TERSAET: 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.
TERSAET
Largest movements
- Cash +€80,374
up €80,374 (+47.6%), from €168,682 to €249,056
mainly Net result for the year (+€54,084) and Depreciation (+€21,673)
- Receivables within one year -€20,796
down €20,796 (-50.3%), from €41,312 to €20,516
of which Trade receivables: -€18,168
- Profit (loss) carried forward +€54,084
up €54,084 (+94.3%), from -€57,375 to -€3,291
- Financial charges -€17,723
down €17,723, from €12,795 to -€4,928
- Other operating charges -€8,269
down €8,269 (-50.8%), from €16,282 to €8,012
- Gross operating margin +€7,334
up €7,334 (+10.6%), from €69,226 to €76,560
- Depreciation +€945
up €945 (+4.6%), from €20,729 to €21,673
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 | €1,340,311 | €1,412,620 | +€72,309 | +5.4% |
| Fixed assets | 21/28 | €1,084,041 | €1,093,536 | +€9,495 | +0.9% |
| Tangible fixed assets | 22/27 | €1,084,041 | €1,093,536 | +€9,495 | +0.9% |
| Land and buildings | 22 | €1,051,748 | €1,073,134 | +€21,387 | +2.0% |
| Plant, machinery and equipment | 23 | €19,379 | €16,574 | -€2,805 | -14.5% |
| Furniture and vehicles | 24 | €12,914 | €3,827 | -€9,086 | -70.4% |
| Current assets | 29/58 | €256,270 | €319,085 | +€62,814 | +24.5% |
| Amounts receivable within one year | 40/41 | €41,312 | €20,516 | -€20,796 | -50.3% |
| Trade receivables | 40 | €37,885 | €19,717 | -€18,168 | -48.0% |
| Other amounts receivable | 41 | €3,427 | €799 | -€2,628 | -76.7% |
| Current investments | 50/53 | €40,152 | €45,480 | +€5,328 | +13.3% |
| Cash at bank and in hand | 54/58 | €168,682 | €249,056 | +€80,374 | +47.6% |
| Deferred charges and accrued income | 490/1 | €6,124 | €4,033 | -€2,091 | -34.1% |
| Total equity and liabilities | 10/49 | €1,340,311 | €1,412,620 | +€72,309 | +5.4% |
| Equity | 10/15 | €1,336,625 | €1,390,709 | +€54,084 | +4.0% |
| Contributions | 10/11 | €1,394,000 | €1,394,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,375 | -€3,291 | +€54,084 | +94.3% |
| Amounts payable | 17/49 | €3,686 | €21,912 | +€18,225 | +494.4% |
| Amounts payable within one year | 42/48 | €3,686 | €21,912 | +€18,225 | +494.4% |
| Trade debts | 44 | €3,686 | €15,647 | +€11,960 | +324.4% |
| Suppliers | 440/4 | €3,686 | €15,647 | +€11,960 | +324.4% |
| Taxes, remuneration and social security | 45 | - | €6,265 | +€6,265 | |
| Taxes | 450/3 | - | €6,265 | +€6,265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,729 | €21,673 | +€945 | +4.6% |
| Other operating charges | 640/8 | €16,282 | €8,012 | -€8,269 | -50.8% |
| Gross operating margin | 9900 | €69,226 | €76,560 | +€7,334 | +10.6% |
| Operating profit (loss) | 9901 | €32,216 | €46,875 | +€14,659 | +45.5% |
| Financial income | 75/76B | €2,163 | €2,282 | +€118 | +5.5% |
| Recurring financial income | 75 | €2,163 | €2,282 | +€118 | +5.5% |
| Financial charges | 65/66B | €12,795 | -€4,928 | -€17,723 | |
| Recurring financial charges | 65 | €12,795 | -€4,928 | -€17,723 | |
| Profit (loss) for the period before taxes | 9903 | €21,585 | €54,084 | +€32,500 | +150.6% |
| Profit (loss) for the period | 9904 | €21,585 | €54,084 | +€32,500 | +150.6% |
| Profit (loss) for the period to be appropriated | 9905 | €21,585 | €54,084 | +€32,500 | +150.6% |
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 5 October 2026 via checked.be.