TEGELPROJECT: 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.
TEGELPROJECT
Largest movements
- Tangible fixed assets +€44,307
up €44,307 (+2,318%), from €1,912 to €46,218
- Cash -€44,039
down €44,039 (-9.0%), from €490,281 to €446,242
mainly Contributions, distributions and other (-€61,789) and Investment in fixed assets (net) (-€55,850)
- Stocks and contracts -€13,831
down €13,831 (-65.9%), from €20,984 to €7,153
- Receivables within one year +€8,359
up €8,359 (+44.2%), from €18,894 to €27,252
of which Trade receivables: +€19,748
- Reserves -€61,789
down €61,789 (-28.7%), from €215,641 to €153,852
of which Distributable reserves: -€61,789
- Other debts +€58,700
up €58,700 (+67.2%), from €87,302 to €146,002
- Debts after one year +€19,476
new in 2025: €19,476
- Profit (loss) carried forward -€17,458
down €17,458 (-9.1%), from €192,049 to €174,590
- Trade debts -€13,142
down €13,142 (-77.1%), from €17,051 to €3,909
- Financial charges -€25,121
down €25,121 (-74.0%), from €33,969 to €8,849
of which Non-recurring financial charges: -€25,045
- Depreciation +€10,714
up €10,714 (+1,291%), from €830 to €11,543
- Gross operating margin -€1,451
down €1,451 (-36.0%), from €4,034 to €2,584
- Financial income +€1,245
up €1,245 (+301%), from €413 to €1,658
of which Financial income: +€745
- Other operating charges -€708
down €708 (-35.5%), from €1,995 to €1,287
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 | €532,070 | €526,866 | -€5,205 | -1.0% |
| Fixed assets | 21/28 | €1,912 | €46,218 | +€44,307 | +2,318% |
| Tangible fixed assets | 22/27 | €1,912 | €46,218 | +€44,307 | +2,318% |
| Furniture and vehicles | 24 | €1,912 | €46,218 | +€44,307 | +2,318% |
| Current assets | 29/58 | €530,159 | €480,647 | -€49,511 | -9.3% |
| Stocks and contracts in progress | 3 | €20,984 | €7,153 | -€13,831 | -65.9% |
| Stocks | 30/36 | €20,984 | €7,153 | -€13,831 | -65.9% |
| Amounts receivable within one year | 40/41 | €18,894 | €27,252 | +€8,359 | +44.2% |
| Trade receivables | 40 | €5,925 | €25,673 | +€19,748 | +333% |
| Other amounts receivable | 41 | €12,969 | €1,580 | -€11,389 | -87.8% |
| Cash at bank and in hand | 54/58 | €490,281 | €446,242 | -€44,039 | -9.0% |
| Total equity and liabilities | 10/49 | €532,070 | €526,866 | -€5,205 | -1.0% |
| Equity | 10/15 | €420,090 | €340,842 | -€79,248 | -18.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €215,641 | €153,852 | -€61,789 | -28.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €195,031 | €133,242 | -€61,789 | -31.7% |
| Profit (loss) carried forward | 14 | €192,049 | €174,590 | -€17,458 | -9.1% |
| Amounts payable | 17/49 | €111,980 | €186,024 | +€74,043 | +66.1% |
| Amounts payable after more than one year | 17 | - | €19,476 | +€19,476 | |
| Financial debts | 170/4 | - | €19,476 | +€19,476 | |
| Amounts payable within one year | 42/48 | €104,960 | €159,373 | +€54,413 | +51.8% |
| Current portion of amounts payable after more than one year | 42 | - | €8,573 | +€8,573 | |
| Trade debts | 44 | €17,051 | €3,909 | -€13,142 | -77.1% |
| Suppliers | 440/4 | €17,051 | €3,909 | -€13,142 | -77.1% |
| Taxes, remuneration and social security | 45 | €606 | €889 | +€283 | +46.6% |
| Taxes | 450/3 | €606 | €889 | +€283 | +46.6% |
| Other amounts payable | 47/48 | €87,302 | €146,002 | +€58,700 | +67.2% |
| Accrued charges and deferred income | 492/3 | €7,021 | €7,175 | +€154 | +2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €830 | €11,543 | +€10,714 | +1,291% |
| Other operating charges | 640/8 | €1,995 | €1,287 | -€708 | -35.5% |
| Gross operating margin | 9900 | €4,034 | €2,584 | -€1,451 | -36.0% |
| Operating profit (loss) | 9901 | €1,210 | -€10,247 | -€11,457 | |
| Financial income | 75/76B | €413 | €1,658 | +€1,245 | +301% |
| Recurring financial income | 75 | €413 | €1,158 | +€745 | +180% |
| Non-recurring financial income | 76B | - | €500 | +€500 | |
| Financial charges | 65/66B | €33,969 | €8,849 | -€25,121 | -74.0% |
| Recurring financial charges | 65 | €8,925 | €8,849 | -€76 | -0.9% |
| Non-recurring financial charges | 66B | €25,045 | - | -€25,045 | |
| Profit (loss) for the period before taxes | 9903 | -€32,347 | -€17,438 | +€14,909 | +46.1% |
| Income taxes | 67/77 | €388 | €21 | -€367 | -94.6% |
| Profit (loss) for the period | 9904 | -€32,734 | -€17,458 | +€15,276 | +46.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,734 | -€17,458 | +€15,276 | +46.7% |
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 15 October 2026 via checked.be.