TERSEC: 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.
TERSEC
Largest movements
- Cash +€15,495
up €15,495 (+21.6%), from €71,771 to €87,266
mainly Advances received (+€12,000) and Net result for the year (+€10,310)
- Receivables within one year +€10,749
up €10,749 (+16.4%), from €65,584 to €76,333
of which Trade receivables: +€10,258
- Tangible fixed assets +€7,144
up €7,144 (+246.0%), from €2,904 to €10,047
of which Furniture and vehicles: +€6,330
- Advances received +€12,000
up €12,000 (+4332.1%), from €277 to €12,277
- Profit (loss) carried forward +€10,310
up €10,310 (+23.9%), from -€43,228 to -€32,918
- Tax, wage and social debts +€5,819
up €5,819 (+22.8%), from €25,571 to €31,390
of which Taxes: +€5,451
- Current portion of long-term debt +€4,460
new in 2025: €4,460
- Debts after one year +€1,897
new in 2025: €1,897
- Gross operating margin +€5,819
up €5,819 (+5.3%), from €109,149 to €114,968
- Staff costs +€2,403
up €2,403 (+2.5%), from €95,380 to €97,783
- Depreciation +€2,346
up €2,346 (+139.4%), from €1,682 to €4,028
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 | €142,243 | €177,222 | +€34,979 | +24.6% |
| Fixed assets | 21/28 | €2,904 | €10,047 | +€7,144 | +246.0% |
| Tangible fixed assets | 22/27 | €2,904 | €10,047 | +€7,144 | +246.0% |
| Plant, machinery and equipment | 23 | €2,099 | €2,913 | +€814 | +38.8% |
| Furniture and vehicles | 24 | €805 | €7,135 | +€6,330 | +786.1% |
| Current assets | 29/58 | €139,339 | €167,174 | +€27,835 | +20.0% |
| Amounts receivable within one year | 40/41 | €65,584 | €76,333 | +€10,749 | +16.4% |
| Trade receivables | 40 | €65,461 | €75,719 | +€10,258 | +15.7% |
| Other amounts receivable | 41 | €123 | €614 | +€491 | +399.8% |
| Cash at bank and in hand | 54/58 | €71,771 | €87,266 | +€15,495 | +21.6% |
| Deferred charges and accrued income | 490/1 | €1,983 | €3,575 | +€1,592 | +80.3% |
| Total equity and liabilities | 10/49 | €142,243 | €177,222 | +€34,979 | +24.6% |
| Equity | 10/15 | €35,172 | €45,482 | +€10,310 | +29.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €59,400 | €59,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €59,400 | €59,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,228 | -€32,918 | +€10,310 | +23.9% |
| Amounts payable | 17/49 | €107,071 | €131,740 | +€24,669 | +23.0% |
| Amounts payable after more than one year | 17 | - | €1,897 | +€1,897 | |
| Financial debts | 170/4 | - | €1,897 | +€1,897 | |
| Amounts payable within one year | 42/48 | €107,071 | €129,843 | +€22,772 | +21.3% |
| Current portion of amounts payable after more than one year | 42 | - | €4,460 | +€4,460 | |
| Financial debts | 43 | €755 | €194 | -€561 | -74.4% |
| Credit institutions | 430/8 | €755 | €0 | -€755 | -100.0% |
| Other loans | 439 | - | €194 | +€194 | |
| Trade debts | 44 | €25,894 | €26,938 | +€1,043 | +4.0% |
| Suppliers | 440/4 | €25,894 | €26,938 | +€1,043 | +4.0% |
| Advances received on contracts in progress | 46 | €277 | €12,277 | +€12,000 | +4332.1% |
| Taxes, remuneration and social security | 45 | €25,571 | €31,390 | +€5,819 | +22.8% |
| Taxes | 450/3 | €13,092 | €18,543 | +€5,451 | +41.6% |
| Remuneration and social security | 454/9 | €12,479 | €12,847 | +€369 | +3.0% |
| Other amounts payable | 47/48 | €54,573 | €54,584 | +€10 | 0.0% |
| Remuneration, social security and pensions | 62 | €95,380 | €97,783 | +€2,403 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,682 | €4,028 | +€2,346 | +139.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €742 | €1,374 | +€632 | +85.3% |
| Gross operating margin | 9900 | €109,149 | €114,968 | +€5,819 | +5.3% |
| Operating profit (loss) | 9901 | €11,345 | €11,783 | +€438 | +3.9% |
| Financial income | 75/76B | €105 | €264 | +€160 | +152.2% |
| Recurring financial income | 75 | €105 | €264 | +€160 | +152.2% |
| Financial charges | 65/66B | €1,224 | €1,272 | +€48 | +4.0% |
| Recurring financial charges | 65 | €1,224 | €1,272 | +€48 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €10,226 | €10,775 | +€549 | +5.4% |
| Income taxes | 67/77 | €477 | €465 | -€12 | -2.5% |
| Profit (loss) for the period | 9904 | €9,749 | €10,310 | +€561 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €9,749 | €10,310 | +€561 | +5.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.