TERRA: 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.
TERRA
Largest movements
- Stocks and contracts -€22,881
down €22,881 (-83.0%), from €27,551 to €4,670
of which Contracts in progress: -€18,450
- Tangible fixed assets +€17,611
up €17,611 (+135.6%), from €12,984 to €30,595
of which Other tangible fixed assets: +€24,646
- Cash +€13,708
up €13,708 (+2855870.8%), from €0 to €13,709
mainly Stocks and contracts (+€22,881) and Net result for the year (+€15,978)
- Receivables within one year -€13,520
down €13,520 (-30.3%), from €44,555 to €31,035
of which Other amounts receivable: -€20,569
- Deferred charges and accrued income -€919
no longer reported in 2025 (was €919)
- Short-term financial debts -€19,297
down €19,297 (-52.9%), from €36,503 to €17,206
- Profit (loss) carried forward +€15,978
up €15,978 (+9.3%), from -€172,375 to -€156,397
- Debts after one year -€3,413
no longer reported in 2025 (was €3,413)
- Trade debts +€1,815
up €1,815 (+1.1%), from €163,733 to €165,548
- Current portion of long-term debt -€1,624
down €1,624 (-32.2%), from €5,037 to €3,413
- Gross operating margin +€107,225
up €107,225, from -€322 to €106,903
- Financial charges +€11,829
up €11,829 (+107.4%), from €11,017 to €22,846
- Staff costs -€4,089
down €4,089 (-6.7%), from €61,144 to €57,055
- Financial income -€1,788
down €1,788 (-79.2%), from €2,257 to €469
- Depreciation -€1,186
down €1,186 (-10.2%), from €11,662 to €10,476
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 | €87,115 | €81,114 | -€6,000 | -6.9% |
| Fixed assets | 21/28 | €14,089 | €31,700 | +€17,611 | +125.0% |
| Tangible fixed assets | 22/27 | €12,984 | €30,595 | +€17,611 | +135.6% |
| Plant, machinery and equipment | 23 | €1,131 | €742 | -€388 | -34.3% |
| Furniture and vehicles | 24 | €10,533 | €3,886 | -€6,647 | -63.1% |
| Other tangible fixed assets | 26 | €1,321 | €25,967 | +€24,646 | +1866.0% |
| Financial fixed assets | 28 | €1,105 | €1,105 | = | 0.0% |
| Current assets | 29/58 | €73,025 | €49,414 | -€23,612 | -32.3% |
| Stocks and contracts in progress | 3 | €27,551 | €4,670 | -€22,881 | -83.0% |
| Stocks | 30/36 | €4,431 | - | -€4,431 | |
| Contracts in progress | 37 | €23,120 | €4,670 | -€18,450 | -79.8% |
| Amounts receivable within one year | 40/41 | €44,555 | €31,035 | -€13,520 | -30.3% |
| Trade receivables | 40 | €16,573 | €23,622 | +€7,049 | +42.5% |
| Other amounts receivable | 41 | €27,982 | €7,413 | -€20,569 | -73.5% |
| Cash at bank and in hand | 54/58 | €0 | €13,709 | +€13,708 | +2855870.8% |
| Deferred charges and accrued income | 490/1 | €919 | - | -€919 | |
| Total equity and liabilities | 10/49 | €87,115 | €81,114 | -€6,000 | -6.9% |
| Equity | 10/15 | -€153,143 | -€137,165 | +€15,978 | +10.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €640 | €640 | = | 0.0% |
| Non-distributable reserves | 130/1 | €640 | €640 | = | 0.0% |
| Reserves not available under the articles | 1311 | €640 | €640 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€172,375 | -€156,397 | +€15,978 | +9.3% |
| Amounts payable | 17/49 | €240,258 | €218,279 | -€21,979 | -9.1% |
| Amounts payable after more than one year | 17 | €3,413 | - | -€3,413 | |
| Financial debts | 170/4 | €3,413 | - | -€3,413 | |
| Amounts payable within one year | 42/48 | €236,845 | €218,279 | -€18,566 | -7.8% |
| Current portion of amounts payable after more than one year | 42 | €5,037 | €3,413 | -€1,624 | -32.2% |
| Financial debts | 43 | €36,503 | €17,206 | -€19,297 | -52.9% |
| Credit institutions | 430/8 | €36,503 | €17,206 | -€19,297 | -52.9% |
| Trade debts | 44 | €163,733 | €165,548 | +€1,815 | +1.1% |
| Suppliers | 440/4 | €163,733 | €165,548 | +€1,815 | +1.1% |
| Taxes, remuneration and social security | 45 | €31,572 | €32,113 | +€541 | +1.7% |
| Taxes | 450/3 | €23,187 | €20,720 | -€2,467 | -10.6% |
| Remuneration and social security | 454/9 | €8,385 | €11,393 | +€3,008 | +35.9% |
| Non-recurring operating income | 76A | €7 | - | -€7 | |
| Remuneration, social security and pensions | 62 | €61,144 | €57,055 | -€4,089 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,662 | €10,476 | -€1,186 | -10.2% |
| Other operating charges | 640/8 | €1,282 | €845 | -€437 | -34.1% |
| Non-recurring operating charges | 66A | €63 | - | -€63 | |
| Gross operating margin | 9900 | -€322 | €106,903 | +€107,225 | |
| Operating profit (loss) | 9901 | -€74,472 | €38,527 | +€112,999 | |
| Financial income | 75/76B | €2,257 | €469 | -€1,788 | -79.2% |
| Recurring financial income | 75 | €2,257 | €469 | -€1,788 | -79.2% |
| Financial charges | 65/66B | €11,017 | €22,846 | +€11,829 | +107.4% |
| Recurring financial charges | 65 | €11,017 | €22,846 | +€11,829 | +107.4% |
| Profit (loss) for the period before taxes | 9903 | -€83,233 | €16,150 | +€99,383 | |
| Income taxes | 67/77 | €156 | €172 | +€16 | +10.0% |
| Profit (loss) for the period | 9904 | -€83,389 | €15,978 | +€99,367 | |
| Profit (loss) for the period to be appropriated | 9905 | -€83,389 | €15,978 | +€99,367 |
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 4 October 2026 via checked.be.