Terco+: what changed
What changed
Terco+
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€259
2024 · €2,031-€1,771
Equity
€166,941
2024 · €166,682+€259
Cash
€73,446
2024 · €94,100-€20,654
Balance sheet total
€528,225
2024 · €591,979-€63,754
Largest movements
Assets
- Receivables within one year -€28,917
down €28,917 (-50.7%), from €56,999 to €28,082
of which Trade receivables: -€28,917
- Tangible fixed assets -€27,240
down €27,240 (-6.3%), from €432,521 to €405,280
of which Land and buildings: -€28,877
- Cash -€20,654
down €20,654 (-21.9%), from €94,100 to €73,446
mainly Debts after one year (-€33,469) and Other debts (-€28,807)
- Stocks and contracts +€13,067
up €13,067 (+265%), from €4,929 to €17,996
of which Contracts in progress: +€13,477
Equity and liabilities
- Debts after one year -€33,469
down €33,469 (-12.6%), from €266,247 to €232,778
- Other debts -€28,807
down €28,807 (-42.8%), from €67,354 to €38,546
Income statement
- Staff costs +€3,049
up €3,049 (+3.8%), from €81,061 to €84,110
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.
Result 2024
€2,031
Gross operating margin
-€5
Staff costs
-€3,049
Depreciation
-€400
Financial income
+€90
Financial charges
+€505
Taxes
+€1,087
Result 2025
€259
raises the resultlowers the result
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.
From operations
+€18,637
Investment
-€6,300
Financing
-€32,991
Cash 2024
€94,100
From operations (derived)
+€18,637
Net result for the year
+€259
Depreciation
+€33,540
Stocks and contracts
-€13,067
Receivables within one year
+€28,917
Deferred charges and accrued income
+€9
Trade debts
+€3,003
Tax, wage and social debts
-€5,218
Other debts
-€28,807
Investment (derived)
-€6,300
Investment in fixed assets (net)
-€6,300
Financing
-€32,991
Debts after one year
-€33,469
Current portion of long-term debt
+€478
Cash 2025
€73,446
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €591,979 | €528,225 | -€63,754 | -10.8% |
| Fixed assets | 21/28 | €432,521 | €405,280 | -€27,240 | -6.3% |
| Tangible fixed assets | 22/27 | €432,521 | €405,280 | -€27,240 | -6.3% |
| Land and buildings | 22 | €425,032 | €396,155 | -€28,877 | -6.8% |
| Plant, machinery and equipment | 23 | €5,709 | €8,328 | +€2,619 | +45.9% |
| Furniture and vehicles | 24 | €1,780 | €797 | -€983 | -55.2% |
| Current assets | 29/58 | €159,458 | €122,945 | -€36,513 | -22.9% |
| Stocks and contracts in progress | 3 | €4,929 | €17,996 | +€13,067 | +265% |
| Stocks | 30/36 | €4,929 | €4,519 | -€410 | -8.3% |
| Contracts in progress | 37 | - | €13,477 | +€13,477 | |
| Amounts receivable within one year | 40/41 | €56,999 | €28,082 | -€28,917 | -50.7% |
| Trade receivables | 40 | €56,199 | €27,282 | -€28,917 | -51.5% |
| Other amounts receivable | 41 | €800 | €800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €94,100 | €73,446 | -€20,654 | -21.9% |
| Deferred charges and accrued income | 490/1 | €3,430 | €3,420 | -€9 | -0.3% |
| Total equity and liabilities | 10/49 | €591,979 | €528,225 | -€63,754 | -10.8% |
| Equity | 10/15 | €166,682 | €166,941 | +€259 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €160,482 | €160,741 | +€259 | +0.2% |
| Distributable reserves | 133 | €160,482 | €160,741 | +€259 | +0.2% |
| Amounts payable | 17/49 | €425,297 | €361,284 | -€64,013 | -15.1% |
| Amounts payable after more than one year | 17 | €266,247 | €232,778 | -€33,469 | -12.6% |
| Financial debts | 170/4 | €266,247 | €232,778 | -€33,469 | -12.6% |
| Amounts payable within one year | 42/48 | €159,050 | €128,506 | -€30,544 | -19.2% |
| Current portion of amounts payable after more than one year | 42 | €32,991 | €33,469 | +€478 | +1.4% |
| Trade debts | 44 | €32,651 | €35,654 | +€3,003 | +9.2% |
| Suppliers | 440/4 | €32,651 | €35,654 | +€3,003 | +9.2% |
| Taxes, remuneration and social security | 45 | €26,055 | €20,837 | -€5,218 | -20.0% |
| Taxes | 450/3 | €10,321 | €4,545 | -€5,776 | -56.0% |
| Remuneration and social security | 454/9 | €15,734 | €16,292 | +€558 | +3.5% |
| Other amounts payable | 47/48 | €67,354 | €38,546 | -€28,807 | -42.8% |
| Remuneration, social security and pensions | 62 | €81,061 | €84,110 | +€3,049 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,140 | €33,540 | +€400 | +1.2% |
| Gross operating margin | 9900 | €123,103 | €123,098 | -€5 | 0.0% |
| Operating profit (loss) | 9901 | €8,902 | €5,448 | -€3,454 | -38.8% |
| Financial income | 75/76B | €38 | €127 | +€90 | +240% |
| Recurring financial income | 75 | €38 | €127 | +€90 | +240% |
| Financial charges | 65/66B | €5,048 | €4,543 | -€505 | -10.0% |
| Recurring financial charges | 65 | €5,048 | €4,543 | -€505 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €3,892 | €1,033 | -€2,859 | -73.5% |
| Income taxes | 67/77 | €1,861 | €774 | -€1,087 | -58.4% |
| Profit (loss) for the period | 9904 | €2,031 | €259 | -€1,771 | -87.2% |
| Profit (loss) for the period to be appropriated | 9905 | €2,031 | €259 | -€1,771 | -87.2% |
Next steps
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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 7 November 2026 via checked.be.