TERTIA: 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.
TERTIA
Largest movements
- Current investments -€280,000
no longer reported in 2025 (was €280,000)
- Cash +€269,853
up €269,853 (+509%), from €53,044 to €322,897
mainly Current investments (+€280,000) and Depreciation (+€30,257)
- Tangible fixed assets -€30,257
down €30,257 (-9.5%), from €317,172 to €286,915
of which Furniture and vehicles: -€22,456
- Debts after one year -€29,941
down €29,941 (-20.9%), from €142,942 to €113,001
- Reserves -€21,190
down €21,190 (-4.7%), from €451,767 to €430,577
- Gross operating margin -€25,069
down €25,069 (-66.0%), from €37,971 to €12,902
- Financial income -€5,412
down €5,412 (-56.6%), from €9,563 to €4,151
- Taxes -€2,423
down €2,423 (-85.2%), from €2,844 to €420
- Depreciation +€1,650
up €1,650 (+5.8%), from €28,607 to €30,257
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 | €658,757 | €613,483 | -€45,274 | -6.9% |
| Fixed assets | 21/28 | €317,172 | €286,915 | -€30,257 | -9.5% |
| Tangible fixed assets | 22/27 | €317,172 | €286,915 | -€30,257 | -9.5% |
| Land and buildings | 22 | €230,168 | €222,808 | -€7,360 | -3.2% |
| Plant, machinery and equipment | 23 | €1,322 | €882 | -€441 | -33.3% |
| Furniture and vehicles | 24 | €85,682 | €63,225 | -€22,456 | -26.2% |
| Current assets | 29/58 | €341,586 | €326,569 | -€15,017 | -4.4% |
| Amounts receivable within one year | 40/41 | €7,032 | €2,330 | -€4,702 | -66.9% |
| Trade receivables | 40 | €5,257 | €1,344 | -€3,913 | -74.4% |
| Other amounts receivable | 41 | €1,775 | €986 | -€789 | -44.5% |
| Current investments | 50/53 | €280,000 | - | -€280,000 | |
| Cash at bank and in hand | 54/58 | €53,044 | €322,897 | +€269,853 | +509% |
| Deferred charges and accrued income | 490/1 | €1,510 | €1,342 | -€168 | -11.1% |
| Total equity and liabilities | 10/49 | €658,757 | €613,483 | -€45,274 | -6.9% |
| Equity | 10/15 | €457,967 | €436,777 | -€21,190 | -4.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €451,767 | €430,577 | -€21,190 | -4.7% |
| Distributable reserves | 133 | €451,767 | €430,577 | -€21,190 | -4.7% |
| Provisions and deferred taxes | 16 | €18,277 | €18,277 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €18,277 | €18,277 | = | 0.0% |
| Pensions and similar obligations | 160 | €18,277 | €18,277 | = | 0.0% |
| Amounts payable | 17/49 | €182,514 | €158,430 | -€24,084 | -13.2% |
| Amounts payable after more than one year | 17 | €142,942 | €113,001 | -€29,941 | -20.9% |
| Financial debts | 170/4 | €142,942 | €113,001 | -€29,941 | -20.9% |
| Amounts payable within one year | 42/48 | €39,572 | €45,428 | +€5,856 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €29,355 | €29,941 | +€585 | +2.0% |
| Financial debts | 43 | - | €2,861 | +€2,861 | |
| Credit institutions | 430/8 | - | €2,861 | +€2,861 | |
| Trade debts | 44 | €3,356 | €820 | -€2,536 | -75.6% |
| Suppliers | 440/4 | €3,356 | €820 | -€2,536 | -75.6% |
| Taxes, remuneration and social security | 45 | €1,213 | €1,736 | +€522 | +43.1% |
| Taxes | 450/3 | €1,213 | €1,736 | +€522 | +43.1% |
| Other amounts payable | 47/48 | €5,648 | €10,072 | +€4,424 | +78.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,607 | €30,257 | +€1,650 | +5.8% |
| Other operating charges | 640/8 | €4,385 | €4,600 | +€215 | +4.9% |
| Gross operating margin | 9900 | €37,971 | €12,902 | -€25,069 | -66.0% |
| Operating profit (loss) | 9901 | €4,980 | -€21,955 | -€26,935 | |
| Financial income | 75/76B | €9,563 | €4,151 | -€5,412 | -56.6% |
| Recurring financial income | 75 | €9,563 | €4,151 | -€5,412 | -56.6% |
| Financial charges | 65/66B | €3,056 | €2,965 | -€91 | -3.0% |
| Recurring financial charges | 65 | €3,056 | €2,965 | -€91 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €11,486 | -€20,769 | -€32,255 | |
| Income taxes | 67/77 | €2,844 | €420 | -€2,423 | -85.2% |
| Profit (loss) for the period | 9904 | €8,642 | -€21,190 | -€29,832 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,642 | -€21,190 | -€29,832 |
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 14 October 2026 via checked.be.