Den Teut: 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.
Den Teut
Largest movements
- Cash -€102,004
down €102,004 (-26.0%), from €392,877 to €290,873
mainly Investment in fixed assets (net) (-€140,582) and Receivables within one year (-€92,045)
- Receivables within one year +€92,045
up €92,045 (+110%), from €83,318 to €175,363
of which Trade receivables: +€99,489
- Tangible fixed assets +€74,196
up €74,196 (+11.4%), from €652,252 to €726,448
of which Furniture and vehicles: +€41,599
- Stocks and contracts +€30,695
up €30,695 (+816%), from €3,762 to €34,457
- Reserves +€145,467
up €145,467 (+33.8%), from €429,847 to €575,313
- Trade debts +€92,953
up €92,953 (+281%), from €33,083 to €126,036
- Other debts -€84,621
down €84,621 (-99.7%), from €84,905 to €284
- Short-term financial debts -€45,700
down €45,700 (-100%), from €45,700 to €0
of which Other loans: -€45,700
- Debts after one year -€32,651
down €32,651 (-7.0%), from €463,585 to €430,933
- Gross operating margin +€108,428
up €108,428 (+23.4%), from €463,006 to €571,435
- Staff costs +€39,709
up €39,709 (+16.6%), from €238,920 to €278,629
- Taxes +€17,738
up €17,738 (+40.2%), from €44,139 to €61,877
- Depreciation +€9,396
up €9,396 (+16.5%), from €56,990 to €66,386
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 | €1,132,210 | €1,229,801 | +€97,591 | +8.6% |
| Fixed assets | 21/28 | €652,252 | €726,448 | +€74,196 | +11.4% |
| Tangible fixed assets | 22/27 | €652,252 | €726,448 | +€74,196 | +11.4% |
| Land and buildings | 22 | €611,177 | €606,147 | -€5,030 | -0.8% |
| Plant, machinery and equipment | 23 | €24,894 | €62,521 | +€37,627 | +151% |
| Furniture and vehicles | 24 | €16,182 | €57,780 | +€41,599 | +257% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €479,957 | €503,352 | +€23,395 | +4.9% |
| Stocks and contracts in progress | 3 | €3,762 | €34,457 | +€30,695 | +816% |
| Stocks | 30/36 | €3,762 | €34,457 | +€30,695 | +816% |
| Amounts receivable within one year | 40/41 | €83,318 | €175,363 | +€92,045 | +110% |
| Trade receivables | 40 | €0 | €99,489 | +€99,489 | |
| Other amounts receivable | 41 | €83,318 | €75,874 | -€7,443 | -8.9% |
| Cash at bank and in hand | 54/58 | €392,877 | €290,873 | -€102,004 | -26.0% |
| Deferred charges and accrued income | 490/1 | - | €2,659 | +€2,659 | |
| Total equity and liabilities | 10/49 | €1,132,210 | €1,229,801 | +€97,591 | +8.6% |
| Equity | 10/15 | €449,860 | €595,326 | +€145,467 | +32.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €429,847 | €575,313 | +€145,467 | +33.8% |
| Distributable reserves | 133 | €429,847 | €575,313 | +€145,467 | +33.8% |
| Profit (loss) carried forward | 14 | €13 | €13 | = | 0.0% |
| Amounts payable | 17/49 | €682,350 | €634,474 | -€47,876 | -7.0% |
| Amounts payable after more than one year | 17 | €463,585 | €430,933 | -€32,651 | -7.0% |
| Financial debts | 170/4 | €463,585 | €430,933 | -€32,651 | -7.0% |
| Amounts payable within one year | 42/48 | €218,765 | €203,541 | -€15,225 | -7.0% |
| Current portion of amounts payable after more than one year | 42 | €31,909 | €53,199 | +€21,290 | +66.7% |
| Financial debts | 43 | €45,700 | €0 | -€45,700 | -100% |
| Credit institutions | 430/8 | - | €0 | = | |
| Other loans | 439 | €45,700 | - | -€45,700 | |
| Trade debts | 44 | €33,083 | €126,036 | +€92,953 | +281% |
| Suppliers | 440/4 | €33,083 | €126,036 | +€92,953 | +281% |
| Taxes, remuneration and social security | 45 | €23,169 | €24,022 | +€853 | +3.7% |
| Taxes | 450/3 | €3,888 | €1,510 | -€2,378 | -61.2% |
| Remuneration and social security | 454/9 | €19,281 | €22,512 | +€3,231 | +16.8% |
| Other amounts payable | 47/48 | €84,905 | €284 | -€84,621 | -99.7% |
| Remuneration, social security and pensions | 62 | €238,920 | €278,629 | +€39,709 | +16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,990 | €66,386 | +€9,396 | +16.5% |
| Other operating charges | 640/8 | €4,824 | €4,178 | -€646 | -13.4% |
| Gross operating margin | 9900 | €463,006 | €571,435 | +€108,428 | +23.4% |
| Operating profit (loss) | 9901 | €162,272 | €222,242 | +€59,969 | +37.0% |
| Financial income | 75/76B | €49 | €84 | +€35 | +72.2% |
| Recurring financial income | 75 | €49 | €84 | +€35 | +72.2% |
| Financial charges | 65/66B | €14,201 | €14,982 | +€781 | +5.5% |
| Recurring financial charges | 65 | €14,201 | €14,982 | +€781 | +5.5% |
| Profit (loss) for the period before taxes | 9903 | €148,121 | €207,344 | +€59,223 | +40.0% |
| Income taxes | 67/77 | €44,139 | €61,877 | +€17,738 | +40.2% |
| Profit (loss) for the period | 9904 | €103,981 | €145,467 | +€41,485 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €103,981 | €145,467 | +€41,485 | +39.9% |
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 14 October 2026 via checked.be.