TERRE NOIRE: 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 NOIRE
Largest movements
- Cash -€43,233
down €43,233 (-32.9%), from €131,486 to €88,254
mainly Tax, wage and social debts (-€16,807) and Other debts (-€15,789)
- Receivables within one year +€12,669
up €12,669 (+132%), from €9,583 to €22,252
of which Trade receivables: +€7,260
- Tax, wage and social debts -€16,807
no longer reported in 2025 (was €16,807)
- Other debts -€15,789
no longer reported in 2025 (was €15,789)
- Profit (loss) carried forward +€2,817
up €2,817 (+2.6%), from €107,884 to €110,701
- Gross operating margin -€50,374
down €50,374 (-89.7%), from €56,183 to €5,809
- Taxes -€10,203
down €10,203 (-84.9%), from €12,019 to €1,816
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 | €141,070 | €110,801 | -€30,269 | -21.5% |
| Current assets | 29/58 | €141,070 | €110,801 | -€30,269 | -21.5% |
| Amounts receivable within one year | 40/41 | €9,583 | €22,252 | +€12,669 | +132% |
| Trade receivables | 40 | €9,583 | €16,843 | +€7,260 | +75.8% |
| Other amounts receivable | 41 | - | €5,409 | +€5,409 | |
| Cash at bank and in hand | 54/58 | €131,486 | €88,254 | -€43,233 | -32.9% |
| Deferred charges and accrued income | 490/1 | - | €295 | +€295 | |
| Total equity and liabilities | 10/49 | €141,070 | €110,801 | -€30,269 | -21.5% |
| Equity | 10/15 | €107,984 | €110,801 | +€2,817 | +2.6% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €107,884 | €110,701 | +€2,817 | +2.6% |
| Amounts payable | 17/49 | €33,086 | - | -€33,086 | |
| Amounts payable within one year | 42/48 | €33,086 | - | -€33,086 | |
| Trade debts | 44 | €490 | - | -€490 | |
| Suppliers | 440/4 | €490 | - | -€490 | |
| Taxes, remuneration and social security | 45 | €16,807 | - | -€16,807 | |
| Taxes | 450/3 | €16,807 | - | -€16,807 | |
| Other amounts payable | 47/48 | €15,789 | - | -€15,789 | |
| Other operating charges | 640/8 | €751 | €1,283 | +€532 | +70.9% |
| Gross operating margin | 9900 | €56,183 | €5,809 | -€50,374 | -89.7% |
| Operating profit (loss) | 9901 | €55,432 | €4,526 | -€50,906 | -91.8% |
| Financial income | 75/76B | - | €295 | +€295 | |
| Recurring financial income | 75 | - | €295 | +€295 | |
| Financial charges | 65/66B | €173 | €188 | +€15 | +8.7% |
| Recurring financial charges | 65 | €173 | €188 | +€15 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €55,259 | €4,634 | -€50,626 | -91.6% |
| Income taxes | 67/77 | €12,019 | €1,816 | -€10,203 | -84.9% |
| Profit (loss) for the period | 9904 | €43,240 | €2,817 | -€40,423 | -93.5% |
| Profit (loss) for the period to be appropriated | 9905 | €43,240 | €2,817 | -€40,423 | -93.5% |
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 22 October 2026 via checked.be.