TEGARO: 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
TEGARO
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€66,138
2024 · €166,499-€100,360
Equity
€1.6m
2024 · €1.6m-€58,148
Cash
€286,475
2024 · €285,109+€1,366
Balance sheet total
€2.5m
2024 · €2.5m-€10,759
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Debts after one year -€79,000
down €79,000 (-13.6%), from €579,333 to €500,333
- Other debts +€76,958
up €76,958 (+245.9%), from €31,302 to €108,260
- Reserves -€58,148
down €58,148 (-4.6%), from €1.3m to €1.2m
of which Tax-exempt reserves: -€33,186
- Tax, wage and social debts +€52,480
up €52,480, from €0 to €52,480
Income statement
- Gross operating margin -€108,363
down €108,363 (-36.8%), from €294,383 to €186,021
- Taxes +€24,434
up €24,434 (+111.5%), from €21,918 to €46,351
- Financial income -€10,322
down €10,322 (-39.0%), from €26,466 to €16,144
- Depreciation +€3,195
up €3,195 (+4.9%), from €64,586 to €67,782
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
€166,499
Gross operating margin
-€108,363
Depreciation
-€3,195
Other operating charges
-€855
Financial income
-€10,322
Financial charges
+€2,203
Taxes
-€24,434
Deferred taxes and other
+€44,605
Result 2025
€66,138
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
+€270,539
Investment
-€65,963
Financing
-€203,210
Cash 2024
€285,109
From operations (derived)
+€270,539
Net result for the year
+€66,138
Depreciation
+€67,782
Receivables within one year
+€17,283
Deferred charges and accrued income
-€6,976
Provisions
-€12,116
Trade debts
+€9,270
Tax, wage and social debts
+€52,480
Other debts
+€76,958
Accrued charges and deferred income
-€279
Investment (derived)
-€65,963
Investment in fixed assets (net)
-€65,963
Financing
-€203,210
Debts after one year
-€79,000
Short-term financial debts
+€75
Contributions, distributions and other
-€124,286
Cash 2025
€286,475
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,461,943 | €2,451,184 | -€10,759 | -0.4% |
| Fixed assets | 21/28 | €1,900,320 | €1,898,501 | -€1,819 | -0.1% |
| Tangible fixed assets | 22/27 | €1,551,228 | €1,549,409 | -€1,819 | -0.1% |
| Land and buildings | 22 | €1,532,166 | €1,473,377 | -€58,789 | -3.8% |
| Plant, machinery and equipment | 23 | €19,062 | €76,032 | +€56,970 | +298.9% |
| Financial fixed assets | 28 | €349,092 | €349,092 | = | 0.0% |
| Current assets | 29/58 | €561,623 | €552,682 | -€8,941 | -1.6% |
| Amounts receivable within one year | 40/41 | €265,106 | €247,824 | -€17,283 | -6.5% |
| Trade receivables | 40 | - | €7,829 | +€7,829 | |
| Other amounts receivable | 41 | €265,106 | €239,995 | -€25,111 | -9.5% |
| Cash at bank and in hand | 54/58 | €285,109 | €286,475 | +€1,366 | +0.5% |
| Deferred charges and accrued income | 490/1 | €11,408 | €18,384 | +€6,976 | +61.1% |
| Total equity and liabilities | 10/49 | €2,461,943 | €2,451,184 | -€10,759 | -0.4% |
| Equity | 10/15 | €1,616,944 | €1,558,796 | -€58,148 | -3.6% |
| Contributions | 10/11 | €357,500 | €357,500 | = | 0.0% |
| Capital | 10 | €357,500 | €357,500 | = | 0.0% |
| Issued capital | 100 | €357,500 | €357,500 | = | 0.0% |
| Reserves | 13 | €1,259,444 | €1,201,296 | -€58,148 | -4.6% |
| Non-distributable reserves | 130/1 | €36,433 | €36,433 | = | 0.0% |
| Legal reserve | 130 | €35,750 | €35,750 | = | 0.0% |
| Reserves not available under the articles | 1311 | €683 | €683 | = | 0.0% |
| Tax-exempt reserves | 132 | €356,679 | €323,494 | -€33,186 | -9.3% |
| Distributable reserves | 133 | €866,332 | €841,370 | -€24,962 | -2.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €130,148 | €118,032 | -€12,116 | -9.3% |
| Deferred taxes | 168 | €130,148 | €118,032 | -€12,116 | -9.3% |
| Amounts payable | 17/49 | €714,851 | €774,355 | +€59,504 | +8.3% |
| Amounts payable after more than one year | 17 | €579,333 | €500,333 | -€79,000 | -13.6% |
| Financial debts | 170/4 | €579,333 | €500,333 | -€79,000 | -13.6% |
| Amounts payable within one year | 42/48 | €134,492 | €273,275 | +€138,783 | +103.2% |
| Current portion of amounts payable after more than one year | 42 | €79,000 | €79,000 | = | 0.0% |
| Financial debts | 43 | €11,111 | €11,187 | +€75 | +0.7% |
| Other loans | 439 | €11,111 | €11,187 | +€75 | +0.7% |
| Trade debts | 44 | €13,079 | €22,349 | +€9,270 | +70.9% |
| Suppliers | 440/4 | €13,079 | €22,349 | +€9,270 | +70.9% |
| Taxes, remuneration and social security | 45 | €0 | €52,480 | +€52,480 | |
| Taxes | 450/3 | €0 | €52,480 | +€52,480 | |
| Other amounts payable | 47/48 | €31,302 | €108,260 | +€76,958 | +245.9% |
| Accrued charges and deferred income | 492/3 | €1,026 | €747 | -€279 | -27.2% |
| Non-recurring operating income | 76A | €170,242 | €0 | -€170,242 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,586 | €67,782 | +€3,195 | +4.9% |
| Other operating charges | 640/8 | €14,224 | €15,079 | +€855 | +6.0% |
| Gross operating margin | 9900 | €294,383 | €186,021 | -€108,363 | -36.8% |
| Operating profit (loss) | 9901 | €215,573 | €103,160 | -€112,413 | -52.1% |
| Financial income | 75/76B | €26,466 | €16,144 | -€10,322 | -39.0% |
| Recurring financial income | 75 | €26,466 | €16,144 | -€10,322 | -39.0% |
| Financial charges | 65/66B | €21,134 | €18,931 | -€2,203 | -10.4% |
| Recurring financial charges | 65 | €21,134 | €18,931 | -€2,203 | -10.4% |
| Profit (loss) for the period before taxes | 9903 | €220,905 | €100,373 | -€120,531 | -54.6% |
| Transfer from deferred taxes | 780 | €10,072 | €12,116 | +€2,044 | +20.3% |
| Transfer to deferred taxes | 680 | €42,560 | €0 | -€42,560 | -100.0% |
| Income taxes | 67/77 | €21,918 | €46,351 | +€24,434 | +111.5% |
| Profit (loss) for the period | 9904 | €166,499 | €66,138 | -€100,360 | -60.3% |
| Transfer from tax-exempt reserves | 789 | €25,919 | €33,186 | +€7,267 | +28.0% |
| Transfer to tax-exempt reserves | 689 | €127,681 | €0 | -€127,681 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,737 | €99,324 | +€34,588 | +53.4% |
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 6 October 2026 via checked.be.