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
- Current investments -€600,000
down €600,000 (-92.3%), from €650,250 to €50,250
- Cash +€540,565
up €540,565 (+231%), from €233,733 to €774,297
mainly Current investments (+€600,000) and Trade debts (+€250,949)
- Receivables within one year +€261,648
up €261,648 (+44.1%), from €593,378 to €855,026
of which Trade receivables: +€279,532
- Tangible fixed assets +€258,773
up €258,773 (+81.0%), from €319,454 to €578,227
of which Land and buildings: +€167,244
- Trade debts +€250,949
up €250,949 (+134%), from €186,989 to €437,938
- Reserves +€120,000
up €120,000 (+9.8%), from €1.2m to €1.3m
of which Distributable reserves: +€120,000
- Debts after one year +€97,032
up €97,032 (+131%), from €73,996 to €171,028
- Other debts -€29,627
down €29,627 (-20.6%), from €143,902 to €114,276
- Gross operating margin +€75,220
up €75,220 (+6.6%), from €1.1m to €1.2m
- Taxes +€18,471
up €18,471 (+78.3%), from €23,605 to €42,077
- Financial income +€14,582
up €14,582 (+516%), from €2,825 to €17,407
- Staff costs +€12,202
up €12,202 (+1.3%), from €915,629 to €927,830
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 | €1,800,524 | €2,261,510 | +€460,986 | +25.6% |
| Fixed assets | 21/28 | €323,164 | €581,937 | +€258,773 | +80.1% |
| Tangible fixed assets | 22/27 | €319,454 | €578,227 | +€258,773 | +81.0% |
| Land and buildings | 22 | - | €167,244 | +€167,244 | |
| Plant, machinery and equipment | 23 | €193,306 | €163,697 | -€29,609 | -15.3% |
| Furniture and vehicles | 24 | €29,133 | €27,585 | -€1,548 | -5.3% |
| Leasing and similar rights | 25 | €77,815 | €219,701 | +€141,886 | +182% |
| Assets under construction and advance payments | 27 | €19,200 | - | -€19,200 | |
| Financial fixed assets | 28 | €3,710 | €3,710 | = | 0.0% |
| Current assets | 29/58 | €1,477,360 | €1,679,573 | +€202,213 | +13.7% |
| Amounts receivable within one year | 40/41 | €593,378 | €855,026 | +€261,648 | +44.1% |
| Trade receivables | 40 | €540,241 | €819,774 | +€279,532 | +51.7% |
| Other amounts receivable | 41 | €53,136 | €35,252 | -€17,884 | -33.7% |
| Current investments | 50/53 | €650,250 | €50,250 | -€600,000 | -92.3% |
| Cash at bank and in hand | 54/58 | €233,733 | €774,297 | +€540,565 | +231% |
| Total equity and liabilities | 10/49 | €1,800,524 | €2,261,510 | +€460,986 | +25.6% |
| Equity | 10/15 | €1,247,651 | €1,370,472 | +€122,821 | +9.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,227,224 | €1,347,224 | +€120,000 | +9.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,225,364 | €1,345,364 | +€120,000 | +9.8% |
| Profit (loss) carried forward | 14 | €1,827 | €4,648 | +€2,821 | +154% |
| Amounts payable | 17/49 | €552,873 | €891,038 | +€338,165 | +61.2% |
| Amounts payable after more than one year | 17 | €73,996 | €171,028 | +€97,032 | +131% |
| Financial debts | 170/4 | €73,996 | €171,028 | +€97,032 | +131% |
| Amounts payable within one year | 42/48 | €474,942 | €716,075 | +€241,133 | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €48,951 | €59,984 | +€11,033 | +22.5% |
| Trade debts | 44 | €186,989 | €437,938 | +€250,949 | +134% |
| Suppliers | 440/4 | €186,989 | €437,938 | +€250,949 | +134% |
| Taxes, remuneration and social security | 45 | €95,100 | €103,878 | +€8,778 | +9.2% |
| Taxes | 450/3 | €30,764 | €43,575 | +€12,811 | +41.6% |
| Remuneration and social security | 454/9 | €64,336 | €60,303 | -€4,033 | -6.3% |
| Other amounts payable | 47/48 | €143,902 | €114,276 | -€29,627 | -20.6% |
| Accrued charges and deferred income | 492/3 | €3,935 | €3,935 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €915,629 | €927,830 | +€12,202 | +1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,464 | €125,779 | +€3,315 | +2.7% |
| Other operating charges | 640/8 | €1,621 | €3,956 | +€2,336 | +144% |
| Gross operating margin | 9900 | €1,136,235 | €1,211,455 | +€75,220 | +6.6% |
| Operating profit (loss) | 9901 | €96,521 | €153,889 | +€57,368 | +59.4% |
| Financial income | 75/76B | €2,825 | €17,407 | +€14,582 | +516% |
| Recurring financial income | 75 | €2,825 | €17,407 | +€14,582 | +516% |
| Financial charges | 65/66B | €2,566 | €6,399 | +€3,833 | +149% |
| Recurring financial charges | 65 | €2,566 | €6,399 | +€3,833 | +149% |
| Profit (loss) for the period before taxes | 9903 | €96,781 | €164,898 | +€68,117 | +70.4% |
| Income taxes | 67/77 | €23,605 | €42,077 | +€18,471 | +78.3% |
| Profit (loss) for the period | 9904 | €73,175 | €122,821 | +€49,646 | +67.8% |
| Profit (loss) for the period to be appropriated | 9905 | €73,175 | €122,821 | +€49,646 | +67.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.