TERRANOVA SOLAR: 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 SOLAR
NACE 35.120, Electricity, gas, steam and air conditioning supply
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €1.3m+€796,253
Equity
€7.9m
2024 · €6.4m+€1.5m
Cash
€461,203
2024 · €549,257-€88,054
Balance sheet total
€16.9m
2024 · €17.0m-€39,951
Largest movements
Assets
- Current investments +€1.4m
up €1.4m (+280%), from €500,000 to €1.9m
- Tangible fixed assets -€1.2m
down €1.2m (-7.9%), from €15.5m to €14.2m
of which Leasing and similar rights: -€15.1m
Equity and liabilities
- Current portion of long-term debt -€2.1m
no longer reported in 2025 (was €2.1m)
- Reserves +€1.5m
up €1.5m (+174%), from €861,892 to €2.4m
of which Distributable reserves: +€1.5m
- Short-term financial debts +€1.2m
new in 2025: €1.2m
- Other debts -€650,000
down €650,000 (-52.0%), from €1.3m to €600,000
Income statement
- Gross operating margin +€739,230
up €739,230 (+16.6%), from €4.5m to €5.2m
- Financial charges -€118,585
down €118,585 (-21.2%), from €558,582 to €439,997
- Taxes +€72,947
up €72,947 (+15.1%), from €482,290 to €555,237
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
€1.3m
Gross operating margin
+€739,230
Depreciation
+€27,710
Write-downs
-€1,308
Other operating charges
+€9,988
Financial income
-€25,005
Financial charges
+€118,585
Taxes
-€72,947
Result 2025
€2.1m
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
+€3.6m
Investment
-€2.1m
Financing
-€1.5m
Cash 2024
€549,257
From operations (derived)
+€3.6m
Net result for the year
+€2.1m
Depreciation
+€2.0m
Stocks and contracts
+€7,119
Receivables within one year
+€125,164
Deferred charges and accrued income
-€67
Trade debts
+€26,669
Tax, wage and social debts
+€27,030
Other debts
-€650,000
Accrued charges and deferred income
-€37,641
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€741,275
Current investments
-€1.4m
Financing
-€1.5m
Current portion of long-term debt
-€2.1m
Short-term financial debts
+€1.2m
Contributions, distributions and other
-€600,000
Cash 2025
€461,203
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,963,856 | €16,923,906 | -€39,951 | -0.2% |
| Fixed assets | 21/28 | €15,463,864 | €14,244,184 | -€1.2m | -7.9% |
| Tangible fixed assets | 22/27 | €15,463,864 | €14,244,184 | -€1.2m | -7.9% |
| Plant, machinery and equipment | 23 | €370,959 | €14,191,888 | +€13.8m | +3,726% |
| Leasing and similar rights | 25 | €15,092,905 | - | -€15.1m | |
| Assets under construction and advance payments | 27 | - | €52,295 | +€52,295 | |
| Current assets | 29/58 | €1,499,992 | €2,679,722 | +€1.2m | +78.6% |
| Stocks and contracts in progress | 3 | €46,782 | €39,663 | -€7,119 | -15.2% |
| Stocks | 30/36 | €46,782 | €39,663 | -€7,119 | -15.2% |
| Amounts receivable within one year | 40/41 | €371,347 | €246,183 | -€125,164 | -33.7% |
| Trade receivables | 40 | €102,640 | €196,835 | +€94,195 | +91.8% |
| Other amounts receivable | 41 | €268,707 | €49,348 | -€219,359 | -81.6% |
| Current investments | 50/53 | €500,000 | €1,900,000 | +€1.4m | +280% |
| Cash at bank and in hand | 54/58 | €549,257 | €461,203 | -€88,054 | -16.0% |
| Deferred charges and accrued income | 490/1 | €32,606 | €32,673 | +€67 | +0.2% |
| Total equity and liabilities | 10/49 | €16,963,856 | €16,923,906 | -€39,951 | -0.2% |
| Equity | 10/15 | €6,417,492 | €7,918,418 | +€1.5m | +23.4% |
| Contributions | 10/11 | €5,555,600 | €5,555,600 | = | 0.0% |
| Capital | 10 | €5,555,600 | €5,555,600 | = | 0.0% |
| Issued capital | 100 | €5,555,600 | €5,555,600 | = | 0.0% |
| Reserves | 13 | €861,892 | €2,362,818 | +€1.5m | +174% |
| Non-distributable reserves | 130/1 | €555,560 | €555,560 | = | 0.0% |
| Legal reserve | 130 | €555,560 | €555,560 | = | 0.0% |
| Distributable reserves | 133 | €306,332 | €1,807,258 | +€1.5m | +490% |
| Provisions and deferred taxes | 16 | €645,656 | €645,656 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €645,656 | €645,656 | = | 0.0% |
| Major repairs and maintenance | 162 | €645,656 | €645,656 | = | 0.0% |
| Amounts payable | 17/49 | €9,900,709 | €8,359,832 | -€1.5m | -15.6% |
| Amounts payable after more than one year | 17 | €5,944,444 | €5,944,444 | = | 0.0% |
| Financial debts | 170/4 | €5,944,444 | €5,944,444 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,622,094 | €2,118,858 | -€1.5m | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €2,127,026 | - | -€2.1m | |
| Financial debts | 43 | - | €1,220,091 | +€1.2m | |
| Other loans | 439 | - | €1,220,091 | +€1.2m | |
| Trade debts | 44 | €223,068 | €249,737 | +€26,669 | +12.0% |
| Suppliers | 440/4 | €223,068 | €249,737 | +€26,669 | +12.0% |
| Taxes, remuneration and social security | 45 | €22,000 | €49,030 | +€27,030 | +123% |
| Taxes | 450/3 | €22,000 | €49,030 | +€27,030 | +123% |
| Other amounts payable | 47/48 | €1,250,000 | €600,000 | -€650,000 | -52.0% |
| Accrued charges and deferred income | 492/3 | €334,170 | €296,530 | -€37,641 | -11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,988,665 | €1,960,955 | -€27,710 | -1.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,308 | +€1,308 | |
| Other operating charges | 640/8 | €206,034 | €196,046 | -€9,988 | -4.8% |
| Gross operating margin | 9900 | €4,455,675 | €5,194,905 | +€739,230 | +16.6% |
| Operating profit (loss) | 9901 | €2,260,976 | €3,036,596 | +€775,620 | +34.3% |
| Financial income | 75/76B | €84,570 | €59,565 | -€25,005 | -29.6% |
| Recurring financial income | 75 | €84,570 | €59,565 | -€25,005 | -29.6% |
| Financial charges | 65/66B | €558,582 | €439,997 | -€118,585 | -21.2% |
| Recurring financial charges | 65 | €558,582 | €439,997 | -€118,585 | -21.2% |
| Profit (loss) for the period before taxes | 9903 | €1,786,964 | €2,656,164 | +€869,200 | +48.6% |
| Income taxes | 67/77 | €482,290 | €555,237 | +€72,947 | +15.1% |
| Profit (loss) for the period | 9904 | €1,304,673 | €2,100,926 | +€796,253 | +61.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,304,673 | €2,100,926 | +€796,253 | +61.0% |
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 26 October 2026 via checked.be.