TERMOTE - WARLOP: 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.
What changed
TERMOTE - WARLOP
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€230,787
2024 · €154,517+€76,269
Equity
€2.3m
2024 · €2.1m+€230,195
Cash
€630,455
2024 · €415,704+€214,751
Balance sheet total
€2.6m
2024 · €2.4m+€222,360
Largest movements
Assets
- Cash +€214,751
up €214,751 (+51.7%), from €415,704 to €630,455
mainly Net result for the year (+€230,787) and Depreciation (+€104,959)
- Receivables within one year -€82,043
down €82,043 (-43.1%), from €190,545 to €108,501
of which Trade receivables: -€76,316
- Current investments +€70,287
up €70,287 (+4.5%), from €1.6m to €1.6m
Equity and liabilities
- Reserves +€230,752
up €230,752 (+11.2%), from €2.1m to €2.3m
of which Distributable reserves: +€223,000
Income statement
- Financial charges -€146,751
down €146,751, from €68,387 to -€78,365
- Other operating charges +€68,433
up €68,433 (+1,348%), from €5,078 to €73,512
- Gross operating margin +€53,273
up €53,273 (+11.0%), from €485,943 to €539,216
- Taxes +€34,693
up €34,693 (+58.7%), from €59,070 to €93,763
- Depreciation +€21,889
up €21,889 (+26.3%), from €83,071 to €104,959
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.
Result 2024
€154,517
Gross operating margin
+€53,273
Staff costs
+€69
Depreciation
-€21,889
Other operating charges
-€68,433
Other operating items
+€270
Financial income
-€1,013
Financial charges
+€146,751
Taxes
-€34,693
Deferred taxes and other
+€1,934
Result 2025
€230,787
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€413,627
Investment
-€198,284
Financing
-€591
Cash 2024
€415,704
From operations (derived)
+€413,627
Net result for the year
+€230,787
Depreciation
+€104,959
Receivables within one year
+€82,043
Deferred charges and accrued income
+€3,673
Provisions
-€323
Trade debts
-€25,382
Tax, wage and social debts
+€6,700
Other debts
+€12,031
Accrued charges and deferred income
-€862
Investment (derived)
-€198,284
Investment in fixed assets (net)
-€127,998
Current investments
-€70,287
Financing
-€591
Contributions, distributions and other
-€591
Cash 2025
€630,455
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,379,018 | €2,601,378 | +€222,360 | +9.3% |
| Fixed assets | 21/28 | €205,104 | €228,142 | +€23,038 | +11.2% |
| Tangible fixed assets | 22/27 | €198,599 | €221,637 | +€23,038 | +11.6% |
| Land and buildings | 22 | €2,626 | €1,803 | -€823 | -31.3% |
| Plant, machinery and equipment | 23 | €1,937 | €1,421 | -€516 | -26.6% |
| Furniture and vehicles | 24 | €194,036 | €218,413 | +€24,377 | +12.6% |
| Financial fixed assets | 28 | €6,505 | €6,505 | = | 0.0% |
| Current assets | 29/58 | €2,173,914 | €2,373,236 | +€199,322 | +9.2% |
| Amounts receivable within one year | 40/41 | €190,545 | €108,501 | -€82,043 | -43.1% |
| Trade receivables | 40 | €176,066 | €99,750 | -€76,316 | -43.3% |
| Other amounts receivable | 41 | €14,479 | €8,751 | -€5,728 | -39.6% |
| Current investments | 50/53 | €1,551,604 | €1,621,891 | +€70,287 | +4.5% |
| Cash at bank and in hand | 54/58 | €415,704 | €630,455 | +€214,751 | +51.7% |
| Deferred charges and accrued income | 490/1 | €16,062 | €12,389 | -€3,673 | -22.9% |
| Total equity and liabilities | 10/49 | €2,379,018 | €2,601,378 | +€222,360 | +9.3% |
| Equity | 10/15 | €2,065,550 | €2,295,745 | +€230,195 | +11.1% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €2,056,569 | €2,287,320 | +€230,752 | +11.2% |
| Tax-exempt reserves | 132 | €106,685 | €114,437 | +€7,752 | +7.3% |
| Distributable reserves | 133 | €1,949,883 | €2,172,883 | +€223,000 | +11.4% |
| Profit (loss) carried forward | 14 | €1,096 | €1,140 | +€44 | +4.0% |
| Investment grants | 15 | €1,680 | €1,080 | -€600 | -35.7% |
| Provisions and deferred taxes | 16 | €4,663 | €4,340 | -€323 | -6.9% |
| Provisions for liabilities and charges | 160/5 | €3,000 | €3,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €3,000 | €3,000 | = | 0.0% |
| Deferred taxes | 168 | €1,663 | €1,340 | -€323 | -19.4% |
| Amounts payable | 17/49 | €308,805 | €301,293 | -€7,513 | -2.4% |
| Amounts payable within one year | 42/48 | €292,245 | €285,595 | -€6,650 | -2.3% |
| Trade debts | 44 | €53,404 | €28,022 | -€25,382 | -47.5% |
| Suppliers | 440/4 | €53,404 | €28,022 | -€25,382 | -47.5% |
| Taxes, remuneration and social security | 45 | €50,931 | €57,632 | +€6,700 | +13.2% |
| Taxes | 450/3 | €35,144 | €41,585 | +€6,441 | +18.3% |
| Remuneration and social security | 454/9 | €15,787 | €16,047 | +€259 | +1.6% |
| Other amounts payable | 47/48 | €187,910 | €199,941 | +€12,031 | +6.4% |
| Accrued charges and deferred income | 492/3 | €16,560 | €15,698 | -€862 | -5.2% |
| Non-recurring operating income | 76A | €10,860 | €9,000 | -€1,860 | -17.1% |
| Remuneration, social security and pensions | 62 | €148,746 | €148,677 | -€69 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,071 | €104,959 | +€21,889 | +26.3% |
| Other operating charges | 640/8 | €5,078 | €73,512 | +€68,433 | +1,348% |
| Non-recurring operating charges | 66A | €270 | €0 | -€270 | -100% |
| Gross operating margin | 9900 | €485,943 | €539,216 | +€53,273 | +11.0% |
| Operating profit (loss) | 9901 | €248,778 | €212,068 | -€36,710 | -14.8% |
| Financial income | 75/76B | €34,816 | €33,803 | -€1,013 | -2.9% |
| Recurring financial income | 75 | €34,816 | €33,803 | -€1,013 | -2.9% |
| Financial charges | 65/66B | €68,387 | -€78,365 | -€146,751 | |
| Recurring financial charges | 65 | €68,387 | -€78,365 | -€146,751 | |
| Profit (loss) for the period before taxes | 9903 | €215,208 | €324,235 | +€109,028 | +50.7% |
| Transfer from deferred taxes | 780 | €9 | €314 | +€305 | +3,392% |
| Transfer to deferred taxes | 680 | €1,629 | €0 | -€1,629 | -100% |
| Income taxes | 67/77 | €59,070 | €93,763 | +€34,693 | +58.7% |
| Profit (loss) for the period | 9904 | €154,517 | €230,787 | +€76,269 | +49.4% |
| Transfer from tax-exempt reserves | 789 | €36 | €1,257 | +€1,221 | +3,392% |
| Transfer to tax-exempt reserves | 689 | €6,516 | €9,000 | +€2,484 | +38.1% |
| Profit (loss) for the period to be appropriated | 9905 | €148,038 | €223,044 | +€75,006 | +50.7% |
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 22 October 2026 via checked.be.