TERVUREN DEVELOPMENT: what changed
Two fiscal 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.
TERVUREN DEVELOPMENT
Largest movements
- Tangible fixed assets -€2.0m
down €2.0m (-43.1%), from €4.6m to €2.6m
of which Land and buildings: -€1.9m
- Receivables within one year +€466,040
up €466,040 (+769.3%), from €60,581 to €526,621
of which Other amounts receivable: +€473,689
- Short-term financial debts -€1.3m
down €1.3m (-100.0%), from €1.3m to €0
of which Credit institutions: -€1.3m
- Profit (loss) carried forward -€348,027
down €348,027 (-250.2%), from -€139,092 to -€487,119
- Debts after one year +€189,959
up €189,959 (+6.9%), from €2.7m to €2.9m
of which Other amounts payable: +€222,169
- Gross operating margin -€877,548
down €877,548 (-91.5%), from €959,441 to €81,893
- Financial charges -€347,582
down €347,582 (-60.3%), from €576,542 to €228,960
- Depreciation -€61,414
down €61,414 (-24.9%), from €247,029 to €185,616
- Other operating charges -€13,989
down €13,989 (-47.5%), from €29,458 to €15,469
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.
Cash bridge derived
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 | €4,706,726 | €3,170,515 | -€1.5m | -32.6% |
| Fixed assets | 21/28 | €4,613,730 | €2,623,430 | -€2.0m | -43.1% |
| Tangible fixed assets | 22/27 | €4,613,730 | €2,623,430 | -€2.0m | -43.1% |
| Land and buildings | 22 | €4,509,323 | €2,579,940 | -€1.9m | -42.8% |
| Furniture and vehicles | 24 | €104,407 | €43,490 | -€60,917 | -58.3% |
| Current assets | 29/58 | €92,996 | €547,085 | +€454,089 | +488.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €60,581 | €526,621 | +€466,040 | +769.3% |
| Trade receivables | 40 | €10,725 | €3,076 | -€7,649 | -71.3% |
| Other amounts receivable | 41 | €49,856 | €523,545 | +€473,689 | +950.1% |
| Cash at bank and in hand | 54/58 | €15,609 | €12,037 | -€3,572 | -22.9% |
| Deferred charges and accrued income | 490/1 | €16,806 | €8,426 | -€8,380 | -49.9% |
| Total equity and liabilities | 10/49 | €4,706,726 | €3,170,515 | -€1.5m | -32.6% |
| Equity | 10/15 | -€80,792 | -€428,819 | -€348,027 | -430.8% |
| Contributions | 10/11 | €53,000 | €53,000 | = | 0.0% |
| Reserves | 13 | €5,300 | €5,300 | = | 0.0% |
| Distributable reserves | 133 | €5,300 | €5,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€139,092 | -€487,119 | -€348,027 | -250.2% |
| Amounts payable | 17/49 | €4,787,517 | €3,599,333 | -€1.2m | -24.8% |
| Amounts payable after more than one year | 17 | €2,749,373 | €2,939,333 | +€189,959 | +6.9% |
| Financial debts | 170/4 | €520,946 | €488,736 | -€32,210 | -6.2% |
| Other amounts payable | 178/9 | €2,228,428 | €2,450,597 | +€222,169 | +10.0% |
| Amounts payable within one year | 42/48 | €2,009,204 | €659,254 | -€1.3m | -67.2% |
| Current portion of amounts payable after more than one year | 42 | €30,776 | €32,210 | +€1,434 | +4.7% |
| Financial debts | 43 | €1,311,991 | €0 | -€1.3m | -100.0% |
| Credit institutions | 430/8 | €1,311,991 | €0 | -€1.3m | -100.0% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €28,276 | €6,049 | -€22,227 | -78.6% |
| Suppliers | 440/4 | €28,276 | €6,049 | -€22,227 | -78.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Other amounts payable | 47/48 | €638,162 | €620,995 | -€17,167 | -2.7% |
| Accrued charges and deferred income | 492/3 | €28,939 | €747 | -€28,193 | -97.4% |
| Non-recurring operating income | 76A | €560 | €0 | -€560 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €247,029 | €185,616 | -€61,414 | -24.9% |
| Other operating charges | 640/8 | €29,458 | €15,469 | -€13,989 | -47.5% |
| Gross operating margin | 9900 | €959,441 | €81,893 | -€877,548 | -91.5% |
| Operating profit (loss) | 9901 | €682,954 | -€119,192 | -€802,146 | |
| Financial income | 75/76B | €0 | €126 | +€125 | +62695.0% |
| Recurring financial income | 75 | €0 | €126 | +€125 | +62695.0% |
| Financial charges | 65/66B | €576,542 | €228,960 | -€347,582 | -60.3% |
| Recurring financial charges | 65 | €576,542 | €228,960 | -€347,582 | -60.3% |
| Profit (loss) for the period before taxes | 9903 | €106,412 | -€348,027 | -€454,439 | |
| Profit (loss) for the period | 9904 | €106,412 | -€348,027 | -€454,439 | |
| Profit (loss) for the period to be appropriated | 9905 | €106,412 | -€348,027 | -€454,439 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.