TERHAS: 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.
TERHAS
Largest movements
- Stocks and contracts +€235,691
up €235,691 (+18.4%), from €1.3m to €1.5m
- Receivables within one year +€37,111
up €37,111 (+75.4%), from €49,200 to €86,311
- Short-term financial debts +€548,288
up €548,288 (+63.0%), from €870,000 to €1.4m
- Other debts -€486,501
down €486,501 (-98.3%), from €494,856 to €8,355
- Debts after one year +€213,301
up €213,301 (+12,488%), from €1,708 to €215,009
- Financial charges -€6,004
down €6,004 (-89.3%), from €6,722 to €718
- Financial income -€38
down €38 (-41.9%), from €90 to €52
- Gross operating margin +€32
up €32 (+6.7%), from -€480 to -€448
- Other operating charges +€28
up €28 (+2.4%), from €1,142 to €1,169
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 | €1,332,586 | €1,605,377 | +€272,792 | +20.5% |
| Current assets | 29/58 | €1,332,586 | €1,605,377 | +€272,792 | +20.5% |
| Stocks and contracts in progress | 3 | €1,283,375 | €1,519,067 | +€235,691 | +18.4% |
| Stocks | 30/36 | €1,283,375 | €1,519,067 | +€235,691 | +18.4% |
| Amounts receivable within one year | 40/41 | €49,200 | €86,311 | +€37,111 | +75.4% |
| Other amounts receivable | 41 | €49,200 | €86,311 | +€37,111 | +75.4% |
| Cash at bank and in hand | 54/58 | €11 | - | -€11 | |
| Total equity and liabilities | 10/49 | €1,332,586 | €1,605,377 | +€272,792 | +20.5% |
| Equity | 10/15 | -€58,254 | -€60,537 | -€2,283 | -3.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €4,750 | €4,750 | = | 0.0% |
| Distributable reserves | 133 | €4,750 | €4,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€83,004 | -€85,287 | -€2,283 | -2.8% |
| Amounts payable | 17/49 | €1,390,840 | €1,665,914 | +€275,074 | +19.8% |
| Amounts payable after more than one year | 17 | €1,708 | €215,009 | +€213,301 | +12,488% |
| Other amounts payable | 178/9 | €1,708 | €215,009 | +€213,301 | +12,488% |
| Amounts payable within one year | 42/48 | €1,387,345 | €1,449,151 | +€61,807 | +4.5% |
| Financial debts | 43 | €870,000 | €1,418,288 | +€548,288 | +63.0% |
| Credit institutions | 430/8 | €870,000 | €1,418,288 | +€548,288 | +63.0% |
| Trade debts | 44 | €22,489 | €22,508 | +€19 | +0.1% |
| Suppliers | 440/4 | €22,489 | €22,508 | +€19 | +0.1% |
| Other amounts payable | 47/48 | €494,856 | €8,355 | -€486,501 | -98.3% |
| Accrued charges and deferred income | 492/3 | €1,787 | €1,754 | -€33 | -1.9% |
| Other operating charges | 640/8 | €1,142 | €1,169 | +€28 | +2.4% |
| Gross operating margin | 9900 | -€480 | -€448 | +€32 | +6.7% |
| Operating profit (loss) | 9901 | -€1,622 | -€1,617 | +€4 | +0.3% |
| Financial income | 75/76B | €90 | €52 | -€38 | -41.9% |
| Recurring financial income | 75 | €90 | €52 | -€38 | -41.9% |
| Financial charges | 65/66B | €6,722 | €718 | -€6,004 | -89.3% |
| Recurring financial charges | 65 | €6,722 | €718 | -€6,004 | -89.3% |
| Profit (loss) for the period before taxes | 9903 | -€8,254 | -€2,283 | +€5,971 | +72.3% |
| Profit (loss) for the period | 9904 | -€8,254 | -€2,283 | +€5,971 | +72.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,254 | -€2,283 | +€5,971 | +72.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.