TERRACAP: what changed
TERRACAP
Largest movements
- Receivables within one year -€247,801
down €247,801 (-46.7%), from €530,444 to €282,643
of which Trade receivables: -€237,157
- Tangible fixed assets -€114,270
down €114,270 (-21.1%), from €542,035 to €427,766
of which Leasing and similar rights: -€103,248
- Tax, wage and social debts -€135,127
down €135,127 (-48.2%), from €280,200 to €145,072
of which Remuneration and social security: -€78,498
- Debts after one year -€119,993
down €119,993 (-56.0%), from €214,413 to €94,420
- Reserves -€105,778
down €105,778 (-40.5%), from €261,161 to €155,382
- Current portion of long-term debt -€25,523
down €25,523 (-20.9%), from €122,089 to €96,566
- Trade debts +€22,825
up €22,825 (+10.1%), from €225,060 to €247,885
- Gross operating margin -€178,005
down €178,005 (-22.0%), from €810,733 to €632,728
- Other operating charges +€60,558
up €60,558 (+790%), from €7,663 to €68,221
- Taxes -€51,082
down €51,082 (-99.1%), from €51,530 to €448
- Financial charges +€23,541
up €23,541 (+142%), from €16,626 to €40,167
of which Financial charges: +€23,339
- Staff costs +€19,553
up €19,553 (+4.4%), from €441,258 to €460,811
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,124,606 | €759,117 | -€365,489 | -32.5% |
| Fixed assets | 21/28 | €555,224 | €440,954 | -€114,270 | -20.6% |
| Tangible fixed assets | 22/27 | €542,035 | €427,766 | -€114,270 | -21.1% |
| Plant, machinery and equipment | 23 | €110,793 | €108,146 | -€2,647 | -2.4% |
| Furniture and vehicles | 24 | €20,839 | €13,068 | -€7,771 | -37.3% |
| Leasing and similar rights | 25 | €404,865 | €301,617 | -€103,248 | -25.5% |
| Other tangible fixed assets | 26 | €5,538 | €4,934 | -€604 | -10.9% |
| Financial fixed assets | 28 | €13,189 | €13,189 | = | 0.0% |
| Current assets | 29/58 | €569,381 | €318,162 | -€251,219 | -44.1% |
| Amounts receivable within one year | 40/41 | €530,444 | €282,643 | -€247,801 | -46.7% |
| Trade receivables | 40 | €413,922 | €176,765 | -€237,157 | -57.3% |
| Other amounts receivable | 41 | €116,522 | €105,878 | -€10,644 | -9.1% |
| Cash at bank and in hand | 54/58 | €29,414 | €30,997 | +€1,582 | +5.4% |
| Deferred charges and accrued income | 490/1 | €9,523 | €4,523 | -€5,000 | -52.5% |
| Total equity and liabilities | 10/49 | €1,124,606 | €759,117 | -€365,489 | -32.5% |
| Equity | 10/15 | €281,653 | €173,982 | -€107,671 | -38.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €261,161 | €155,382 | -€105,778 | -40.5% |
| Distributable reserves | 133 | €261,161 | €155,382 | -€105,778 | -40.5% |
| Investment grants | 15 | €1,893 | - | -€1,893 | |
| Amounts payable | 17/49 | €842,952 | €585,134 | -€257,818 | -30.6% |
| Amounts payable after more than one year | 17 | €214,413 | €94,420 | -€119,993 | -56.0% |
| Financial debts | 170/4 | €214,413 | €94,420 | -€119,993 | -56.0% |
| Amounts payable within one year | 42/48 | €628,539 | €490,714 | -€137,825 | -21.9% |
| Current portion of amounts payable after more than one year | 42 | €122,089 | €96,566 | -€25,523 | -20.9% |
| Trade debts | 44 | €225,060 | €247,885 | +€22,825 | +10.1% |
| Suppliers | 440/4 | €225,060 | €247,885 | +€22,825 | +10.1% |
| Taxes, remuneration and social security | 45 | €280,200 | €145,072 | -€135,127 | -48.2% |
| Taxes | 450/3 | €133,197 | €76,568 | -€56,630 | -42.5% |
| Remuneration and social security | 454/9 | €147,002 | €68,505 | -€78,498 | -53.4% |
| Other amounts payable | 47/48 | €1,190 | €1,190 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €441,258 | €460,811 | +€19,553 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €162,526 | €172,355 | +€9,829 | +6.0% |
| Other operating charges | 640/8 | €7,663 | €68,221 | +€60,558 | +790% |
| Non-recurring operating charges | 66A | €269 | - | -€269 | |
| Gross operating margin | 9900 | €810,733 | €632,728 | -€178,005 | -22.0% |
| Operating profit (loss) | 9901 | €199,016 | -€68,659 | -€267,675 | |
| Financial income | 75/76B | €12,702 | €3,496 | -€9,206 | -72.5% |
| Recurring financial income | 75 | €3,702 | €1,932 | -€1,770 | -47.8% |
| Non-recurring financial income | 76B | €9,000 | €1,564 | -€7,436 | -82.6% |
| Financial charges | 65/66B | €16,626 | €40,167 | +€23,541 | +142% |
| Recurring financial charges | 65 | €16,626 | €39,965 | +€23,339 | +140% |
| Non-recurring financial charges | 66B | - | €202 | +€202 | |
| Profit (loss) for the period before taxes | 9903 | €195,092 | -€105,330 | -€300,422 | |
| Income taxes | 67/77 | €51,530 | €448 | -€51,082 | -99.1% |
| Profit (loss) for the period | 9904 | €143,562 | -€105,778 | -€249,340 | |
| Profit (loss) for the period to be appropriated | 9905 | €143,562 | -€105,778 | -€249,340 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.