TERDA: 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.
TERDA
Largest movements
- Cash +€24,273
up €24,273 (+26.5%), from €91,591 to €115,864
mainly Net result for the year (+€67,489) and Other debts (+€54,871)
- Tangible fixed assets -€9,140
down €9,140 (-2.2%), from €406,851 to €397,711
of which Leasing and similar rights: -€404,816
- Other debts +€54,871
up €54,871 (+250%), from €21,955 to €76,826
- Debts after one year -€20,096
down €20,096 (-6.3%), from €317,468 to €297,372
of which Financial debts: -€20,096
- Reserves -€5,464
down €5,464 (-4.1%), from €132,139 to €126,675
- Gross operating margin +€39,533
up €39,533 (+39.6%), from €99,833 to €139,366
- Other operating charges +€8,938
up €8,938 (+182%), from €4,908 to €13,846
- Taxes +€4,104
up €4,104 (+24.7%), from €16,609 to €20,713
- Depreciation +€2,829
up €2,829 (+9.7%), from €29,308 to €32,138
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €517,737 | €539,129 | +€21,392 | +4.1% |
| Fixed assets | 21/28 | €406,851 | €397,711 | -€9,140 | -2.2% |
| Tangible fixed assets | 22/27 | €406,851 | €397,711 | -€9,140 | -2.2% |
| Land and buildings | 22 | - | €382,909 | +€382,909 | |
| Plant, machinery and equipment | 23 | - | €2,061 | +€2,061 | |
| Furniture and vehicles | 24 | €1,360 | €11,676 | +€10,316 | +759% |
| Leasing and similar rights | 25 | €404,816 | €0 | -€404,816 | -100% |
| Other tangible fixed assets | 26 | €675 | €1,066 | +€390 | +57.8% |
| Current assets | 29/58 | €110,886 | €141,418 | +€30,532 | +27.5% |
| Amounts receivable within one year | 40/41 | €18,140 | €23,347 | +€5,207 | +28.7% |
| Trade receivables | 40 | €18,140 | €21,572 | +€3,431 | +18.9% |
| Other amounts receivable | 41 | - | €1,776 | +€1,776 | |
| Cash at bank and in hand | 54/58 | €91,591 | €115,864 | +€24,273 | +26.5% |
| Deferred charges and accrued income | 490/1 | €1,155 | €2,206 | +€1,052 | +91.1% |
| Total equity and liabilities | 10/49 | €517,737 | €539,129 | +€21,392 | +4.1% |
| Equity | 10/15 | €132,139 | €126,675 | -€5,464 | -4.1% |
| Reserves | 13 | €132,139 | €126,675 | -€5,464 | -4.1% |
| Distributable reserves | 133 | €132,139 | €126,675 | -€5,464 | -4.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €385,598 | €412,454 | +€26,855 | +7.0% |
| Amounts payable after more than one year | 17 | €317,468 | €297,372 | -€20,096 | -6.3% |
| Financial debts | 170/4 | €297,468 | €277,372 | -€20,096 | -6.8% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €64,135 | €111,355 | +€47,221 | +73.6% |
| Current portion of amounts payable after more than one year | 42 | €19,764 | €20,096 | +€332 | +1.7% |
| Trade debts | 44 | €4,608 | €1,932 | -€2,677 | -58.1% |
| Suppliers | 440/4 | €4,608 | €1,932 | -€2,677 | -58.1% |
| Taxes, remuneration and social security | 45 | €17,807 | €12,501 | -€5,306 | -29.8% |
| Taxes | 450/3 | €15,407 | €12,501 | -€2,906 | -18.9% |
| Remuneration and social security | 454/9 | €2,400 | €0 | -€2,400 | -100% |
| Other amounts payable | 47/48 | €21,955 | €76,826 | +€54,871 | +250% |
| Accrued charges and deferred income | 492/3 | €3,996 | €3,726 | -€269 | -6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,308 | €32,138 | +€2,829 | +9.7% |
| Other operating charges | 640/8 | €4,908 | €13,846 | +€8,938 | +182% |
| Gross operating margin | 9900 | €99,833 | €139,366 | +€39,533 | +39.6% |
| Operating profit (loss) | 9901 | €65,616 | €93,382 | +€27,766 | +42.3% |
| Financial income | 75/76B | €1,183 | €1,631 | +€447 | +37.8% |
| Recurring financial income | 75 | €1,183 | €1,631 | +€447 | +37.8% |
| Financial charges | 65/66B | €7,336 | €6,810 | -€527 | -7.2% |
| Recurring financial charges | 65 | €7,336 | €6,810 | -€527 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €59,463 | €88,203 | +€28,740 | +48.3% |
| Income taxes | 67/77 | €16,609 | €20,713 | +€4,104 | +24.7% |
| Profit (loss) for the period | 9904 | €42,853 | €67,489 | +€24,636 | +57.5% |
| Profit (loss) for the period to be appropriated | 9905 | €42,853 | €67,489 | +€24,636 | +57.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.