T.E.P.: 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.
What changed
T.E.P.
NACE 46.842, Wholesale trade
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.5m
2024 · €1.8m-€236,175
Equity
€1.6m
2024 · €2.6m-€977,059
Cash
€10,357
2024 · €3,344+€7,013
Balance sheet total
€5.0m
2024 · €9.4m-€4.4m
Largest movements
Assets
- Receivables within one year -€4.5m
down €4.5m (-59.9%), from €7.6m to €3.0m
of which Other amounts receivable: -€4.1m
Equity and liabilities
- Other debts -€3.5m
down €3.5m (-58.3%), from €6.0m to €2.5m
- Reserves -€977,059
down €977,059 (-39.8%), from €2.5m to €1.5m
of which Tax-exempt reserves: -€2.0m
- Tax, wage and social debts +€313,315
up €313,315 (+117%), from €267,828 to €581,143
of which Taxes: +€276,906
- Trade debts -€147,531
down €147,531 (-43.7%), from €337,912 to €190,380
- Short-term financial debts -€147,007
down €147,007 (-100%), from €147,007 to €0
Income statement
- Turnover -€9.2m
no longer reported in 2025 (was €9.2m)
- Goods and materials -€5.6m
no longer reported in 2025 (was €5.6m)
of which Purchases: -€5.7m
- Gross operating margin +€2.8m
new in 2025: €2.8m
- Services and other goods -€857,785
no longer reported in 2025 (was €857,785)
- Write-downs +€128,133
up €128,133, from -€9,598 to €118,535
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.
Result 2024
€1.8m
Turnover
-€9.2m
Other operating income
-€87,167
Goods and materials
+€5.6m
Services and other goods
+€857,785
Staff costs
-€82,661
Depreciation
+€12,787
Write-downs
-€128,133
Other operating charges
+€8,278
Other operating items
+€2.8m
Financial income
-€121,975
Financial charges
-€37,611
Taxes
+€60,272
Result 2025
€1.5m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€2.7m
Investment
-€24,851
Financing
-€2.6m
Cash 2024
€3,344
From operations (derived)
+€2.7m
Net result for the year
+€1.5m
Depreciation
+€39,210
Stocks and contracts
-€38,706
Receivables within one year
+€4.5m
Deferred charges and accrued income
-€89,118
Trade debts
-€147,531
Tax, wage and social debts
+€313,315
Other debts
-€3.5m
Accrued charges and deferred income
+€54,578
Investment (derived)
-€24,851
Investment in fixed assets (net)
-€24,851
Financing
-€2.6m
Short-term financial debts
-€147,007
Contributions, distributions and other
-€2.5m
Cash 2025
€10,357
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,409,952 | €5,006,248 | -€4.4m | -46.8% |
| Fixed assets | 21/28 | €119,299 | €104,940 | -€14,359 | -12.0% |
| Tangible fixed assets | 22/27 | €116,047 | €101,687 | -€14,359 | -12.4% |
| Plant, machinery and equipment | 23 | €37,847 | €41,261 | +€3,414 | +9.0% |
| Furniture and vehicles | 24 | €78,200 | €60,426 | -€17,774 | -22.7% |
| Financial fixed assets | 28 | €3,252 | €3,252 | = | 0.0% |
| Other financial fixed assets | 284/8 | €3,252 | - | -€3,252 | |
| Amounts receivable and cash guarantees | 285/8 | €3,252 | - | -€3,252 | |
| Current assets | 29/58 | €9,290,653 | €4,901,309 | -€4.4m | -47.2% |
| Stocks and contracts in progress | 3 | €1,604,366 | €1,643,072 | +€38,706 | +2.4% |
| Stocks | 30/36 | €1,604,366 | €1,643,072 | +€38,706 | +2.4% |
| Goods purchased for resale | 34 | €1,604,366 | - | -€1.6m | |
| Amounts receivable within one year | 40/41 | €7,556,132 | €3,031,950 | -€4.5m | -59.9% |
| Trade receivables | 40 | €917,550 | €453,529 | -€464,020 | -50.6% |
| Other amounts receivable | 41 | €6,638,582 | €2,578,420 | -€4.1m | -61.2% |
| Cash at bank and in hand | 54/58 | €3,344 | €10,357 | +€7,013 | +210% |
| Deferred charges and accrued income | 490/1 | €126,811 | €215,929 | +€89,118 | +70.3% |
