TERO BRUSSELS: 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.
TERO BRUSSELS
Largest movements
- Tangible fixed assets -€129,544
down €129,544 (-28.1%), from €460,787 to €331,243
of which Other tangible fixed assets: -€119,623
- Receivables within one year -€126,435
down €126,435 (-93.6%), from €135,032 to €8,597
of which Trade receivables: -€113,262
- Intangible fixed assets -€35,647
down €35,647 (-31.7%), from €112,360 to €76,712
- Stocks and contracts -€28,771
down €28,771 (-86.1%), from €33,406 to €4,635
- Cash -€15,151
down €15,151 (-33.1%), from €45,710 to €30,560
mainly Net result for the year (-€465,987) and Current portion of long-term debt (-€130,119)
- Profit (loss) carried forward -€465,987
down €465,987 (-40.0%), from -€1.2m to -€1.6m
- Other debts +€328,239
up €328,239 (+30.8%), from €1.1m to €1.4m
- Current portion of long-term debt -€130,119
no longer reported in 2025 (was €130,119)
- Tax, wage and social debts -€56,563
down €56,563 (-48.3%), from €117,144 to €60,581
of which Taxes: -€28,547
- Trade debts -€16,668
down €16,668 (-7.3%), from €227,974 to €211,306
- Gross operating margin -€165,145
down €165,145 (-30.1%), from €549,356 to €384,211
- Staff costs -€89,580
down €89,580 (-11.9%), from €750,758 to €661,178
- Depreciation -€12,696
down €12,696 (-7.1%), from €177,888 to €165,192
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 | €793,929 | €453,404 | -€340,524 | -42.9% |
| Fixed assets | 21/28 | €573,947 | €408,755 | -€165,192 | -28.8% |
| Intangible fixed assets | 21 | €112,360 | €76,712 | -€35,647 | -31.7% |
| Tangible fixed assets | 22/27 | €460,787 | €331,243 | -€129,544 | -28.1% |
| Plant, machinery and equipment | 23 | €4,434 | €3,209 | -€1,225 | -27.6% |
| Furniture and vehicles | 24 | €17,574 | €8,878 | -€8,696 | -49.5% |
| Other tangible fixed assets | 26 | €438,779 | €319,156 | -€119,623 | -27.3% |
| Financial fixed assets | 28 | €800 | €800 | = | 0.0% |
| Current assets | 29/58 | €219,982 | €44,649 | -€175,333 | -79.7% |
| Stocks and contracts in progress | 3 | €33,406 | €4,635 | -€28,771 | -86.1% |
| Stocks | 30/36 | €33,406 | €4,635 | -€28,771 | -86.1% |
| Amounts receivable within one year | 40/41 | €135,032 | €8,597 | -€126,435 | -93.6% |
| Trade receivables | 40 | €120,231 | €6,969 | -€113,262 | -94.2% |
| Other amounts receivable | 41 | €14,801 | €1,627 | -€13,174 | -89.0% |
| Cash at bank and in hand | 54/58 | €45,710 | €30,560 | -€15,151 | -33.1% |
| Deferred charges and accrued income | 490/1 | €5,834 | €858 | -€4,976 | -85.3% |
| Total equity and liabilities | 10/49 | €793,929 | €453,404 | -€340,524 | -42.9% |
| Equity | 10/15 | -€745,899 | -€1,211,887 | -€465,987 | -62.5% |
| Contributions | 10/11 | €418,600 | €418,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,164,499 | -€1,630,487 | -€465,987 | -40.0% |
| Amounts payable | 17/49 | €1,539,828 | €1,665,291 | +€125,463 | +8.1% |
| Amounts payable within one year | 42/48 | €1,539,721 | €1,665,291 | +€125,570 | +8.2% |
| Current portion of amounts payable after more than one year | 42 | €130,119 | - | -€130,119 | |
| Financial debts | 43 | - | €680 | +€680 | |
| Credit institutions | 430/8 | - | €680 | +€680 | |
| Trade debts | 44 | €227,974 | €211,306 | -€16,668 | -7.3% |
| Suppliers | 440/4 | €227,974 | €211,306 | -€16,668 | -7.3% |
| Taxes, remuneration and social security | 45 | €117,144 | €60,581 | -€56,563 | -48.3% |
| Taxes | 450/3 | €38,936 | €10,389 | -€28,547 | -73.3% |
| Remuneration and social security | 454/9 | €78,208 | €50,192 | -€28,016 | -35.8% |
| Other amounts payable | 47/48 | €1,064,485 | €1,392,724 | +€328,239 | +30.8% |
| Accrued charges and deferred income | 492/3 | €107 | - | -€107 | |
| Non-recurring operating income | 76A | - | €3,433 | +€3,433 | |
| Remuneration, social security and pensions | 62 | €750,758 | €661,178 | -€89,580 | -11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €177,888 | €165,192 | -€12,696 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,594 | +€4,594 | |
| Other operating charges | 640/8 | €8,451 | €8,999 | +€548 | +6.5% |
| Non-recurring operating charges | 66A | €2,510 | - | -€2,510 | |
| Gross operating margin | 9900 | €549,356 | €384,211 | -€165,145 | -30.1% |
| Operating profit (loss) | 9901 | -€390,251 | -€455,752 | -€65,501 | -16.8% |
| Financial income | 75/76B | €129 | €205 | +€76 | +59.2% |
| Recurring financial income | 75 | €129 | €205 | +€76 | +59.2% |
| Financial charges | 65/66B | €13,260 | €10,375 | -€2,885 | -21.8% |
| Recurring financial charges | 65 | €13,260 | €10,375 | -€2,885 | -21.8% |
| Profit (loss) for the period before taxes | 9903 | -€403,382 | -€465,922 | -€62,540 | -15.5% |
| Income taxes | 67/77 | €1,011 | €65 | -€946 | -93.5% |
| Profit (loss) for the period | 9904 | -€404,393 | -€465,987 | -€61,594 | -15.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€404,393 | -€465,987 | -€61,594 | -15.2% |
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 19 October 2026 via checked.be.