TERDA: 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.
TERDA
Largest movements
- Cash +€26,637
up €26,637 (+41.0%), from €64,954 to €91,591
mainly Net result for the year (+€42,853) and Depreciation (+€29,308)
- Tangible fixed assets -€9,619
down €9,619 (-2.3%), from €416,470 to €406,851
of which Leasing and similar rights: -€8,408
- Reserves +€27,853
up €27,853 (+26.7%), from €104,285 to €132,139
- Debts after one year -€19,764
down €19,764 (-5.9%), from €337,232 to €317,468
of which Financial debts: -€19,764
- Tax, wage and social debts +€9,146
up €9,146 (+105.6%), from €8,662 to €17,807
of which Taxes: +€6,746
- Gross operating margin +€7,715
up €7,715 (+8.4%), from €92,118 to €99,833
- Financial income +€1,169
up €1,169 (+8000.5%), from €15 to €1,183
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 | €496,529 | €517,737 | +€21,208 | +4.3% |
| Fixed assets | 21/28 | €416,470 | €406,851 | -€9,619 | -2.3% |
| Tangible fixed assets | 22/27 | €416,470 | €406,851 | -€9,619 | -2.3% |
| Furniture and vehicles | 24 | €1,388 | €1,360 | -€29 | -2.1% |
| Leasing and similar rights | 25 | €413,224 | €404,816 | -€8,408 | -2.0% |
| Other tangible fixed assets | 26 | €1,857 | €675 | -€1,182 | -63.6% |
| Current assets | 29/58 | €80,059 | €110,886 | +€30,827 | +38.5% |
| Amounts receivable within one year | 40/41 | €14,018 | €18,140 | +€4,122 | +29.4% |
| Trade receivables | 40 | €14,018 | €18,140 | +€4,122 | +29.4% |
| Cash at bank and in hand | 54/58 | €64,954 | €91,591 | +€26,637 | +41.0% |
| Deferred charges and accrued income | 490/1 | €1,087 | €1,155 | +€68 | +6.2% |
| Total equity and liabilities | 10/49 | €496,529 | €517,737 | +€21,208 | +4.3% |
| Equity | 10/15 | €104,285 | €132,139 | +€27,853 | +26.7% |
| Reserves | 13 | €104,285 | €132,139 | +€27,853 | +26.7% |
| Distributable reserves | 133 | €104,285 | €132,139 | +€27,853 | +26.7% |
| Amounts payable | 17/49 | €392,243 | €385,598 | -€6,645 | -1.7% |
| Amounts payable after more than one year | 17 | €337,232 | €317,468 | -€19,764 | -5.9% |
| Financial debts | 170/4 | €317,232 | €297,468 | -€19,764 | -6.2% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,783 | €64,135 | +€12,352 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €19,438 | €19,764 | +€327 | +1.7% |
| Trade debts | 44 | €1,935 | €4,608 | +€2,673 | +138.1% |
| Suppliers | 440/4 | €1,935 | €4,608 | +€2,673 | +138.1% |
| Taxes, remuneration and social security | 45 | €8,662 | €17,807 | +€9,146 | +105.6% |
| Taxes | 450/3 | €8,662 | €15,407 | +€6,746 | +77.9% |
| Remuneration and social security | 454/9 | - | €2,400 | +€2,400 | |
| Other amounts payable | 47/48 | €21,748 | €21,955 | +€207 | +1.0% |
| Accrued charges and deferred income | 492/3 | €3,229 | €3,996 | +€767 | +23.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,378 | €29,308 | +€930 | +3.3% |
| Other operating charges | 640/8 | €4,979 | €4,908 | -€71 | -1.4% |
| Gross operating margin | 9900 | €92,118 | €99,833 | +€7,715 | +8.4% |
| Operating profit (loss) | 9901 | €58,761 | €65,616 | +€6,855 | +11.7% |
| Financial income | 75/76B | €15 | €1,183 | +€1,169 | +8000.5% |
| Recurring financial income | 75 | €15 | €1,183 | +€1,169 | +8000.5% |
| Financial charges | 65/66B | €7,240 | €7,336 | +€97 | +1.3% |
| Recurring financial charges | 65 | €7,240 | €7,336 | +€97 | +1.3% |
| Profit (loss) for the period before taxes | 9903 | €51,536 | €59,463 | +€7,927 | +15.4% |
| Income taxes | 67/77 | €16,432 | €16,609 | +€178 | +1.1% |
| Profit (loss) for the period | 9904 | €35,104 | €42,853 | +€7,749 | +22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €35,104 | €42,853 | +€7,749 | +22.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.