TEDEL: 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.
TEDEL
Largest movements
- Tangible fixed assets -€383,317
down €383,317 (-80.1%), from €478,616 to €95,299
of which Land and buildings: -€373,174
- Cash +€367,092
up €367,092 (+2477.8%), from €14,815 to €381,907
mainly Investment in fixed assets (net) (+€371,264) and Net result for the year (+€51,962)
- Receivables within one year -€9,908
down €9,908 (-100.0%), from €9,908 to €0
- Deferred charges and accrued income +€5,589
up €5,589, from €0 to €5,589
- Reserves +€50,500
up €50,500 (+30.8%), from €163,800 to €214,300
of which Distributable reserves: +€50,500
- Other debts -€35,135
down €35,135 (-54.0%), from €65,006 to €29,871
- Debts after one year -€20,325
down €20,325 (-39.0%), from €52,164 to €31,839
- Provisions -€11,852
down €11,852 (-9.4%), from €126,640 to €114,788
- Current portion of long-term debt -€9,069
down €9,069 (-30.9%), from €29,395 to €20,325
- Financial income +€56,237
up €56,237 (+8520716.7%), from €1 to €56,237
of which Non-recurring financial income: +€56,236
- Taxes +€53,708
up €53,708 (+5067.3%), from €1,060 to €54,768
- Gross operating margin +€24,871
up €24,871 (+41.4%), from €60,021 to €84,892
- Depreciation -€21,160
down €21,160 (-63.7%), from €33,213 to €12,054
- Financial charges -€5,660
down €5,660 (-18.7%), from €30,241 to €24,581
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 | €503,340 | €482,795 | -€20,545 | -4.1% |
| Fixed assets | 21/28 | €478,616 | €95,299 | -€383,317 | -80.1% |
| Tangible fixed assets | 22/27 | €478,616 | €95,299 | -€383,317 | -80.1% |
| Land and buildings | 22 | €459,844 | €86,669 | -€373,174 | -81.2% |
| Furniture and vehicles | 24 | €18,772 | €8,629 | -€10,143 | -54.0% |
| Current assets | 29/58 | €24,724 | €387,496 | +€362,772 | +1467.3% |
| Amounts receivable within one year | 40/41 | €9,908 | €0 | -€9,908 | -100.0% |
| Other amounts receivable | 41 | €9,908 | €0 | -€9,908 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €14,815 | €381,907 | +€367,092 | +2477.8% |
| Deferred charges and accrued income | 490/1 | €0 | €5,589 | +€5,589 | |
| Total equity and liabilities | 10/49 | €503,340 | €482,795 | -€20,545 | -4.1% |
| Equity | 10/15 | €224,384 | €276,346 | +€51,962 | +23.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €163,800 | €214,300 | +€50,500 | +30.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €157,600 | €208,100 | +€50,500 | +32.0% |
| Profit (loss) carried forward | 14 | -€1,416 | €46 | +€1,462 | |
| Provisions and deferred taxes | 16 | €126,640 | €114,788 | -€11,852 | -9.4% |
| Provisions for liabilities and charges | 160/5 | €126,640 | €114,788 | -€11,852 | -9.4% |
| Other liabilities and charges | 164/5 | €126,640 | €114,788 | -€11,852 | -9.4% |
| Amounts payable | 17/49 | €152,315 | €91,660 | -€60,655 | -39.8% |
| Amounts payable after more than one year | 17 | €52,164 | €31,839 | -€20,325 | -39.0% |
| Financial debts | 170/4 | €52,164 | €31,839 | -€20,325 | -39.0% |
| Amounts payable within one year | 42/48 | €100,151 | €59,821 | -€40,330 | -40.3% |
| Current portion of amounts payable after more than one year | 42 | €29,395 | €20,325 | -€9,069 | -30.9% |
| Trade debts | 44 | €5,481 | €1,112 | -€4,368 | -79.7% |
| Suppliers | 440/4 | €5,481 | €1,112 | -€4,368 | -79.7% |
| Taxes, remuneration and social security | 45 | €270 | €8,513 | +€8,243 | +3052.8% |
| Taxes | 450/3 | €270 | €8,513 | +€8,243 | +3052.8% |
| Other amounts payable | 47/48 | €65,006 | €29,871 | -€35,135 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,213 | €12,054 | -€21,160 | -63.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,974 | -€11,852 | -€878 | -8.0% |
| Other operating charges | 640/8 | €8,052 | €9,617 | +€1,565 | +19.4% |
| Gross operating margin | 9900 | €60,021 | €84,892 | +€24,871 | +41.4% |
| Operating profit (loss) | 9901 | €29,730 | €75,074 | +€45,344 | +152.5% |
| Financial income | 75/76B | €1 | €56,237 | +€56,237 | +8520716.7% |
| Recurring financial income | 75 | €1 | €1 | +€1 | +93.9% |
| Non-recurring financial income | 76B | - | €56,236 | +€56,236 | |
| Financial charges | 65/66B | €30,241 | €24,581 | -€5,660 | -18.7% |
| Recurring financial charges | 65 | €30,241 | €24,581 | -€5,660 | -18.7% |
| Profit (loss) for the period before taxes | 9903 | -€511 | €106,730 | +€107,241 | |
| Income taxes | 67/77 | €1,060 | €54,768 | +€53,708 | +5067.3% |
| Profit (loss) for the period | 9904 | -€1,571 | €51,962 | +€53,533 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,571 | €51,962 | +€53,533 |
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 1 October 2026 via checked.be.