TERRE ET MER: 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.
TERRE ET MER
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€70,277
down €70,277 (-56.6%), from €124,068 to €53,791
mainly Current investments (-€100,000) and Investment in fixed assets (net) (-€37,740)
- Tangible fixed assets +€30,515
up €30,515 (+1,019%), from €2,996 to €33,510
of which Furniture and vehicles: +€29,049
- Receivables within one year +€26,951
up €26,951 (+198%), from €13,585 to €40,537
of which Other amounts receivable: +€26,220
- Reserves +€30,415
up €30,415 (+36.3%), from €83,865 to €114,280
- Trade debts +€29,484
up €29,484 (+178%), from €16,563 to €46,046
- Debts after one year +€16,363
new in 2025: €16,363
- Tax, wage and social debts +€5,696
up €5,696 (+12.0%), from €47,530 to €53,226
of which Taxes: +€3,976
- Current portion of long-term debt +€4,783
new in 2025: €4,783
- Gross operating margin -€110,582
down €110,582 (-44.6%), from €248,143 to €137,561
- Staff costs -€42,588
down €42,588 (-32.1%), from €132,507 to €89,919
- Taxes -€17,204
down €17,204 (-65.4%), from €26,301 to €9,096
- Depreciation +€3,027
up €3,027 (+72.1%), from €4,199 to €7,226
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 | €152,587 | €239,592 | +€87,005 | +57.0% |
| Fixed assets | 21/28 | €2,996 | €33,510 | +€30,515 | +1,019% |
| Tangible fixed assets | 22/27 | €2,996 | €33,510 | +€30,515 | +1,019% |
| Plant, machinery and equipment | 23 | €2,996 | €4,461 | +€1,465 | +48.9% |
| Furniture and vehicles | 24 | - | €29,049 | +€29,049 | |
| Current assets | 29/58 | €149,591 | €206,081 | +€56,491 | +37.8% |
| Stocks and contracts in progress | 3 | €11,937 | €10,552 | -€1,386 | -11.6% |
| Stocks | 30/36 | €11,937 | €10,552 | -€1,386 | -11.6% |
| Amounts receivable within one year | 40/41 | €13,585 | €40,537 | +€26,951 | +198% |
| Trade receivables | 40 | €6,774 | €7,505 | +€732 | +10.8% |
| Other amounts receivable | 41 | €6,812 | €33,032 | +€26,220 | +385% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €124,068 | €53,791 | -€70,277 | -56.6% |
| Deferred charges and accrued income | 490/1 | - | €1,202 | +€1,202 | |
| Total equity and liabilities | 10/49 | €152,587 | €239,592 | +€87,005 | +57.0% |
| Equity | 10/15 | €86,865 | €117,280 | +€30,415 | +35.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €83,865 | €114,280 | +€30,415 | +36.3% |
| Distributable reserves | 133 | €83,865 | €114,280 | +€30,415 | +36.3% |
| Amounts payable | 17/49 | €65,722 | €122,312 | +€56,590 | +86.1% |
| Amounts payable after more than one year | 17 | - | €16,363 | +€16,363 | |
| Financial debts | 170/4 | - | €16,363 | +€16,363 | |
| Amounts payable within one year | 42/48 | €65,722 | €105,949 | +€40,227 | +61.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,783 | +€4,783 | |
| Trade debts | 44 | €16,563 | €46,046 | +€29,484 | +178% |
| Suppliers | 440/4 | €16,563 | €46,046 | +€29,484 | +178% |
| Advances received on contracts in progress | 46 | €1,389 | €1,653 | +€264 | +19.0% |
| Taxes, remuneration and social security | 45 | €47,530 | €53,226 | +€5,696 | +12.0% |
| Taxes | 450/3 | €38,451 | €42,426 | +€3,976 | +10.3% |
| Remuneration and social security | 454/9 | €9,079 | €10,800 | +€1,721 | +19.0% |
| Other amounts payable | 47/48 | €240 | €240 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €132,507 | €89,919 | -€42,588 | -32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,199 | €7,226 | +€3,027 | +72.1% |
| Other operating charges | 640/8 | €1,454 | €1,393 | -€61 | -4.2% |
| Gross operating margin | 9900 | €248,143 | €137,561 | -€110,582 | -44.6% |
| Operating profit (loss) | 9901 | €109,984 | €39,023 | -€70,961 | -64.5% |
| Financial income | 75/76B | €992 | €1,621 | +€629 | +63.5% |
| Recurring financial income | 75 | €992 | €1,621 | +€629 | +63.5% |
| Financial charges | 65/66B | €810 | €1,132 | +€323 | +39.9% |
| Recurring financial charges | 65 | €810 | €1,132 | +€323 | +39.9% |
| Profit (loss) for the period before taxes | 9903 | €110,166 | €39,512 | -€70,654 | -64.1% |
| Income taxes | 67/77 | €26,301 | €9,096 | -€17,204 | -65.4% |
| Profit (loss) for the period | 9904 | €83,865 | €30,415 | -€53,450 | -63.7% |
| Profit (loss) for the period to be appropriated | 9905 | €83,865 | €30,415 | -€53,450 | -63.7% |
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.