TERRAE: 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.
TERRAE
Largest movements
- Financial fixed assets +€2.6m
up €2.6m (+245.1%), from €1.1m to €3.7m
- Receivables within one year +€1.9m
up €1.9m (+122.7%), from €1.5m to €3.4m
of which Other amounts receivable: +€1.6m
- Stocks and contracts +€349,514
up €349,514 (+10.6%), from €3.3m to €3.6m
- Cash -€163,391
no longer reported in 2025 (was €163,391)
mainly Investment in fixed assets (net) (-€2.6m) and Receivables within one year (-€1.9m)
- Debts after one year +€2.9m
up €2.9m (+729.6%), from €398,826 to €3.3m
- Short-term financial debts +€1.7m
up €1.7m (+75.5%), from €2.2m to €3.9m
- Other debts -€850,000
no longer reported in 2025 (was €850,000)
- Reserves +€776,571
up €776,571 (+34.8%), from €2.2m to €3.0m
of which Distributable reserves: +€776,571
- Tax, wage and social debts +€160,701
up €160,701 (+122.1%), from €131,568 to €292,268
- Gross operating margin +€614,914
up €614,914 (+106.0%), from €579,925 to €1.2m
- Taxes +€160,701
up €160,701 (+122.1%), from €131,568 to €292,268
- Financial charges +€62,459
up €62,459 (+36.5%), from €171,155 to €233,614
- Financial income +€61,922
up €61,922 (+77.7%), from €79,668 to €141,590
- Other operating charges +€32,459
up €32,459 (+2931.2%), from €1,107 to €33,567
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 | €6,058,412 | €10,754,337 | +€4.7m | +77.5% |
| Fixed assets | 21/28 | €1,062,323 | €3,664,692 | +€2.6m | +245.0% |
| Tangible fixed assets | 22/27 | €409 | - | -€409 | |
| Furniture and vehicles | 24 | €409 | - | -€409 | |
| Financial fixed assets | 28 | €1,061,914 | €3,664,692 | +€2.6m | +245.1% |
| Current assets | 29/58 | €4,996,090 | €7,089,645 | +€2.1m | +41.9% |
| Stocks and contracts in progress | 3 | €3,293,659 | €3,643,173 | +€349,514 | +10.6% |
| Stocks | 30/36 | €3,293,659 | €3,643,173 | +€349,514 | +10.6% |
| Amounts receivable within one year | 40/41 | €1,524,336 | €3,394,227 | +€1.9m | +122.7% |
| Trade receivables | 40 | €37,752 | €275,252 | +€237,500 | +629.1% |
| Other amounts receivable | 41 | €1,486,584 | €3,118,975 | +€1.6m | +109.8% |
| Cash at bank and in hand | 54/58 | €163,391 | - | -€163,391 | |
| Deferred charges and accrued income | 490/1 | €14,703 | €52,245 | +€37,542 | +255.3% |
| Total equity and liabilities | 10/49 | €6,058,412 | €10,754,337 | +€4.7m | +77.5% |
| Equity | 10/15 | €2,384,165 | €3,160,736 | +€776,571 | +32.6% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €2,234,165 | €3,010,736 | +€776,571 | +34.8% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Distributable reserves | 133 | €2,219,165 | €2,995,736 | +€776,571 | +35.0% |
| Amounts payable | 17/49 | €3,674,247 | €7,593,601 | +€3.9m | +106.7% |
| Amounts payable after more than one year | 17 | €398,826 | €3,308,826 | +€2.9m | +729.6% |
| Other amounts payable | 178/9 | €398,826 | €3,308,826 | +€2.9m | +729.6% |
| Amounts payable within one year | 42/48 | €3,211,684 | €4,202,184 | +€990,500 | +30.8% |
| Financial debts | 43 | €2,228,000 | €3,909,916 | +€1.7m | +75.5% |
| Credit institutions | 430/8 | €2,228,000 | €3,909,916 | +€1.7m | +75.5% |
| Trade debts | 44 | €2,116 | - | -€2,116 | |
| Suppliers | 440/4 | €2,116 | - | -€2,116 | |
| Taxes, remuneration and social security | 45 | €131,568 | €292,268 | +€160,701 | +122.1% |
| Taxes | 450/3 | €131,568 | €292,268 | +€160,701 | +122.1% |
| Other amounts payable | 47/48 | €850,000 | - | -€850,000 | |
| Accrued charges and deferred income | 492/3 | €63,737 | €82,590 | +€18,853 | +29.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €490 | €409 | -€82 | -16.6% |
| Other operating charges | 640/8 | €1,107 | €33,567 | +€32,459 | +2931.2% |
| Gross operating margin | 9900 | €579,925 | €1,194,839 | +€614,914 | +106.0% |
| Operating profit (loss) | 9901 | €578,328 | €1,160,864 | +€582,536 | +100.7% |
| Financial income | 75/76B | €79,668 | €141,590 | +€61,922 | +77.7% |
| Recurring financial income | 75 | €79,668 | €141,590 | +€61,922 | +77.7% |
| Financial charges | 65/66B | €171,155 | €233,614 | +€62,459 | +36.5% |
| Recurring financial charges | 65 | €171,155 | €233,614 | +€62,459 | +36.5% |
| Profit (loss) for the period before taxes | 9903 | €486,840 | €1,068,840 | +€581,999 | +119.5% |
| Income taxes | 67/77 | €131,568 | €292,268 | +€160,701 | +122.1% |
| Profit (loss) for the period | 9904 | €355,273 | €776,571 | +€421,299 | +118.6% |
| Profit (loss) for the period to be appropriated | 9905 | €355,273 | €776,571 | +€421,299 | +118.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.