Terraco: what changed
Two fiscal 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.
Terraco
Largest movements
- Cash +€148,836
up €148,836 (+11.5%), from €1.3m to €1.4m
mainly Net result for the year (+€228,249) and Depreciation (+€24,449)
- Reserves +€228,249
up €228,249 (+4.4%), from €5.2m to €5.5m
of which Distributable reserves: +€228,249
- Debts after one year -€131,554
down €131,554 (-40.4%), from €325,317 to €193,763
- Financial income -€296,293
down €296,293 (-59.1%), from €501,053 to €204,760
- Gross operating margin -€16,266
down €16,266 (-18.0%), from €90,586 to €74,320
- Taxes -€2,763
down €2,763 (-22.6%), from €12,204 to €9,441
- Financial charges -€1,726
down €1,726 (-21.5%), from €8,024 to €6,298
- Other operating charges +€1,356
up €1,356 (+14.6%), from €9,287 to €10,643
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 | €6,367,880 | €6,465,199 | +€97,319 | +1.5% |
| Fixed assets | 21/28 | €4,498,688 | €4,454,989 | -€43,699 | -1.0% |
| Tangible fixed assets | 22/27 | €2,456,726 | €2,432,277 | -€24,449 | -1.0% |
| Land and buildings | 22 | €2,456,726 | €2,432,277 | -€24,449 | -1.0% |
| Financial fixed assets | 28 | €2,041,962 | €2,022,712 | -€19,250 | -0.9% |
| Current assets | 29/58 | €1,869,192 | €2,010,210 | +€141,018 | +7.5% |
| Amounts receivable within one year | 40/41 | €569,266 | €558,250 | -€11,016 | -1.9% |
| Trade receivables | 40 | €4,505 | €4,505 | = | 0.0% |
| Other amounts receivable | 41 | €564,761 | €553,745 | -€11,016 | -2.0% |
| Cash at bank and in hand | 54/58 | €1,294,617 | €1,443,453 | +€148,836 | +11.5% |
| Deferred charges and accrued income | 490/1 | €5,309 | €8,507 | +€3,198 | +60.2% |
| Total equity and liabilities | 10/49 | €6,367,880 | €6,465,199 | +€97,319 | +1.5% |
| Equity | 10/15 | €5,909,533 | €6,137,782 | +€228,249 | +3.9% |
| Contributions | 10/11 | €87,052 | €87,052 | = | 0.0% |
| Capital | 10 | €87,052 | €87,052 | = | 0.0% |
| Issued capital | 100 | €87,052 | €87,052 | = | 0.0% |
| Revaluation surpluses | 12 | €582,865 | €582,865 | = | 0.0% |
| Reserves | 13 | €5,239,616 | €5,467,865 | +€228,249 | +4.4% |
| Non-distributable reserves | 130/1 | €106,142 | €106,142 | = | 0.0% |
| Legal reserve | 130 | €98,705 | €98,705 | = | 0.0% |
| Other | 1319 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €5,133,474 | €5,361,723 | +€228,249 | +4.4% |
| Amounts payable | 17/49 | €458,347 | €327,417 | -€130,930 | -28.6% |
| Amounts payable after more than one year | 17 | €325,317 | €193,763 | -€131,554 | -40.4% |
| Financial debts | 170/4 | €325,317 | €193,763 | -€131,554 | -40.4% |
| Amounts payable within one year | 42/48 | €133,030 | €133,654 | +€624 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €130,885 | €131,553 | +€668 | +0.5% |
| Trade debts | 44 | €51 | €6 | -€45 | -88.2% |
| Suppliers | 440/4 | €51 | €6 | -€45 | -88.2% |
| Taxes, remuneration and social security | 45 | €2,094 | €2,095 | +€1 | 0.0% |
| Taxes | 450/3 | €2,094 | €2,095 | +€1 | 0.0% |
| Non-recurring operating income | 76A | €6,992 | - | -€6,992 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,449 | €24,449 | = | 0.0% |
| Other operating charges | 640/8 | €9,287 | €10,643 | +€1,356 | +14.6% |
| Gross operating margin | 9900 | €90,586 | €74,320 | -€16,266 | -18.0% |
| Operating profit (loss) | 9901 | €56,850 | €39,228 | -€17,622 | -31.0% |
| Financial income | 75/76B | €501,053 | €204,760 | -€296,293 | -59.1% |
| Recurring financial income | 75 | €501,053 | €204,760 | -€296,293 | -59.1% |
| Financial charges | 65/66B | €8,024 | €6,298 | -€1,726 | -21.5% |
| Recurring financial charges | 65 | €8,024 | €6,298 | -€1,726 | -21.5% |
| Profit (loss) for the period before taxes | 9903 | €549,879 | €237,690 | -€312,189 | -56.8% |
| Income taxes | 67/77 | €12,204 | €9,441 | -€2,763 | -22.6% |
| Profit (loss) for the period | 9904 | €537,675 | €228,249 | -€309,426 | -57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €537,675 | €228,249 | -€309,426 | -57.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.