Terramax: 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.
Terramax
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+41.1%), from €3.6m to €5.1m
- Receivables within one year +€900,037
up €900,037 (+93.5%), from €962,986 to €1.9m
of which Trade receivables: +€846,905
- Cash +€287,486
up €287,486 (+621.1%), from €46,284 to €333,770
mainly Trade debts (+€1.5m) and Other debts (+€914,353)
- Trade debts +€1.5m
up €1.5m (+103.8%), from €1.4m to €2.9m
- Other debts +€914,353
up €914,353 (+63.1%), from €1.4m to €2.4m
- Reserves +€146,364
up €146,364 (+105.6%), from €138,598 to €284,962
- Gross operating margin +€478,310
up €478,310 (+381.8%), from €125,266 to €603,576
- Staff costs +€91,277
up €91,277 (+36.7%), from €248,968 to €340,245
- Financial charges -€71,252
down €71,252 (-36.8%), from €193,398 to €122,147
- Depreciation +€16,588
up €16,588 (+38.9%), from €42,623 to €59,211
- Financial income +€10,075
up €10,075 (+16.6%), from €60,522 to €70,598
of which Financial income: +€9,568
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 | €4,834,615 | €7,448,228 | +€2.6m | +54.1% |
| Fixed assets | 21/28 | €200,087 | €149,287 | -€50,800 | -25.4% |
| Intangible fixed assets | 21 | €2,100 | €300 | -€1,800 | -85.7% |
| Tangible fixed assets | 22/27 | €197,987 | €147,107 | -€50,880 | -25.7% |
| Plant, machinery and equipment | 23 | €2,479 | €6,185 | +€3,706 | +149.5% |
| Furniture and vehicles | 24 | €72,596 | €56,735 | -€15,861 | -21.8% |
| Leasing and similar rights | 25 | €113,176 | €75,701 | -€37,475 | -33.1% |
| Other tangible fixed assets | 26 | €9,736 | €8,486 | -€1,250 | -12.8% |
| Financial fixed assets | 28 | - | €1,880 | +€1,880 | |
| Current assets | 29/58 | €4,634,528 | €7,298,940 | +€2.7m | +57.5% |
| Stocks and contracts in progress | 3 | €3,608,088 | €5,091,631 | +€1.5m | +41.1% |
| Stocks | 30/36 | €3,608,088 | €5,091,631 | +€1.5m | +41.1% |
| Amounts receivable within one year | 40/41 | €962,986 | €1,863,023 | +€900,037 | +93.5% |
| Trade receivables | 40 | €620,253 | €1,467,158 | +€846,905 | +136.5% |
| Other amounts receivable | 41 | €342,732 | €395,865 | +€53,132 | +15.5% |
| Cash at bank and in hand | 54/58 | €46,284 | €333,770 | +€287,486 | +621.1% |
| Deferred charges and accrued income | 490/1 | €17,171 | €10,518 | -€6,653 | -38.7% |
| Total equity and liabilities | 10/49 | €4,834,615 | €7,448,228 | +€2.6m | +54.1% |
| Equity | 10/15 | €188,598 | €334,962 | +€146,364 | +77.6% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Contributions outside capital | 11 | €50,000 | €50,000 | = | 0.0% |
| Other | 1109/19 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €138,598 | €284,962 | +€146,364 | +105.6% |
| Distributable reserves | 133 | €138,598 | €284,962 | +€146,364 | +105.6% |
| Amounts payable | 17/49 | €4,646,017 | €7,113,266 | +€2.5m | +53.1% |
| Amounts payable after more than one year | 17 | €115,390 | €65,098 | -€50,292 | -43.6% |
| Financial debts | 170/4 | €115,390 | €65,098 | -€50,292 | -43.6% |
| Amounts payable within one year | 42/48 | €4,498,746 | €7,020,549 | +€2.5m | +56.1% |
| Current portion of amounts payable after more than one year | 42 | €48,310 | €50,292 | +€1,982 | +4.1% |
| Financial debts | 43 | €1,546,306 | €1,611,656 | +€65,350 | +4.2% |
| Credit institutions | 430/8 | €1,546,306 | €1,611,656 | +€65,350 | +4.2% |
| Trade debts | 44 | €1,423,714 | €2,901,051 | +€1.5m | +103.8% |
| Suppliers | 440/4 | €1,423,714 | €2,901,051 | +€1.5m | +103.8% |
| Advances received on contracts in progress | 46 | - | €50,000 | +€50,000 | |
| Taxes, remuneration and social security | 45 | €31,703 | €44,485 | +€12,782 | +40.3% |
| Taxes | 450/3 | €1,294 | €1,308 | +€14 | +1.1% |
| Remuneration and social security | 454/9 | €30,410 | €43,177 | +€12,768 | +42.0% |
| Other amounts payable | 47/48 | €1,448,713 | €2,363,066 | +€914,353 | +63.1% |
| Accrued charges and deferred income | 492/3 | €31,882 | €27,619 | -€4,262 | -13.4% |
| Remuneration, social security and pensions | 62 | €248,968 | €340,245 | +€91,277 | +36.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,623 | €59,211 | +€16,588 | +38.9% |
| Other operating charges | 640/8 | €5,930 | €4,919 | -€1,011 | -17.0% |
| Gross operating margin | 9900 | €125,266 | €603,576 | +€478,310 | +381.8% |
| Operating profit (loss) | 9901 | -€172,255 | €199,201 | +€371,456 | |
| Financial income | 75/76B | €60,522 | €70,598 | +€10,075 | +16.6% |
| Recurring financial income | 75 | €60,522 | €70,091 | +€9,568 | +15.8% |
| Non-recurring financial income | 76B | - | €507 | +€507 | |
| Financial charges | 65/66B | €193,398 | €122,147 | -€71,252 | -36.8% |
| Recurring financial charges | 65 | €193,398 | €122,147 | -€71,252 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | -€305,131 | €147,652 | +€452,783 | |
| Income taxes | 67/77 | €1,294 | €1,288 | -€5 | -0.4% |
| Profit (loss) for the period | 9904 | -€306,425 | €146,364 | +€452,789 | |
| Profit (loss) for the period to be appropriated | 9905 | -€306,425 | €146,364 | +€452,789 |
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.