TERPENTIJN: 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.
What changed
TERPENTIJN
NACE 43.341, Painting of buildings
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€60,023
2024 · €209,953-€149,930
Equity
€1.6m
2024 · €1.6m-€39,977
Cash
€137,243
2024 · €149,131-€11,888
Balance sheet total
€4.1m
2024 · €4.1m+€65,585
Largest movements
Assets
- Receivables within one year +€340,233
up €340,233 (+42.0%), from €810,456 to €1.2m
of which Trade receivables: +€365,456
- Tangible fixed assets -€276,596
down €276,596 (-9.1%), from €3.0m to €2.8m
of which Furniture and vehicles: -€158,582
Equity and liabilities
- Trade debts +€364,093
up €364,093 (+133.5%), from €272,692 to €636,785
- Debts after one year -€190,516
down €190,516 (-11.3%), from €1.7m to €1.5m
- Short-term financial debts -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
Income statement
- Gross operating margin -€153,979
down €153,979 (-16.3%), from €942,426 to €788,446
- Staff costs -€64,999
down €64,999 (-13.4%), from €484,322 to €419,323
- Taxes +€30,872
up €30,872 (+137.8%), from €22,411 to €53,283
- Financial income -€19,795
down €19,795 (-32.9%), from €60,196 to €40,401
- Financial charges -€12,234
down €12,234 (-16.3%), from €75,007 to €62,774
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
€209,953
Gross operating margin
-€153,979
Staff costs
+€64,999
Depreciation
-€8,914
Other operating charges
-€8,432
Other operating items
-€57,742
Financial income
-€19,795
Financial charges
+€12,234
Taxes
-€30,872
Deferred taxes and other
+€52,571
Result 2025
€60,023
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.
From operations
+€209,682
Investment
+€114,947
Financing
-€336,518
Cash 2024
€149,131
From operations (derived)
+€209,682
Net result for the year
+€60,023
Depreciation
+€156,999
Stocks and contracts
-€4,823
Receivables within one year
-€340,233
Deferred charges and accrued income
-€4,363
Provisions
-€4,959
Trade debts
+€364,093
Tax, wage and social debts
-€17,055
Investment (derived)
+€114,947
Investment in fixed assets (net)
+€114,947
Financing
-€336,518
Debts after one year
-€190,516
Current portion of long-term debt
+€3,999
Short-term financial debts
-€50,000
Contributions, distributions and other
-€100,000
Cash 2025
€137,243
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,053,142 | €4,118,726 | +€65,585 | +1.6% |
| Fixed assets | 21/28 | €3,046,477 | €2,774,532 | -€271,946 | -8.9% |
| Tangible fixed assets | 22/27 | €3,046,102 | €2,769,507 | -€276,596 | -9.1% |
| Land and buildings | 22 | €2,816,340 | €2,682,543 | -€133,797 | -4.8% |
| Plant, machinery and equipment | 23 | €3,101 | €18,885 | +€15,784 | +508.9% |
| Furniture and vehicles | 24 | €212,311 | €53,729 | -€158,582 | -74.7% |
| Other tangible fixed assets | 26 | €14,350 | €14,350 | = | 0.0% |
| Financial fixed assets | 28 | €375 | €5,025 | +€4,650 | +1240.0% |
| Current assets | 29/58 | €1,006,664 | €1,344,195 | +€337,530 | +33.5% |
| Stocks and contracts in progress | 3 | €30,642 | €35,465 | +€4,823 | +15.7% |
| Stocks | 30/36 | €30,642 | €35,465 | +€4,823 | +15.7% |
| Amounts receivable within one year | 40/41 | €810,456 | €1,150,689 | +€340,233 | +42.0% |
| Trade receivables | 40 | €692,176 | €1,057,632 | +€365,456 | +52.8% |
