TERRATA VAZ: 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.
TERRATA VAZ
Largest movements
- Stocks and contracts +€884,980
up €884,980 (+8.4%), from €10.5m to €11.4m
- Debts after one year +€7.4m
up €7.4m (+70.1%), from €10.5m to €17.9m
of which Other amounts payable: +€7.9m
- Short-term financial debts -€3.9m
down €3.9m (-41.6%), from €9.3m to €5.4m
- Other debts -€2.6m
no longer reported in 2025 (was €2.6m)
- Financial income +€15,605
new in 2025: €15,605
- Gross operating margin -€15,574
down €15,574, from €968 to -€14,607
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 | €22,500,878 | €23,388,557 | +€887,679 | +3.9% |
| Fixed assets | 21/28 | €11,990,000 | €11,990,000 | = | 0.0% |
| Financial fixed assets | 28 | €11,990,000 | €11,990,000 | = | 0.0% |
| Current assets | 29/58 | €10,510,878 | €11,398,557 | +€887,679 | +8.4% |
| Stocks and contracts in progress | 3 | €10,506,073 | €11,391,052 | +€884,980 | +8.4% |
| Stocks | 30/36 | €10,506,073 | €11,391,052 | +€884,980 | +8.4% |
| Cash at bank and in hand | 54/58 | €4,805 | €7,504 | +€2,699 | +56.2% |
| Total equity and liabilities | 10/49 | €22,500,878 | €23,388,557 | +€887,679 | +3.9% |
| Equity | 10/15 | €18,507 | €18,507 | = | 0.0% |
| Contributions | 10/11 | €2,321 | €2,321 | = | 0.0% |
| Reserves | 13 | €16,187 | €16,187 | = | 0.0% |
| Distributable reserves | 133 | €16,187 | €16,187 | = | 0.0% |
| Amounts payable | 17/49 | €22,482,371 | €23,370,050 | +€887,679 | +3.9% |
| Amounts payable after more than one year | 17 | €10,527,883 | €17,910,604 | +€7.4m | +70.1% |
| Financial debts | 170/4 | €3,912,050 | €3,441,706 | -€470,344 | -12.0% |
| Other amounts payable | 178/9 | €6,615,833 | €14,468,898 | +€7.9m | +119% |
| Amounts payable within one year | 42/48 | €11,934,488 | €5,417,382 | -€6.5m | -54.6% |
| Financial debts | 43 | €9,271,000 | €5,415,000 | -€3.9m | -41.6% |
| Credit institutions | 430/8 | €9,271,000 | €5,415,000 | -€3.9m | -41.6% |
| Trade debts | 44 | €25,942 | €2,382 | -€23,559 | -90.8% |
| Suppliers | 440/4 | €25,942 | €2,382 | -€23,559 | -90.8% |
| Taxes, remuneration and social security | 45 | €222 | - | -€222 | |
| Taxes | 450/3 | €222 | - | -€222 | |
| Other amounts payable | 47/48 | €2,637,325 | - | -€2.6m | |
| Accrued charges and deferred income | 492/3 | €20,000 | €42,063 | +€22,063 | +110% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Gross operating margin | 9900 | €968 | -€14,607 | -€15,574 | |
| Operating profit (loss) | 9901 | €0 | -€15,605 | -€15,605 | |
| Financial income | 75/76B | - | €15,605 | +€15,605 | |
| Recurring financial income | 75 | - | €15,605 | +€15,605 | |
| Profit (loss) for the period before taxes | 9903 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €0 | €0 | = | |
| Profit (loss) for the period to be appropriated | 9905 | €0 | €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 27 October 2026 via checked.be.