Dr Tom Teulingkx: 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.
Dr Tom Teulingkx
Largest movements
- Receivables within one year -€135,200
down €135,200 (-60.0%), from €225,453 to €90,253
- Tangible fixed assets -€47,098
down €47,098 (-10.1%), from €466,182 to €419,084
of which Land and buildings: -€23,825
- Deferred charges and accrued income -€18,341
down €18,341 (-41.3%), from €44,359 to €26,018
- Current investments +€12,000
up €12,000 (+74.9%), from €16,028 to €28,027
- Intangible fixed assets -€10,000
down €10,000 (-18.8%), from €53,306 to €43,306
- Reserves -€182,262
down €182,262 (-74.5%), from €244,553 to €62,290
- Debts after one year -€53,015
down €53,015 (-11.9%), from €444,494 to €391,479
- Current portion of long-term debt +€37,960
up €37,960 (+52.2%), from €72,703 to €110,663
- Gross operating margin -€59,242
down €59,242 (-25.0%), from €237,024 to €177,782
- Taxes -€13,386
down €13,386 (-42.0%), from €31,849 to €18,463
- Depreciation -€6,155
down €6,155 (-8.7%), from €70,368 to €64,213
- Staff costs -€4,583
down €4,583 (-12.9%), from €35,449 to €30,866
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 | €825,171 | €623,474 | -€201,697 | -24.4% |
| Fixed assets | 21/28 | €519,488 | €462,390 | -€57,098 | -11.0% |
| Intangible fixed assets | 21 | €53,306 | €43,306 | -€10,000 | -18.8% |
| Tangible fixed assets | 22/27 | €466,182 | €419,084 | -€47,098 | -10.1% |
| Land and buildings | 22 | €374,594 | €350,769 | -€23,825 | -6.4% |
| Plant, machinery and equipment | 23 | €17,633 | €11,793 | -€5,841 | -33.1% |
| Furniture and vehicles | 24 | €73,955 | €56,522 | -€17,432 | -23.6% |
| Current assets | 29/58 | €305,683 | €161,084 | -€144,599 | -47.3% |
| Amounts receivable after more than one year | 29 | €12,639 | €12,639 | = | 0.0% |
| Other amounts receivable | 291 | €12,639 | €12,639 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €225,453 | €90,253 | -€135,200 | -60.0% |
| Other amounts receivable | 41 | €225,453 | €90,253 | -€135,200 | -60.0% |
| Current investments | 50/53 | €16,028 | €28,027 | +€12,000 | +74.9% |
| Cash at bank and in hand | 54/58 | €7,204 | €4,147 | -€3,057 | -42.4% |
| Deferred charges and accrued income | 490/1 | €44,359 | €26,018 | -€18,341 | -41.3% |
| Total equity and liabilities | 10/49 | €825,171 | €623,474 | -€201,697 | -24.4% |
| Equity | 10/15 | €247,553 | €65,290 | -€182,262 | -73.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €244,553 | €62,290 | -€182,262 | -74.5% |
| Distributable reserves | 133 | €244,553 | €62,290 | -€182,262 | -74.5% |
| Amounts payable | 17/49 | €577,618 | €558,184 | -€19,434 | -3.4% |
| Amounts payable after more than one year | 17 | €444,494 | €391,479 | -€53,015 | -11.9% |
| Financial debts | 170/4 | €444,494 | €391,479 | -€53,015 | -11.9% |
| Amounts payable within one year | 42/48 | €117,804 | €158,285 | +€40,481 | +34.4% |
| Current portion of amounts payable after more than one year | 42 | €72,703 | €110,663 | +€37,960 | +52.2% |
| Trade debts | 44 | €19,766 | €19,100 | -€666 | -3.4% |
| Suppliers | 440/4 | €19,766 | €19,100 | -€666 | -3.4% |
| Taxes, remuneration and social security | 45 | €25,336 | €28,522 | +€3,186 | +12.6% |
| Taxes | 450/3 | €21,666 | €22,597 | +€931 | +4.3% |
| Remuneration and social security | 454/9 | €3,669 | €5,925 | +€2,255 | +61.5% |
| Accrued charges and deferred income | 492/3 | €15,320 | €8,421 | -€6,900 | -45.0% |
| Non-recurring operating income | 76A | - | €1,453 | +€1,453 | |
| Remuneration, social security and pensions | 62 | €35,449 | €30,866 | -€4,583 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €70,368 | €64,213 | -€6,155 | -8.7% |
| Other operating charges | 640/8 | €2,282 | €2,115 | -€168 | -7.3% |
| Gross operating margin | 9900 | €237,024 | €177,782 | -€59,242 | -25.0% |
| Operating profit (loss) | 9901 | €128,924 | €80,588 | -€48,336 | -37.5% |
| Financial income | 75/76B | €11,957 | €9,701 | -€2,257 | -18.9% |
| Recurring financial income | 75 | €11,957 | €9,701 | -€2,257 | -18.9% |
| Financial charges | 65/66B | €11,108 | €9,535 | -€1,573 | -14.2% |
| Recurring financial charges | 65 | €11,108 | €9,535 | -€1,573 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €129,774 | €80,754 | -€49,020 | -37.8% |
| Income taxes | 67/77 | €31,849 | €18,463 | -€13,386 | -42.0% |
| Profit (loss) for the period | 9904 | €97,924 | €62,290 | -€35,634 | -36.4% |
| Profit (loss) for the period to be appropriated | 9905 | €97,924 | €62,290 | -€35,634 | -36.4% |
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 4 October 2026 via checked.be.