Terwatec: 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.
Terwatec
Largest movements
- Receivables within one year +€9,706
up €9,706 (+21.6%), from €44,836 to €54,542
of which Other amounts receivable: +€9,258
- Reserves +€10,144
up €10,144 (+53.2%), from €19,077 to €29,221
- Trade debts -€1,755
down €1,755 (-71.3%), from €2,461 to €707
- Short-term financial debts +€631
up €631 (+13.6%), from €4,643 to €5,275
- Gross operating margin +€2,690
up €2,690 (+28.5%), from €9,427 to €12,117
- Depreciation -€500
no longer reported in 2025 (was €500)
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 | €47,942 | €57,282 | +€9,340 | +19.5% |
| Fixed assets | 21/28 | €370 | - | -€370 | |
| Tangible fixed assets | 22/27 | €370 | - | -€370 | |
| Plant, machinery and equipment | 23 | €370 | - | -€370 | |
| Current assets | 29/58 | €47,572 | €57,282 | +€9,710 | +20.4% |
| Amounts receivable within one year | 40/41 | €44,836 | €54,542 | +€9,706 | +21.6% |
| Trade receivables | 40 | - | €448 | +€448 | |
| Other amounts receivable | 41 | €44,836 | €54,094 | +€9,258 | +20.6% |
| Cash at bank and in hand | 54/58 | €2,587 | €2,587 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €149 | €153 | +€4 | +2.7% |
| Total equity and liabilities | 10/49 | €47,942 | €57,282 | +€9,340 | +19.5% |
| Equity | 10/15 | €39,537 | €49,681 | +€10,144 | +25.7% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €19,077 | €29,221 | +€10,144 | +53.2% |
| Distributable reserves | 133 | €19,077 | €29,221 | +€10,144 | +53.2% |
| Amounts payable | 17/49 | €8,405 | €7,601 | -€804 | -9.6% |
| Amounts payable within one year | 42/48 | €8,405 | €7,601 | -€804 | -9.6% |
| Financial debts | 43 | €4,643 | €5,275 | +€631 | +13.6% |
| Credit institutions | 430/8 | €4,643 | €5,275 | +€631 | +13.6% |
| Trade debts | 44 | €2,461 | €707 | -€1,755 | -71.3% |
| Suppliers | 440/4 | €2,461 | €707 | -€1,755 | -71.3% |
| Taxes, remuneration and social security | 45 | €975 | €1,297 | +€322 | +33.0% |
| Taxes | 450/3 | €975 | €1,297 | +€322 | +33.0% |
| Other amounts payable | 47/48 | €325 | €322 | -€3 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €500 | - | -€500 | |
| Other operating charges | 640/8 | €1,096 | €1,054 | -€42 | -3.8% |
| Gross operating margin | 9900 | €9,427 | €12,117 | +€2,690 | +28.5% |
| Operating profit (loss) | 9901 | €7,831 | €11,063 | +€3,232 | +41.3% |
| Financial charges | 65/66B | €864 | €919 | +€55 | +6.3% |
| Recurring financial charges | 65 | €864 | €919 | +€55 | +6.3% |
| Profit (loss) for the period before taxes | 9903 | €6,966 | €10,144 | +€3,178 | +45.6% |
| Profit (loss) for the period | 9904 | €6,966 | €10,144 | +€3,178 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,966 | €10,144 | +€3,178 | +45.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.