Terrah Projects: what changed
Two fiscal 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.
Terrah Projects
Largest movements
- Stocks and contracts -€170,435
down €170,435 (-9.3%), from €1.8m to €1.7m
- Cash +€64,978
up €64,978 (+317.0%), from €20,499 to €85,476
mainly Debts after one year (+€244,567) and Stocks and contracts (+€170,435)
- Receivables within one year -€40,945
down €40,945 (-100.0%), from €40,945 to €0
- Current portion of long-term debt -€300,000
down €300,000 (-100.0%), from €300,000 to €0
- Debts after one year +€244,567
up €244,567 (+10.8%), from €2.3m to €2.5m
- Profit (loss) carried forward -€200,267
down €200,267, from €0 to -€200,267
- Accrued charges and deferred income +€73,933
up €73,933 (+269.8%), from €27,400 to €101,333
- Gross operating margin -€342,826
down €342,826, from €316,043 to -€26,783
- Financial charges +€45,846
up €45,846 (+75.3%), from €60,919 to €106,765
- Financial income +€29,810
up €29,810 (+309.8%), from €9,622 to €39,432
- Depreciation +€21,093
up €21,093 (+2992.7%), from €705 to €21,798
- Other operating charges +€9,412
up €9,412 (+12.6%), from €74,940 to €84,353
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 | €2,909,176 | €2,760,313 | -€148,863 | -5.1% |
| Fixed assets | 21/28 | €775,050 | €760,880 | -€14,170 | -1.8% |
| Tangible fixed assets | 22/27 | €775,050 | €760,880 | -€14,170 | -1.8% |
| Land and buildings | 22 | €775,050 | €760,880 | -€14,170 | -1.8% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €2,134,126 | €1,999,433 | -€134,693 | -6.3% |
| Amounts receivable after more than one year | 29 | €243,238 | €253,454 | +€10,216 | +4.2% |
| Other amounts receivable | 291 | €243,238 | €253,454 | +€10,216 | +4.2% |
| Stocks and contracts in progress | 3 | €1,828,634 | €1,658,200 | -€170,435 | -9.3% |
| Stocks | 30/36 | €1,828,634 | €1,658,200 | -€170,435 | -9.3% |
| Amounts receivable within one year | 40/41 | €40,945 | €0 | -€40,945 | -100.0% |
| Trade receivables | 40 | €40,945 | €0 | -€40,945 | -100.0% |
| Cash at bank and in hand | 54/58 | €20,499 | €85,476 | +€64,978 | +317.0% |
| Deferred charges and accrued income | 490/1 | €810 | €2,303 | +€1,493 | +184.3% |
| Total equity and liabilities | 10/49 | €2,909,176 | €2,760,313 | -€148,863 | -5.1% |
| Equity | 10/15 | €225,245 | €24,978 | -€200,267 | -88.9% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Reserves | 13 | €5,245 | €5,245 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €3,245 | €3,245 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | -€200,267 | -€200,267 | |
| Amounts payable | 17/49 | €2,683,931 | €2,735,335 | +€51,404 | +1.9% |
| Amounts payable after more than one year | 17 | €2,270,000 | €2,514,567 | +€244,567 | +10.8% |
| Financial debts | 170/4 | €2,270,000 | €2,514,567 | +€244,567 | +10.8% |
| Amounts payable within one year | 42/48 | €386,531 | €119,435 | -€267,096 | -69.1% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | €0 | -€300,000 | -100.0% |
| Trade debts | 44 | €54,077 | €77,280 | +€23,203 | +42.9% |
| Suppliers | 440/4 | €54,077 | €77,280 | +€23,203 | +42.9% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €17,965 | €12,247 | -€5,718 | -31.8% |
| Taxes | 450/3 | €17,965 | €12,247 | -€5,718 | -31.8% |
| Other amounts payable | 47/48 | €14,488 | €29,908 | +€15,420 | +106.4% |
| Accrued charges and deferred income | 492/3 | €27,400 | €101,333 | +€73,933 | +269.8% |
| Non-recurring operating income | 76A | €311,012 | €0 | -€311,012 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €705 | €21,798 | +€21,093 | +2992.7% |
| Other operating charges | 640/8 | €74,940 | €84,353 | +€9,412 | +12.6% |
| Gross operating margin | 9900 | €316,043 | -€26,783 | -€342,826 | |
| Operating profit (loss) | 9901 | €240,397 | -€132,934 | -€373,332 | |
| Financial income | 75/76B | €9,622 | €39,432 | +€29,810 | +309.8% |
| Recurring financial income | 75 | €9,622 | €39,432 | +€29,810 | +309.8% |
| Financial charges | 65/66B | €60,919 | €106,765 | +€45,846 | +75.3% |
| Recurring financial charges | 65 | €60,919 | €106,765 | +€45,846 | +75.3% |
| Profit (loss) for the period before taxes | 9903 | €189,100 | -€200,267 | -€389,367 | |
| Profit (loss) for the period | 9904 | €189,100 | -€200,267 | -€389,367 | |
| Profit (loss) for the period to be appropriated | 9905 | €189,100 | -€200,267 | -€389,367 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.