TERVUREN SQUARE: what changed
TERVUREN SQUARE
Largest movements
- Stocks and contracts -€7.3m
down €7.3m (-93.8%), from €7.8m to €487,450
- Cash -€2.8m
down €2.8m (-59.2%), from €4.7m to €1.9m
mainly Debts after one year (-€5.9m) and Trade debts (-€3.2m)
- Receivables within one year -€1.4m
down €1.4m (-97.1%), from €1.4m to €41,196
of which Trade receivables: -€1.4m
- Debts after one year -€5.9m
no longer reported in 2025 (was €5.9m)
- Trade debts -€3.2m
down €3.2m (-61.6%), from €5.2m to €2.0m
- Other debts -€2.2m
down €2.2m (-91.0%), from €2.5m to €220,000
- Tax, wage and social debts -€167,141
down €167,141 (-72.5%), from €230,606 to €63,464
- Turnover -€15.1m
down €15.1m (-64.2%), from €23.5m to €8.4m
- Purchases and services -€11.6m
down €11.6m (-62.1%), from €18.7m to €7.1m
- Gross operating margin -€3.5m
down €3.5m (-72.4%), from €4.9m to €1.3m
- Financial charges -€1.9m
down €1.9m (-65.8%), from €2.9m to €984,487
- Taxes -€365,664
down €365,664 (-82.9%), from €440,874 to €75,210
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,927,078 | €2,440,461 | -€11.5m | -82.5% |
| Current assets | 29/58 | €13,927,078 | €2,440,461 | -€11.5m | -82.5% |
| Stocks and contracts in progress | 3 | €7,815,014 | €487,450 | -€7.3m | -93.8% |
| Stocks | 30/36 | €7,815,014 | €487,450 | -€7.3m | -93.8% |
| Amounts receivable within one year | 40/41 | €1,403,271 | €41,196 | -€1.4m | -97.1% |
| Trade receivables | 40 | €1,403,271 | €18,557 | -€1.4m | -98.7% |
| Other amounts receivable | 41 | - | €22,639 | +€22,639 | |
| Cash at bank and in hand | 54/58 | €4,687,626 | €1,911,815 | -€2.8m | -59.2% |
| Deferred charges and accrued income | 490/1 | €21,167 | - | -€21,167 | |
| Total equity and liabilities | 10/49 | €13,927,078 | €2,440,461 | -€11.5m | -82.5% |
| Equity | 10/15 | €149,520 | €145,749 | -€3,771 | -2.5% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Capital | 10 | €125,000 | €125,000 | = | 0.0% |
| Issued capital | 100 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,020 | €8,249 | -€3,771 | -31.4% |
| Amounts payable | 17/49 | €13,777,558 | €2,294,712 | -€11.5m | -83.3% |
| Amounts payable after more than one year | 17 | €5,894,225 | - | -€5.9m | |
| Other amounts payable | 178/9 | €5,894,225 | - | -€5.9m | |
| Amounts payable within one year | 42/48 | €7,881,427 | €2,294,712 | -€5.6m | -70.9% |
| Trade debts | 44 | €5,180,821 | €1,991,248 | -€3.2m | -61.6% |
| Suppliers | 440/4 | €5,180,821 | €1,991,248 | -€3.2m | -61.6% |
| Advances received on contracts in progress | 46 | €20,000 | €20,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €230,606 | €63,464 | -€167,141 | -72.5% |
| Taxes | 450/3 | €230,606 | €63,464 | -€167,141 | -72.5% |
| Other amounts payable | 47/48 | €2,450,000 | €220,000 | -€2.2m | -91.0% |
| Accrued charges and deferred income | 492/3 | €1,906 | - | -€1,906 | |
| Turnover | 70 | €23,472,202 | €8,399,175 | -€15.1m | -64.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €18,670,373 | €7,085,336 | -€11.6m | -62.1% |
| Other operating charges | 640/8 | €89,853 | €76,175 | -€13,677 | -15.2% |
| Gross operating margin | 9900 | €4,867,448 | €1,345,310 | -€3.5m | -72.4% |
| Operating profit (loss) | 9901 | €4,777,595 | €1,269,135 | -€3.5m | -73.4% |
| Financial income | 75/76B | €1 | €6,791 | +€6,790 | +1,095,223% |
| Recurring financial income | 75 | €1 | €6,791 | +€6,790 | +1,095,223% |
| Financial charges | 65/66B | €2,879,489 | €984,487 | -€1.9m | -65.8% |
| Recurring financial charges | 65 | €2,879,489 | €984,487 | -€1.9m | -65.8% |
| Profit (loss) for the period before taxes | 9903 | €1,898,107 | €291,439 | -€1.6m | -84.6% |
| Income taxes | 67/77 | €440,874 | €75,210 | -€365,664 | -82.9% |
| Profit (loss) for the period | 9904 | €1,457,233 | €216,229 | -€1.2m | -85.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,457,233 | €216,229 | -€1.2m | -85.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.