TEEMAX: 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.
TEEMAX
Largest movements
- Tangible fixed assets -€100,666
down €100,666 (-16.7%), from €604,029 to €503,364
- Cash -€75,938
down €75,938 (-73.0%), from €104,030 to €28,092
mainly Debts after one year (-€200,000) and Deferred charges and accrued income (-€1,136)
- Debts after one year -€200,000
no longer reported in 2025 (was €200,000)
- Reserves +€15,628
up €15,628 (+15.8%), from €99,208 to €114,835
of which Distributable reserves: +€14,846
- Financial charges -€10,683
down €10,683 (-70.4%), from €15,175 to €4,492
- Depreciation -€9,738
down €9,738 (-24.4%), from €39,950 to €30,213
- Taxes +€5,657
up €5,657 (+2789.8%), from €203 to €5,859
- Gross operating margin -€5,155
down €5,155 (-7.7%), from €66,818 to €61,663
- Financial income -€1,116
no longer reported in 2025 (was €1,116)
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 | €769,660 | €593,023 | -€176,637 | -23.0% |
| Fixed assets | 21/28 | €604,029 | €503,364 | -€100,666 | -16.7% |
| Tangible fixed assets | 22/27 | €604,029 | €503,364 | -€100,666 | -16.7% |
| Land and buildings | 22 | €604,029 | €503,364 | -€100,666 | -16.7% |
| Current assets | 29/58 | €165,631 | €89,660 | -€75,971 | -45.9% |
| Amounts receivable within one year | 40/41 | €60,096 | €58,926 | -€1,170 | -1.9% |
| Other amounts receivable | 41 | €60,096 | €58,926 | -€1,170 | -1.9% |
| Cash at bank and in hand | 54/58 | €104,030 | €28,092 | -€75,938 | -73.0% |
| Deferred charges and accrued income | 490/1 | €1,505 | €2,642 | +€1,136 | +75.5% |
| Total equity and liabilities | 10/49 | €769,660 | €593,023 | -€176,637 | -23.0% |
| Equity | 10/15 | €561,181 | €576,809 | +€15,628 | +2.8% |
| Contributions | 10/11 | €461,973 | €461,973 | = | 0.0% |
| Capital | 10 | €461,973 | €461,973 | = | 0.0% |
| Issued capital | 100 | €461,973 | €461,973 | = | 0.0% |
| Reserves | 13 | €99,208 | €114,835 | +€15,628 | +15.8% |
| Non-distributable reserves | 130/1 | €5,992 | €6,774 | +€781 | +13.0% |
| Legal reserve | 130 | €5,992 | €6,774 | +€781 | +13.0% |
| Distributable reserves | 133 | €93,215 | €108,062 | +€14,846 | +15.9% |
| Amounts payable | 17/49 | €208,480 | €16,215 | -€192,265 | -92.2% |
| Amounts payable after more than one year | 17 | €200,000 | - | -€200,000 | |
| Financial debts | 170/4 | €200,000 | - | -€200,000 | |
| Amounts payable within one year | 42/48 | €8,480 | €16,215 | +€7,735 | +91.2% |
| Trade debts | 44 | €777 | €752 | -€25 | -3.2% |
| Suppliers | 440/4 | €777 | €752 | -€25 | -3.2% |
| Taxes, remuneration and social security | 45 | €203 | €7,581 | +€7,379 | +3639.1% |
| Taxes | 450/3 | €203 | €7,581 | +€7,379 | +3639.1% |
| Other amounts payable | 47/48 | €7,500 | €7,881 | +€381 | +5.1% |
| Non-recurring operating income | 76A | €11,919 | €15,910 | +€3,991 | +33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,950 | €30,213 | -€9,738 | -24.4% |
| Other operating charges | 640/8 | €4,941 | €5,471 | +€530 | +10.7% |
| Non-recurring operating charges | 66A | €7,178 | - | -€7,178 | |
| Gross operating margin | 9900 | €66,818 | €61,663 | -€5,155 | -7.7% |
| Operating profit (loss) | 9901 | €14,748 | €25,979 | +€11,231 | +76.2% |
| Financial income | 75/76B | €1,116 | - | -€1,116 | |
| Recurring financial income | 75 | €1,116 | - | -€1,116 | |
| Financial charges | 65/66B | €15,175 | €4,492 | -€10,683 | -70.4% |
| Recurring financial charges | 65 | €15,175 | €4,492 | -€10,683 | -70.4% |
| Profit (loss) for the period before taxes | 9903 | €689 | €21,487 | +€20,798 | +3017.4% |
| Income taxes | 67/77 | €203 | €5,859 | +€5,657 | +2789.8% |
| Profit (loss) for the period | 9904 | €487 | €15,628 | +€15,141 | +3112.3% |
| Profit (loss) for the period to be appropriated | 9905 | €487 | €15,628 | +€15,141 | +3112.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.