TERRACORRECT: 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.
TERRACORRECT
Largest movements
- Tangible fixed assets -€471,942
down €471,942 (-27.8%), from €1.7m to €1.2m
of which Land and buildings: -€441,448
- Receivables within one year +€36,406
up €36,406 (+8.3%), from €437,932 to €474,338
of which Trade receivables: +€90,920
- Cash -€33,266
down €33,266 (-37.0%), from €89,988 to €56,722
mainly Debts after one year (-€429,466) and Current portion of long-term debt (-€171,766)
- Debts after one year -€429,466
down €429,466 (-33.5%), from €1.3m to €851,115
- Current portion of long-term debt -€171,766
down €171,766 (-66.5%), from €258,356 to €86,591
- Reserves +€114,712
up €114,712 (+28.2%), from €406,699 to €521,411
of which Tax-exempt reserves: +€96,832
- Trade debts -€38,166
down €38,166 (-9.4%), from €408,039 to €369,873
- Provisions +€32,277
new in 2025: €32,277
- Gross operating margin +€382,227
up €382,227 (+114%), from €336,728 to €718,955
- Other operating charges +€74,324
up €74,324 (+919%), from €8,084 to €82,408
- Staff costs +€60,226
up €60,226 (+29.4%), from €205,125 to €265,351
- Taxes +€49,304
up €49,304 (+426%), from €11,573 to €60,876
- Depreciation +€35,810
up €35,810 (+61.6%), from €58,172 to €93,982
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,437,701 | €1,958,748 | -€478,954 | -19.6% |
| Fixed assets | 21/28 | €1,698,296 | €1,225,794 | -€472,502 | -27.8% |
| Intangible fixed assets | 21 | €728 | €168 | -€560 | -76.9% |
| Tangible fixed assets | 22/27 | €1,697,568 | €1,225,626 | -€471,942 | -27.8% |
| Land and buildings | 22 | €1,543,268 | €1,101,820 | -€441,448 | -28.6% |
| Plant, machinery and equipment | 23 | €107,364 | €103,711 | -€3,653 | -3.4% |
| Furniture and vehicles | 24 | €26,534 | €20,094 | -€6,439 | -24.3% |
| Other tangible fixed assets | 26 | €20,402 | €0 | -€20,402 | -100% |
| Current assets | 29/58 | €739,405 | €732,954 | -€6,452 | -0.9% |
| Stocks and contracts in progress | 3 | €193,949 | €194,528 | +€579 | +0.3% |
| Stocks | 30/36 | €193,949 | €194,528 | +€579 | +0.3% |
| Amounts receivable within one year | 40/41 | €437,932 | €474,338 | +€36,406 | +8.3% |
| Trade receivables | 40 | €368,041 | €458,961 | +€90,920 | +24.7% |
| Other amounts receivable | 41 | €69,891 | €15,377 | -€54,514 | -78.0% |
| Cash at bank and in hand | 54/58 | €89,988 | €56,722 | -€33,266 | -37.0% |
| Deferred charges and accrued income | 490/1 | €17,536 | €7,365 | -€10,171 | -58.0% |
| Total equity and liabilities | 10/49 | €2,437,701 | €1,958,748 | -€478,954 | -19.6% |
| Equity | 10/15 | €419,099 | €533,811 | +€114,712 | +27.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €406,699 | €521,411 | +€114,712 | +28.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €63,150 | €159,982 | +€96,832 | +153% |
| Distributable reserves | 133 | €343,549 | €361,429 | +€17,880 | +5.2% |
| Provisions and deferred taxes | 16 | - | €32,277 | +€32,277 | |
| Deferred taxes | 168 | - | €32,277 | +€32,277 | |
| Amounts payable | 17/49 | €2,018,602 | €1,392,659 | -€625,943 | -31.0% |
| Amounts payable after more than one year | 17 | €1,280,581 | €851,115 | -€429,466 | -33.5% |
| Financial debts | 170/4 | €1,280,581 | €851,115 | -€429,466 | -33.5% |
| Amounts payable within one year | 42/48 | €730,760 | €534,283 | -€196,477 | -26.9% |
| Current portion of amounts payable after more than one year | 42 | €258,356 | €86,591 | -€171,766 | -66.5% |
| Trade debts | 44 | €408,039 | €369,873 | -€38,166 | -9.4% |
| Suppliers | 440/4 | €408,039 | €369,873 | -€38,166 | -9.4% |
| Taxes, remuneration and social security | 45 | €56,429 | €73,651 | +€17,222 | +30.5% |
| Taxes | 450/3 | €17,479 | €29,713 | +€12,234 | +70.0% |
| Remuneration and social security | 454/9 | €38,950 | €43,938 | +€4,989 | +12.8% |
| Other amounts payable | 47/48 | €7,935 | €4,168 | -€3,767 | -47.5% |
| Accrued charges and deferred income | 492/3 | €7,261 | €7,261 | = | 0.0% |
| Non-recurring operating income | 76A | €500 | €136,533 | +€136,033 | +27,207% |
| Remuneration, social security and pensions | 62 | €205,125 | €265,351 | +€60,226 | +29.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,172 | €93,982 | +€35,810 | +61.6% |
| Other operating charges | 640/8 | €8,084 | €82,408 | +€74,324 | +919% |
| Non-recurring operating charges | 66A | - | €9,094 | +€9,094 | |
| Gross operating margin | 9900 | €336,728 | €718,955 | +€382,227 | +114% |
| Operating profit (loss) | 9901 | €65,348 | €268,121 | +€202,773 | +310% |
| Financial income | 75/76B | €6,780 | €6,615 | -€166 | -2.4% |
| Recurring financial income | 75 | €6,780 | €6,615 | -€166 | -2.4% |
| Financial charges | 65/66B | €40,695 | €66,870 | +€26,175 | +64.3% |
| Recurring financial charges | 65 | €40,695 | €66,870 | +€26,175 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €31,433 | €207,866 | +€176,433 | +561% |
| Transfer from deferred taxes | 780 | - | €1,856 | +€1,856 | |
| Transfer to deferred taxes | 680 | - | €34,133 | +€34,133 | |
| Income taxes | 67/77 | €11,573 | €60,876 | +€49,304 | +426% |
| Profit (loss) for the period | 9904 | €19,860 | €114,712 | +€94,852 | +478% |
| Transfer from tax-exempt reserves | 789 | - | €5,568 | +€5,568 | |
| Transfer to tax-exempt reserves | 689 | €0 | €102,400 | +€102,400 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,860 | €17,880 | -€1,980 | -10.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.