TERRAD: 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.
TERRAD
Largest movements
- Receivables within one year -€11,420
down €11,420 (-99.8%), from €11,439 to €19
of which Trade receivables: -€11,250
- Tangible fixed assets -€9,729
down €9,729 (-33.8%), from €28,775 to €19,046
of which Furniture and vehicles: -€9,548
- Current portion of long-term debt +€224,237
up €224,237 (+3772.6%), from €5,944 to €230,181
- Short-term financial debts -€224,000
no longer reported in 2025 (was €224,000)
- Profit (loss) carried forward -€18,863
down €18,863 (-73.7%), from -€25,607 to -€44,471
- Other debts +€7,338
up €7,338 (+5.2%), from €140,091 to €147,428
- Debts after one year -€6,181
down €6,181 (-23.2%), from €26,691 to €20,510
- Gross operating margin -€6,700
down €6,700 (-64.1%), from €10,445 to €3,745
- Financial charges -€3,596
down €3,596 (-24.0%), from €14,977 to €11,381
- Depreciation -€716
down €716 (-6.9%), from €10,445 to €9,729
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 | €387,105 | €365,847 | -€21,258 | -5.5% |
| Fixed assets | 21/28 | €28,775 | €19,046 | -€9,729 | -33.8% |
| Tangible fixed assets | 22/27 | €28,775 | €19,046 | -€9,729 | -33.8% |
| Plant, machinery and equipment | 23 | €181 | - | -€181 | |
| Furniture and vehicles | 24 | €28,594 | €19,046 | -€9,548 | -33.4% |
| Current assets | 29/58 | €358,331 | €346,801 | -€11,529 | -3.2% |
| Stocks and contracts in progress | 3 | €346,749 | €346,749 | = | 0.0% |
| Stocks | 30/36 | €346,749 | €346,749 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,439 | €19 | -€11,420 | -99.8% |
| Trade receivables | 40 | €11,250 | - | -€11,250 | |
| Other amounts receivable | 41 | €189 | €19 | -€170 | -89.7% |
| Cash at bank and in hand | 54/58 | €143 | €33 | -€110 | -76.7% |
| Total equity and liabilities | 10/49 | €387,105 | €365,847 | -€21,258 | -5.5% |
| Equity | 10/15 | -€15,607 | -€34,471 | -€18,863 | -120.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,607 | -€44,471 | -€18,863 | -73.7% |
| Amounts payable | 17/49 | €402,713 | €400,318 | -€2,395 | -0.6% |
| Amounts payable after more than one year | 17 | €26,691 | €20,510 | -€6,181 | -23.2% |
| Financial debts | 170/4 | €26,691 | €20,510 | -€6,181 | -23.2% |
| Amounts payable within one year | 42/48 | €373,766 | €379,055 | +€5,289 | +1.4% |
| Current portion of amounts payable after more than one year | 42 | €5,944 | €230,181 | +€224,237 | +3772.6% |
| Financial debts | 43 | €224,000 | - | -€224,000 | |
| Credit institutions | 430/8 | €224,000 | - | -€224,000 | |
| Trade debts | 44 | - | €450 | +€450 | |
| Suppliers | 440/4 | - | €450 | +€450 | |
| Taxes, remuneration and social security | 45 | €3,732 | €996 | -€2,736 | -73.3% |
| Taxes | 450/3 | €3,732 | €996 | -€2,736 | -73.3% |
| Other amounts payable | 47/48 | €140,091 | €147,428 | +€7,338 | +5.2% |
| Accrued charges and deferred income | 492/3 | €2,256 | €753 | -€1,503 | -66.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,445 | €9,729 | -€716 | -6.9% |
| Other operating charges | 640/8 | €957 | €1,021 | +€64 | +6.6% |
| Gross operating margin | 9900 | €10,445 | €3,745 | -€6,700 | -64.1% |
| Operating profit (loss) | 9901 | -€957 | -€7,005 | -€6,048 | -632.0% |
| Financial charges | 65/66B | €14,977 | €11,381 | -€3,596 | -24.0% |
| Recurring financial charges | 65 | €14,977 | €11,381 | -€3,596 | -24.0% |
| Profit (loss) for the period before taxes | 9903 | -€15,934 | -€18,386 | -€2,452 | -15.4% |
| Income taxes | 67/77 | €518 | €478 | -€41 | -7.9% |
| Profit (loss) for the period | 9904 | -€16,452 | -€18,863 | -€2,411 | -14.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,452 | -€18,863 | -€2,411 | -14.7% |
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 9 October 2026 via checked.be.