TERVEST: 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.
TERVEST
Largest movements
- Cash +€104,040
up €104,040 (+64.3%), from €161,805 to €265,845
mainly Net result for the year (+€220,765) and Depreciation (+€79,557)
- Receivables within one year -€72,191
down €72,191 (-8.3%), from €870,019 to €797,828
of which Other amounts receivable: -€74,367
- Current investments +€60,000
up €60,000 (+66.7%), from €90,000 to €150,000
- Tangible fixed assets -€50,803
down €50,803 (-4.0%), from €1.3m to €1.2m
of which Land and buildings: -€30,224
- Other debts -€245,300
down €245,300 (-59.8%), from €410,110 to €164,810
- Profit (loss) carried forward +€220,765
up €220,765 (+25.9%), from €850,989 to €1.1m
- Debts after one year +€76,850
up €76,850 (+5.1%), from €1.5m to €1.6m
of which Financial debts: +€76,850
- Gross operating margin -€9,248
down €9,248 (-1.8%), from €517,755 to €508,507
- Financial charges -€8,317
down €8,317 (-12.0%), from €69,108 to €60,791
- Depreciation +€7,971
up €7,971 (+11.1%), from €71,586 to €79,557
- Taxes -€6,943
down €6,943 (-8.3%), from €83,959 to €77,016
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 | €4,336,183 | €4,376,695 | +€40,512 | +0.9% |
| Fixed assets | 21/28 | €3,206,437 | €3,155,635 | -€50,803 | -1.6% |
| Tangible fixed assets | 22/27 | €1,283,244 | €1,232,442 | -€50,803 | -4.0% |
| Land and buildings | 22 | €1,165,175 | €1,134,951 | -€30,224 | -2.6% |
| Plant, machinery and equipment | 23 | €40,145 | €41,726 | +€1,581 | +3.9% |
| Furniture and vehicles | 24 | €77,924 | €55,765 | -€22,159 | -28.4% |
| Financial fixed assets | 28 | €1,923,193 | €1,923,193 | = | 0.0% |
| Current assets | 29/58 | €1,129,745 | €1,221,060 | +€91,315 | +8.1% |
| Amounts receivable within one year | 40/41 | €870,019 | €797,828 | -€72,191 | -8.3% |
| Trade receivables | 40 | €83,963 | €86,140 | +€2,177 | +2.6% |
| Other amounts receivable | 41 | €786,056 | €711,689 | -€74,367 | -9.5% |
| Current investments | 50/53 | €90,000 | €150,000 | +€60,000 | +66.7% |
| Cash at bank and in hand | 54/58 | €161,805 | €265,845 | +€104,040 | +64.3% |
| Deferred charges and accrued income | 490/1 | €7,922 | €7,387 | -€535 | -6.8% |
| Total equity and liabilities | 10/49 | €4,336,183 | €4,376,695 | +€40,512 | +0.9% |
| Equity | 10/15 | €2,275,739 | €2,496,504 | +€220,765 | +9.7% |
| Contributions | 10/11 | €789,000 | €789,000 | = | 0.0% |
| Reserves | 13 | €635,750 | €635,750 | = | 0.0% |
| Distributable reserves | 133 | €635,750 | €635,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €850,989 | €1,071,754 | +€220,765 | +25.9% |
| Amounts payable | 17/49 | €2,060,444 | €1,880,190 | -€180,253 | -8.7% |
| Amounts payable after more than one year | 17 | €1,495,827 | €1,572,677 | +€76,850 | +5.1% |
| Financial debts | 170/4 | €1,492,027 | €1,568,877 | +€76,850 | +5.2% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €561,795 | €304,198 | -€257,597 | -45.9% |
| Current portion of amounts payable after more than one year | 42 | €97,246 | €88,187 | -€9,059 | -9.3% |
| Trade debts | 44 | €6,140 | €4,793 | -€1,347 | -21.9% |
| Suppliers | 440/4 | €6,140 | €4,793 | -€1,347 | -21.9% |
| Taxes, remuneration and social security | 45 | €48,300 | €46,408 | -€1,892 | -3.9% |
| Taxes | 450/3 | €35,834 | €37,044 | +€1,210 | +3.4% |
| Remuneration and social security | 454/9 | €12,466 | €9,364 | -€3,102 | -24.9% |
| Other amounts payable | 47/48 | €410,110 | €164,810 | -€245,300 | -59.8% |
| Accrued charges and deferred income | 492/3 | €2,821 | €3,315 | +€494 | +17.5% |
| Remuneration, social security and pensions | 62 | €63,898 | €68,556 | +€4,658 | +7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €71,586 | €79,557 | +€7,971 | +11.1% |
| Other operating charges | 640/8 | €3,510 | €7,246 | +€3,736 | +106% |
| Non-recurring operating charges | 66A | - | €79 | +€79 | |
| Gross operating margin | 9900 | €517,755 | €508,507 | -€9,248 | -1.8% |
| Operating profit (loss) | 9901 | €378,762 | €353,069 | -€25,693 | -6.8% |
| Financial income | 75/76B | €3,539 | €5,503 | +€1,964 | +55.5% |
| Recurring financial income | 75 | €3,539 | €5,503 | +€1,964 | +55.5% |
| Financial charges | 65/66B | €69,108 | €60,791 | -€8,317 | -12.0% |
| Recurring financial charges | 65 | €69,108 | €60,791 | -€8,317 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €313,193 | €297,781 | -€15,412 | -4.9% |
| Income taxes | 67/77 | €83,959 | €77,016 | -€6,943 | -8.3% |
| Profit (loss) for the period | 9904 | €229,234 | €220,765 | -€8,469 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €229,234 | €220,765 | -€8,469 | -3.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.