TERTIUM: 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.
What changed
TERTIUM
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€24,411
2024 · €23,974+€436
Equity
€78,452
2024 · €54,042+€24,411
Cash
€157
2024 · €160-€2
Balance sheet total
€345,923
2024 · €361,354-€15,432
Largest movements
Assets
- Tangible fixed assets -€11,107
down €11,107 (-3.5%), from €320,697 to €309,590
of which Land and buildings: -€21,118
- Receivables within one year -€4,361
down €4,361 (-11.3%), from €38,609 to €34,248
of which Trade receivables: -€2,196
Equity and liabilities
- Debts after one year -€45,997
down €45,997 (-36.3%), from €126,789 to €80,792
- Profit (loss) carried forward +€28,217
up €28,217 (+49.6%), from -€56,849 to -€28,632
- Short-term financial debts -€16,254
down €16,254 (-64.2%), from €25,330 to €9,076
- Other debts +€15,962
up €15,962 (+25.2%), from €63,374 to €79,336
- Tax, wage and social debts +€6,683
up €6,683 (+35.4%), from €18,858 to €25,541
Income statement
- Gross operating margin -€9,187
down €9,187 (-10.9%), from €84,115 to €74,928
- Financial charges -€3,906
down €3,906 (-19.0%), from €20,507 to €16,601
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
€23,974
Gross operating margin
-€9,187
Depreciation
-€14
Other operating charges
-€219
Other operating items
+€5,962
Financial income
+€28
Financial charges
+€3,906
Taxes
-€39
Result 2025
€24,411
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€71,854
Investment
-€11,806
Financing
-€60,051
Cash 2024
€160
From operations (derived)
+€71,854
Net result for the year
+€24,411
Depreciation
+€22,912
Receivables within one year
+€4,361
Deferred charges and accrued income
-€38
Provisions
-€1,960
Trade debts
+€216
Tax, wage and social debts
+€6,683
Other debts
+€15,962
Accrued charges and deferred income
-€693
Investment (derived)
-€11,806
Investment in fixed assets (net)
-€11,806
Financing
-€60,051
Debts after one year
-€45,997
Current portion of long-term debt
+€2,201
Short-term financial debts
-€16,254
Cash 2025
€157
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €361,354 | €345,923 | -€15,432 | -4.3% |
| Fixed assets | 21/28 | €321,567 | €310,460 | -€11,107 | -3.5% |
| Tangible fixed assets | 22/27 | €320,697 | €309,590 | -€11,107 | -3.5% |
| Land and buildings | 22 | €320,697 | €299,579 | -€21,118 | -6.6% |
| Furniture and vehicles | 24 | - | €10,011 | +€10,011 | |
| Financial fixed assets | 28 | €870 | €870 | = | 0.0% |
| Current assets | 29/58 | €39,788 | €35,463 | -€4,325 | -10.9% |
| Amounts receivable within one year | 40/41 | €38,609 | €34,248 | -€4,361 | -11.3% |
| Trade receivables | 40 | €15,865 | €13,669 | -€2,196 | -13.8% |
| Other amounts receivable | 41 | €22,744 | €20,579 | -€2,165 | -9.5% |
| Cash at bank and in hand | 54/58 | €160 | €157 | -€2 | -1.5% |
| Deferred charges and accrued income | 490/1 | €1,019 | €1,058 | +€38 | +3.7% |
| Total equity and liabilities | 10/49 | €361,354 | €345,923 | -€15,432 | -4.3% |
| Equity | 10/15 | €54,042 | €78,452 | +€24,411 | +45.2% |
| Contributions | 10/11 | €63,215 | €63,215 | = | 0.0% |
| Reserves | 13 | €47,676 | €43,869 | -€3,807 | -8.0% |
| Non-distributable reserves | 130/1 | €1,881 | €1,881 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,881 | €1,881 | = | 0.0% |
| Tax-exempt reserves | 132 | €45,796 | €41,989 | -€3,807 | -8.3% |
| Profit (loss) carried forward | 14 | -€56,849 | -€28,632 | +€28,217 | +49.6% |
| Provisions and deferred taxes | 16 | €23,581 | €21,621 | -€1,960 | -8.3% |
| Deferred taxes | 168 | €23,581 | €21,621 | -€1,960 | -8.3% |
| Amounts payable | 17/49 | €283,732 | €245,849 | -€37,882 | -13.4% |
| Amounts payable after more than one year | 17 | €126,789 | €80,792 | -€45,997 | -36.3% |
| Financial debts | 170/4 | €126,789 | €80,792 | -€45,997 | -36.3% |
| Amounts payable within one year | 42/48 | €154,371 | €163,179 | +€8,808 | +5.7% |
| Current portion of amounts payable after more than one year | 42 | €43,797 | €45,997 | +€2,201 | +5.0% |
| Financial debts | 43 | €25,330 | €9,076 | -€16,254 | -64.2% |
| Credit institutions | 430/8 | €25,330 | €9,076 | -€16,254 | -64.2% |
| Trade debts | 44 | €3,013 | €3,230 | +€216 | +7.2% |
| Suppliers | 440/4 | €3,013 | €3,230 | +€216 | +7.2% |
| Taxes, remuneration and social security | 45 | €18,858 | €25,541 | +€6,683 | +35.4% |
| Taxes | 450/3 | €18,858 | €25,541 | +€6,683 | +35.4% |
| Other amounts payable | 47/48 | €63,374 | €79,336 | +€15,962 | +25.2% |
| Accrued charges and deferred income | 492/3 | €2,571 | €1,879 | -€693 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,898 | €22,912 | +€14 | +0.1% |
| Other operating charges | 640/8 | €2,328 | €2,548 | +€219 | +9.4% |
| Non-recurring operating charges | 66A | €5,962 | - | -€5,962 | |
| Gross operating margin | 9900 | €84,115 | €74,928 | -€9,187 | -10.9% |
| Operating profit (loss) | 9901 | €52,926 | €49,468 | -€3,459 | -6.5% |
| Financial income | 75/76B | €965 | €993 | +€28 | +2.9% |
| Recurring financial income | 75 | €965 | €993 | +€28 | +2.9% |
| Financial charges | 65/66B | €20,507 | €16,601 | -€3,906 | -19.0% |
| Recurring financial charges | 65 | €20,507 | €16,601 | -€3,906 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €33,385 | €33,860 | +€475 | +1.4% |
| Transfer from deferred taxes | 780 | €1,960 | €1,960 | = | 0.0% |
| Income taxes | 67/77 | €11,371 | €11,409 | +€39 | +0.3% |
| Profit (loss) for the period | 9904 | €23,974 | €24,411 | +€436 | +1.8% |
| Transfer from tax-exempt reserves | 789 | €3,807 | €3,807 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,781 | €28,217 | +€436 | +1.6% |
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 31 October 2026 via checked.be.