TERRAM: 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.
TERRAM
Largest movements
- Stocks and contracts -€428,222
down €428,222 (-37.1%), from €1.2m to €725,597
- Cash +€294,213
up €294,213 (+533.2%), from €55,180 to €349,393
mainly Net result for the year (+€759,488) and Stocks and contracts (+€428,222)
- Deferred charges and accrued income +€88,264
new in 2025: €88,264
- Receivables within one year -€14,985
down €14,985 (-100.0%), from €14,985 to €0
of which Trade receivables: -€14,985
- Other debts +€237,757
up €237,757 (+146.5%), from €162,243 to €400,000
- Short-term financial debts -€187,773
down €187,773 (-73.6%), from €255,000 to €67,227
- Debts after one year -€120,000
down €120,000 (-100.0%), from €120,000 to €0
- Gross operating margin +€730,982
up €730,982 (+224.3%), from €325,899 to €1.1m
- Taxes +€191,094
up €191,094 (+344.5%), from €55,472 to €246,566
- Financial charges -€33,208
down €33,208 (-40.1%), from €82,893 to €49,685
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 | €1,223,984 | €1,163,254 | -€60,730 | -5.0% |
| Current assets | 29/58 | €1,223,984 | €1,163,254 | -€60,730 | -5.0% |
| Stocks and contracts in progress | 3 | €1,153,819 | €725,597 | -€428,222 | -37.1% |
| Stocks | 30/36 | €1,153,819 | €725,597 | -€428,222 | -37.1% |
| Amounts receivable within one year | 40/41 | €14,985 | €0 | -€14,985 | -100.0% |
| Trade receivables | 40 | €14,985 | €0 | -€14,985 | -100.0% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €55,180 | €349,393 | +€294,213 | +533.2% |
| Deferred charges and accrued income | 490/1 | - | €88,264 | +€88,264 | |
| Total equity and liabilities | 10/49 | €1,223,984 | €1,163,254 | -€60,730 | -5.0% |
| Equity | 10/15 | €464,456 | €473,944 | +€9,488 | +2.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €364,456 | €373,944 | +€9,488 | +2.6% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €354,456 | €363,944 | +€9,488 | +2.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €759,528 | €689,310 | -€70,218 | -9.2% |
| Amounts payable after more than one year | 17 | €120,000 | €0 | -€120,000 | -100.0% |
| Financial debts | 170/4 | €120,000 | €0 | -€120,000 | -100.0% |
| Amounts payable within one year | 42/48 | €639,528 | €689,310 | +€49,782 | +7.8% |
| Current portion of amounts payable after more than one year | 42 | €120,000 | €120,000 | = | 0.0% |
| Financial debts | 43 | €255,000 | €67,227 | -€187,773 | -73.6% |
| Credit institutions | 430/8 | €255,000 | €67,227 | -€187,773 | -73.6% |
| Trade debts | 44 | €0 | €45 | +€45 | |
| Suppliers | 440/4 | €0 | €45 | +€45 | |
| Taxes, remuneration and social security | 45 | €102,285 | €102,038 | -€247 | -0.2% |
| Taxes | 450/3 | €102,285 | €102,038 | -€247 | -0.2% |
| Other amounts payable | 47/48 | €162,243 | €400,000 | +€237,757 | +146.5% |
| Other operating charges | 640/8 | €1,118 | €1,143 | +€25 | +2.2% |
| Gross operating margin | 9900 | €325,899 | €1,056,880 | +€730,982 | +224.3% |
| Operating profit (loss) | 9901 | €324,780 | €1,055,737 | +€730,957 | +225.1% |
| Financial income | 75/76B | €1 | €1 | -€1 | -50.5% |
| Recurring financial income | 75 | €1 | €1 | -€1 | -50.5% |
| Financial charges | 65/66B | €82,893 | €49,685 | -€33,208 | -40.1% |
| Recurring financial charges | 65 | €82,893 | €49,685 | -€33,208 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €241,889 | €1,006,053 | +€764,164 | +315.9% |
| Income taxes | 67/77 | €55,472 | €246,566 | +€191,094 | +344.5% |
| Profit (loss) for the period | 9904 | €186,417 | €759,488 | +€573,071 | +307.4% |
| Profit (loss) for the period to be appropriated | 9905 | €186,417 | €759,488 | +€573,071 | +307.4% |
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 10 October 2026 via checked.be.