| Total equity and liabilities | 10/49 | €9,409,952 | €5,006,248 | -€4.4m | -46.8% |
| Equity | 10/15 | €2,618,024 | €1,640,965 | -€977,059 | -37.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €2,456,410 | €1,479,351 | -€977,059 | -39.8% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | €3,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,452,624 | €473,924 | -€2.0m | -80.7% |
| Distributable reserves | 133 | €786 | €1,002,426 | +€1.0m | +127,511% |
| Profit (loss) carried forward | 14 | €131,614 | €131,614 | = | 0.0% |
| Amounts payable | 17/49 | €6,791,928 | €3,365,283 | -€3.4m | -50.5% |
| Amounts payable within one year | 42/48 | €6,752,746 | €3,271,523 | -€3.5m | -51.6% |
| Financial debts | 43 | €147,007 | €0 | -€147,007 | -100% |
| Credit institutions | 430/8 | €147,007 | €0 | -€147,007 | -100% |
| Trade debts | 44 | €337,912 | €190,380 | -€147,531 | -43.7% |
| Suppliers | 440/4 | €337,912 | €190,380 | -€147,531 | -43.7% |
| Taxes, remuneration and social security | 45 | €267,828 | €581,143 | +€313,315 | +117% |
| Taxes | 450/3 | €184,891 | €461,797 | +€276,906 | +150% |
| Remuneration and social security | 454/9 | €82,936 | €119,346 | +€36,410 | +43.9% |
| Other amounts payable | 47/48 | €6,000,000 | €2,500,000 | -€3.5m | -58.3% |
| Accrued charges and deferred income | 492/3 | €39,181 | €93,760 | +€54,578 | +139% |
| Operating income | 70/76A | €9,241,281 | - | -€9.2m | |
| Turnover | 70 | €9,150,095 | - | -€9.2m | |
| Other operating income | 74 | €87,167 | - | -€87,167 | |
| Non-recurring operating income | 76A | €4,019 | €114 | -€3,905 | -97.2% |
| Operating charges | 60/66A | €7,209,826 | - | -€7.2m | |
| Goods for resale, raw materials and consumables | 60 | €5,622,001 | - | -€5.6m | |
| Purchases | 600/8 | €5,652,650 | - | -€5.7m | |
| Change in stocks: decrease (increase) | 609 | -€30,649 | - | +€30,649 | |
| Services and other goods | 61 | €857,785 | - | -€857,785 | |
| Remuneration, social security and pensions | 62 | €660,574 | €743,235 | +€82,661 | +12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,998 | €39,210 | -€12,787 | -24.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,598 | €118,535 | +€128,133 | |
| Other operating charges | 640/8 | €26,820 | €18,542 | -€8,278 | -30.9% |
| Non-recurring operating charges | 66A | €247 | €0 | -€247 | -100% |
| Gross operating margin | 9900 | - | €2,814,115 | +€2.8m | |
| Operating profit (loss) | 9901 | €2,031,455 | €1,894,593 | -€136,862 | -6.7% |
| Financial income | 75/76B | €307,256 | €185,281 | -€121,975 | -39.7% |
| Recurring financial income | 75 | €307,256 | €185,281 | -€121,975 | -39.7% |
| Other financial income | 752/9 | €307,256 | - | -€307,256 | |
| Financial charges | 65/66B | -€3,609 | €34,001 | +€37,611 | |
| Recurring financial charges | 65 | -€3,609 | €34,001 | +€37,611 | |
| Debt charges | 650 | €8,667 | - | -€8,667 | |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€25,238 | - | +€25,238 | |
| Other financial charges | 652/9 | €12,961 | - | -€12,961 | |
| Profit (loss) for the period before taxes | 9903 | €2,342,320 | €2,045,873 | -€296,448 | -12.7% |
| Income taxes | 67/77 | €583,204 | €522,932 | -€60,272 | -10.3% |
| Taxes | 670/3 | €583,204 | - | -€583,204 | |
| Profit (loss) for the period | 9904 | €1,759,116 | €1,522,941 | -€236,175 | -13.4% |
| Transfer from tax-exempt reserves | 789 | - | €1,978,700 | +€2.0m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,759,116 | €3,501,641 | +€1.7m | +99.1% |
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 13 October 2026 via checked.be.