TEGEL CONCEPT: 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.
What changed
TEGEL CONCEPT
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€42,810
2024 · €79,630-€36,820
Equity
€1.4m
2024 · €1.3m+€42,810
Cash
€97,685
2024 · €86,503+€11,182
Balance sheet total
€3.3m
2024 · €3.5m-€200,447
Largest movements
Assets
- Tangible fixed assets -€173,891
down €173,891 (-19.0%), from €917,513 to €743,622
of which Land and buildings: -€96,454
- Deferred charges and accrued income +€65,895
up €65,895 (+41.5%), from €158,644 to €224,539
- Stocks and contracts -€55,413
down €55,413 (-6.8%), from €814,069 to €758,657
- Receivables within one year -€48,221
down €48,221 (-9.2%), from €525,568 to €477,348
of which Trade receivables: -€118,817
Equity and liabilities
- Advances received -€190,843
down €190,843 (-59.6%), from €320,102 to €129,259
- Profit (loss) carried forward +€42,810
up €42,810 (+6.1%), from €699,753 to €742,562
Income statement
- Depreciation +€40,737
up €40,737 (+28.0%), from €145,474 to €186,211
- Gross operating margin -€17,138
down €17,138 (-1.3%), from €1.3m to €1.3m
- Staff costs -€15,252
down €15,252 (-1.7%), from €916,989 to €901,737
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
€79,630
Gross operating margin
-€17,138
Staff costs
+€15,252
Depreciation
-€40,737
Provisions
-€358
Other operating charges
-€2,589
Other operating items
-€75
Financial income
+€3,320
Financial charges
+€3,840
Taxes
+€1,665
Result 2025
€42,810
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
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
+€52,115
Investment
-€12,320
Financing
-€28,613
Cash 2024
€86,503
From operations (derived)
+€52,115
Net result for the year
+€42,810
Depreciation
+€186,211
Stocks and contracts
+€55,413
Receivables within one year
+€48,221
Deferred charges and accrued income
-€65,895
Trade debts
-€24,704
Tax, wage and social debts
+€15,196
Advances received
-€190,843
Accrued charges and deferred income
-€14,293
Investment (derived)
-€12,320
Investment in fixed assets (net)
-€12,320
Financing
-€28,613
Debts after one year
-€24,190
Current portion of long-term debt
-€4,424
Cash 2025
€97,685
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,495,224 | €3,294,776 | -€200,447 | -5.7% |
| Fixed assets | 21/28 | €1,910,438 | €1,736,547 | -€173,891 | -9.1% |
| Tangible fixed assets | 22/27 | €917,513 | €743,622 | -€173,891 | -19.0% |
| Land and buildings | 22 | €459,449 | €362,995 | -€96,454 | -21.0% |
| Plant, machinery and equipment | 23 | €142,443 | €131,300 | -€11,143 | -7.8% |
| Furniture and vehicles | 24 | €63,597 | €42,072 | -€21,525 | -33.8% |
| Other tangible fixed assets | 26 | €252,025 | €207,255 | -€44,770 | -17.8% |
| Financial fixed assets | 28 | €992,925 | €992,925 | = | 0.0% |
| Current assets | 29/58 | €1,584,785 | €1,558,229 | -€26,557 | -1.7% |
| Stocks and contracts in progress | 3 | €814,069 | €758,657 | -€55,413 | -6.8% |
| Stocks | 30/36 | €814,069 | €758,657 | -€55,413 | -6.8% |
| Amounts receivable within one year | 40/41 | €525,568 | €477,348 | -€48,221 | -9.2% |
| Trade receivables | 40 | €449,452 | €330,635 | -€118,817 | -26.4% |
| Other amounts receivable | 41 | €76,117 | €146,713 | +€70,596 | +92.7% |
| Cash at bank and in hand | 54/58 | €86,503 | €97,685 | +€11,182 | +12.9% |
| Deferred charges and accrued income | 490/1 | €158,644 | €224,539 | +€65,895 | +41.5% |
| Total equity and liabilities | 10/49 | €3,495,224 | €3,294,776 | -€200,447 | -5.7% |
| Equity | 10/15 | €1,314,785 | €1,357,595 | +€42,810 | +3.3% |
| Contributions | 10/11 | €268,171 | €268,171 | = | 0.0% |
| Revaluation surpluses | 12 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €21,862 | €21,862 | = | 0.0% |
| Distributable reserves | 133 | €21,862 | €21,862 | = | 0.0% |
| Profit (loss) carried forward | 14 | €699,753 | €742,562 | +€42,810 | +6.1% |
| Amounts payable | 17/49 | €2,180,439 | €1,937,181 | -€243,257 | -11.2% |
| Amounts payable after more than one year | 17 | €182,819 | €158,630 | -€24,190 | -13.2% |
| Financial debts | 170/4 | €182,819 | €158,630 | -€24,190 | -13.2% |
| Amounts payable within one year | 42/48 | €1,983,327 | €1,778,552 | -€204,775 | -10.3% |
| Current portion of amounts payable after more than one year | 42 | €211,833 | €207,409 | -€4,424 | -2.1% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €755,228 | €730,524 | -€24,704 | -3.3% |
| Suppliers | 440/4 | €755,228 | €730,524 | -€24,704 | -3.3% |
| Advances received on contracts in progress | 46 | €320,102 | €129,259 | -€190,843 | -59.6% |
| Taxes, remuneration and social security | 45 | €196,164 | €211,360 | +€15,196 | +7.7% |
| Taxes | 450/3 | €78,885 | €71,148 | -€7,737 | -9.8% |
| Remuneration and social security | 454/9 | €117,279 | €140,212 | +€22,933 | +19.6% |
| Accrued charges and deferred income | 492/3 | €14,293 | - | -€14,293 | |
| Non-recurring operating income | 76A | €874 | €978 | +€104 | +11.9% |
| Remuneration, social security and pensions | 62 | €916,989 | €901,737 | -€15,252 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,474 | €186,211 | +€40,737 | +28.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€358 | - | +€358 | |
| Other operating charges | 640/8 | €79,863 | €82,452 | +€2,589 | +3.2% |
| Non-recurring operating charges | 66A | €180 | €255 | +€75 | +41.8% |
| Gross operating margin | 9900 | €1,289,028 | €1,271,890 | -€17,138 | -1.3% |
| Operating profit (loss) | 9901 | €146,880 | €101,235 | -€45,644 | -31.1% |
| Financial income | 75/76B | €37,333 | €40,653 | +€3,320 | +8.9% |
| Recurring financial income | 75 | €37,333 | €40,653 | +€3,320 | +8.9% |
| Financial charges | 65/66B | €55,102 | €51,263 | -€3,840 | -7.0% |
| Recurring financial charges | 65 | €55,102 | €50,943 | -€4,159 | -7.5% |
| Non-recurring financial charges | 66B | - | €320 | +€320 | |
| Profit (loss) for the period before taxes | 9903 | €129,111 | €90,625 | -€38,485 | -29.8% |
| Income taxes | 67/77 | €49,481 | €47,816 | -€1,665 | -3.4% |
| Profit (loss) for the period | 9904 | €79,630 | €42,810 | -€36,820 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €79,630 | €42,810 | -€36,820 | -46.2% |
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 20 October 2026 via checked.be.