TERTIUS: 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.
TERTIUS
Largest movements
- Tangible fixed assets +€298,149
up €298,149 (+21.0%), from €1.4m to €1.7m
of which Land and buildings: +€216,316
- Contributions +€350,000
up €350,000 (+1,099%), from €31,855 to €381,855
- Other debts +€51,151
up €51,151 (+49.7%), from €102,822 to €153,972
- Reserves -€45,529
down €45,529 (-4.0%), from €1.1m to €1.1m
- Trade debts -€19,631
down €19,631 (-86.9%), from €22,600 to €2,969
- Debts after one year -€19,222
down €19,222 (-18.4%), from €104,251 to €85,028
- Gross operating margin +€67,571
up €67,571 (+39.4%), from €171,498 to €239,069
- Depreciation +€8,293
up €8,293 (+6.2%), from €133,921 to €142,214
- Taxes -€7,209
down €7,209 (-23.3%), from €30,966 to €23,758
- Other operating charges +€7,050
up €7,050 (+42.8%), from €16,488 to €23,538
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 | €1,461,340 | €1,790,395 | +€329,055 | +22.5% |
| Fixed assets | 21/28 | €1,421,475 | €1,719,624 | +€298,149 | +21.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,421,475 | €1,719,624 | +€298,149 | +21.0% |
| Land and buildings | 22 | €1,368,928 | €1,585,244 | +€216,316 | +15.8% |
| Plant, machinery and equipment | 23 | €24,369 | €28,478 | +€4,110 | +16.9% |
| Furniture and vehicles | 24 | €28,178 | €105,902 | +€77,724 | +276% |
| Current assets | 29/58 | €39,865 | €70,770 | +€30,906 | +77.5% |
| Amounts receivable within one year | 40/41 | €20,268 | €32,579 | +€12,311 | +60.7% |
| Trade receivables | 40 | €20,268 | €32,212 | +€11,945 | +58.9% |
| Other amounts receivable | 41 | €0 | €366 | +€366 | |
| Cash at bank and in hand | 54/58 | €19,597 | €37,385 | +€17,788 | +90.8% |
| Deferred charges and accrued income | 490/1 | - | €807 | +€807 | |
| Total equity and liabilities | 10/49 | €1,461,340 | €1,790,395 | +€329,055 | +22.5% |
| Equity | 10/15 | €1,152,092 | €1,456,563 | +€304,471 | +26.4% |
| Contributions | 10/11 | €31,855 | €381,855 | +€350,000 | +1,099% |
| Reserves | 13 | €1,128,899 | €1,083,370 | -€45,529 | -4.0% |
| Distributable reserves | 133 | €1,128,899 | €1,083,370 | -€45,529 | -4.0% |
| Profit (loss) carried forward | 14 | -€8,663 | -€8,663 | = | 0.0% |
| Amounts payable | 17/49 | €309,248 | €333,832 | +€24,584 | +7.9% |
| Amounts payable after more than one year | 17 | €104,251 | €85,028 | -€19,222 | -18.4% |
| Financial debts | 170/4 | €104,251 | €85,028 | -€19,222 | -18.4% |
| Amounts payable within one year | 42/48 | €204,997 | €248,803 | +€43,806 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €68,124 | €69,222 | +€1,099 | +1.6% |
| Trade debts | 44 | €22,600 | €2,969 | -€19,631 | -86.9% |
| Suppliers | 440/4 | €22,600 | €2,969 | -€19,631 | -86.9% |
| Taxes, remuneration and social security | 45 | €11,452 | €22,639 | +€11,187 | +97.7% |
| Taxes | 450/3 | €11,452 | €22,639 | +€11,187 | +97.7% |
| Other amounts payable | 47/48 | €102,822 | €153,972 | +€51,151 | +49.7% |
| Remuneration, social security and pensions | 62 | €298 | €0 | -€298 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,921 | €142,214 | +€8,293 | +6.2% |
| Other operating charges | 640/8 | €16,488 | €23,538 | +€7,050 | +42.8% |
| Gross operating margin | 9900 | €171,498 | €239,069 | +€67,571 | +39.4% |
| Operating profit (loss) | 9901 | €20,791 | €73,317 | +€52,526 | +253% |
| Financial income | 75/76B | - | €65 | +€65 | |
| Recurring financial income | 75 | - | €65 | +€65 | |
| Financial charges | 65/66B | €3,499 | €3,153 | -€347 | -9.9% |
| Recurring financial charges | 65 | €3,499 | €3,153 | -€347 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €17,292 | €70,229 | +€52,937 | +306% |
| Income taxes | 67/77 | €30,966 | €23,758 | -€7,209 | -23.3% |
| Profit (loss) for the period | 9904 | -€13,674 | €46,472 | +€60,146 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,674 | €46,472 | +€60,146 |
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 18 October 2026 via checked.be.