TerTex: 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
TerTex
NACE 38.210, Materials recovery from waste
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€74,990
2024 · -€380,686+€455,676
Equity
€1.0m
2024 · €953,144+€48,078
Cash
€110,155
2024 · €86,385+€23,770
Balance sheet total
€3.0m
2024 · €2.9m+€129,094
Largest movements
Assets
- Receivables within one year +€423,073
up €423,073 (+65.5%), from €645,509 to €1.1m
of which Trade receivables: +€370,855
- Tangible fixed assets -€287,388
down €287,388 (-13.8%), from €2.1m to €1.8m
of which Land and buildings: -€272,689
Equity and liabilities
- Debts after one year -€165,355
down €165,355 (-14.0%), from €1.2m to €1.0m
- Trade debts +€151,597
up €151,597 (+60.6%), from €250,022 to €401,619
- Other debts +€77,882
up €77,882 (+2040.9%), from €3,816 to €81,698
- Profit (loss) carried forward +€74,990
up €74,990 (+10.3%), from -€727,433 to -€652,442
Income statement
- Gross operating margin +€448,344
up €448,344 (+31.7%), from €1.4m to €1.9m
- Depreciation -€57,363
down €57,363 (-15.0%), from €382,960 to €325,597
- Staff costs +€35,802
up €35,802 (+2.6%), from €1.4m to €1.4m
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
-€380,686
Gross operating margin
+€448,344
Staff costs
-€35,802
Depreciation
+€57,363
Other operating charges
-€6,086
Financial income
-€8,435
Financial charges
+€292
Result 2025
€74,990
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
+€231,436
Investment
-€36,959
Financing
-€170,707
Cash 2024
€86,385
From operations (derived)
+€231,436
Net result for the year
+€74,990
Depreciation
+€325,597
Receivables within one year
-€423,073
Deferred charges and accrued income
+€29,110
Trade debts
+€151,597
Tax, wage and social debts
-€7,668
Other debts
+€77,882
Accrued charges and deferred income
+€3,000
Investment (derived)
-€36,959
Investment in fixed assets (net)
-€36,952
Current investments
-€7
Financing
-€170,707
Debts after one year
-€165,355
Current portion of long-term debt
-€3,357
Short-term financial debts
+€24,916
Contributions, distributions and other
-€26,912
Cash 2025
€110,155
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,860,169 | €2,989,263 | +€129,094 | +4.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,090,892 | €1,802,247 | -€288,645 | -13.8% |
| Intangible fixed assets | 21 | €3,768 | €2,511 | -€1,257 | -33.4% |
| Tangible fixed assets | 22/27 | €2,087,124 | €1,799,736 | -€287,388 | -13.8% |
| Land and buildings | 22 | €1,908,826 | €1,636,137 | -€272,689 | -14.3% |
| Plant, machinery and equipment | 23 | €171,008 | €158,897 | -€12,112 | -7.1% |
| Furniture and vehicles | 24 | €0 | €637 | +€637 | |
| Leasing and similar rights | 25 | €7,289 | €0 | -€7,289 | -100.0% |
| Assets under construction and advance payments | 27 | - | €4,066 | +€4,066 | |
| Current assets | 29/58 | €769,278 | €1,187,017 | +€417,739 | +54.3% |
| Amounts receivable within one year | 40/41 | €645,509 | €1,068,582 | +€423,073 | +65.5% |
| Trade receivables | 40 | €506,078 | €876,933 | +€370,855 | +73.3% |
| Other amounts receivable | 41 | €139,431 | €191,649 | +€52,218 | +37.5% |
| Current investments | 50/53 | €498 | €505 | +€7 | +1.4% |
| Cash at bank and in hand | 54/58 | €86,385 | €110,155 | +€23,770 | +27.5% |
| Deferred charges and accrued income | 490/1 | €36,886 | €7,775 | -€29,110 | -78.9% |
| Total equity and liabilities | 10/49 | €2,860,169 | €2,989,263 | +€129,094 | +4.5% |
| Equity | 10/15 | €953,144 | €1,001,223 | +€48,078 | +5.0% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €6,000 | €6,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,000 | €6,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€727,433 | -€652,442 | +€74,990 | +10.3% |
| Investment grants | 15 | €174,577 | €147,665 | -€26,912 | -15.4% |
| Amounts payable | 17/49 | €1,907,025 | €1,988,041 | +€81,016 | +4.2% |
| Amounts payable after more than one year | 17 | €1,180,269 | €1,014,914 | -€165,355 | -14.0% |
| Financial debts | 170/4 | €1,180,269 | €1,014,914 | -€165,355 | -14.0% |
| Amounts payable within one year | 42/48 | €725,046 | €968,417 | +€243,371 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | €168,622 | €165,265 | -€3,357 | -2.0% |
| Financial debts | 43 | €121,511 | €146,428 | +€24,916 | +20.5% |
| Credit institutions | 430/8 | €121,511 | €146,428 | +€24,916 | +20.5% |
| Trade debts | 44 | €250,022 | €401,619 | +€151,597 | +60.6% |
| Suppliers | 440/4 | €250,022 | €401,619 | +€151,597 | +60.6% |
| Taxes, remuneration and social security | 45 | €181,075 | €173,407 | -€7,668 | -4.2% |
| Taxes | 450/3 | €26,773 | €23,017 | -€3,756 | -14.0% |
| Remuneration and social security | 454/9 | €154,302 | €150,390 | -€3,912 | -2.5% |
| Other amounts payable | 47/48 | €3,816 | €81,698 | +€77,882 | +2040.9% |
| Accrued charges and deferred income | 492/3 | €1,710 | €4,710 | +€3,000 | +175.5% |
| Remuneration, social security and pensions | 62 | €1,362,551 | €1,398,353 | +€35,802 | +2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €382,960 | €325,597 | -€57,363 | -15.0% |
| Other operating charges | 640/8 | €43,992 | €50,078 | +€6,086 | +13.8% |
| Gross operating margin | 9900 | €1,412,982 | €1,861,325 | +€448,344 | +31.7% |
| Operating profit (loss) | 9901 | -€376,521 | €87,297 | +€463,819 | |
| Financial income | 75/76B | €35,357 | €26,922 | -€8,435 | -23.9% |
| Recurring financial income | 75 | €35,357 | €26,922 | -€8,435 | -23.9% |
| Financial charges | 65/66B | €39,521 | €39,229 | -€292 | -0.7% |
| Recurring financial charges | 65 | €39,521 | €39,229 | -€292 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | -€380,686 | €74,990 | +€455,676 | |
| Profit (loss) for the period | 9904 | -€380,686 | €74,990 | +€455,676 | |
| Profit (loss) for the period to be appropriated | 9905 | -€380,686 | €74,990 | +€455,676 |
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 8 October 2026 via checked.be.