TEBO: 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.
What changed
TEBO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€34,033
2024 · €816,288-€850,321
Equity
€1.3m
2024 · €1.3m-€34,033
Cash
€5,111
2024 · €525+€4,585
Balance sheet total
€1.9m
2024 · €1.8m+€109,720
Largest movements
Assets
- Tangible fixed assets +€448,835
up €448,835 (+46.1%), from €973,061 to €1.4m
of which Land and buildings: +€462,222
- Current investments -€350,000
down €350,000 (-100.0%), from €350,000 to €0
Equity and liabilities
- Debts after one year +€81,988
up €81,988 (+81.1%), from €101,064 to €183,052
of which Financial debts: +€78,208
- Other debts +€72,190
up €72,190 (+97.6%), from €73,998 to €146,187
- Reserves -€19,466
down €19,466 (-2.2%), from €868,100 to €848,634
of which Tax-exempt reserves: -€19,466
Income statement
- Gross operating margin -€1.1m
down €1.1m (-98.2%), from €1.2m to €20,562
- Financial income +€20,138
up €20,138 (+4911670.7%), from €0 to €20,138
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
€816,288
Gross operating margin
-€1.1m
Depreciation
-€4,139
Other operating charges
+€29
Other operating items
-€8,100
Financial income
+€20,138
Financial charges
+€1,122
Taxes
+€64
Deferred taxes and other
+€285,527
Result 2025
-€34,033
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.
From operations
+€85,620
Investment
-€162,199
Financing
+€81,164
Cash 2024
€525
From operations (derived)
+€85,620
Net result for the year
-€34,033
Depreciation
+€63,364
Receivables within one year
-€6,834
Smaller working-capital items
-€99
Provisions
-€6,489
Trade debts
-€4,179
Other debts
+€72,190
Accrued charges and deferred income
+€1,700
Investment (derived)
-€162,199
Investment in fixed assets (net)
-€512,199
Current investments
+€350,000
Financing
+€81,164
Debts after one year
+€81,988
Current portion of long-term debt
-€823
Cash 2025
€5,111
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,797,629 | €1,907,349 | +€109,720 | +6.1% |
| Fixed assets | 21/28 | €1,433,261 | €1,882,096 | +€448,835 | +31.3% |
| Tangible fixed assets | 22/27 | €973,061 | €1,421,896 | +€448,835 | +46.1% |
| Land and buildings | 22 | €942,707 | €1,404,928 | +€462,222 | +49.0% |
| Plant, machinery and equipment | 23 | €283 | €924 | +€640 | +226.2% |
| Furniture and vehicles | 24 | €30,072 | €16,045 | -€14,027 | -46.6% |
| Financial fixed assets | 28 | €460,200 | €460,200 | = | 0.0% |
| Current assets | 29/58 | €364,368 | €25,253 | -€339,115 | -93.1% |
| Amounts receivable within one year | 40/41 | €13,301 | €20,135 | +€6,834 | +51.4% |
| Other amounts receivable | 41 | €13,301 | €20,135 | +€6,834 | +51.4% |
| Current investments | 50/53 | €350,000 | €0 | -€350,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €525 | €5,111 | +€4,585 | +872.9% |
| Deferred charges and accrued income | 490/1 | €542 | €7 | -€535 | -98.7% |
| Total equity and liabilities | 10/49 | €1,797,629 | €1,907,349 | +€109,720 | +6.1% |
| Equity | 10/15 | €1,306,839 | €1,272,807 | -€34,033 | -2.6% |
| Contributions | 10/11 | €229,747 | €229,747 | = | 0.0% |
| Reserves | 13 | €868,100 | €848,634 | -€19,466 | -2.2% |
| Non-distributable reserves | 130/1 | €5,789 | €5,789 | = | 0.0% |
| Reserves not available under the articles | 1311 | €5,789 | €5,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €837,114 | €817,647 | -€19,466 | -2.3% |
| Distributable reserves | 133 | €25,198 | €25,198 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,992 | €194,425 | -€14,567 | -7.0% |
| Provisions and deferred taxes | 16 | €279,038 | €272,549 | -€6,489 | -2.3% |
| Deferred taxes | 168 | €279,038 | €272,549 | -€6,489 | -2.3% |
| Amounts payable | 17/49 | €211,752 | €361,994 | +€150,242 | +71.0% |
| Amounts payable after more than one year | 17 | €101,064 | €183,052 | +€81,988 | +81.1% |
| Financial debts | 170/4 | €99,814 | €178,022 | +€78,208 | +78.4% |
| Other amounts payable | 178/9 | €1,250 | €5,030 | +€3,780 | +302.4% |
| Amounts payable within one year | 42/48 | €110,688 | €177,242 | +€66,554 | +60.1% |
| Current portion of amounts payable after more than one year | 42 | €17,616 | €16,792 | -€823 | -4.7% |
| Trade debts | 44 | €17,226 | €13,047 | -€4,179 | -24.3% |
| Suppliers | 440/4 | €17,226 | €13,047 | -€4,179 | -24.3% |
| Taxes, remuneration and social security | 45 | €1,849 | €1,215 | -€633 | -34.3% |
| Taxes | 450/3 | €1,849 | €1,215 | -€633 | -34.3% |
| Other amounts payable | 47/48 | €73,998 | €146,187 | +€72,190 | +97.6% |
| Accrued charges and deferred income | 492/3 | - | €1,700 | +€1,700 | |
| Non-recurring operating income | 76A | €1,150,000 | €0 | -€1.2m | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,225 | €63,364 | +€4,139 | +7.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €4,109 | €4,080 | -€29 | -0.7% |
| Non-recurring operating charges | 66A | - | €8,100 | +€8,100 | |
| Gross operating margin | 9900 | €1,165,524 | €20,562 | -€1.1m | -98.2% |
| Operating profit (loss) | 9901 | €1,102,190 | -€54,982 | -€1.2m | |
| Financial income | 75/76B | €0 | €20,138 | +€20,138 | +4911670.7% |
| Recurring financial income | 75 | €0 | €20,138 | +€20,138 | +4911670.7% |
| Financial charges | 65/66B | €6,231 | €5,109 | -€1,122 | -18.0% |
| Recurring financial charges | 65 | €6,231 | €5,109 | -€1,122 | -18.0% |
| Profit (loss) for the period before taxes | 9903 | €1,095,960 | -€39,952 | -€1.1m | |
| Transfer from deferred taxes | 780 | - | €6,489 | +€6,489 | |
| Transfer to deferred taxes | 680 | €279,038 | €0 | -€279,038 | -100.0% |
| Income taxes | 67/77 | €633 | €570 | -€64 | -10.1% |
| Profit (loss) for the period | 9904 | €816,288 | -€34,033 | -€850,321 | |
| Transfer from tax-exempt reserves | 789 | - | €19,466 | +€19,466 | |
| Transfer to tax-exempt reserves | 689 | €837,114 | €0 | -€837,114 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,825 | -€14,567 | +€6,258 | +30.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.