TERRA2: 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
TERRA2
NACE 68.121, Development of residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€196,292
2024 · €28,947+€167,345
Equity
€44.1m
2024 · €43.9m+€196,292
Cash
€192,771
2024 · €529,469-€336,698
Balance sheet total
€99.0m
2024 · €104.3m-€5.3m
Largest movements
Assets
- Receivables within one year -€6.8m
down €6.8m (-50.0%), from €13.6m to €6.8m
of which Other amounts receivable: -€6.9m
- Financial fixed assets +€1.6m
up €1.6m (+6.3%), from €25.1m to €26.6m
Equity and liabilities
- Debts after one year -€1.8m
down €1.8m (-13.4%), from €13.3m to €11.5m
- Other debts -€1.5m
down €1.5m (-18.6%), from €8.2m to €6.7m
- Short-term financial debts -€1.3m
down €1.3m (-3.9%), from €33.4m to €32.1m
Income statement
- Goods and materials +€815,356
up €815,356 (+9.1%), from €8.9m to €9.7m
of which Change in stocks: decrease (increase): +€6.1m
- Turnover +€705,314
up €705,314 (+6.6%), from €10.7m to €11.4m
- Financial charges -€349,062
down €349,062 (-14.9%), from €2.3m to €2.0m
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
€28,947
Turnover
+€705,314
Other operating income
-€10,671
Goods and materials
-€815,356
Services and other goods
+€22,051
Staff costs
+€24,928
Depreciation
-€5,184
Other operating charges
+€6,325
Financial income
-€104,964
Financial charges
+€349,062
Taxes
-€4,160
Result 2025
€196,292
raises the resultlowers the result
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
+€5.2m
Investment
-€1.6m
Financing
-€4.0m
Cash 2024
€529,469
From operations (derived)
+€5.2m
Net result for the year
+€196,292
Depreciation
+€32,607
Stocks and contracts
-€281,221
Receivables within one year
+€6.8m
Smaller working-capital items
-€9,159
Trade debts
+€50,845
Other debts
-€1.5m
Accrued charges and deferred income
-€62,560
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
-€4.0m
Debts after one year
-€1.8m
Current portion of long-term debt
-€901,082
Short-term financial debts
-€1.3m
Cash 2025
€192,771
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,289,343 | €98,971,188 | -€5.3m | -5.1% |
| Fixed assets | 21/28 | €25,205,306 | €26,748,589 | +€1.5m | +6.1% |
| Tangible fixed assets | 22/27 | €151,241 | €118,634 | -€32,607 | -21.6% |
| Land and buildings | 22 | €151,241 | €118,634 | -€32,607 | -21.6% |
| Financial fixed assets | 28 | €25,054,065 | €26,629,955 | +€1.6m | +6.3% |
| Affiliated companies | 280/1 | €25,054,065 | €26,629,955 | +€1.6m | +6.3% |
| Participating interests | 280 | €3,818,226 | €3,818,226 | = | 0.0% |
| Amounts receivable | 281 | €21,235,839 | €22,811,729 | +€1.6m | +7.4% |
| Current assets | 29/58 | €79,084,037 | €72,222,599 | -€6.9m | -8.7% |
| Stocks and contracts in progress | 3 | €64,882,537 | €65,163,759 | +€281,221 | +0.4% |
| Stocks | 30/36 | €64,882,537 | €65,163,759 | +€281,221 | +0.4% |
| Work in progress | 32 | €0 | €0 | = | |
| Property held for sale | 35 | €64,882,537 | €65,163,759 | +€281,221 | +0.4% |
| Amounts receivable within one year | 40/41 | €13,619,403 | €6,812,993 | -€6.8m | -50.0% |
| Trade receivables | 40 | €1,135 | €119,709 | +€118,574 | +10,445% |
| Other amounts receivable | 41 | €13,618,268 | €6,693,284 | -€6.9m | -50.9% |
| Cash at bank and in hand | 54/58 | €529,469 | €192,771 | -€336,698 | -63.6% |
| Deferred charges and accrued income | 490/1 | €52,628 | €53,077 | +€449 | +0.9% |
| Total equity and liabilities | 10/49 | €104,289,343 | €98,971,188 | -€5.3m | -5.1% |
| Equity | 10/15 | €43,865,206 | €44,061,498 | +€196,292 | +0.4% |
| Contributions | 10/11 | €1,108,000 | €1,108,000 | = | 0.0% |
| Capital | 10 | €1,108,000 | €1,108,000 | = | 0.0% |
| Issued capital | 100 | €1,108,000 | €1,108,000 | = | 0.0% |
| Reserves | 13 | €42,757,206 | €42,953,498 | +€196,292 | +0.5% |
| Non-distributable reserves | 130/1 | €110,800 | €110,800 | = | 0.0% |
