TerraShield: what changed
Two fiscal 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.
TerraShield
Largest movements
- Receivables within one year +€9,395
new in 2025: €9,395
of which Trade receivables: +€9,358
- Deferred charges and accrued income +€4,853
up €4,853 (+3310.9%), from €147 to €5,000
- Cash -€2,210
down €2,210 (-7.0%), from €31,620 to €29,410
mainly Net result for the year (-€13,144) and Receivables within one year (-€9,395)
- Tangible fixed assets -€1,271
down €1,271 (-9.3%), from €13,700 to €12,429
of which Furniture and vehicles: -€1,693
- Other debts +€15,534
up €15,534 (+1868.4%), from €831 to €16,366
- Profit (loss) carried forward -€13,144
new in 2025: -€13,144
- Trade debts +€11,729
up €11,729 (+198.4%), from €5,912 to €17,640
- Tax, wage and social debts -€3,351
down €3,351 (-47.3%), from €7,086 to €3,735
- Gross operating margin -€51,456
down €51,456, from €47,489 to -€3,967
- Taxes -€14,144
down €14,144 (-99.1%), from €14,278 to €134
- Depreciation +€2,530
up €2,530 (+59.1%), from €4,283 to €6,813
- Other operating charges +€887
up €887 (+124.3%), from €714 to €1,601
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 | €45,466 | €56,234 | +€10,768 | +23.7% |
| Fixed assets | 21/28 | €13,700 | €12,429 | -€1,271 | -9.3% |
| Tangible fixed assets | 22/27 | €13,700 | €12,429 | -€1,271 | -9.3% |
| Land and buildings | 22 | €726 | €405 | -€321 | -44.3% |
| Plant, machinery and equipment | 23 | €5,902 | €6,645 | +€744 | +12.6% |
| Furniture and vehicles | 24 | €7,072 | €5,379 | -€1,693 | -23.9% |
| Current assets | 29/58 | €31,767 | €43,805 | +€12,039 | +37.9% |
| Amounts receivable within one year | 40/41 | - | €9,395 | +€9,395 | |
| Trade receivables | 40 | - | €9,358 | +€9,358 | |
| Other amounts receivable | 41 | - | €38 | +€38 | |
| Cash at bank and in hand | 54/58 | €31,620 | €29,410 | -€2,210 | -7.0% |
| Deferred charges and accrued income | 490/1 | €147 | €5,000 | +€4,853 | +3310.9% |
| Total equity and liabilities | 10/49 | €45,466 | €56,234 | +€10,768 | +23.7% |
| Equity | 10/15 | €31,637 | €18,493 | -€13,144 | -41.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €29,637 | €29,637 | = | 0.0% |
| Distributable reserves | 133 | €29,637 | €29,637 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€13,144 | -€13,144 | |
| Amounts payable | 17/49 | €13,829 | €37,741 | +€23,912 | +172.9% |
| Amounts payable within one year | 42/48 | €13,829 | €37,741 | +€23,912 | +172.9% |
| Trade debts | 44 | €5,912 | €17,640 | +€11,729 | +198.4% |
| Suppliers | 440/4 | €5,912 | €17,640 | +€11,729 | +198.4% |
| Taxes, remuneration and social security | 45 | €7,086 | €3,735 | -€3,351 | -47.3% |
| Taxes | 450/3 | €7,086 | €3,735 | -€3,351 | -47.3% |
| Other amounts payable | 47/48 | €831 | €16,366 | +€15,534 | +1868.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,283 | €6,813 | +€2,530 | +59.1% |
| Other operating charges | 640/8 | €714 | €1,601 | +€887 | +124.3% |
| Gross operating margin | 9900 | €47,489 | -€3,967 | -€51,456 | |
| Operating profit (loss) | 9901 | €42,493 | -€12,380 | -€54,873 | |
| Financial income | 75/76B | €23 | €180 | +€156 | +675.1% |
| Recurring financial income | 75 | €23 | €180 | +€156 | +675.1% |
| Financial charges | 65/66B | €704 | €809 | +€105 | +14.8% |
| Recurring financial charges | 65 | €704 | €809 | +€105 | +14.8% |
| Profit (loss) for the period before taxes | 9903 | €41,812 | -€13,010 | -€54,821 | |
| Income taxes | 67/77 | €14,278 | €134 | -€14,144 | -99.1% |
| Profit (loss) for the period | 9904 | €27,534 | -€13,144 | -€40,677 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,534 | -€13,144 | -€40,677 |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.