T.E.O.: 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.
T.E.O.
Largest movements
- Tangible fixed assets +€175,910
up €175,910 (+1054.1%), from €16,688 to €192,599
of which Plant, machinery and equipment: +€143,802
- Stocks and contracts +€47,604
up €47,604 (+27.1%), from €175,436 to €223,040
- Cash -€23,890
down €23,890 (-61.5%), from €38,873 to €14,983
mainly Investment in fixed assets (net) (-€208,640) and Stocks and contracts (-€47,604)
- Deferred charges and accrued income -€16,579
down €16,579 (-99.2%), from €16,720 to €141
- Receivables within one year +€13,473
up €13,473 (+99.7%), from €13,513 to €26,986
of which Trade receivables: +€17,825
- Reserves +€209,464
up €209,464 (+960.6%), from €21,805 to €231,270
of which Distributable reserves: +€209,464
- Profit (loss) carried forward -€154,006
no longer reported in 2025 (was €154,006)
- Trade debts +€60,829
up €60,829 (+65.4%), from €93,049 to €153,878
- Other debts +€47,776
new in 2025: €47,776
- Tax, wage and social debts +€39,893
up €39,893 (+16999.6%), from €235 to €40,128
of which Remuneration and social security: +€26,600
- Gross operating margin +€66,333
up €66,333 (+96.1%), from €69,012 to €135,345
- Depreciation +€29,055
up €29,055 (+790.6%), from €3,675 to €32,730
- Taxes +€12,024
up €12,024 (+799.9%), from €1,503 to €13,527
- Staff costs -€4,861
down €4,861 (-13.1%), from €37,158 to €32,297
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 | €276,532 | €473,051 | +€196,518 | +71.1% |
| Fixed assets | 21/28 | €31,990 | €207,901 | +€175,910 | +549.9% |
| Tangible fixed assets | 22/27 | €16,688 | €192,599 | +€175,910 | +1054.1% |
| Land and buildings | 22 | €1,170 | €4,456 | +€3,286 | +280.7% |
| Plant, machinery and equipment | 23 | €14,318 | €158,120 | +€143,802 | +1004.4% |
| Furniture and vehicles | 24 | €1,200 | €30,023 | +€28,822 | +2401.4% |
| Financial fixed assets | 28 | €15,302 | €15,302 | = | 0.0% |
| Current assets | 29/58 | €244,542 | €265,150 | +€20,608 | +8.4% |
| Stocks and contracts in progress | 3 | €175,436 | €223,040 | +€47,604 | +27.1% |
| Stocks | 30/36 | €175,436 | €223,040 | +€47,604 | +27.1% |
| Amounts receivable within one year | 40/41 | €13,513 | €26,986 | +€13,473 | +99.7% |
| Trade receivables | 40 | €2,815 | €20,640 | +€17,825 | +633.3% |
| Other amounts receivable | 41 | €10,698 | €6,346 | -€4,352 | -40.7% |
| Cash at bank and in hand | 54/58 | €38,873 | €14,983 | -€23,890 | -61.5% |
| Deferred charges and accrued income | 490/1 | €16,720 | €141 | -€16,579 | -99.2% |
| Total equity and liabilities | 10/49 | €276,532 | €473,051 | +€196,518 | +71.1% |
| Equity | 10/15 | €183,249 | €231,270 | +€48,021 | +26.2% |
| Contributions | 10/11 | €7,437 | - | -€7,437 | |
| Outside capital | 11 | €7,437 | - | -€7,437 | |
| Other | 1109/19 | €7,437 | - | -€7,437 | |
| Reserves | 13 | €21,805 | €231,270 | +€209,464 | +960.6% |
| Non-distributable reserves | 130/1 | €744 | €744 | = | 0.0% |
| Reserves not available under the articles | 1311 | €744 | €744 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,062 | €21,062 | = | 0.0% |
| Distributable reserves | 133 | - | €209,464 | +€209,464 | |
| Profit (loss) carried forward | 14 | €154,006 | - | -€154,006 | |
| Amounts payable | 17/49 | €93,284 | €241,781 | +€148,497 | +159.2% |
| Amounts payable within one year | 42/48 | €93,284 | €241,781 | +€148,497 | +159.2% |
| Trade debts | 44 | €93,049 | €153,878 | +€60,829 | +65.4% |
| Suppliers | 440/4 | €93,049 | €153,878 | +€60,829 | +65.4% |
| Taxes, remuneration and social security | 45 | €235 | €40,128 | +€39,893 | +16999.6% |
| Taxes | 450/3 | €235 | €13,527 | +€13,293 | +5664.4% |
| Remuneration and social security | 454/9 | - | €26,600 | +€26,600 | |
| Other amounts payable | 47/48 | - | €47,776 | +€47,776 | |
| Remuneration, social security and pensions | 62 | €37,158 | €32,297 | -€4,861 | -13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,675 | €32,730 | +€29,055 | +790.6% |
| Other operating charges | 640/8 | €2,478 | €2,276 | -€202 | -8.1% |
| Gross operating margin | 9900 | €69,012 | €135,345 | +€66,333 | +96.1% |
| Operating profit (loss) | 9901 | €25,701 | €68,042 | +€42,341 | +164.7% |
| Financial income | 75/76B | €0 | €0 | -€0 | -16.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -16.7% |
| Financial charges | 65/66B | €5,805 | €6,494 | +€689 | +11.9% |
| Recurring financial charges | 65 | €5,805 | €6,494 | +€689 | +11.9% |
| Profit (loss) for the period before taxes | 9903 | €19,896 | €61,548 | +€41,652 | +209.3% |
| Income taxes | 67/77 | €1,503 | €13,527 | +€12,024 | +799.9% |
| Profit (loss) for the period | 9904 | €18,393 | €48,021 | +€29,628 | +161.1% |
| Profit (loss) for the period to be appropriated | 9905 | €18,393 | €48,021 | +€29,628 | +161.1% |
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 28 September 2026 via checked.be.