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.
What changed
TERRANOVA
NACE 38.210, Materials recovery from waste
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€128,436
2024 · €146,275-€17,839
Equity
€1.3m
2024 · €1.3m+€28,436
Cash
€655
2024 · €655
Balance sheet total
€2.4m
2024 · €2.3m+€132,103
Largest movements
Assets
- Receivables within one year +€97,017
up €97,017 (+5.4%), from €1.8m to €1.9m
of which Other amounts receivable: +€733,224
- Stocks and contracts +€28,164
up €28,164 (+138%), from €20,342 to €48,506
Equity and liabilities
- Other debts +€100,000
up €100,000, from €0 to €100,000
- Profit (loss) carried forward +€28,436
up €28,436 (+2.8%), from €1.0m to €1.0m
- Debts after one year +€24,366
up €24,366 (+17.3%), from €140,978 to €165,344
Income statement
- Purchases and services +€331,509
up €331,509 (+11.0%), from €3.0m to €3.3m
- Turnover +€250,267
up €250,267 (+6.9%), from €3.6m to €3.9m
- Gross operating margin -€62,384
down €62,384 (-7.5%), from €828,815 to €766,431
- Other operating charges -€62,197
down €62,197 (-96.9%), from €64,200 to €2,003
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.
Result 2024
€146,275
Gross operating margin
-€62,384
Staff costs
+€34,344
Depreciation
-€35,028
Write-downs
-€22,408
Other operating charges
+€62,197
Financial income
-€1,441
Financial charges
+€757
Taxes
+€6,124
Result 2025
€128,436
raises the resultlowers the result
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.
From operations
+€317,492
Investment
-€232,323
Financing
-€85,168
Cash 2024
€655
From operations (derived)
+€317,492
Net result for the year
+€128,436
Depreciation
+€232,058
Stocks and contracts
-€28,164
Receivables within one year
-€97,017
Deferred charges and accrued income
-€6,657
Trade debts
-€22,595
Tax, wage and social debts
+€11,430
Other debts
+€100,000
Investment (derived)
-€232,323
Investment in fixed assets (net)
-€232,323
Financing
-€85,168
Debts after one year
+€24,366
Current portion of long-term debt
-€9,535
Contributions, distributions and other
-€100,000
Cash 2025
€655
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,275,476 | €2,407,579 | +€132,103 | +5.8% |
| Fixed assets | 21/28 | €454,326 | €454,591 | +€265 | +0.1% |
| Intangible fixed assets | 21 | €268 | €0 | -€268 | -100% |
| Tangible fixed assets | 22/27 | €433,012 | €433,545 | +€533 | +0.1% |
| Plant, machinery and equipment | 23 | €80,175 | €108,917 | +€28,742 | +35.8% |
| Furniture and vehicles | 24 | €99,094 | €56,436 | -€42,658 | -43.0% |
| Leasing and similar rights | 25 | €253,744 | €268,193 | +€14,449 | +5.7% |
| Financial fixed assets | 28 | €21,046 | €21,046 | = | 0.0% |
| Current assets | 29/58 | €1,821,150 | €1,952,988 | +€131,837 | +7.2% |
| Stocks and contracts in progress | 3 | €20,342 | €48,506 | +€28,164 | +138% |
| Stocks | 30/36 | €20,342 | €48,506 | +€28,164 | +138% |
| Amounts receivable within one year | 40/41 | €1,782,460 | €1,879,477 | +€97,017 | +5.4% |
| Trade receivables | 40 | €1,163,506 | €527,299 | -€636,207 | -54.7% |
| Other amounts receivable | 41 | €618,955 | €1,352,178 | +€733,224 | +118% |
| Cash at bank and in hand | 54/58 | €655 | €655 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €17,693 | €24,350 | +€6,657 | +37.6% |
| Total equity and liabilities | 10/49 | €2,275,476 | €2,407,579 | +€132,103 | +5.8% |
| Equity | 10/15 | €1,301,265 | €1,329,701 | +€28,436 | +2.2% |
| Contributions | 10/11 | €261,000 | €261,000 | = | 0.0% |
| Capital | 10 | €261,000 | €261,000 | = | 0.0% |
| Issued capital | 100 | €261,000 | €261,000 | = | 0.0% |
| Reserves | 13 | €34,800 | €34,800 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,800 | €34,800 | = | 0.0% |
| Legal reserve | 130 | €34,800 | €34,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,005,465 | €1,033,901 | +€28,436 | +2.8% |
| Investment grants | 15 | €0 | €0 | = | |
| Amounts payable | 17/49 | €974,211 | €1,077,878 | +€103,667 | +10.6% |
| Amounts payable after more than one year | 17 | €140,978 | €165,344 | +€24,366 | +17.3% |
| Financial debts | 170/4 | €140,978 | €165,344 | +€24,366 | +17.3% |
| Amounts payable within one year | 42/48 | €833,233 | €912,534 | +€79,300 | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €112,939 | €103,405 | -€9,535 | -8.4% |
| Trade debts | 44 | €702,074 | €679,479 | -€22,595 | -3.2% |
| Suppliers | 440/4 | €702,074 | €679,479 | -€22,595 | -3.2% |
| Taxes, remuneration and social security | 45 | €18,220 | €29,650 | +€11,430 | +62.7% |
| Taxes | 450/3 | €610 | €15,266 | +€14,656 | +2,401% |
| Remuneration and social security | 454/9 | €17,610 | €14,384 | -€3,226 | -18.3% |
| Other amounts payable | 47/48 | €0 | €100,000 | +€100,000 | |
| Turnover | 70 | €3,614,775 | €3,865,042 | +€250,267 | +6.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €3,006,113 | €3,337,621 | +€331,509 | +11.0% |
| Remuneration, social security and pensions | 62 | €388,889 | €354,545 | -€34,344 | -8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,030 | €232,058 | +€35,028 | +17.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€22,408 | - | +€22,408 | |
| Other operating charges | 640/8 | €64,200 | €2,003 | -€62,197 | -96.9% |
| Gross operating margin | 9900 | €828,815 | €766,431 | -€62,384 | -7.5% |
| Operating profit (loss) | 9901 | €201,104 | €177,826 | -€23,279 | -11.6% |
| Financial income | 75/76B | €8,732 | €7,291 | -€1,441 | -16.5% |
| Recurring financial income | 75 | €8,732 | €7,291 | -€1,441 | -16.5% |
| Financial charges | 65/66B | €11,887 | €11,130 | -€757 | -6.4% |
| Recurring financial charges | 65 | €11,887 | €11,130 | -€757 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €197,950 | €173,987 | -€23,963 | -12.1% |
| Income taxes | 67/77 | €51,675 | €45,551 | -€6,124 | -11.9% |
| Profit (loss) for the period | 9904 | €146,275 | €128,436 | -€17,839 | -12.2% |
| Profit (loss) for the period to be appropriated | 9905 | €146,275 | €128,436 | -€17,839 | -12.2% |
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 14 October 2026 via checked.be.