TERRE & MER: what changed
What changed
TERRE & MER
NACE 70.200, Business and other management consultancy
filed annual accounts (NBB)
Net result for the year
€152,119
2024 · €76,951+€75,168
Equity
€868,765
2024 · €716,645+€152,119
Cash
€12,248
2024 · €32,274-€20,027
Balance sheet total
€1.3m
2024 · €1.5m-€159,784
Largest movements
Assets
- Tangible fixed assets -€147,386
down €147,386 (-11.1%), from €1.3m to €1.2m
of which Land and buildings: -€116,281
- Receivables within one year +€28,945
up €28,945 (+34.7%), from €83,400 to €112,345
of which Other amounts receivable: +€32,721
- Financial fixed assets -€25,000
down €25,000 (-100%), from €25,000 to €0
- Cash -€20,027
down €20,027 (-62.1%), from €32,274 to €12,248
mainly Debts after one year (-€274,425) and Current portion of long-term debt (-€54,520)
Equity and liabilities
- Debts after one year -€274,425
down €274,425 (-52.8%), from €519,425 to €245,000
- Reserves +€152,119
up €152,119 (+21.8%), from €698,045 to €850,165
- Current portion of long-term debt -€54,520
down €54,520 (-31.3%), from €173,945 to €119,425
Income statement
- Gross operating margin +€75,708
up €75,708 (+25.3%), from €299,383 to €375,091
- Taxes +€15,849
up €15,849 (+37.9%), from €41,818 to €57,667
- Depreciation -€7,332
down €7,332 (-4.6%), from €160,498 to €153,166
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€76,951
Gross operating margin
+€75,708
Depreciation
+€7,332
Other operating charges
+€3,210
Other operating items
+€6,318
Financial income
+€1,078
Financial charges
-€2,629
Taxes
-€15,849
Result 2025
€152,119
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€289,699
Investment
+€19,220
Financing
-€328,945
Cash 2024
€32,274
From operations (derived)
+€289,699
Net result for the year
+€152,119
Depreciation
+€153,166
Receivables within one year
-€28,945
Deferred charges and accrued income
-€3,684
Trade debts
+€9,594
Tax, wage and social debts
+€7,809
Accrued charges and deferred income
-€361
Investment (derived)
+€19,220
Investment in fixed assets (net)
+€19,220
Financing
-€328,945
Debts after one year
-€274,425
Current portion of long-term debt
-€54,520
Cash 2025
€12,248
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,475,802 | €1,316,018 | -€159,784 | -10.8% |
| Fixed assets | 21/28 | €1,356,595 | €1,184,209 | -€172,386 | -12.7% |
| Tangible fixed assets | 22/27 | €1,331,595 | €1,184,209 | -€147,386 | -11.1% |
| Land and buildings | 22 | €1,272,564 | €1,156,283 | -€116,281 | -9.1% |
| Plant, machinery and equipment | 23 | €1,586 | €1,108 | -€478 | -30.1% |
| Furniture and vehicles | 24 | €57,444 | €26,817 | -€30,627 | -53.3% |
| Financial fixed assets | 28 | €25,000 | €0 | -€25,000 | -100% |
| Current assets | 29/58 | €119,207 | €131,809 | +€12,602 | +10.6% |
| Amounts receivable within one year | 40/41 | €83,400 | €112,345 | +€28,945 | +34.7% |
| Trade receivables | 40 | €77,219 | €73,443 | -€3,776 | -4.9% |
| Other amounts receivable | 41 | €6,181 | €38,902 | +€32,721 | +529% |
| Cash at bank and in hand | 54/58 | €32,274 | €12,248 | -€20,027 | -62.1% |
| Deferred charges and accrued income | 490/1 | €3,532 | €7,216 | +€3,684 | +104% |
| Total equity and liabilities | 10/49 | €1,475,802 | €1,316,018 | -€159,784 | -10.8% |
| Equity | 10/15 | €716,645 | €868,765 | +€152,119 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €698,045 | €850,165 | +€152,119 | +21.8% |
| Distributable reserves | 133 | €698,045 | €850,165 | +€152,119 | +21.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €759,156 | €447,253 | -€311,903 | -41.1% |
| Amounts payable after more than one year | 17 | €519,425 | €245,000 | -€274,425 | -52.8% |
| Financial debts | 170/4 | €519,425 | €245,000 | -€274,425 | -52.8% |
| Amounts payable within one year | 42/48 | €239,209 | €202,091 | -€37,117 | -15.5% |
| Current portion of amounts payable after more than one year | 42 | €173,945 | €119,425 | -€54,520 | -31.3% |
| Trade debts | 44 | €73 | €9,667 | +€9,594 | +13,123% |
| Suppliers | 440/4 | €73 | €9,667 | +€9,594 | +13,123% |
| Taxes, remuneration and social security | 45 | €65,190 | €72,999 | +€7,809 | +12.0% |
| Taxes | 450/3 | €65,190 | €72,999 | +€7,809 | +12.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €522 | €162 | -€361 | -69.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,498 | €153,166 | -€7,332 | -4.6% |
| Other operating charges | 640/8 | €6,716 | €3,506 | -€3,210 | -47.8% |
| Non-recurring operating charges | 66A | €7,088 | €770 | -€6,318 | -89.1% |
| Gross operating margin | 9900 | €299,383 | €375,091 | +€75,708 | +25.3% |
| Operating profit (loss) | 9901 | €125,081 | €217,649 | +€92,568 | +74.0% |
| Financial income | 75/76B | €143 | €1,222 | +€1,078 | +752% |
| Recurring financial income | 75 | €143 | €1,222 | +€1,078 | +752% |
| Financial charges | 65/66B | €6,455 | €9,084 | +€2,629 | +40.7% |
| Recurring financial charges | 65 | €6,455 | €9,084 | +€2,629 | +40.7% |
| Profit (loss) for the period before taxes | 9903 | €118,769 | €209,786 | +€91,017 | +76.6% |
| Income taxes | 67/77 | €41,818 | €57,667 | +€15,849 | +37.9% |
| Profit (loss) for the period | 9904 | €76,951 | €152,119 | +€75,168 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €76,951 | €152,119 | +€75,168 | +97.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.