TERRAVAL: 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.
TERRAVAL
Largest movements
- Tangible fixed assets -€52,945
down €52,945 (-5.5%), from €964,782 to €911,836
of which Land and buildings: -€45,588
- Stocks and contracts +€36,234
up €36,234 (+59.5%), from €60,862 to €97,096
- Cash +€12,624
up €12,624 (+28.1%), from €44,857 to €57,481
mainly Depreciation (+€56,130) and Net result for the year (+€50,773)
- Receivables within one year -€12,026
down €12,026 (-21.4%), from €56,276 to €44,250
of which Trade receivables: -€11,546
- Advances received -€46,870
down €46,870 (-94.1%), from €49,822 to €2,952
- Reserves +€45,000
up €45,000 (+63.0%), from €71,396 to €116,396
of which Distributable reserves: +€46,396
- Investment grants -€20,000
down €20,000 (-20.0%), from €100,000 to €80,000
- Short-term financial debts -€15,000
down €15,000 (-7.0%), from €215,000 to €200,000
- Tax, wage and social debts +€13,214
up €13,214 (+98.9%), from €13,359 to €26,573
of which Taxes: +€14,539
- Gross operating margin +€23,755
up €23,755 (+21.0%), from €113,037 to €136,793
- Taxes +€11,176
up €11,176 (+230.9%), from €4,839 to €16,015
- Financial charges -€6,149
down €6,149 (-19.1%), from €32,236 to €26,087
- Depreciation -€2,103
down €2,103 (-3.6%), from €58,233 to €56,130
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 | €1,133,958 | €1,117,798 | -€16,160 | -1.4% |
| Formation expenses | 20 | - | €1,042 | +€1,042 | |
| Fixed assets | 21/28 | €966,456 | €913,511 | -€52,945 | -5.5% |
| Tangible fixed assets | 22/27 | €964,782 | €911,836 | -€52,945 | -5.5% |
| Land and buildings | 22 | €943,273 | €897,685 | -€45,588 | -4.8% |
| Plant, machinery and equipment | 23 | €15,514 | €10,628 | -€4,886 | -31.5% |
| Furniture and vehicles | 24 | €5,995 | €3,523 | -€2,472 | -41.2% |
| Financial fixed assets | 28 | €1,675 | €1,675 | = | 0.0% |
| Current assets | 29/58 | €167,501 | €203,245 | +€35,743 | +21.3% |
| Stocks and contracts in progress | 3 | €60,862 | €97,096 | +€36,234 | +59.5% |
| Stocks | 30/36 | €60,862 | €97,096 | +€36,234 | +59.5% |
| Amounts receivable within one year | 40/41 | €56,276 | €44,250 | -€12,026 | -21.4% |
| Trade receivables | 40 | €54,261 | €42,715 | -€11,546 | -21.3% |
| Other amounts receivable | 41 | €2,016 | €1,535 | -€480 | -23.8% |
| Cash at bank and in hand | 54/58 | €44,857 | €57,481 | +€12,624 | +28.1% |
| Deferred charges and accrued income | 490/1 | €5,506 | €4,418 | -€1,088 | -19.8% |
| Total equity and liabilities | 10/49 | €1,133,958 | €1,117,798 | -€16,160 | -1.4% |
| Equity | 10/15 | €273,932 | €304,705 | +€30,773 | +11.2% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €71,396 | €116,396 | +€45,000 | +63.0% |
| Non-distributable reserves | 130/1 | €1,396 | - | -€1,396 | |
| Reserves not available under the articles | 1311 | €1,396 | - | -€1,396 | |
| Distributable reserves | 133 | €70,000 | €116,396 | +€46,396 | +66.3% |
| Profit (loss) carried forward | 14 | €42,536 | €48,308 | +€5,773 | +13.6% |
| Investment grants | 15 | €100,000 | €80,000 | -€20,000 | -20.0% |
| Amounts payable | 17/49 | €860,026 | €813,093 | -€46,933 | -5.5% |
| Amounts payable after more than one year | 17 | €352,139 | €349,467 | -€2,672 | -0.8% |
| Financial debts | 170/4 | €352,139 | €349,467 | -€2,672 | -0.8% |
| Amounts payable within one year | 42/48 | €504,092 | €449,972 | -€54,120 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €60,715 | €48,572 | -€12,143 | -20.0% |
| Financial debts | 43 | €215,000 | €200,000 | -€15,000 | -7.0% |
| Credit institutions | 430/8 | €215,000 | €200,000 | -€15,000 | -7.0% |
| Trade debts | 44 | €75,499 | €77,026 | +€1,527 | +2.0% |
| Suppliers | 440/4 | €75,499 | €77,026 | +€1,527 | +2.0% |
| Advances received on contracts in progress | 46 | €49,822 | €2,952 | -€46,870 | -94.1% |
| Taxes, remuneration and social security | 45 | €13,359 | €26,573 | +€13,214 | +98.9% |
| Taxes | 450/3 | €12,034 | €26,573 | +€14,539 | +120.8% |
| Remuneration and social security | 454/9 | €1,325 | - | -€1,325 | |
| Other amounts payable | 47/48 | €89,697 | €94,849 | +€5,152 | +5.7% |
| Accrued charges and deferred income | 492/3 | €3,795 | €13,654 | +€9,859 | +259.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,233 | €56,130 | -€2,103 | -3.6% |
| Other operating charges | 640/8 | €8,007 | €7,837 | -€170 | -2.1% |
| Gross operating margin | 9900 | €113,037 | €136,793 | +€23,755 | +21.0% |
| Operating profit (loss) | 9901 | €46,798 | €72,826 | +€26,028 | +55.6% |
| Financial income | 75/76B | €20,516 | €20,049 | -€467 | -2.3% |
| Recurring financial income | 75 | €20,000 | €20,049 | +€49 | +0.2% |
| Non-recurring financial income | 76B | €516 | - | -€516 | |
| Financial charges | 65/66B | €32,236 | €26,087 | -€6,149 | -19.1% |
| Recurring financial charges | 65 | €32,236 | €26,087 | -€6,149 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €35,078 | €66,788 | +€31,709 | +90.4% |
| Income taxes | 67/77 | €4,839 | €16,015 | +€11,176 | +230.9% |
| Profit (loss) for the period | 9904 | €30,239 | €50,773 | +€20,534 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | €30,239 | €50,773 | +€20,534 | +67.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.