Tertholen: 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.
Tertholen
Largest movements
- Receivables within one year +€278,490
up €278,490 (+73.8%), from €377,582 to €656,072
of which Other amounts receivable: +€143,420
- Tangible fixed assets -€55,583
down €55,583 (-26.7%), from €207,874 to €152,291
of which Furniture and vehicles: -€49,878
- Cash -€25,338
down €25,338 (-8.3%), from €306,340 to €281,002
mainly Receivables within one year (-€278,490) and Other debts (-€82,735)
- Reserves +€302,012
up €302,012 (+66.3%), from €455,702 to €757,714
of which Distributable reserves: +€303,871
- Other debts -€82,735
down €82,735 (-26.0%), from €318,008 to €235,273
- Debts after one year -€45,856
down €45,856 (-44.0%), from €104,155 to €58,300
- Short-term financial debts +€43,996
up €43,996 (+36.1%), from €121,860 to €165,856
- Staff costs +€35,658
up €35,658 (+51.7%), from €68,933 to €104,591
- Gross operating margin +€30,608
up €30,608 (+5.5%), from €557,961 to €588,569
- Taxes +€6,795
up €6,795 (+6.5%), from €103,812 to €110,607
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.
Derived cash bridge
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 | €1,230,255 | €1,437,603 | +€207,348 | +16.9% |
| Fixed assets | 21/28 | €424,973 | €376,175 | -€48,797 | -11.5% |
| Tangible fixed assets | 22/27 | €207,874 | €152,291 | -€55,583 | -26.7% |
| Land and buildings | 22 | €10,975 | €9,293 | -€1,682 | -15.3% |
| Plant, machinery and equipment | 23 | €9,436 | €5,413 | -€4,023 | -42.6% |
| Furniture and vehicles | 24 | €187,464 | €137,586 | -€49,878 | -26.6% |
| Financial fixed assets | 28 | €217,098 | €223,884 | +€6,786 | +3.1% |
| Current assets | 29/58 | €805,282 | €1,061,428 | +€256,146 | +31.8% |
| Amounts receivable within one year | 40/41 | €377,582 | €656,072 | +€278,490 | +73.8% |
| Trade receivables | 40 | €215,052 | €350,122 | +€135,070 | +62.8% |
| Other amounts receivable | 41 | €162,530 | €305,950 | +€143,420 | +88.2% |
| Current investments | 50/53 | €117,349 | €117,349 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €306,340 | €281,002 | -€25,338 | -8.3% |
| Deferred charges and accrued income | 490/1 | €4,012 | €7,005 | +€2,993 | +74.6% |
| Total equity and liabilities | 10/49 | €1,230,255 | €1,437,603 | +€207,348 | +16.9% |
| Equity | 10/15 | €474,294 | €776,306 | +€302,012 | +63.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €455,702 | €757,714 | +€302,012 | +66.3% |
| Non-distributable reserves | 130/1 | €1,859 | - | -€1,859 | |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Distributable reserves | 133 | €453,843 | €757,714 | +€303,871 | +67.0% |
| Amounts payable | 17/49 | €755,961 | €661,298 | -€94,663 | -12.5% |
| Amounts payable after more than one year | 17 | €104,155 | €58,300 | -€45,856 | -44.0% |
| Financial debts | 170/4 | €104,155 | €58,300 | -€45,856 | -44.0% |
| Amounts payable within one year | 42/48 | €649,800 | €600,460 | -€49,341 | -7.6% |
| Financial debts | 43 | €121,860 | €165,856 | +€43,996 | +36.1% |
| Credit institutions | 430/8 | €121,860 | €165,856 | +€43,996 | +36.1% |
| Trade debts | 44 | €167,286 | €169,989 | +€2,703 | +1.6% |
| Suppliers | 440/4 | - | €169,989 | +€169,989 | |
| Bills of exchange payable | 441 | €167,286 | - | -€167,286 | |
| Taxes, remuneration and social security | 45 | €42,646 | €29,342 | -€13,304 | -31.2% |
| Taxes | 450/3 | €42,646 | €29,342 | -€13,304 | -31.2% |
| Other amounts payable | 47/48 | €318,008 | €235,273 | -€82,735 | -26.0% |
| Accrued charges and deferred income | 492/3 | €2,005 | €2,538 | +€533 | +26.6% |
| Non-recurring operating income | 76A | €38,343 | €4,634 | -€33,710 | -87.9% |
| Remuneration, social security and pensions | 62 | €68,933 | €104,591 | +€35,658 | +51.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,850 | €55,583 | +€733 | +1.3% |
| Other operating charges | 640/8 | €18,887 | €19,410 | +€523 | +2.8% |
| Gross operating margin | 9900 | €557,961 | €588,569 | +€30,608 | +5.5% |
| Operating profit (loss) | 9901 | €415,291 | €408,984 | -€6,307 | -1.5% |
| Financial income | 75/76B | €12,834 | €11,943 | -€891 | -6.9% |
| Recurring financial income | 75 | €12,834 | €11,943 | -€891 | -6.9% |
| Financial charges | 65/66B | €9,686 | €8,309 | -€1,377 | -14.2% |
| Recurring financial charges | 65 | €9,686 | €8,309 | -€1,377 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €418,439 | €412,619 | -€5,821 | -1.4% |
| Income taxes | 67/77 | €103,812 | €110,607 | +€6,795 | +6.5% |
| Profit (loss) for the period | 9904 | €314,628 | €302,012 | -€12,616 | -4.0% |
| Profit (loss) for the period to be appropriated | 9905 | €314,628 | €302,012 | -€12,616 | -4.0% |
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 15 October 2026 via checked.be.