% |
| Non-distributable reserves | 130/1 | €13,949 | €13,949 | = | 0.0% |
| Legal reserve | 130 | €13,949 | €13,949 | = | 0.0% |
| Distributable reserves | 133 | €303,003 | €376,897 | +€73,894 | +24.4% |
| Amounts payable | 17/49 | €27,662 | €38,467 | +€10,804 | +39.1% |
| Amounts payable within one year | 42/48 | €24,706 | €38,467 | +€13,761 | +55.7% |
| Trade debts | 44 | €2,525 | €5,104 | +€2,580 | +102.2% |
| Suppliers | 440/4 | €2,525 | €5,104 | +€2,580 | +102.2% |
| Taxes, remuneration and social security | 45 | €13,749 | €22,647 | +€8,898 | +64.7% |
| Taxes | 450/3 | €13,749 | €22,647 | +€8,898 | +64.7% |
| Other amounts payable | 47/48 | €8,432 | €10,715 | +€2,284 | +27.1% |
| Accrued charges and deferred income | 492/3 | €2,957 | - | -€2,957 | |
| Non-recurring operating income | 76A | €8,264 | - | -€8,264 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,496 | €17,351 | +€856 | +5.2% |
| Other operating charges | 640/8 | €689 | €817 | +€128 | +18.5% |
| Gross operating margin | 9900 | €96,530 | €120,972 | +€24,442 | +25.3% |
| Operating profit (loss) | 9901 | €79,345 | €102,804 | +€23,459 | +29.6% |
| Financial income | 75/76B | €6,183 | €9,673 | +€3,490 | +56.4% |
| Recurring financial income | 75 | €6,183 | €9,673 | +€3,490 | +56.4% |
| Financial charges | 65/66B | €930 | €1,053 | +€124 | +13.3% |
| Recurring financial charges | 65 | €930 | €1,053 | +€124 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €84,599 | €111,424 | +€26,825 | +31.7% |
| Income taxes | 67/77 | €30,761 | €37,530 | +€6,768 | +22.0% |
| Profit (loss) for the period | 9904 | €53,837 | €73,894 | +€20,057 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €53,837 | €73,894 | +€20,057 | +37.3% |
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 1 October 2026 via checked.be.