TERRES VERTICALES: 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.
TERRES VERTICALES
Largest movements
- Cash -€51,750
down €51,750 (-22.2%), from €232,735 to €180,985
mainly Investment in fixed assets (net) (-€50,651) and Receivables within one year (-€24,699)
- Tangible fixed assets +€26,534
up €26,534 (+31.3%), from €84,706 to €111,240
of which Plant, machinery and equipment: +€37,132
- Receivables within one year +€24,699
up €24,699 (+105.0%), from €23,514 to €48,213
of which Trade receivables: +€29,706
No liability line moved by more than 1% of the balance sheet total.
- Depreciation +€5,066
up €5,066 (+26.6%), from €19,051 to €24,117
- Gross operating margin +€4,225
up €4,225 (+16.3%), from €25,997 to €30,222
- Financial charges +€1,451
up €1,451 (+1680.8%), from €86 to €1,537
- Other operating charges -€1,181
no longer reported in 2025 (was €1,181)
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 | €347,421 | €345,533 | -€1,888 | -0.5% |
| Fixed assets | 21/28 | €86,706 | €113,240 | +€26,534 | +30.6% |
| Tangible fixed assets | 22/27 | €84,706 | €111,240 | +€26,534 | +31.3% |
| Land and buildings | 22 | €17,791 | €11,791 | -€6,000 | -33.7% |
| Plant, machinery and equipment | 23 | €60,190 | €97,322 | +€37,132 | +61.7% |
| Furniture and vehicles | 24 | €6,725 | €2,127 | -€4,598 | -68.4% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €260,715 | €232,292 | -€28,422 | -10.9% |
| Stocks and contracts in progress | 3 | €4,466 | €3,094 | -€1,371 | -30.7% |
| Stocks | 30/36 | €4,466 | €3,094 | -€1,371 | -30.7% |
| Amounts receivable within one year | 40/41 | €23,514 | €48,213 | +€24,699 | +105.0% |
| Trade receivables | 40 | €3,549 | €33,254 | +€29,706 | +837.1% |
| Other amounts receivable | 41 | €19,965 | €14,959 | -€5,007 | -25.1% |
| Cash at bank and in hand | 54/58 | €232,735 | €180,985 | -€51,750 | -22.2% |
| Total equity and liabilities | 10/49 | €347,421 | €345,533 | -€1,888 | -0.5% |
| Equity | 10/15 | €331,280 | €334,181 | +€2,901 | +0.9% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €81,860 | €81,860 | = | 0.0% |
| Distributable reserves | 133 | €81,860 | €81,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €243,120 | €246,021 | +€2,901 | +1.2% |
| Amounts payable | 17/49 | €16,141 | €11,352 | -€4,789 | -29.7% |
| Amounts payable within one year | 42/48 | €16,141 | €11,352 | -€4,789 | -29.7% |
| Current portion of amounts payable after more than one year | 42 | €3,171 | - | -€3,171 | |
| Trade debts | 44 | €7,245 | €6,828 | -€417 | -5.8% |
| Suppliers | 440/4 | €7,245 | €6,828 | -€417 | -5.8% |
| Taxes, remuneration and social security | 45 | €5,343 | €2,954 | -€2,389 | -44.7% |
| Taxes | 450/3 | €5,343 | €2,954 | -€2,389 | -44.7% |
| Other amounts payable | 47/48 | €382 | €1,570 | +€1,188 | +311.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,051 | €24,117 | +€5,066 | +26.6% |
| Other operating charges | 640/8 | €1,181 | - | -€1,181 | |
| Gross operating margin | 9900 | €25,997 | €30,222 | +€4,225 | +16.3% |
| Operating profit (loss) | 9901 | €5,765 | €6,105 | +€340 | +5.9% |
| Financial income | 75/76B | - | €30 | +€30 | |
| Recurring financial income | 75 | - | €30 | +€30 | |
| Financial charges | 65/66B | €86 | €1,537 | +€1,451 | +1680.8% |
| Recurring financial charges | 65 | €86 | €1,537 | +€1,451 | +1680.8% |
| Profit (loss) for the period before taxes | 9903 | €5,679 | €4,598 | -€1,081 | -19.0% |
| Income taxes | 67/77 | €1,740 | €1,697 | -€43 | -2.5% |
| Profit (loss) for the period | 9904 | €3,939 | €2,901 | -€1,038 | -26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €3,939 | €2,901 | -€1,038 | -26.4% |
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 10 October 2026 via checked.be.