TERRIZON: 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.
TERRIZON
Largest movements
- Financial fixed assets -€937,200
down €937,200 (-6.7%), from €14.0m to €13.1m
- Receivables within one year -€602,353
down €602,353 (-13.7%), from €4.4m to €3.8m
of which Other amounts receivable: -€719,310
- Tangible fixed assets +€429,149
up €429,149 (+13.9%), from €3.1m to €3.5m
of which Assets under construction and advance payments: +€551,535
- Cash -€334,579
down €334,579 (-79.5%), from €420,883 to €86,305
- Reserves -€1.5m
down €1.5m (-9.9%), from €15.5m to €13.9m
of which Distributable reserves: -€1.5m
- Short-term financial debts -€630,000
down €630,000 (-75.0%), from €840,000 to €210,000
- Current portion of long-term debt +€336,492
up €336,492 (+260%), from €129,231 to €465,722
- Debts after one year -€305,877
down €305,877 (-11.4%), from €2.7m to €2.4m
- Financial charges +€2.4m
up €2.4m (+1,415%), from €167,460 to €2.5m
of which Financial charges: +€1.4m
- Gross operating margin +€639,770
up €639,770 (+221%), from €289,926 to €929,696
- Financial income +€170,667
up €170,667 (+130%), from €131,064 to €301,731
- Depreciation +€75,074
up €75,074 (+81.9%), from €91,660 to €166,733
- Other operating charges +€14,861
up €14,861 (+42.2%), from €35,181 to €50,042
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €26,135,353 | €24,353,944 | -€1.8m | -6.8% |
| Fixed assets | 21/28 | €17,098,177 | €16,593,328 | -€504,849 | -3.0% |
| Intangible fixed assets | 21 | - | €3,202 | +€3,202 | |
| Tangible fixed assets | 22/27 | €3,095,377 | €3,524,526 | +€429,149 | +13.9% |
| Land and buildings | 22 | €3,041,488 | €2,955,825 | -€85,663 | -2.8% |
| Furniture and vehicles | 24 | €26,686 | €17,166 | -€9,520 | -35.7% |
| Leasing and similar rights | 25 | €27,202 | - | -€27,202 | |
| Assets under construction and advance payments | 27 | - | €551,535 | +€551,535 | |
| Financial fixed assets | 28 | €14,002,800 | €13,065,600 | -€937,200 | -6.7% |
| Current assets | 29/58 | €9,037,176 | €7,760,616 | -€1.3m | -14.1% |
| Stocks and contracts in progress | 3 | €4,110,580 | €3,849,794 | -€260,787 | -6.3% |
| Stocks | 30/36 | €4,110,580 | €3,849,794 | -€260,787 | -6.3% |
| Amounts receivable within one year | 40/41 | €4,395,195 | €3,792,842 | -€602,353 | -13.7% |
| Trade receivables | 40 | €30,243 | €147,201 | +€116,957 | +387% |
| Other amounts receivable | 41 | €4,364,952 | €3,645,642 | -€719,310 | -16.5% |
| Cash at bank and in hand | 54/58 | €420,883 | €86,305 | -€334,579 | -79.5% |
| Deferred charges and accrued income | 490/1 | €110,518 | €31,675 | -€78,842 | -71.3% |
| Total equity and liabilities | 10/49 | €26,135,353 | €24,353,944 | -€1.8m | -6.8% |
| Equity | 10/15 | €22,060,927 | €20,535,576 | -€1.5m | -6.9% |
| Contributions | 10/11 | €6,600,734 | €6,600,734 | = | 0.0% |
| Capital | 10 | €6,600,734 | €6,600,734 | = | 0.0% |
| Issued capital | 100 | €6,600,734 | €6,600,734 | = | 0.0% |
| Reserves | 13 | €15,460,193 | €13,934,842 | -€1.5m | -9.9% |
| Non-distributable reserves | 130/1 | €660,073 | €660,073 | = | 0.0% |
| Legal reserve | 130 | €660,073 | €660,073 | = | 0.0% |
| Distributable reserves | 133 | €14,800,119 | €13,274,769 | -€1.5m | -10.3% |
| Amounts payable | 17/49 | €4,074,427 | €3,818,368 | -€256,059 | -6.3% |
| Amounts payable after more than one year | 17 | €2,690,988 | €2,385,111 | -€305,877 | -11.4% |
| Financial debts | 170/4 | €2,690,988 | €2,385,111 | -€305,877 | -11.4% |
| Amounts payable within one year | 42/48 | €1,359,239 | €1,369,711 | +€10,472 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €129,231 | €465,722 | +€336,492 | +260% |
| Financial debts | 43 | €840,000 | €210,000 | -€630,000 | -75.0% |
| Credit institutions | 430/8 | €840,000 | €210,000 | -€630,000 | -75.0% |
| Trade debts | 44 | €70,807 | €191,073 | +€120,266 | +170% |
| Suppliers | 440/4 | €70,807 | €191,073 | +€120,266 | +170% |
| Taxes, remuneration and social security | 45 | €4,003 | €18,013 | +€14,010 | +350% |
| Taxes | 450/3 | €4,003 | €18,013 | +€14,010 | +350% |
| Other amounts payable | 47/48 | €315,199 | €484,903 | +€169,704 | +53.8% |
| Accrued charges and deferred income | 492/3 | €24,200 | €63,546 | +€39,346 | +163% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,660 | €166,733 | +€75,074 | +81.9% |
| Other operating charges | 640/8 | €35,181 | €50,042 | +€14,861 | +42.2% |
| Gross operating margin | 9900 | €289,926 | €929,696 | +€639,770 | +221% |
| Operating profit (loss) | 9901 | €163,086 | €712,921 | +€549,835 | +337% |
| Financial income | 75/76B | €131,064 | €301,731 | +€170,667 | +130% |
| Recurring financial income | 75 | €131,064 | €301,731 | +€170,667 | +130% |
| Financial charges | 65/66B | €167,460 | €2,536,693 | +€2.4m | +1,415% |
| Recurring financial charges | 65 | €167,460 | €1,599,493 | +€1.4m | +855% |
| Non-recurring financial charges | 66B | - | €937,200 | +€937,200 | |
| Profit (loss) for the period before taxes | 9903 | €126,690 | -€1,522,041 | -€1.6m | |
| Income taxes | 67/77 | €1,847 | €3,309 | +€1,462 | +79.2% |
| Profit (loss) for the period | 9904 | €124,843 | -€1,525,351 | -€1.7m | |
| Profit (loss) for the period to be appropriated | 9905 | €124,843 | -€1,525,351 | -€1.7m |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.