Terraforming: 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.
Terraforming
Largest movements
- Current investments -€75,000
no longer reported in 2025 (was €75,000)
- Receivables within one year +€16,267
new in 2025: €16,267
of which Trade receivables: +€15,022
- Cash -€9,203
down €9,203 (-10.4%), from €88,126 to €78,923
mainly Contributions, distributions and other (-€236,530) and Receivables within one year (-€16,267)
- Deferred charges and accrued income +€4,744
up €4,744 (+394%), from €1,205 to €5,949
- Tangible fixed assets -€2,359
down €2,359 (-53.1%), from €4,444 to €2,085
of which Furniture and vehicles: -€2,125
- Profit (loss) carried forward -€153,940
no longer reported in 2025 (was €153,940)
- Other debts +€82,950
up €82,950 (+2,311%), from €3,590 to €86,540
- Trade debts +€7,511
up €7,511 (+11,210%), from €67 to €7,578
- Tax, wage and social debts -€2,096
down €2,096 (-22.8%), from €9,178 to €7,082
- Gross operating margin +€15,804
up €15,804 (+17.6%), from €89,886 to €105,690
- Taxes +€3,291
up €3,291 (+18.5%), from €17,789 to €21,080
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 | €168,775 | €103,225 | -€65,550 | -38.8% |
| Fixed assets | 21/28 | €4,444 | €2,085 | -€2,359 | -53.1% |
| Tangible fixed assets | 22/27 | €4,444 | €2,085 | -€2,359 | -53.1% |
| Plant, machinery and equipment | 23 | €979 | €745 | -€233 | -23.8% |
| Furniture and vehicles | 24 | €3,465 | €1,340 | -€2,125 | -61.3% |
| Current assets | 29/58 | €164,331 | €101,140 | -€63,192 | -38.5% |
| Amounts receivable within one year | 40/41 | - | €16,267 | +€16,267 | |
| Trade receivables | 40 | - | €15,022 | +€15,022 | |
| Other amounts receivable | 41 | - | €1,245 | +€1,245 | |
| Current investments | 50/53 | €75,000 | - | -€75,000 | |
| Cash at bank and in hand | 54/58 | €88,126 | €78,923 | -€9,203 | -10.4% |
| Deferred charges and accrued income | 490/1 | €1,205 | €5,949 | +€4,744 | +394% |
| Total equity and liabilities | 10/49 | €168,775 | €103,225 | -€65,550 | -38.8% |
| Equity | 10/15 | €155,940 | €2,000 | -€153,940 | -98.7% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €153,940 | - | -€153,940 | |
| Amounts payable | 17/49 | €12,835 | €101,225 | +€88,390 | +689% |
| Amounts payable within one year | 42/48 | €12,835 | €101,200 | +€88,365 | +688% |
| Trade debts | 44 | €67 | €7,578 | +€7,511 | +11,210% |
| Suppliers | 440/4 | €67 | €7,578 | +€7,511 | +11,210% |
| Taxes, remuneration and social security | 45 | €9,178 | €7,082 | -€2,096 | -22.8% |
| Taxes | 450/3 | €9,178 | €7,082 | -€2,096 | -22.8% |
| Other amounts payable | 47/48 | €3,590 | €86,540 | +€82,950 | +2,311% |
| Accrued charges and deferred income | 492/3 | - | €25 | +€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,313 | €2,359 | +€45 | +2.0% |
| Other operating charges | 640/8 | €528 | €544 | +€16 | +3.0% |
| Gross operating margin | 9900 | €89,886 | €105,690 | +€15,804 | +17.6% |
| Operating profit (loss) | 9901 | €87,044 | €102,787 | +€15,743 | +18.1% |
| Financial income | 75/76B | €1,134 | €951 | -€184 | -16.2% |
| Recurring financial income | 75 | €1,134 | €951 | -€184 | -16.2% |
| Financial charges | 65/66B | €84 | €68 | -€16 | -19.3% |
| Recurring financial charges | 65 | €84 | €68 | -€16 | -19.3% |
| Profit (loss) for the period before taxes | 9903 | €88,095 | €103,670 | +€15,575 | +17.7% |
| Income taxes | 67/77 | €17,789 | €21,080 | +€3,291 | +18.5% |
| Profit (loss) for the period | 9904 | €70,305 | €82,590 | +€12,285 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,305 | €82,590 | +€12,285 | +17.5% |
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 15 October 2026 via checked.be.