| Legal reserve | 130 | €110,800 | €110,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,773,640 | €2,288,365 | -€485,275 | -17.5% |
| Distributable reserves | 133 | €39,872,767 | €40,554,333 | +€681,567 | +1.7% |
| Provisions and deferred taxes | 16 | €446 | €71 | -€375 | -84.1% |
| Deferred taxes | 168 | €446 | €71 | -€375 | -84.1% |
| Amounts payable | 17/49 | €60,423,691 | €54,909,619 | -€5.5m | -9.1% |
| Amounts payable after more than one year | 17 | €13,252,464 | €11,482,486 | -€1.8m | -13.4% |
| Financial debts | 170/4 | €13,252,464 | €11,482,486 | -€1.8m | -13.4% |
| Unsubordinated bonds | 171 | €13,238,714 | €11,482,486 | -€1.8m | -13.3% |
| Credit institutions | 173 | €13,750 | €0 | -€13,750 | -100% |
| Amounts payable within one year | 42/48 | €46,690,576 | €43,009,043 | -€3.7m | -7.9% |
| Current portion of amounts payable after more than one year | 42 | €4,973,630 | €4,072,548 | -€901,082 | -18.1% |
| Financial debts | 43 | €33,384,550 | €32,078,843 | -€1.3m | -3.9% |
| Credit institutions | 430/8 | €33,384,550 | €32,078,843 | -€1.3m | -3.9% |
| Trade debts | 44 | €109,115 | €159,960 | +€50,845 | +46.6% |
| Suppliers | 440/4 | €109,115 | €159,960 | +€50,845 | +46.6% |
| Taxes, remuneration and social security | 45 | €51,632 | €43,297 | -€8,335 | -16.1% |
| Taxes | 450/3 | €30,544 | €18,794 | -€11,750 | -38.5% |
| Remuneration and social security | 454/9 | €21,088 | €24,503 | +€3,415 | +16.2% |
| Other amounts payable | 47/48 | €8,171,649 | €6,654,395 | -€1.5m | -18.6% |
| Accrued charges and deferred income | 492/3 | €480,651 | €418,091 | -€62,560 | -13.0% |
| Operating income | 70/76A | €10,809,615 | €11,504,258 | +€694,643 | +6.4% |
| Turnover | 70 | €10,683,642 | €11,388,956 | +€705,314 | +6.6% |
| Other operating income | 74 | €125,973 | €115,302 | -€10,671 | -8.5% |
| Operating charges | 60/66A | €9,518,396 | €10,285,632 | +€767,236 | +8.1% |
| Goods for resale, raw materials and consumables | 60 | €8,912,664 | €9,728,020 | +€815,356 | +9.1% |
| Purchases | 600/8 | €15,330,788 | €10,009,242 | -€5.3m | -34.7% |
| Change in stocks: decrease (increase) | 609 | -€6,418,124 | -€281,221 | +€6.1m | +95.6% |
| Services and other goods | 61 | €287,531 | €265,480 | -€22,051 | -7.7% |
| Remuneration, social security and pensions | 62 | €220,843 | €195,914 | -€24,928 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,423 | €32,607 | +€5,184 | +18.9% |
| Other operating charges | 640/8 | €69,935 | €63,610 | -€6,325 | -9.0% |
| Operating profit (loss) | 9901 | €1,291,219 | €1,218,626 | -€72,593 | -5.6% |
| Financial income | 75/76B | €1,116,783 | €1,011,819 | -€104,964 | -9.4% |
| Recurring financial income | 75 | €1,116,783 | €1,011,819 | -€104,964 | -9.4% |
| Income from current assets | 751 | €1,116,780 | €1,011,799 | -€104,981 | -9.4% |
| Other financial income | 752/9 | €3 | €20 | +€17 | +554% |
| Financial charges | 65/66B | €2,347,038 | €1,997,976 | -€349,062 | -14.9% |
| Recurring financial charges | 65 | €2,347,038 | €1,997,976 | -€349,062 | -14.9% |
| Debt charges | 650 | €2,269,311 | €1,937,921 | -€331,391 | -14.6% |
| Other financial charges | 652/9 | €77,727 | €60,056 | -€17,671 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €60,964 | €232,469 | +€171,504 | +281% |
| Transfer from deferred taxes | 780 | €375 | €375 | = | 0.0% |
| Income taxes | 67/77 | €32,392 | €36,552 | +€4,160 | +12.8% |
| Taxes | 670/3 | €32,392 | €47,388 | +€14,996 | +46.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €10,836 | +€10,836 | |
| Profit (loss) for the period | 9904 | €28,947 | €196,292 | +€167,345 | +578% |
| Transfer from tax-exempt reserves | 789 | €1,125 | €632,625 | +€631,500 | +56,133% |
| Transfer to tax-exempt reserves | 689 | - | €147,350 | +€147,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,072 | €681,567 | +€651,495 | +2,166% |
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 15 October 2026 via checked.be.