TERMO: 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.
TERMO
Largest movements
- Tangible fixed assets +€106,419
up €106,419 (+5.7%), from €1.9m to €2.0m
of which Land and buildings: +€104,315
- Cash +€55,785
up €55,785 (+423.7%), from €13,165 to €68,950
mainly Depreciation (+€115,847) and Other debts (+€82,584)
- Receivables within one year -€49,253
down €49,253 (-98.0%), from €50,233 to €980
of which Other amounts receivable: -€50,000
- Other debts +€82,584
up €82,584 (+26.0%), from €317,425 to €400,009
- Profit (loss) carried forward +€36,626
up €36,626 (+75.1%), from €48,784 to €85,411
- Depreciation -€32,183
down €32,183 (-21.7%), from €148,030 to €115,847
- Gross operating margin +€30,853
up €30,853 (+18.1%), from €170,393 to €201,247
- Financial charges -€22,115
down €22,115 (-43.2%), from €51,198 to €29,084
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 | €1,930,286 | €2,046,727 | +€116,441 | +6.0% |
| Fixed assets | 21/28 | €1,866,849 | €1,973,268 | +€106,419 | +5.7% |
| Tangible fixed assets | 22/27 | €1,866,849 | €1,973,268 | +€106,419 | +5.7% |
| Land and buildings | 22 | €1,812,817 | €1,917,132 | +€104,315 | +5.8% |
| Other tangible fixed assets | 26 | €54,032 | €56,137 | +€2,104 | +3.9% |
| Current assets | 29/58 | €63,437 | €73,459 | +€10,022 | +15.8% |
| Amounts receivable within one year | 40/41 | €50,233 | €980 | -€49,253 | -98.0% |
| Trade receivables | 40 | €233 | €980 | +€747 | +321.1% |
| Other amounts receivable | 41 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €13,165 | €68,950 | +€55,785 | +423.7% |
| Deferred charges and accrued income | 490/1 | €39 | €3,529 | +€3,490 | +8873.5% |
| Total equity and liabilities | 10/49 | €1,930,286 | €2,046,727 | +€116,441 | +6.0% |
| Equity | 10/15 | €732,933 | €767,058 | +€34,125 | +4.7% |
| Contributions | 10/11 | €480,000 | €480,000 | = | 0.0% |
| Capital | 10 | €480,000 | €480,000 | = | 0.0% |
| Issued capital | 100 | €480,000 | €480,000 | = | 0.0% |
| Reserves | 13 | €204,148 | €201,647 | -€2,501 | -1.2% |
| Non-distributable reserves | 130/1 | €42,707 | €44,634 | +€1,928 | +4.5% |
| Legal reserve | 130 | €42,707 | €44,634 | +€1,928 | +4.5% |
| Tax-exempt reserves | 132 | €50,514 | €46,085 | -€4,429 | -8.8% |
| Distributable reserves | 133 | €110,928 | €110,928 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,784 | €85,411 | +€36,626 | +75.1% |
| Provisions and deferred taxes | 16 | €16,838 | €15,362 | -€1,476 | -8.8% |
| Deferred taxes | 168 | €16,838 | €15,362 | -€1,476 | -8.8% |
| Amounts payable | 17/49 | €1,180,515 | €1,264,308 | +€83,793 | +7.1% |
| Amounts payable within one year | 42/48 | €1,167,735 | €1,254,056 | +€86,321 | +7.4% |
| Financial debts | 43 | €850,000 | €850,000 | = | 0.0% |
| Credit institutions | 430/8 | €850,000 | €850,000 | = | 0.0% |
| Trade debts | 44 | €310 | €4,047 | +€3,737 | +1206.0% |
| Suppliers | 440/4 | €310 | €4,047 | +€3,737 | +1206.0% |
| Other amounts payable | 47/48 | €317,425 | €400,009 | +€82,584 | +26.0% |
| Accrued charges and deferred income | 492/3 | €12,781 | €10,252 | -€2,529 | -19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,030 | €115,847 | -€32,183 | -21.7% |
| Other operating charges | 640/8 | €22,947 | €23,667 | +€720 | +3.1% |
| Gross operating margin | 9900 | €170,393 | €201,247 | +€30,853 | +18.1% |
| Operating profit (loss) | 9901 | -€584 | €61,733 | +€62,316 | |
| Financial income | 75/76B | €587 | €0 | -€587 | -100.0% |
| Recurring financial income | 75 | €587 | €0 | -€587 | -100.0% |
| Financial charges | 65/66B | €51,198 | €29,084 | -€22,115 | -43.2% |
| Recurring financial charges | 65 | €51,198 | €29,084 | -€22,115 | -43.2% |
| Profit (loss) for the period before taxes | 9903 | -€51,195 | €32,649 | +€83,844 | |
| Transfer from deferred taxes | 780 | €2,141 | €1,476 | -€665 | -31.0% |
| Profit (loss) for the period | 9904 | -€49,054 | €34,125 | +€83,179 | |
| Transfer from tax-exempt reserves | 789 | €6,423 | €4,429 | -€1,994 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€42,631 | €38,554 | +€81,185 |
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 2 October 2026 via checked.be.