TERRA MARIS: 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.
TERRA MARIS
Largest movements
- Current investments -€650,000
down €650,000 (-76.5%), from €850,000 to €200,000
- Tangible fixed assets +€50,328
up €50,328 (+8.9%), from €562,741 to €613,069
of which Furniture and vehicles: +€61,540
- Stocks and contracts -€49,084
down €49,084 (-5.6%), from €879,387 to €830,302
- Cash +€37,311
up €37,311 (+13.2%), from €282,447 to €319,758
mainly Current investments (+€650,000) and Stocks and contracts (+€49,084)
- Debts after one year -€500,000
down €500,000 (-100%), from €500,000 to €0
- Profit (loss) carried forward -€108,484
down €108,484 (-43.3%), from €250,600 to €142,116
- Gross operating margin -€210,697
down €210,697, from €163,416 to -€47,281
- Write-downs +€49,085
new in 2025: €49,085
- Taxes -€34,124
down €34,124 (-99.6%), from €34,249 to €125
- Financial charges +€29,235
up €29,235 (+560%), from €5,221 to €34,456
- Financial income +€21,542
up €21,542 (+179%), from €12,012 to €33,554
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 | €2,591,475 | €1,980,090 | -€611,385 | -23.6% |
| Fixed assets | 21/28 | €562,741 | €613,069 | +€50,328 | +8.9% |
| Tangible fixed assets | 22/27 | €562,741 | €613,069 | +€50,328 | +8.9% |
| Land and buildings | 22 | €562,298 | €551,086 | -€11,212 | -2.0% |
| Furniture and vehicles | 24 | €444 | €61,984 | +€61,540 | +13,869% |
| Current assets | 29/58 | €2,028,734 | €1,367,021 | -€661,713 | -32.6% |
| Stocks and contracts in progress | 3 | €879,387 | €830,302 | -€49,084 | -5.6% |
| Stocks | 30/36 | €879,387 | €830,302 | -€49,084 | -5.6% |
| Amounts receivable within one year | 40/41 | €16,200 | €12,664 | -€3,536 | -21.8% |
| Other amounts receivable | 41 | €16,200 | €12,664 | -€3,536 | -21.8% |
| Current investments | 50/53 | €850,000 | €200,000 | -€650,000 | -76.5% |
| Cash at bank and in hand | 54/58 | €282,447 | €319,758 | +€37,311 | +13.2% |
| Deferred charges and accrued income | 490/1 | €700 | €4,297 | +€3,597 | +514% |
| Total equity and liabilities | 10/49 | €2,591,475 | €1,980,090 | -€611,385 | -23.6% |
| Equity | 10/15 | €2,065,128 | €1,956,644 | -€108,484 | -5.3% |
| Contributions | 10/11 | €12,455 | €12,455 | = | 0.0% |
| Reserves | 13 | €1,802,073 | €1,802,073 | = | 0.0% |
| Distributable reserves | 133 | €1,802,073 | €1,802,073 | = | 0.0% |
| Profit (loss) carried forward | 14 | €250,600 | €142,116 | -€108,484 | -43.3% |
| Amounts payable | 17/49 | €526,347 | €23,446 | -€502,900 | -95.5% |
| Amounts payable after more than one year | 17 | €500,000 | €0 | -€500,000 | -100% |
| Other amounts payable | 178/9 | €500,000 | €0 | -€500,000 | -100% |
| Amounts payable within one year | 42/48 | €26,347 | €23,446 | -€2,900 | -11.0% |
| Trade debts | 44 | €10,519 | €61 | -€10,458 | -99.4% |
| Suppliers | 440/4 | €10,519 | €61 | -€10,458 | -99.4% |
| Taxes, remuneration and social security | 45 | €3,804 | €2,300 | -€1,504 | -39.5% |
| Taxes | 450/3 | €3,804 | €2,300 | -€1,504 | -39.5% |
| Other amounts payable | 47/48 | €12,024 | €21,085 | +€9,061 | +75.4% |
| Non-recurring operating income | 76A | €227,559 | €43,788 | -€183,771 | -80.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €444 | €8,460 | +€8,017 | +1,807% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €49,085 | +€49,085 | |
| Other operating charges | 640/8 | €441 | €2,631 | +€2,190 | +496% |
| Gross operating margin | 9900 | €163,416 | -€47,281 | -€210,697 | |
| Operating profit (loss) | 9901 | €162,531 | -€107,457 | -€269,988 | |
| Financial income | 75/76B | €12,012 | €33,554 | +€21,542 | +179% |
| Recurring financial income | 75 | €12,012 | €33,554 | +€21,542 | +179% |
| Financial charges | 65/66B | €5,221 | €34,456 | +€29,235 | +560% |
| Recurring financial charges | 65 | €5,221 | €34,456 | +€29,235 | +560% |
| Profit (loss) for the period before taxes | 9903 | €169,322 | -€108,359 | -€277,681 | |
| Income taxes | 67/77 | €34,249 | €125 | -€34,124 | -99.6% |
| Profit (loss) for the period | 9904 | €135,073 | -€108,484 | -€243,557 | |
| Profit (loss) for the period to be appropriated | 9905 | €135,073 | -€108,484 | -€243,557 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.