TERVAETE: 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.
TERVAETE
Largest movements
- Tangible fixed assets -€8,141
down €8,141 (-13.7%), from €59,277 to €51,136
of which Furniture and vehicles: -€4,312
- Cash -€2,383
down €2,383 (-11.3%), from €21,147 to €18,764
mainly Debts after one year (-€6,081) and Current portion of long-term debt (-€4,725)
- Receivables within one year -€1,695
down €1,695 (-73.8%), from €2,297 to €602
of which Other amounts receivable: -€1,496
- Debts after one year -€6,081
down €6,081 (-6.6%), from €92,202 to €86,121
- Current portion of long-term debt -€4,725
down €4,725 (-34.6%), from €13,644 to €8,919
- Tax, wage and social debts -€1,335
no longer reported in 2025 (was €1,335)
- Profit (loss) carried forward +€1,188
up €1,188 (+1.3%), from -€91,228 to -€90,040
- Accrued charges and deferred income -€1,110
no longer reported in 2025 (was €1,110)
- Turnover -€45,223
no longer reported in 2025 (was €45,223)
- Purchases and services -€22,976
no longer reported in 2025 (was €22,976)
- Gross operating margin -€4,895
down €4,895 (-22.0%), from €22,246 to €17,351
- Depreciation -€3,535
down €3,535 (-30.3%), from €11,676 to €8,141
- Taxes +€504
up €504 (+26.4%), from €1,912 to €2,416
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 | €83,135 | €70,916 | -€12,219 | -14.7% |
| Fixed assets | 21/28 | €59,691 | €51,550 | -€8,141 | -13.6% |
| Tangible fixed assets | 22/27 | €59,277 | €51,136 | -€8,141 | -13.7% |
| Land and buildings | 22 | €50,347 | €47,374 | -€2,973 | -5.9% |
| Plant, machinery and equipment | 23 | €3,925 | €3,069 | -€856 | -21.8% |
| Furniture and vehicles | 24 | €5,005 | €693 | -€4,312 | -86.2% |
| Financial fixed assets | 28 | €414 | €414 | = | 0.0% |
| Current assets | 29/58 | €23,444 | €19,366 | -€4,078 | -17.4% |
| Amounts receivable within one year | 40/41 | €2,297 | €602 | -€1,695 | -73.8% |
| Trade receivables | 40 | €199 | - | -€199 | |
| Other amounts receivable | 41 | €2,098 | €602 | -€1,496 | -71.3% |
| Cash at bank and in hand | 54/58 | €21,147 | €18,764 | -€2,383 | -11.3% |
| Total equity and liabilities | 10/49 | €83,135 | €70,916 | -€12,219 | -14.7% |
| Equity | 10/15 | -€27,926 | -€26,738 | +€1,188 | +4.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,302 | €1,302 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,302 | €1,302 | = | 0.0% |
| Legal reserve | 130 | €1,302 | €1,302 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€91,228 | -€90,040 | +€1,188 | +1.3% |
| Amounts payable | 17/49 | €111,061 | €97,654 | -€13,407 | -12.1% |
| Amounts payable after more than one year | 17 | €92,202 | €86,121 | -€6,081 | -6.6% |
| Financial debts | 170/4 | €92,202 | €86,121 | -€6,081 | -6.6% |
| Amounts payable within one year | 42/48 | €17,749 | €11,533 | -€6,216 | -35.0% |
| Current portion of amounts payable after more than one year | 42 | €13,644 | €8,919 | -€4,725 | -34.6% |
| Trade debts | 44 | €2,770 | €2,105 | -€665 | -24.0% |
| Suppliers | 440/4 | €2,770 | €2,105 | -€665 | -24.0% |
| Taxes, remuneration and social security | 45 | €1,335 | - | -€1,335 | |
| Taxes | 450/3 | €1,335 | - | -€1,335 | |
| Other amounts payable | 47/48 | - | €509 | +€509 | |
| Accrued charges and deferred income | 492/3 | €1,110 | - | -€1,110 | |
| Turnover | 70 | €45,223 | - | -€45,223 | |
| Goods, raw materials, services and sundry goods | 60/61 | €22,976 | - | -€22,976 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,676 | €8,141 | -€3,535 | -30.3% |
| Other operating charges | 640/8 | €3,271 | €3,523 | +€252 | +7.7% |
| Gross operating margin | 9900 | €22,246 | €17,351 | -€4,895 | -22.0% |
| Operating profit (loss) | 9901 | €7,299 | €5,687 | -€1,612 | -22.1% |
| Financial income | 75/76B | €1 | €58 | +€57 | +5,700% |
| Recurring financial income | 75 | €1 | €58 | +€57 | +5,700% |
| Financial charges | 65/66B | €2,630 | €2,141 | -€489 | -18.6% |
| Recurring financial charges | 65 | €2,630 | €2,141 | -€489 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €4,670 | €3,604 | -€1,066 | -22.8% |
| Income taxes | 67/77 | €1,912 | €2,416 | +€504 | +26.4% |
| Profit (loss) for the period | 9904 | €2,758 | €1,188 | -€1,570 | -56.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,758 | €1,188 | -€1,570 | -56.9% |
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 13 October 2026 via checked.be.