TEGELBEL: 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.
TEGELBEL
Largest movements
- Receivables after one year -€97,317
down €97,317 (-43.9%), from €221,606 to €124,289
- Stocks and contracts +€37,591
new in 2025: €37,591
- Receivables within one year +€11,193
up €11,193 (+19.3%), from €58,057 to €69,250
of which Trade receivables: +€14,530
- Cash -€3,344
down €3,344 (-36.1%), from €9,263 to €5,919
mainly Contributions, distributions and other (-€148,200) and Trade debts (-€41,971)
- Profit (loss) carried forward -€102,682
down €102,682 (-57.5%), from €178,507 to €75,825
- Other debts +€72,240
up €72,240 (+229%), from €31,500 to €103,740
- Trade debts -€41,971
down €41,971 (-83.0%), from €50,591 to €8,620
- Tax, wage and social debts +€21,168
up €21,168 (+61.6%), from €34,339 to €55,507
of which Taxes: +€18,687
- Gross operating margin +€22,425
up €22,425 (+34.1%), from €65,714 to €88,139
- Staff costs +€16,219
up €16,219 (+168%), from €9,675 to €25,894
- Financial charges -€12,772
down €12,772 (-86.7%), from €14,734 to €1,962
- Financial income -€3,780
down €3,780 (-28.7%), from €13,173 to €9,393
- Taxes +€3,661
up €3,661 (+28.1%), from €13,022 to €16,683
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 | €308,328 | €255,552 | -€52,775 | -17.1% |
| Formation expenses | 20 | €2,399 | €1,791 | -€608 | -25.3% |
| Fixed assets | 21/28 | €14,292 | €15,083 | +€791 | +5.5% |
| Tangible fixed assets | 22/27 | €9,610 | €8,451 | -€1,159 | -12.1% |
| Plant, machinery and equipment | 23 | - | €1,084 | +€1,084 | |
| Furniture and vehicles | 24 | €9,610 | €7,368 | -€2,243 | -23.3% |
| Financial fixed assets | 28 | €4,682 | €6,632 | +€1,950 | +41.7% |
| Current assets | 29/58 | €291,637 | €238,678 | -€52,958 | -18.2% |
| Amounts receivable after more than one year | 29 | €221,606 | €124,289 | -€97,317 | -43.9% |
| Other amounts receivable | 291 | €221,606 | €124,289 | -€97,317 | -43.9% |
| Stocks and contracts in progress | 3 | - | €37,591 | +€37,591 | |
| Contracts in progress | 37 | - | €37,591 | +€37,591 | |
| Amounts receivable within one year | 40/41 | €58,057 | €69,250 | +€11,193 | +19.3% |
| Trade receivables | 40 | €42,659 | €57,189 | +€14,530 | +34.1% |
| Other amounts receivable | 41 | €15,398 | €12,061 | -€3,338 | -21.7% |
| Cash at bank and in hand | 54/58 | €9,263 | €5,919 | -€3,344 | -36.1% |
| Deferred charges and accrued income | 490/1 | €2,710 | €1,629 | -€1,081 | -39.9% |
| Total equity and liabilities | 10/49 | €308,328 | €255,552 | -€52,775 | -17.1% |
| Equity | 10/15 | €190,367 | €87,685 | -€102,682 | -53.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €178,507 | €75,825 | -€102,682 | -57.5% |
| Amounts payable | 17/49 | €117,961 | €167,868 | +€49,907 | +42.3% |
| Amounts payable within one year | 42/48 | €117,961 | €167,868 | +€49,907 | +42.3% |
| Trade debts | 44 | €50,591 | €8,620 | -€41,971 | -83.0% |
| Suppliers | 440/4 | €50,591 | €8,620 | -€41,971 | -83.0% |
| Advances received on contracts in progress | 46 | €1,530 | - | -€1,530 | |
| Taxes, remuneration and social security | 45 | €34,339 | €55,507 | +€21,168 | +61.6% |
| Taxes | 450/3 | €32,941 | €51,628 | +€18,687 | +56.7% |
| Remuneration and social security | 454/9 | €1,398 | €3,879 | +€2,481 | +177% |
| Other amounts payable | 47/48 | €31,500 | €103,740 | +€72,240 | +229% |
| Remuneration, social security and pensions | 62 | €9,675 | €25,894 | +€16,219 | +168% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,152 | €2,859 | +€706 | +32.8% |
| Other operating charges | 640/8 | €1,364 | €4,616 | +€3,252 | +238% |
| Gross operating margin | 9900 | €65,714 | €88,139 | +€22,425 | +34.1% |
| Operating profit (loss) | 9901 | €52,522 | €54,770 | +€2,248 | +4.3% |
| Financial income | 75/76B | €13,173 | €9,393 | -€3,780 | -28.7% |
| Recurring financial income | 75 | €13,173 | €9,393 | -€3,780 | -28.7% |
| Financial charges | 65/66B | €14,734 | €1,962 | -€12,772 | -86.7% |
| Recurring financial charges | 65 | €14,734 | €1,962 | -€12,772 | -86.7% |
| Profit (loss) for the period before taxes | 9903 | €50,961 | €62,201 | +€11,240 | +22.1% |
| Income taxes | 67/77 | €13,022 | €16,683 | +€3,661 | +28.1% |
| Profit (loss) for the period | 9904 | €37,939 | €45,518 | +€7,579 | +20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €37,939 | €45,518 | +€7,579 | +20.0% |
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 18 October 2026 via checked.be.