TERRY: 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.
TERRY
Largest movements
- Tangible fixed assets -€147,726
down €147,726 (-31.8%), from €464,323 to €316,596
of which Furniture and vehicles: -€100,000
- Cash +€128,126
up €128,126 (+35.5%), from €361,237 to €489,363
mainly Depreciation (+€147,726) and Net result for the year (+€18,775)
- Reserves +€18,775
up €18,775 (+2.8%), from €682,098 to €700,873
of which Distributable reserves: +€39,510
- Provisions -€13,788
down €13,788 (-40.8%), from €33,789 to €20,001
- Trade debts -€11,196
down €11,196 (-28.0%), from €39,928 to €28,732
- Investment grants -€9,463
down €9,463 (-25.0%), from €37,852 to €28,389
- Other operating charges -€9,446
down €9,446 (-59.6%), from €15,857 to €6,411
- Depreciation +€7,089
up €7,089 (+5.0%), from €140,637 to €147,726
- Staff costs -€6,884
down €6,884 (-1.9%), from €364,782 to €357,898
- Gross operating margin -€6,144
down €6,144 (-1.2%), from €515,909 to €509,765
- Taxes -€5,285
down €5,285 (-53.1%), from €9,949 to €4,664
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 | €849,617 | €832,754 | -€16,862 | -2.0% |
| Fixed assets | 21/28 | €464,323 | €316,596 | -€147,726 | -31.8% |
| Tangible fixed assets | 22/27 | €464,323 | €316,596 | -€147,726 | -31.8% |
| Land and buildings | 22 | €85,715 | €81,568 | -€4,148 | -4.8% |
| Plant, machinery and equipment | 23 | €178,608 | €135,029 | -€43,579 | -24.4% |
| Furniture and vehicles | 24 | €200,000 | €100,000 | -€100,000 | -50.0% |
| Current assets | 29/58 | €385,294 | €516,158 | +€130,864 | +34.0% |
| Amounts receivable within one year | 40/41 | €22,541 | €25,744 | +€3,202 | +14.2% |
| Other amounts receivable | 41 | €22,541 | €25,744 | +€3,202 | +14.2% |
| Cash at bank and in hand | 54/58 | €361,237 | €489,363 | +€128,126 | +35.5% |
| Deferred charges and accrued income | 490/1 | €1,516 | €1,051 | -€465 | -30.7% |
| Total equity and liabilities | 10/49 | €849,617 | €832,754 | -€16,862 | -2.0% |
| Equity | 10/15 | €738,686 | €747,998 | +€9,312 | +1.3% |
| Contributions | 10/11 | €18,736 | €18,736 | = | 0.0% |
| Capital | 10 | €18,736 | €18,736 | = | 0.0% |
| Issued capital | 100 | €18,736 | €18,736 | = | 0.0% |
| Reserves | 13 | €682,098 | €700,873 | +€18,775 | +2.8% |
| Non-distributable reserves | 130/1 | €1,874 | €1,874 | = | 0.0% |
| Legal reserve | 130 | €1,874 | €1,874 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,470 | €20,735 | -€20,735 | -50.0% |
| Distributable reserves | 133 | €638,754 | €678,264 | +€39,510 | +6.2% |
| Investment grants | 15 | €37,852 | €28,389 | -€9,463 | -25.0% |
| Provisions and deferred taxes | 16 | €33,789 | €20,001 | -€13,788 | -40.8% |
| Deferred taxes | 168 | €33,789 | €20,001 | -€13,788 | -40.8% |
| Amounts payable | 17/49 | €77,141 | €64,755 | -€12,386 | -16.1% |
| Amounts payable within one year | 42/48 | €76,350 | €64,755 | -€11,595 | -15.2% |
| Trade debts | 44 | €39,928 | €28,732 | -€11,196 | -28.0% |
| Suppliers | 440/4 | €39,928 | €28,732 | -€11,196 | -28.0% |
| Taxes, remuneration and social security | 45 | €36,422 | €35,859 | -€563 | -1.5% |
| Taxes | 450/3 | €24,379 | €22,249 | -€2,130 | -8.7% |
| Remuneration and social security | 454/9 | €12,043 | €13,610 | +€1,567 | +13.0% |
| Other amounts payable | 47/48 | - | €164 | +€164 | |
| Accrued charges and deferred income | 492/3 | €791 | - | -€791 | |
| Remuneration, social security and pensions | 62 | €364,782 | €357,898 | -€6,884 | -1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,637 | €147,726 | +€7,089 | +5.0% |
| Other operating charges | 640/8 | €15,857 | €6,411 | -€9,446 | -59.6% |
| Gross operating margin | 9900 | €515,909 | €509,765 | -€6,144 | -1.2% |
| Operating profit (loss) | 9901 | -€5,368 | -€2,270 | +€3,098 | +57.7% |
| Financial income | 75/76B | €11,766 | €12,476 | +€710 | +6.0% |
| Recurring financial income | 75 | €11,766 | €12,476 | +€710 | +6.0% |
| Financial charges | 65/66B | €540 | €555 | +€15 | +2.8% |
| Recurring financial charges | 65 | €540 | €555 | +€15 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | €5,859 | €9,651 | +€3,793 | +64.7% |
| Transfer from deferred taxes | 780 | €13,788 | €13,788 | = | 0.0% |
| Income taxes | 67/77 | €9,949 | €4,664 | -€5,285 | -53.1% |
| Profit (loss) for the period | 9904 | €9,697 | €18,775 | +€9,078 | +93.6% |
| Transfer from tax-exempt reserves | 789 | €20,735 | €20,735 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,433 | €39,510 | +€9,078 | +29.8% |
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 12 October 2026 via checked.be.