TEGEL DISCOUNT: 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.
TEGEL DISCOUNT
Largest movements
- Tangible fixed assets -€54,924
down €54,924 (-6.0%), from €908,922 to €853,997
of which Land and buildings: -€32,665
- Receivables within one year +€30,299
up €30,299 (+15.1%), from €201,219 to €231,518
of which Trade receivables: +€34,638
- Stocks and contracts -€23,490
down €23,490 (-3.4%), from €689,091 to €665,601
- Debts after one year -€103,287
down €103,287 (-23.4%), from €441,867 to €338,580
- Other debts +€59,722
up €59,722 (+307%), from €19,456 to €79,178
- Reserves -€20,800
down €20,800 (-2.2%), from €959,914 to €939,114
of which Distributable reserves: -€20,800
- Gross operating margin +€65,264
up €65,264 (+23.9%), from €273,290 to €338,554
- Staff costs +€9,678
up €9,678 (+6.9%), from €139,313 to €148,991
- Taxes +€6,054
up €6,054 (+851%), from €712 to €6,766
- Depreciation +€5,936
up €5,936 (+5.5%), from €107,476 to €113,412
- Other operating charges +€4,954
up €4,954 (+65.0%), from €7,618 to €12,572
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,047,284 | €1,996,215 | -€51,068 | -2.5% |
| Fixed assets | 21/28 | €908,922 | €853,997 | -€54,924 | -6.0% |
| Tangible fixed assets | 22/27 | €908,922 | €853,997 | -€54,924 | -6.0% |
| Land and buildings | 22 | €526,299 | €493,634 | -€32,665 | -6.2% |
| Plant, machinery and equipment | 23 | €216,340 | €245,770 | +€29,430 | +13.6% |
| Furniture and vehicles | 24 | €75,454 | €55,309 | -€20,145 | -26.7% |
| Leasing and similar rights | 25 | €90,828 | €59,284 | -€31,544 | -34.7% |
| Current assets | 29/58 | €1,138,362 | €1,142,218 | +€3,856 | +0.3% |
| Stocks and contracts in progress | 3 | €689,091 | €665,601 | -€23,490 | -3.4% |
| Stocks | 30/36 | €689,091 | €665,601 | -€23,490 | -3.4% |
| Amounts receivable within one year | 40/41 | €201,219 | €231,518 | +€30,299 | +15.1% |
| Trade receivables | 40 | €196,881 | €231,518 | +€34,638 | +17.6% |
| Other amounts receivable | 41 | €4,339 | - | -€4,339 | |
| Cash at bank and in hand | 54/58 | €247,267 | €244,270 | -€2,997 | -1.2% |
| Deferred charges and accrued income | 490/1 | €785 | €829 | +€44 | +5.6% |
| Total equity and liabilities | 10/49 | €2,047,284 | €1,996,215 | -€51,068 | -2.5% |
| Equity | 10/15 | €978,506 | €957,810 | -€20,696 | -2.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €959,914 | €939,114 | -€20,800 | -2.2% |
| Tax-exempt reserves | 132 | €13,000 | €13,000 | = | 0.0% |
| Distributable reserves | 133 | €946,914 | €926,114 | -€20,800 | -2.2% |
| Profit (loss) carried forward | 14 | - | €104 | +€104 | |
| Amounts payable | 17/49 | €1,068,778 | €1,038,406 | -€30,372 | -2.8% |
| Amounts payable after more than one year | 17 | €441,867 | €338,580 | -€103,287 | -23.4% |
| Financial debts | 170/4 | €441,867 | €338,580 | -€103,287 | -23.4% |
| Amounts payable within one year | 42/48 | €626,911 | €699,826 | +€72,915 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €122,077 | €103,287 | -€18,790 | -15.4% |
| Financial debts | 43 | €243,592 | €243,592 | = | 0.0% |
| Credit institutions | 430/8 | €243,592 | €243,592 | = | 0.0% |
| Trade debts | 44 | €220,287 | €238,379 | +€18,092 | +8.2% |
| Suppliers | 440/4 | €220,287 | €238,379 | +€18,092 | +8.2% |
| Advances received on contracts in progress | 46 | - | €245 | +€245 | |
| Taxes, remuneration and social security | 45 | €21,499 | €35,144 | +€13,645 | +63.5% |
| Taxes | 450/3 | €2,849 | €14,982 | +€12,133 | +426% |
| Remuneration and social security | 454/9 | €18,650 | €20,162 | +€1,512 | +8.1% |
| Other amounts payable | 47/48 | €19,456 | €79,178 | +€59,722 | +307% |
| Non-recurring operating income | 76A | €200 | - | -€200 | |
| Remuneration, social security and pensions | 62 | €139,313 | €148,991 | +€9,678 | +6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,476 | €113,412 | +€5,936 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €893 | €566 | -€327 | -36.6% |
| Other operating charges | 640/8 | €7,618 | €12,572 | +€4,954 | +65.0% |
| Gross operating margin | 9900 | €273,290 | €338,554 | +€65,264 | +23.9% |
| Operating profit (loss) | 9901 | €17,990 | €63,014 | +€45,023 | +250% |
| Financial income | 75/76B | €7,245 | €5,837 | -€1,408 | -19.4% |
| Recurring financial income | 75 | €7,059 | €5,821 | -€1,238 | -17.5% |
| Non-recurring financial income | 76B | €186 | €15 | -€170 | -91.7% |
| Financial charges | 65/66B | €19,943 | €22,781 | +€2,838 | +14.2% |
| Recurring financial charges | 65 | €19,943 | €22,781 | +€2,838 | +14.2% |
| Profit (loss) for the period before taxes | 9903 | €5,292 | €46,070 | +€40,777 | +770% |
| Income taxes | 67/77 | €712 | €6,766 | +€6,054 | +851% |
| Profit (loss) for the period | 9904 | €4,581 | €39,304 | +€34,723 | +758% |
| Profit (loss) for the period to be appropriated | 9905 | €4,581 | €39,304 | +€34,723 | +758% |
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 31 October 2026 via checked.be.