Terranova: 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.
Terranova
Largest movements
- Stocks and contracts -€288,853
down €288,853 (-19.2%), from €1.5m to €1.2m
- Receivables within one year +€198,000
up €198,000 (+2,049%), from €9,661 to €207,661
of which Trade receivables: +€198,000
- Current portion of long-term debt -€258,800
down €258,800 (-29.4%), from €878,800 to €620,000
- Other debts +€150,000
up €150,000 (+10,045%), from €1,493 to €151,493
- Debts after one year -€100,000
down €100,000 (-20.0%), from €500,000 to €400,000
of which Financial debts: -€500,000
- Reserves +€85,144
up €85,144 (+61.0%), from €139,654 to €224,797
- Tax, wage and social debts +€20,464
up €20,464, from €0 to €20,464
- Gross operating margin +€45,658
up €45,658 (+31.6%), from €144,608 to €190,267
- Financial charges -€36,816
down €36,816 (-36.2%), from €101,570 to €64,754
- Taxes +€20,499
up €20,499 (+206%), from €9,965 to €30,464
- Other operating charges +€8,561
up €8,561 (+637%), from €1,344 to €9,905
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 | €1,575,852 | €1,472,069 | -€103,783 | -6.6% |
| Formation expenses | 20 | €0 | - | = | |
| Current assets | 29/58 | €1,575,852 | €1,472,069 | -€103,783 | -6.6% |
| Stocks and contracts in progress | 3 | €1,504,268 | €1,215,416 | -€288,853 | -19.2% |
| Stocks | 30/36 | €1,504,268 | €1,215,416 | -€288,853 | -19.2% |
| Amounts receivable within one year | 40/41 | €9,661 | €207,661 | +€198,000 | +2,049% |
| Trade receivables | 40 | €0 | €198,000 | +€198,000 | |
| Other amounts receivable | 41 | €9,661 | €9,661 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €61,882 | €48,992 | -€12,890 | -20.8% |
| Deferred charges and accrued income | 490/1 | €40 | €0 | -€40 | -100% |
| Total equity and liabilities | 10/49 | €1,575,852 | €1,472,069 | -€103,783 | -6.6% |
| Equity | 10/15 | €144,654 | €229,797 | +€85,144 | +58.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €139,654 | €224,797 | +€85,144 | +61.0% |
| Distributable reserves | 133 | €139,654 | €224,797 | +€85,144 | +61.0% |
| Amounts payable | 17/49 | €1,431,198 | €1,242,272 | -€188,927 | -13.2% |
| Amounts payable after more than one year | 17 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Financial debts | 170/4 | €500,000 | - | -€500,000 | |
| Other amounts payable | 178/9 | - | €400,000 | +€400,000 | |
| Amounts payable within one year | 42/48 | €880,699 | €791,958 | -€88,742 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €878,800 | €620,000 | -€258,800 | -29.4% |
| Trade debts | 44 | €406 | €0 | -€406 | -100% |
| Suppliers | 440/4 | €406 | €0 | -€406 | -100% |
| Taxes, remuneration and social security | 45 | €0 | €20,464 | +€20,464 | |
| Taxes | 450/3 | €0 | €20,464 | +€20,464 | |
| Other amounts payable | 47/48 | €1,493 | €151,493 | +€150,000 | +10,045% |
| Accrued charges and deferred income | 492/3 | €50,499 | €50,314 | -€185 | -0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €573 | €0 | -€573 | -100% |
| Other operating charges | 640/8 | €1,344 | €9,905 | +€8,561 | +637% |
| Gross operating margin | 9900 | €144,608 | €190,267 | +€45,658 | +31.6% |
| Operating profit (loss) | 9901 | €142,691 | €180,362 | +€37,671 | +26.4% |
| Financial income | 75/76B | €4 | €0 | -€4 | -100% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -100% |
| Financial charges | 65/66B | €101,570 | €64,754 | -€36,816 | -36.2% |
| Recurring financial charges | 65 | €101,570 | €64,754 | -€36,816 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €41,125 | €115,608 | +€74,483 | +181% |
| Income taxes | 67/77 | €9,965 | €30,464 | +€20,499 | +206% |
| Profit (loss) for the period | 9904 | €31,161 | €85,144 | +€53,983 | +173% |
| Profit (loss) for the period to be appropriated | 9905 | €31,161 | €85,144 | +€53,983 | +173% |
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 28 October 2026 via checked.be.