| Other amounts receivable | 41 | €118,280 | €93,057 | -€25,224 | -21.3% |
| Cash at bank and in hand | 54/58 | €149,131 | €137,243 | -€11,888 | -8.0% |
| Deferred charges and accrued income | 490/1 | €16,435 | €20,798 | +€4,363 | +26.5% |
| Total equity and liabilities | 10/49 | €4,053,142 | €4,118,726 | +€65,585 | +1.6% |
| Equity | 10/15 | €1,635,671 | €1,595,695 | -€39,977 | -2.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,447,707 | €1,407,730 | -€39,977 | -2.8% |
| Tax-exempt reserves | 132 | €318,985 | €304,109 | -€14,876 | -4.7% |
| Distributable reserves | 133 | €1,128,721 | €1,103,621 | -€25,100 | -2.2% |
| Profit (loss) carried forward | 14 | €167,965 | €167,965 | = | 0.0% |
| Provisions and deferred taxes | 16 | €93,828 | €88,870 | -€4,959 | -5.3% |
| Deferred taxes | 168 | €93,828 | €88,870 | -€4,959 | -5.3% |
| Amounts payable | 17/49 | €2,323,642 | €2,434,162 | +€110,520 | +4.8% |
| Amounts payable after more than one year | 17 | €1,684,269 | €1,493,753 | -€190,516 | -11.3% |
| Financial debts | 170/4 | €1,684,269 | €1,493,753 | -€190,516 | -11.3% |
| Amounts payable within one year | 42/48 | €639,373 | €940,409 | +€301,036 | +47.1% |
| Current portion of amounts payable after more than one year | 42 | €186,518 | €190,516 | +€3,999 | +2.1% |
| Financial debts | 43 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Credit institutions | 430/8 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Trade debts | 44 | €272,692 | €636,785 | +€364,093 | +133.5% |
| Suppliers | 440/4 | €272,692 | €636,785 | +€364,093 | +133.5% |
| Taxes, remuneration and social security | 45 | €80,163 | €63,108 | -€17,055 | -21.3% |
| Taxes | 450/3 | €60,496 | €48,595 | -€11,901 | -19.7% |
| Remuneration and social security | 454/9 | €19,667 | €14,513 | -€5,154 | -26.2% |
| Non-recurring operating income | 76A | €239,569 | €11,357 | -€228,212 | -95.3% |
| Remuneration, social security and pensions | 62 | €484,322 | €419,323 | -€64,999 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,085 | €156,999 | +€8,914 | +6.0% |
| Other operating charges | 640/8 | €15,231 | €23,663 | +€8,432 | +55.4% |
| Non-recurring operating charges | 66A | - | €57,742 | +€57,742 | |
| Gross operating margin | 9900 | €942,426 | €788,446 | -€153,979 | -16.3% |
| Operating profit (loss) | 9901 | €294,788 | €130,720 | -€164,068 | -55.7% |
| Financial income | 75/76B | €60,196 | €40,401 | -€19,795 | -32.9% |
| Recurring financial income | 75 | €60,196 | €40,401 | -€19,795 | -32.9% |
| Financial charges | 65/66B | €75,007 | €62,774 | -€12,234 | -16.3% |
| Recurring financial charges | 65 | €75,007 | €62,774 | -€12,234 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €279,977 | €108,348 | -€171,629 | -61.3% |
| Transfer from deferred taxes | 780 | €4,959 | €4,959 | = | 0.0% |
| Transfer to deferred taxes | 680 | €52,571 | - | -€52,571 | |
| Income taxes | 67/77 | €22,411 | €53,283 | +€30,872 | +137.8% |
| Profit (loss) for the period | 9904 | €209,953 | €60,023 | -€149,930 | -71.4% |
| Transfer from tax-exempt reserves | 789 | €14,876 | €14,876 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €157,714 | - | -€157,714 | |
| Profit (loss) for the period to be appropriated | 9905 | €67,115 | €74,900 | +€7,785 | +11.6% |
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.