Terra Nuova: 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.
What changed
Terra Nuova
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,862
2024 · €16,134-€13,272
Equity
€2.4m
2024 · €2.4m+€2,862
Cash
€1,901
2024 · €1,727+€174
Balance sheet total
€3.9m
2024 · €4.0m-€95,267
Largest movements
Assets
- Tangible fixed assets -€73,823
down €73,823 (-4.1%), from €1.8m to €1.7m
of which Land and buildings: -€60,222
Equity and liabilities
- Debts after one year -€138,333
down €138,333 (-19.4%), from €712,771 to €574,438
- Other debts +€45,579
up €45,579 (+95.6%), from €47,689 to €93,269
Income statement
- Taxes -€468,976
down €468,976 (-100%), from €468,976 to €0
- Gross operating margin -€100,719
down €100,719 (-45.5%), from €221,136 to €120,417
- Staff costs -€24,058
down €24,058 (-94.2%), from €25,542 to €1,484
- Other operating charges +€17,691
up €17,691 (+107%), from €16,516 to €34,207
- Financial income +€11,522
up €11,522 (+18.2%), from €63,351 to €74,873
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.
Result 2024
€16,134
Gross operating margin
-€100,719
Staff costs
+€24,058
Depreciation
+€8,466
Other operating charges
-€17,691
Financial income
+€11,522
Financial charges
+€2,419
Taxes
+€468,976
Deferred taxes and other
-€410,304
Result 2025
€2,862
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€208,219
Investment
-€48,749
Financing
-€159,295
Cash 2024
€1,727
From operations (derived)
+€208,219
Net result for the year
+€2,862
Depreciation
+€122,572
Receivables after one year
+€25,056
Receivables within one year
+€3,702
Deferred charges and accrued income
-€7,140
Provisions
-€1,070
Trade debts
+€22,456
Tax, wage and social debts
-€2,190
Advances received
-€5,008
Other debts
+€45,579
Accrued charges and deferred income
+€1,399
Investment (derived)
-€48,749
Investment in fixed assets (net)
-€48,749
Financing
-€159,295
Debts after one year
-€138,333
Current portion of long-term debt
-€26,667
Short-term financial debts
+€5,705
Cash 2025
€1,901
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,961,622 | €3,866,356 | -€95,267 | -2.4% |
| Fixed assets | 21/28 | €2,302,753 | €2,228,930 | -€73,823 | -3.2% |
| Tangible fixed assets | 22/27 | €1,820,508 | €1,746,685 | -€73,823 | -4.1% |
| Land and buildings | 22 | €1,512,198 | €1,451,976 | -€60,222 | -4.0% |
| Plant, machinery and equipment | 23 | €259,520 | €247,919 | -€11,601 | -4.5% |
| Furniture and vehicles | 24 | €48,791 | €46,790 | -€2,001 | -4.1% |
| Financial fixed assets | 28 | €482,245 | €482,245 | = | 0.0% |
| Current assets | 29/58 | €1,658,869 | €1,637,425 | -€21,444 | -1.3% |
| Amounts receivable after more than one year | 29 | €1,539,004 | €1,513,947 | -€25,056 | -1.6% |
| Other amounts receivable | 291 | €1,539,004 | €1,513,947 | -€25,056 | -1.6% |
| Amounts receivable within one year | 40/41 | €51,863 | €48,161 | -€3,702 | -7.1% |
| Trade receivables | 40 | €9,212 | €8,560 | -€652 | -7.1% |
| Other amounts receivable | 41 | €42,651 | €39,601 | -€3,050 | -7.2% |
| Cash at bank and in hand | 54/58 | €1,727 | €1,901 | +€174 | +10.1% |
| Deferred charges and accrued income | 490/1 | €66,276 | €73,416 | +€7,140 | +10.8% |
| Total equity and liabilities | 10/49 | €3,961,622 | €3,866,356 | -€95,267 | -2.4% |
| Equity | 10/15 | €2,440,042 | €2,442,904 | +€2,862 | +0.1% |
| Contributions | 10/11 | €682,177 | €682,177 | = | 0.0% |
| Capital | 10 | €682,177 | €682,177 | = | 0.0% |
| Issued capital | 100 | €682,177 | €682,177 | = | 0.0% |
| Reserves | 13 | €342,148 | €340,070 | -€2,078 | -0.6% |
| Non-distributable reserves | 130/1 | €68,218 | €68,218 | = | 0.0% |
| Legal reserve | 130 | €68,218 | €68,218 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,626 | €14,548 | -€2,078 | -12.5% |
| Distributable reserves | 133 | €257,304 | €257,304 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,415,717 | €1,420,657 | +€4,940 | +0.3% |
| Provisions and deferred taxes | 16 | €8,561 | €7,491 | -€1,070 | -12.5% |
| Deferred taxes | 168 | €8,561 | €7,491 | -€1,070 | -12.5% |
| Amounts payable | 17/49 | €1,513,019 | €1,415,960 | -€97,059 | -6.4% |
| Amounts payable after more than one year | 17 | €712,771 | €574,438 | -€138,333 | -19.4% |
| Financial debts | 170/4 | €712,771 | €574,438 | -€138,333 | -19.4% |
| Amounts payable within one year | 42/48 | €791,446 | €831,322 | +€39,875 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €165,000 | €138,333 | -€26,667 | -16.2% |
| Financial debts | 43 | - | €5,705 | +€5,705 | |
| Credit institutions | 430/8 | - | €5,705 | +€5,705 | |
| Trade debts | 44 | €37,189 | €59,646 | +€22,456 | +60.4% |
| Suppliers | 440/4 | €37,189 | €59,646 | +€22,456 | +60.4% |
| Advances received on contracts in progress | 46 | €75,241 | €70,233 | -€5,008 | -6.7% |
| Taxes, remuneration and social security | 45 | €466,327 | €464,137 | -€2,190 | -0.5% |
| Taxes | 450/3 | €464,137 | €464,137 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,190 | €0 | -€2,190 | -100% |
| Other amounts payable | 47/48 | €47,689 | €93,269 | +€45,579 | +95.6% |
| Accrued charges and deferred income | 492/3 | €8,801 | €10,200 | +€1,399 | +15.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €25,542 | €1,484 | -€24,058 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,038 | €122,572 | -€8,466 | -6.5% |
| Other operating charges | 640/8 | €16,516 | €34,207 | +€17,691 | +107% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €221,136 | €120,417 | -€100,719 | -45.5% |
| Operating profit (loss) | 9901 | €48,039 | -€37,847 | -€85,886 | |
| Financial income | 75/76B | €63,351 | €74,873 | +€11,522 | +18.2% |
| Recurring financial income | 75 | €63,351 | €74,873 | +€11,522 | +18.2% |
| Financial charges | 65/66B | €37,654 | €35,235 | -€2,419 | -6.4% |
| Recurring financial charges | 65 | €37,654 | €35,235 | -€2,419 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €73,736 | €1,792 | -€71,944 | -97.6% |
| Transfer from deferred taxes | 780 | €411,374 | €1,070 | -€410,304 | -99.7% |
| Income taxes | 67/77 | €468,976 | €0 | -€468,976 | -100% |
| Profit (loss) for the period | 9904 | €16,134 | €2,862 | -€13,272 | -82.3% |
| Transfer from tax-exempt reserves | 789 | €1,232,990 | €2,078 | -€1.2m | -99.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,249,124 | €4,940 | -€1.2m | -99.6% |
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 25 October 2026 via checked.be.