TERRAFOR: 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.
TERRAFOR
Largest movements
- Tangible fixed assets -€76,363
down €76,363 (-27.6%), from €276,800 to €200,437
of which Furniture and vehicles: -€68,999
- Receivables within one year -€44,534
down €44,534 (-22.7%), from €195,893 to €151,359
of which Other amounts receivable: -€24,331
- Cash +€15,012
up €15,012 (+29.7%), from €50,495 to €65,507
mainly Depreciation (+€134,456) and Receivables within one year (+€44,534)
- Debts after one year -€97,170
down €97,170 (-50.4%), from €192,620 to €95,450
- Profit (loss) carried forward +€34,421
up €34,421 (+18.8%), from €183,198 to €217,619
- Trade debts -€32,401
down €32,401 (-41.1%), from €78,834 to €46,433
- Current portion of long-term debt -€28,503
down €28,503 (-24.8%), from €114,776 to €86,272
- Other debts +€9,526
up €9,526 (+162.1%), from €5,876 to €15,402
- Gross operating margin +€80,677
up €80,677 (+23.6%), from €341,276 to €421,954
- Staff costs +€48,662
up €48,662 (+25.3%), from €192,056 to €240,717
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 | €634,990 | €526,540 | -€108,450 | -17.1% |
| Fixed assets | 21/28 | €276,991 | €200,629 | -€76,363 | -27.6% |
| Tangible fixed assets | 22/27 | €276,800 | €200,437 | -€76,363 | -27.6% |
| Plant, machinery and equipment | 23 | €178,787 | €171,422 | -€7,364 | -4.1% |
| Furniture and vehicles | 24 | €98,013 | €29,014 | -€68,999 | -70.4% |
| Financial fixed assets | 28 | €192 | €192 | = | 0.0% |
| Current assets | 29/58 | €357,998 | €325,911 | -€32,087 | -9.0% |
| Stocks and contracts in progress | 3 | €111,610 | €109,045 | -€2,565 | -2.3% |
| Stocks | 30/36 | €111,610 | €109,045 | -€2,565 | -2.3% |
| Amounts receivable within one year | 40/41 | €195,893 | €151,359 | -€44,534 | -22.7% |
| Trade receivables | 40 | €170,852 | €150,649 | -€20,203 | -11.8% |
| Other amounts receivable | 41 | €25,042 | €711 | -€24,331 | -97.2% |
| Cash at bank and in hand | 54/58 | €50,495 | €65,507 | +€15,012 | +29.7% |
| Total equity and liabilities | 10/49 | €634,990 | €526,540 | -€108,450 | -17.1% |
| Equity | 10/15 | €191,258 | €225,679 | +€34,421 | +18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €183,198 | €217,619 | +€34,421 | +18.8% |
| Amounts payable | 17/49 | €443,732 | €300,861 | -€142,871 | -32.2% |
| Amounts payable after more than one year | 17 | €192,620 | €95,450 | -€97,170 | -50.4% |
| Financial debts | 170/4 | €192,620 | €95,450 | -€97,170 | -50.4% |
| Amounts payable within one year | 42/48 | €251,112 | €205,411 | -€45,701 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €114,776 | €86,272 | -€28,503 | -24.8% |
| Financial debts | 43 | €40,000 | €40,000 | = | 0.0% |
| Credit institutions | 430/8 | €40,000 | €40,000 | = | 0.0% |
| Trade debts | 44 | €78,834 | €46,433 | -€32,401 | -41.1% |
| Suppliers | 440/4 | €78,834 | €46,433 | -€32,401 | -41.1% |
| Taxes, remuneration and social security | 45 | €11,627 | €17,304 | +€5,677 | +48.8% |
| Taxes | 450/3 | €723 | €1,281 | +€557 | +77.1% |
| Remuneration and social security | 454/9 | €10,903 | €16,024 | +€5,120 | +47.0% |
| Other amounts payable | 47/48 | €5,876 | €15,402 | +€9,526 | +162.1% |
| Accrued charges and deferred income | 492/3 | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | €192,056 | €240,717 | +€48,662 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,207 | €134,456 | +€1,249 | +0.9% |
| Other operating charges | 640/8 | €2,193 | €2,452 | +€258 | +11.8% |
| Non-recurring operating charges | 66A | €763 | €83 | -€681 | -89.2% |
| Gross operating margin | 9900 | €341,276 | €421,954 | +€80,677 | +23.6% |
| Operating profit (loss) | 9901 | €13,057 | €44,246 | +€31,189 | +238.9% |
| Financial income | 75/76B | - | €43 | +€43 | |
| Recurring financial income | 75 | - | €43 | +€43 | |
| Financial charges | 65/66B | €9,758 | €9,621 | -€136 | -1.4% |
| Recurring financial charges | 65 | €9,758 | €9,621 | -€136 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €3,299 | €34,668 | +€31,369 | +950.9% |
| Income taxes | 67/77 | €317 | €247 | -€70 | -22.1% |
| Profit (loss) for the period | 9904 | €2,982 | €34,421 | +€31,439 | +1054.3% |
| Profit (loss) for the period to be appropriated | 9905 | €2,982 | €34,421 | +€31,439 | +1054.3% |
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 11 October 2026 via checked.be.