Terwest Management: 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.
Terwest Management
Largest movements
- Cash +€494,502
up €494,502 (+551%), from €89,759 to €584,262
mainly Current investments (+€350,000) and Net result for the year (+€138,031)
- Current investments -€350,000
no longer reported in 2025 (was €350,000)
- Tangible fixed assets -€13,066
down €13,066 (-17.2%), from €76,172 to €63,106
of which Furniture and vehicles: -€15,413
- Receivables within one year -€9,260
down €9,260 (-85.9%), from €10,774 to €1,514
- Reserves +€138,031
up €138,031 (+39.8%), from €346,548 to €484,579
- Debts after one year -€13,016
down €13,016 (-25.8%), from €50,535 to €37,519
- Gross operating margin -€19,830
down €19,830 (-8.7%), from €228,989 to €209,159
- Depreciation +€10,616
up €10,616 (+174%), from €6,119 to €16,735
- Taxes -€8,230
down €8,230 (-12.3%), from €66,732 to €58,502
- Financial income +€6,645
up €6,645 (+394%), from €1,687 to €8,331
- Other operating charges -€4,814
down €4,814 (-75.6%), from €6,365 to €1,551
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 | €526,755 | €648,932 | +€122,177 | +23.2% |
| Fixed assets | 21/28 | €76,222 | €63,156 | -€13,066 | -17.1% |
| Tangible fixed assets | 22/27 | €76,172 | €63,106 | -€13,066 | -17.2% |
| Plant, machinery and equipment | 23 | - | €2,347 | +€2,347 | |
| Furniture and vehicles | 24 | €76,172 | €60,759 | -€15,413 | -20.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €450,533 | €585,775 | +€135,242 | +30.0% |
| Amounts receivable within one year | 40/41 | €10,774 | €1,514 | -€9,260 | -85.9% |
| Trade receivables | 40 | €10,774 | €1,514 | -€9,260 | -85.9% |
| Current investments | 50/53 | €350,000 | - | -€350,000 | |
| Cash at bank and in hand | 54/58 | €89,759 | €584,262 | +€494,502 | +551% |
| Total equity and liabilities | 10/49 | €526,755 | €648,932 | +€122,177 | +23.2% |
| Equity | 10/15 | €366,548 | €504,579 | +€138,031 | +37.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €346,548 | €484,579 | +€138,031 | +39.8% |
| Distributable reserves | 133 | €346,548 | €484,579 | +€138,031 | +39.8% |
| Amounts payable | 17/49 | €160,207 | €144,353 | -€15,854 | -9.9% |
| Amounts payable after more than one year | 17 | €50,535 | €37,519 | -€13,016 | -25.8% |
| Financial debts | 170/4 | €50,535 | €37,519 | -€13,016 | -25.8% |
| Amounts payable within one year | 42/48 | €109,672 | €106,834 | -€2,838 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €12,478 | €13,016 | +€538 | +4.3% |
| Financial debts | 43 | - | €832 | +€832 | |
| Credit institutions | 430/8 | - | €832 | +€832 | |
| Trade debts | 44 | €1,003 | €318 | -€685 | -68.3% |
| Suppliers | 440/4 | €1,003 | €318 | -€685 | -68.3% |
| Taxes, remuneration and social security | 45 | €89,418 | €85,611 | -€3,807 | -4.3% |
| Taxes | 450/3 | €89,418 | €85,611 | -€3,807 | -4.3% |
| Other amounts payable | 47/48 | €6,772 | €7,055 | +€283 | +4.2% |
| Non-recurring operating income | 76A | €898 | - | -€898 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,119 | €16,735 | +€10,616 | +174% |
| Other operating charges | 640/8 | €6,365 | €1,551 | -€4,814 | -75.6% |
| Gross operating margin | 9900 | €228,989 | €209,159 | -€19,830 | -8.7% |
| Operating profit (loss) | 9901 | €216,506 | €190,874 | -€25,632 | -11.8% |
| Financial income | 75/76B | €1,687 | €8,331 | +€6,645 | +394% |
| Recurring financial income | 75 | €1,687 | €8,331 | +€6,645 | +394% |
| Financial charges | 65/66B | €995 | €2,673 | +€1,678 | +169% |
| Recurring financial charges | 65 | €995 | €2,673 | +€1,678 | +169% |
| Profit (loss) for the period before taxes | 9903 | €217,198 | €196,532 | -€20,666 | -9.5% |
| Income taxes | 67/77 | €66,732 | €58,502 | -€8,230 | -12.3% |
| Profit (loss) for the period | 9904 | €150,466 | €138,031 | -€12,435 | -8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €150,466 | €138,031 | -€12,435 | -8.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.