TERRA VERDE: 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 VERDE
NACE 82.920, Office administrative, office support and other business support activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€16.2m
2024 · €1.7m-€17.9m
Equity
€24.8m
2024 · €41.1m-€16.2m
Cash
-
2024 · €0
Balance sheet total
€39.6m
2024 · €62.0m-€22.4m
Largest movements
Assets
- Financial fixed assets -€22.1m
down €22.1m (-36.0%), from €61.2m to €39.2m
Equity and liabilities
- Reserves -€12.0m
down €12.0m (-92.2%), from €13.1m to €1.0m
of which Distributable reserves: -€12.0m
- Profit (loss) carried forward -€4.2m
new in 2025: -€4.2m
- Debts after one year -€4.0m
down €4.0m (-21.5%), from €18.5m to €14.5m
- Other debts -€1.7m
down €1.7m (-99.0%), from €1.7m to €16,920
Income statement
- Financial charges +€17.3m
up €17.3m (+505%), from €3.4m to €20.8m
of which Non-recurring financial charges: +€17.3m
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
€1.7m
Staff costs
+€39,310
Depreciation
+€1,647
Other operating charges
-€1,448
Other operating items
-€115,588
Financial income
-€496,994
Financial charges
-€17.3m
Taxes
+€471
Result 2025
-€16.2m
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
-€18.1m
Investment
+€22.1m
Financing
-€4.0m
Cash 2024
€0
From operations (derived)
-€18.1m
Net result for the year
-€16.2m
Depreciation
+€64,649
Receivables within one year
+€78,022
Deferred charges and accrued income
+€227,756
Smaller working-capital items
-€3,651
Other debts
-€1.7m
Accrued charges and deferred income
-€536,610
Investment (derived)
+€22.1m
Investment in fixed assets (net)
+€22.1m
Financing
-€4.0m
Debts after one year
-€4.0m
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €62,008,403 | €39,585,841 | -€22.4m | -36.2% |
| Fixed assets | 21/28 | €61,389,076 | €39,272,291 | -€22.1m | -36.0% |
| Intangible fixed assets | 21 | €56,962 | €22,752 | -€34,210 | -60.1% |
| Tangible fixed assets | 22/27 | €108,385 | €77,947 | -€30,439 | -28.1% |
| Furniture and vehicles | 24 | €108,385 | €77,947 | -€30,439 | -28.1% |
| Financial fixed assets | 28 | €61,223,728 | €39,171,592 | -€22.1m | -36.0% |
| Affiliated companies | 280/1 | €61,223,728 | €39,171,592 | -€22.1m | -36.0% |
| Participating interests | 280 | €51,171,592 | €31,171,592 | -€20.0m | -39.1% |
| Amounts receivable | 281 | €10,052,136 | €8,000,000 | -€2.1m | -20.4% |
| Current assets | 29/58 | €619,327 | €313,550 | -€305,777 | -49.4% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €268,877 | €190,856 | -€78,022 | -29.0% |
| Trade receivables | 40 | €268,877 | €190,856 | -€78,022 | -29.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €350,450 | €122,694 | -€227,756 | -65.0% |
| Total equity and liabilities | 10/49 | €62,008,403 | €39,585,841 | -€22.4m | -36.2% |
| Equity | 10/15 | €41,056,467 | €24,819,578 | -€16.2m | -39.5% |
| Contributions | 10/11 | €28,004,108 | €28,004,108 | = | 0.0% |
| Capital | 10 | €28,004,108 | €28,004,108 | = | 0.0% |
| Issued capital | 100 | €28,004,108 | €28,004,108 | = | 0.0% |
| Reserves | 13 | €13,052,360 | €1,023,382 | -€12.0m | -92.2% |
| Non-distributable reserves | 130/1 | €1,023,382 | €1,023,382 | = | 0.0% |
| Legal reserve | 130 | €1,023,382 | €1,023,382 | = | 0.0% |
| Distributable reserves | 133 | €12,028,978 | €0 | -€12.0m | -100% |
| Profit (loss) carried forward | 14 | - | -€4,207,912 | -€4.2m | |
| Amounts payable | 17/49 | €20,951,936 | €14,766,263 | -€6.2m | -29.5% |
| Amounts payable after more than one year | 17 | €18,450,000 | €14,476,488 | -€4.0m | -21.5% |
| Other amounts payable | 178/9 | €18,450,000 | €14,476,488 | -€4.0m | -21.5% |
| Amounts payable within one year | 42/48 | €1,827,734 | €152,183 | -€1.7m | -91.7% |
| Trade debts | 44 | €23,573 | €30,280 | +€6,706 | +28.4% |
| Suppliers | 440/4 | €23,573 | €30,280 | +€6,706 | +28.4% |
| Taxes, remuneration and social security | 45 | €115,341 | €104,983 | -€10,358 | -9.0% |
| Taxes | 450/3 | €60,116 | €57,524 | -€2,593 | -4.3% |
| Remuneration and social security | 454/9 | €55,225 | €47,460 | -€7,765 | -14.1% |
| Other amounts payable | 47/48 | €1,688,819 | €16,920 | -€1.7m | -99.0% |
| Accrued charges and deferred income | 492/3 | €674,202 | €137,592 | -€536,610 | -79.6% |
| Operating income | 70/76A | €753,428 | €743,997 | -€9,431 | -1.3% |
| Other operating income | 74 | €753,428 | €743,997 | -€9,431 | -1.3% |
| Operating charges | 60/66A | €641,145 | €707,794 | +€66,649 | +10.4% |
| Services and other goods | 61 | €106,494 | €212,651 | +€106,157 | +99.7% |
| Remuneration, social security and pensions | 62 | €464,592 | €425,283 | -€39,310 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,295 | €64,649 | -€1,647 | -2.5% |
| Other operating charges | 640/8 | €3,763 | €5,212 | +€1,448 | +38.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | €112,283 | €36,203 | -€76,079 | -67.8% |
| Financial income | 75/76B | €4,993,424 | €4,496,431 | -€496,994 | -10.0% |
| Recurring financial income | 75 | €4,993,424 | €4,496,431 | -€496,994 | -10.0% |
| Income from financial fixed assets | 750 | €4,993,424 | €4,496,431 | -€496,994 | -10.0% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €3,431,362 | €20,769,108 | +€17.3m | +505% |
| Recurring financial charges | 65 | €681,362 | €769,108 | +€87,746 | +12.9% |
| Debt charges | 650 | €664,475 | €751,291 | +€86,816 | +13.1% |
| Other financial charges | 652/9 | €16,887 | €17,816 | +€930 | +5.5% |
| Non-recurring financial charges | 66B | €2,750,000 | €20,000,000 | +€17.3m | +627% |
| Profit (loss) for the period before taxes | 9903 | €1,674,345 | -€16,236,474 | -€17.9m | |
| Income taxes | 67/77 | €886 | €415 | -€471 | -53.1% |
| Taxes | 670/3 | €886 | €415 | -€471 | -53.1% |
| Profit (loss) for the period | 9904 | €1,673,459 | -€16,236,889 | -€17.9m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,673,459 | -€16,236,889 | -€17.9m |
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 31 October 2026 via checked.be.