Tefa: 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.
Tefa
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€2.2m
up €2.2m (+65.0%), from €3.3m to €5.5m
- Debts after one year -€2.0m
down €2.0m (-35.2%), from €5.7m to €3.7m
- Financial income +€578,686
up €578,686 (+35.1%), from €1.7m to €2.2m
of which Financial income: +€578,679
- Gross operating margin -€45,947
down €45,947 (-31.6%), from €145,597 to €99,650
- Financial charges -€30,748
down €30,748 (-20.5%), from €150,319 to €119,571
of which Financial charges: -€29,576
- Other operating charges +€14,881
up €14,881 (+927.8%), from €1,604 to €16,485
- Depreciation +€12,547
up €12,547 (+73.3%), from €17,115 to €29,662
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 | €14,782,077 | €14,991,587 | +€209,511 | +1.4% |
| Fixed assets | 21/28 | €14,550,488 | €14,633,787 | +€83,299 | +0.6% |
| Tangible fixed assets | 22/27 | €19,888 | €103,187 | +€83,299 | +418.8% |
| Plant, machinery and equipment | 23 | €15,618 | €15,810 | +€192 | +1.2% |
| Furniture and vehicles | 24 | €4,270 | €87,377 | +€83,107 | +1946.2% |
| Financial fixed assets | 28 | €14,530,600 | €14,530,600 | = | 0.0% |
| Current assets | 29/58 | €231,589 | €357,800 | +€126,211 | +54.5% |
| Amounts receivable within one year | 40/41 | €36,300 | €54,452 | +€18,152 | +50.0% |
| Trade receivables | 40 | €36,300 | €36,391 | +€91 | +0.3% |
| Other amounts receivable | 41 | - | €18,061 | +€18,061 | |
| Cash at bank and in hand | 54/58 | €145,289 | €203,153 | +€57,864 | +39.8% |
| Deferred charges and accrued income | 490/1 | €50,000 | €100,195 | +€50,195 | +100.4% |
| Total equity and liabilities | 10/49 | €14,782,077 | €14,991,587 | +€209,511 | +1.4% |
| Equity | 10/15 | €8,126,360 | €10,286,493 | +€2.2m | +26.6% |
| Contributions | 10/11 | €4,804,362 | €4,804,362 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,321,998 | €5,482,131 | +€2.2m | +65.0% |
| Provisions and deferred taxes | 16 | €684,733 | €689,216 | +€4,483 | +0.7% |
| Provisions for liabilities and charges | 160/5 | €684,733 | €689,216 | +€4,483 | +0.7% |
| Environmental obligations | 163 | €684,733 | €689,216 | +€4,483 | +0.7% |
| Amounts payable | 17/49 | €5,970,983 | €4,015,878 | -€2.0m | -32.7% |
| Amounts payable after more than one year | 17 | €5,680,000 | €3,680,000 | -€2.0m | -35.2% |
| Financial debts | 170/4 | €5,680,000 | €3,680,000 | -€2.0m | -35.2% |
| Amounts payable within one year | 42/48 | €227,562 | €199,748 | -€27,814 | -12.2% |
| Trade debts | 44 | €1,564 | €2,283 | +€719 | +46.0% |
| Suppliers | 440/4 | €1,564 | €2,283 | +€719 | +46.0% |
| Taxes, remuneration and social security | 45 | €7,500 | €8,854 | +€1,355 | +18.1% |
| Taxes | 450/3 | €7,500 | €8,854 | +€1,355 | +18.1% |
| Other amounts payable | 47/48 | €218,499 | €188,611 | -€29,888 | -13.7% |
| Accrued charges and deferred income | 492/3 | €63,421 | €136,130 | +€72,708 | +114.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,115 | €29,662 | +€12,547 | +73.3% |
| Other operating charges | 640/8 | €1,604 | €16,485 | +€14,881 | +927.8% |
| Non-recurring operating charges | 66A | - | €1,259 | +€1,259 | |
| Gross operating margin | 9900 | €145,597 | €99,650 | -€45,947 | -31.6% |
| Operating profit (loss) | 9901 | €126,878 | €52,243 | -€74,635 | -58.8% |
| Financial income | 75/76B | €1,650,415 | €2,229,101 | +€578,686 | +35.1% |
| Recurring financial income | 75 | €1,650,005 | €2,228,684 | +€578,679 | +35.1% |
| Non-recurring financial income | 76B | €410 | €417 | +€7 | +1.7% |
| Financial charges | 65/66B | €150,319 | €119,571 | -€30,748 | -20.5% |
| Recurring financial charges | 65 | €149,146 | €119,571 | -€29,576 | -19.8% |
| Non-recurring financial charges | 66B | €1,173 | - | -€1,173 | |
| Profit (loss) for the period before taxes | 9903 | €1,626,974 | €2,161,774 | +€534,800 | +32.9% |
| Income taxes | 67/77 | €174 | €1,641 | +€1,467 | +842.9% |
| Profit (loss) for the period | 9904 | €1,626,800 | €2,160,133 | +€533,333 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,626,800 | €2,160,133 | +€533,333 | +32.8% |
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 10 October 2026 via checked.be.