Terrabel: 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.
Terrabel
Largest movements
- Tangible fixed assets +€111,177
up €111,177 (+10.8%), from €1.0m to €1.1m
of which Plant, machinery and equipment: +€175,882
- Receivables within one year -€60,007
down €60,007 (-9.7%), from €616,961 to €556,955
of which Trade receivables: -€97,459
- Cash -€31,582
down €31,582 (-7.8%), from €406,273 to €374,692
mainly Investment in fixed assets (net) (-€440,416) and Debts after one year (-€90,225)
- Reserves +€261,155
up €261,155 (+21.9%), from €1.2m to €1.5m
of which Distributable reserves: +€275,000
- Profit (loss) carried forward -€169,442
down €169,442 (-89.2%), from €189,999 to €20,558
- Debts after one year -€90,225
down €90,225 (-32.9%), from €274,076 to €183,852
of which Financial debts: -€90,225
- Trade debts +€80,194
up €80,194 (+85.1%), from €94,224 to €174,418
- Tax, wage and social debts -€64,341
down €64,341 (-40.1%), from €160,436 to €96,095
of which Taxes: -€47,189
- Staff costs +€92,659
up €92,659 (+20.8%), from €446,521 to €539,180
- Depreciation +€55,492
up €55,492 (+20.3%), from €273,746 to €329,239
- Gross operating margin +€51,954
up €51,954 (+5.6%), from €934,934 to €986,889
- Taxes -€35,293
down €35,293 (-58.3%), from €60,559 to €25,266
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 | €2,085,777 | €2,105,429 | +€19,651 | +0.9% |
| Fixed assets | 21/28 | €1,049,915 | €1,161,091 | +€111,177 | +10.6% |
| Tangible fixed assets | 22/27 | €1,033,717 | €1,144,894 | +€111,177 | +10.8% |
| Plant, machinery and equipment | 23 | €891,348 | €1,067,230 | +€175,882 | +19.7% |
| Furniture and vehicles | 24 | €2,306 | €1,626 | -€680 | -29.5% |
| Leasing and similar rights | 25 | €95,437 | €76,037 | -€19,400 | -20.3% |
| Assets under construction and advance payments | 27 | €44,625 | - | -€44,625 | |
| Financial fixed assets | 28 | €16,198 | €16,198 | = | 0.0% |
| Current assets | 29/58 | €1,035,863 | €944,337 | -€91,526 | -8.8% |
| Amounts receivable within one year | 40/41 | €616,961 | €556,955 | -€60,007 | -9.7% |
| Trade receivables | 40 | €565,939 | €468,480 | -€97,459 | -17.2% |
| Other amounts receivable | 41 | €51,022 | €88,474 | +€37,452 | +73.4% |
| Cash at bank and in hand | 54/58 | €406,273 | €374,692 | -€31,582 | -7.8% |
| Deferred charges and accrued income | 490/1 | €12,628 | €12,691 | +€63 | +0.5% |
| Total equity and liabilities | 10/49 | €2,085,777 | €2,105,429 | +€19,651 | +0.9% |
| Equity | 10/15 | €1,407,100 | €1,504,806 | +€97,706 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | - | €18,600 | +€18,600 | |
| Issued capital | 100 | - | €18,600 | +€18,600 | |
| Reserves | 13 | €1,189,940 | €1,451,094 | +€261,155 | +21.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €48,080 | €34,234 | -€13,845 | -28.8% |
| Distributable reserves | 133 | €1,140,000 | €1,415,000 | +€275,000 | +24.1% |
| Profit (loss) carried forward | 14 | €189,999 | €20,558 | -€169,442 | -89.2% |
| Investment grants | 15 | €8,561 | €14,554 | +€5,993 | +70.0% |
| Provisions and deferred taxes | 16 | €16,027 | €11,411 | -€4,615 | -28.8% |
| Deferred taxes | 168 | €16,027 | €11,411 | -€4,615 | -28.8% |
| Amounts payable | 17/49 | €662,651 | €589,211 | -€73,440 | -11.1% |
| Amounts payable after more than one year | 17 | €274,076 | €183,852 | -€90,225 | -32.9% |
| Financial debts | 170/4 | €194,076 | €103,852 | -€90,225 | -46.5% |
| Other amounts payable | 178/9 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €388,574 | €405,359 | +€16,785 | +4.3% |
| Current portion of amounts payable after more than one year | 42 | €103,695 | €89,109 | -€14,586 | -14.1% |
| Trade debts | 44 | €94,224 | €174,418 | +€80,194 | +85.1% |
| Suppliers | 440/4 | €94,224 | €174,418 | +€80,194 | +85.1% |
| Taxes, remuneration and social security | 45 | €160,436 | €96,095 | -€64,341 | -40.1% |
| Taxes | 450/3 | €107,643 | €60,454 | -€47,189 | -43.8% |
| Remuneration and social security | 454/9 | €52,794 | €35,641 | -€17,152 | -32.5% |
| Other amounts payable | 47/48 | €30,219 | €45,737 | +€15,517 | +51.3% |
| Remuneration, social security and pensions | 62 | €446,521 | €539,180 | +€92,659 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €273,746 | €329,239 | +€55,492 | +20.3% |
| Other operating charges | 640/8 | €1,066 | €2,467 | +€1,401 | +131.5% |
| Gross operating margin | 9900 | €934,934 | €986,889 | +€51,954 | +5.6% |
| Operating profit (loss) | 9901 | €213,602 | €116,003 | -€97,598 | -45.7% |
| Financial income | 75/76B | €7,361 | €3,740 | -€3,621 | -49.2% |
| Recurring financial income | 75 | €7,361 | €3,740 | -€3,621 | -49.2% |
| Financial charges | 65/66B | €6,733 | €7,379 | +€646 | +9.6% |
| Recurring financial charges | 65 | €6,733 | €7,379 | +€646 | +9.6% |
| Profit (loss) for the period before taxes | 9903 | €214,229 | €112,364 | -€101,865 | -47.5% |
| Transfer from deferred taxes | 780 | €18,461 | €4,615 | -€13,845 | -75.0% |
| Income taxes | 67/77 | €60,559 | €25,266 | -€35,293 | -58.3% |
| Profit (loss) for the period | 9904 | €172,131 | €91,713 | -€80,418 | -46.7% |
| Transfer from tax-exempt reserves | 789 | - | €13,845 | +€13,845 | |
| Profit (loss) for the period to be appropriated | 9905 | €172,131 | €105,558 | -€66,573 | -38.7% |
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 10 October 2026 via checked.be.