TERRACOTTEM: 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.
TERRACOTTEM
Largest movements
- Stocks and contracts -€269,507
down €269,507 (-51.4%), from €524,617 to €255,110
- Receivables within one year +€91,811
up €91,811 (+58.6%), from €156,621 to €248,432
of which Trade receivables: +€95,118
- Tangible fixed assets +€52,786
up €52,786 (+138.1%), from €38,230 to €91,015
of which Furniture and vehicles: +€63,695
- Trade debts -€83,723
down €83,723 (-73.2%), from €114,396 to €30,672
- Short-term financial debts -€50,000
no longer reported in 2025 (was €50,000)
- Profit (loss) carried forward +€46,942
up €46,942 (+22.5%), from -€208,661 to -€161,719
- Other debts -€30,669
down €30,669 (-34.5%), from €89,017 to €58,348
- Gross operating margin +€146,542
up €146,542 (+56.5%), from €259,200 to €405,741
- Staff costs +€15,737
up €15,737 (+5.1%), from €309,058 to €324,796
- Depreciation +€5,017
up €5,017 (+23.0%), from €21,772 to €26,788
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 | €824,894 | €706,389 | -€118,504 | -14.4% |
| Fixed assets | 21/28 | €96,449 | €148,297 | +€51,848 | +53.8% |
| Intangible fixed assets | 21 | €39,489 | €38,552 | -€937 | -2.4% |
| Tangible fixed assets | 22/27 | €38,230 | €91,015 | +€52,786 | +138.1% |
| Plant, machinery and equipment | 23 | €30,088 | €19,179 | -€10,910 | -36.3% |
| Furniture and vehicles | 24 | €8,142 | €71,837 | +€63,695 | +782.4% |
| Financial fixed assets | 28 | €18,730 | €18,730 | = | 0.0% |
| Current assets | 29/58 | €728,445 | €558,092 | -€170,353 | -23.4% |
| Stocks and contracts in progress | 3 | €524,617 | €255,110 | -€269,507 | -51.4% |
| Stocks | 30/36 | €524,617 | €255,110 | -€269,507 | -51.4% |
| Amounts receivable within one year | 40/41 | €156,621 | €248,432 | +€91,811 | +58.6% |
| Trade receivables | 40 | €142,414 | €237,531 | +€95,118 | +66.8% |
| Other amounts receivable | 41 | €14,207 | €10,901 | -€3,306 | -23.3% |
| Cash at bank and in hand | 54/58 | €35,096 | €43,055 | +€7,960 | +22.7% |
| Deferred charges and accrued income | 490/1 | €12,111 | €11,495 | -€617 | -5.1% |
| Total equity and liabilities | 10/49 | €824,894 | €706,389 | -€118,504 | -14.4% |
| Equity | 10/15 | €548,620 | €595,562 | +€46,942 | +8.6% |
| Contributions | 10/11 | €757,281 | €757,281 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€208,661 | -€161,719 | +€46,942 | +22.5% |
| Amounts payable | 17/49 | €276,273 | €110,827 | -€165,446 | -59.9% |
| Amounts payable within one year | 42/48 | €274,796 | €110,800 | -€163,995 | -59.7% |
| Financial debts | 43 | €50,000 | - | -€50,000 | |
| Credit institutions | 430/8 | €50,000 | - | -€50,000 | |
| Trade debts | 44 | €114,396 | €30,672 | -€83,723 | -73.2% |
| Suppliers | 440/4 | €114,396 | €30,672 | -€83,723 | -73.2% |
| Taxes, remuneration and social security | 45 | €21,383 | €21,780 | +€397 | +1.9% |
| Taxes | 450/3 | €459 | - | -€459 | |
| Remuneration and social security | 454/9 | €20,925 | €21,780 | +€855 | +4.1% |
| Other amounts payable | 47/48 | €89,017 | €58,348 | -€30,669 | -34.5% |
| Accrued charges and deferred income | 492/3 | €1,477 | €27 | -€1,451 | -98.2% |
| Non-recurring operating income | 76A | - | €3,620 | +€3,620 | |
| Remuneration, social security and pensions | 62 | €309,058 | €324,796 | +€15,737 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,772 | €26,788 | +€5,017 | +23.0% |
| Other operating charges | 640/8 | €2,926 | €3,118 | +€192 | +6.5% |
| Gross operating margin | 9900 | €259,200 | €405,741 | +€146,542 | +56.5% |
| Operating profit (loss) | 9901 | -€74,557 | €51,040 | +€125,596 | |
| Financial income | 75/76B | €1,418 | €733 | -€685 | -48.3% |
| Recurring financial income | 75 | €1,418 | €733 | -€685 | -48.3% |
| Financial charges | 65/66B | €3,342 | €4,191 | +€849 | +25.4% |
| Recurring financial charges | 65 | €3,342 | €4,191 | +€849 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | -€76,481 | €47,582 | +€124,063 | |
| Income taxes | 67/77 | €657 | €640 | -€17 | -2.6% |
| Profit (loss) for the period | 9904 | -€77,138 | €46,942 | +€124,080 | |
| Profit (loss) for the period to be appropriated | 9905 | -€77,138 | €46,942 | +€124,080 |
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 12 October 2026 via checked.be.