CATHERINE TEUGHELS: 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.
CATHERINE TEUGHELS
Largest movements
- Tangible fixed assets +€31,243
up €31,243 (+898%), from €3,481 to €34,724
of which Leasing and similar rights: +€32,734
- Receivables within one year +€5,774
up €5,774 (+31.0%), from €18,597 to €24,371
of which Trade receivables: +€5,719
- Deferred charges and accrued income +€1,653
up €1,653 (+2,586%), from €64 to €1,716
- Cash -€1,513
down €1,513 (-9.5%), from €15,942 to €14,429
mainly Investment in fixed assets (net) (-€39,220) and Receivables within one year (-€5,774)
- Debts after one year +€22,039
new in 2025: €22,039
- Reserves +€10,501
up €10,501 (+44.8%), from €23,421 to €33,922
- Current portion of long-term debt +€9,399
new in 2025: €9,399
- Tax, wage and social debts -€4,741
down €4,741 (-41.8%), from €11,345 to €6,603
- Gross operating margin -€8,787
down €8,787 (-27.5%), from €31,963 to €23,176
- Depreciation +€7,438
up €7,438 (+1,380%), from €539 to €7,977
- Taxes -€5,138
down €5,138 (-64.1%), from €8,018 to €2,880
- Financial charges +€1,137
up €1,137 (+1,468%), from €77 to €1,214
- Other operating charges +€453
up €453 (+106%), from €427 to €881
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 | €38,084 | €75,241 | +€37,157 | +97.6% |
| Fixed assets | 21/28 | €3,481 | €34,724 | +€31,243 | +898% |
| Tangible fixed assets | 22/27 | €3,481 | €34,724 | +€31,243 | +898% |
| Plant, machinery and equipment | 23 | €1,795 | €1,615 | -€180 | -10.0% |
| Furniture and vehicles | 24 | €1,687 | €376 | -€1,311 | -77.7% |
| Leasing and similar rights | 25 | - | €32,734 | +€32,734 | |
| Current assets | 29/58 | €34,603 | €40,517 | +€5,914 | +17.1% |
| Amounts receivable within one year | 40/41 | €18,597 | €24,371 | +€5,774 | +31.0% |
| Trade receivables | 40 | €1,960 | €7,679 | +€5,719 | +292% |
| Other amounts receivable | 41 | €16,637 | €16,692 | +€56 | +0.3% |
| Cash at bank and in hand | 54/58 | €15,942 | €14,429 | -€1,513 | -9.5% |
| Deferred charges and accrued income | 490/1 | €64 | €1,716 | +€1,653 | +2,586% |
| Total equity and liabilities | 10/49 | €38,084 | €75,241 | +€37,157 | +97.6% |
| Equity | 10/15 | €25,421 | €35,922 | +€10,501 | +41.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,421 | €33,922 | +€10,501 | +44.8% |
| Distributable reserves | 133 | €23,421 | €33,922 | +€10,501 | +44.8% |
| Amounts payable | 17/49 | €12,663 | €39,319 | +€26,656 | +211% |
| Amounts payable after more than one year | 17 | - | €22,039 | +€22,039 | |
| Financial debts | 170/4 | - | €22,039 | +€22,039 | |
| Amounts payable within one year | 42/48 | €12,663 | €17,279 | +€4,617 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | - | €9,399 | +€9,399 | |
| Trade debts | 44 | €1,318 | €1,277 | -€41 | -3.1% |
| Suppliers | 440/4 | €1,318 | €1,277 | -€41 | -3.1% |
| Taxes, remuneration and social security | 45 | €11,345 | €6,603 | -€4,741 | -41.8% |
| Taxes | 450/3 | €11,345 | €6,603 | -€4,741 | -41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €539 | €7,977 | +€7,438 | +1,380% |
| Other operating charges | 640/8 | €427 | €881 | +€453 | +106% |
| Non-recurring operating charges | 66A | - | €606 | +€606 | |
| Gross operating margin | 9900 | €31,963 | €23,176 | -€8,787 | -27.5% |
| Operating profit (loss) | 9901 | €30,997 | €13,712 | -€17,284 | -55.8% |
| Financial income | 75/76B | €520 | €883 | +€364 | +69.9% |
| Recurring financial income | 75 | €520 | €883 | +€364 | +69.9% |
| Financial charges | 65/66B | €77 | €1,214 | +€1,137 | +1,468% |
| Recurring financial charges | 65 | €77 | €1,214 | +€1,137 | +1,468% |
| Profit (loss) for the period before taxes | 9903 | €31,439 | €13,381 | -€18,058 | -57.4% |
| Income taxes | 67/77 | €8,018 | €2,880 | -€5,138 | -64.1% |
| Profit (loss) for the period | 9904 | €23,421 | €10,501 | -€12,920 | -55.2% |
| Profit (loss) for the period to be appropriated | 9905 | €23,421 | €10,501 | -€12,920 | -55.2% |
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 23 October 2026 via checked.be.