TERRAVW: 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.
TERRAVW
Largest movements
- Receivables within one year -€328,358
down €328,358 (-69.7%), from €471,265 to €142,907
of which Other amounts receivable: -€186,771
- Tangible fixed assets +€60,132
up €60,132 (+13.7%), from €440,193 to €500,325
of which Furniture and vehicles: +€108,476
- Stocks and contracts +€21,661
up €21,661 (+77.2%), from €28,041 to €49,702
- Cash -€10,975
down €10,975 (-82.4%), from €13,328 to €2,352
mainly Trade debts (-€223,959) and Investment in fixed assets (net) (-€154,921)
- Trade debts -€223,959
down €223,959 (-55.9%), from €400,892 to €176,932
of which Bills of exchange payable: -€181,580
- Tax, wage and social debts -€67,910
no longer reported in 2025 (was €67,910)
- Other debts +€34,716
up €34,716 (+248%), from €14,002 to €48,718
- Reserves +€17,000
up €17,000 (+90.1%), from €18,860 to €35,860
of which Distributable reserves: +€17,000
- Current portion of long-term debt -€11,031
down €11,031 (-12.9%), from €85,290 to €74,259
- Turnover +€336,302
new in 2025: €336,302
- Staff costs -€77,949
down €77,949 (-26.9%), from €290,187 to €212,238
- Gross operating margin -€68,999
down €68,999 (-16.4%), from €421,444 to €352,445
- Depreciation -€4,931
down €4,931 (-4.9%), from €99,720 to €94,789
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 | €972,146 | €714,838 | -€257,308 | -26.5% |
| Fixed assets | 21/28 | €459,513 | €519,645 | +€60,132 | +13.1% |
| Tangible fixed assets | 22/27 | €440,193 | €500,325 | +€60,132 | +13.7% |
| Plant, machinery and equipment | 23 | €5,672 | €4,996 | -€676 | -11.9% |
| Furniture and vehicles | 24 | €235,361 | €343,837 | +€108,476 | +46.1% |
| Leasing and similar rights | 25 | €199,160 | €151,492 | -€47,668 | -23.9% |
| Financial fixed assets | 28 | €19,320 | €19,320 | = | 0.0% |
| Current assets | 29/58 | €512,633 | €195,193 | -€317,440 | -61.9% |
| Stocks and contracts in progress | 3 | €28,041 | €49,702 | +€21,661 | +77.2% |
| Stocks | 30/36 | €28,041 | €49,702 | +€21,661 | +77.2% |
| Amounts receivable within one year | 40/41 | €471,265 | €142,907 | -€328,358 | -69.7% |
| Trade receivables | 40 | €277,625 | €136,037 | -€141,588 | -51.0% |
| Other amounts receivable | 41 | €193,640 | €6,869 | -€186,771 | -96.5% |
| Cash at bank and in hand | 54/58 | €13,328 | €2,352 | -€10,975 | -82.4% |
| Deferred charges and accrued income | 490/1 | - | €233 | +€233 | |
| Total equity and liabilities | 10/49 | €972,146 | €714,838 | -€257,308 | -26.5% |
| Equity | 10/15 | €149,832 | €167,686 | +€17,854 | +11.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | - | -€12,400 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €6,200 | - | -€6,200 | |
| Contributions outside capital | 11 | - | €12,400 | +€12,400 | |
| Other | 1109/19 | - | €12,400 | +€12,400 | |
| Reserves | 13 | €18,860 | €35,860 | +€17,000 | +90.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €17,000 | €34,000 | +€17,000 | +100% |
| Profit (loss) carried forward | 14 | €118,572 | €119,426 | +€854 | +0.7% |
| Amounts payable | 17/49 | €822,314 | €547,152 | -€275,161 | -33.5% |
| Amounts payable after more than one year | 17 | €254,220 | €247,244 | -€6,976 | -2.7% |
| Financial debts | 170/4 | €254,220 | €247,244 | -€6,976 | -2.7% |
| Amounts payable within one year | 42/48 | €568,094 | €299,909 | -€268,185 | -47.2% |
| Current portion of amounts payable after more than one year | 42 | €85,290 | €74,259 | -€11,031 | -12.9% |
| Trade debts | 44 | €400,892 | €176,932 | -€223,959 | -55.9% |
| Suppliers | 440/4 | €219,312 | €176,932 | -€42,379 | -19.3% |
| Bills of exchange payable | 441 | €181,580 | - | -€181,580 | |
| Taxes, remuneration and social security | 45 | €67,910 | - | -€67,910 | |
| Remuneration and social security | 454/9 | €67,910 | - | -€67,910 | |
| Other amounts payable | 47/48 | €14,002 | €48,718 | +€34,716 | +248% |
| Turnover | 70 | - | €336,302 | +€336,302 | |
| Remuneration, social security and pensions | 62 | €290,187 | €212,238 | -€77,949 | -26.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,720 | €94,789 | -€4,931 | -4.9% |
| Other operating charges | 640/8 | €4,028 | €5,513 | +€1,485 | +36.9% |
| Gross operating margin | 9900 | €421,444 | €352,445 | -€68,999 | -16.4% |
| Operating profit (loss) | 9901 | €27,510 | €39,906 | +€12,396 | +45.1% |
| Financial charges | 65/66B | €13,651 | €15,241 | +€1,590 | +11.6% |
| Recurring financial charges | 65 | €13,651 | €15,241 | +€1,590 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €13,859 | €24,665 | +€10,806 | +78.0% |
| Income taxes | 67/77 | €4,669 | €6,812 | +€2,143 | +45.9% |
| Profit (loss) for the period | 9904 | €9,190 | €17,854 | +€8,663 | +94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,190 | €17,854 | +€8,663 | +94.3% |
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 15 October 2026 via checked.be.