Tegels Stevens: 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.
Tegels Stevens
Largest movements
- Receivables within one year -€39,423
down €39,423 (-35.5%), from €111,136 to €71,713
of which Trade receivables: -€40,204
- Stocks and contracts +€16,672
up €16,672 (+42.3%), from €39,447 to €56,119
- Cash -€5,252
down €5,252 (-27.6%), from €19,058 to €13,807
mainly Trade debts (-€22,035) and Stocks and contracts (-€16,672)
- Tangible fixed assets -€4,896
down €4,896 (-45.1%), from €10,852 to €5,955
of which Plant, machinery and equipment: -€2,854
- Deferred charges and accrued income +€2,394
up €2,394 (+112%), from €2,137 to €4,532
- Trade debts -€22,035
down €22,035 (-42.9%), from €51,387 to €29,353
- Profit (loss) carried forward +€21,784
up €21,784 (+52.2%), from €41,744 to €63,527
- Current portion of long-term debt -€14,991
down €14,991 (-60.4%), from €24,840 to €9,849
- Debts after one year -€9,001
down €9,001 (-83.9%), from €10,727 to €1,725
- Short-term financial debts -€5,000
down €5,000 (-12.5%), from €40,000 to €35,000
- Gross operating margin -€25,788
down €25,788 (-39.1%), from €66,025 to €40,237
- Staff costs -€22,245
down €22,245, from €21,833 to -€412
- Depreciation -€15,316
down €15,316 (-75.8%), from €20,212 to €4,896
- Taxes +€2,400
up €2,400 (+58.8%), from €4,083 to €6,483
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 | €182,631 | €152,126 | -€30,505 | -16.7% |
| Fixed assets | 21/28 | €10,852 | €5,955 | -€4,896 | -45.1% |
| Tangible fixed assets | 22/27 | €10,852 | €5,955 | -€4,896 | -45.1% |
| Plant, machinery and equipment | 23 | €6,366 | €3,512 | -€2,854 | -44.8% |
| Furniture and vehicles | 24 | €826 | €332 | -€494 | -59.8% |
| Leasing and similar rights | 25 | €3,653 | €2,111 | -€1,541 | -42.2% |
| Other tangible fixed assets | 26 | €7 | €0 | -€7 | -100% |
| Current assets | 29/58 | €171,779 | €146,170 | -€25,609 | -14.9% |
| Stocks and contracts in progress | 3 | €39,447 | €56,119 | +€16,672 | +42.3% |
| Stocks | 30/36 | €39,447 | €56,119 | +€16,672 | +42.3% |
| Amounts receivable within one year | 40/41 | €111,136 | €71,713 | -€39,423 | -35.5% |
| Trade receivables | 40 | €46,931 | €6,727 | -€40,204 | -85.7% |
| Other amounts receivable | 41 | €64,205 | €64,986 | +€780 | +1.2% |
| Cash at bank and in hand | 54/58 | €19,058 | €13,807 | -€5,252 | -27.6% |
| Deferred charges and accrued income | 490/1 | €2,137 | €4,532 | +€2,394 | +112% |
| Total equity and liabilities | 10/49 | €182,631 | €152,126 | -€30,505 | -16.7% |
| Equity | 10/15 | €46,744 | €68,527 | +€21,784 | +46.6% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,744 | €63,527 | +€21,784 | +52.2% |
| Amounts payable | 17/49 | €135,887 | €83,598 | -€52,289 | -38.5% |
| Amounts payable after more than one year | 17 | €10,727 | €1,725 | -€9,001 | -83.9% |
| Financial debts | 170/4 | €10,727 | €1,725 | -€9,001 | -83.9% |
| Amounts payable within one year | 42/48 | €124,452 | €81,873 | -€42,579 | -34.2% |
| Current portion of amounts payable after more than one year | 42 | €24,840 | €9,849 | -€14,991 | -60.4% |
| Financial debts | 43 | €40,000 | €35,000 | -€5,000 | -12.5% |
| Credit institutions | 430/8 | €40,000 | €35,000 | -€5,000 | -12.5% |
| Trade debts | 44 | €51,387 | €29,353 | -€22,035 | -42.9% |
| Suppliers | 440/4 | €51,387 | €29,353 | -€22,035 | -42.9% |
| Taxes, remuneration and social security | 45 | €8,225 | €7,671 | -€554 | -6.7% |
| Taxes | 450/3 | €8,225 | €7,671 | -€554 | -6.7% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €709 | €0 | -€709 | -100% |
| Remuneration, social security and pensions | 62 | €21,833 | -€412 | -€22,245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,212 | €4,896 | -€15,316 | -75.8% |
| Other operating charges | 640/8 | €3,855 | €4,203 | +€348 | +9.0% |
| Gross operating margin | 9900 | €66,025 | €40,237 | -€25,788 | -39.1% |
| Operating profit (loss) | 9901 | €20,125 | €31,550 | +€11,425 | +56.8% |
| Financial income | 75/76B | €653 | €416 | -€237 | -36.2% |
| Recurring financial income | 75 | €653 | €416 | -€237 | -36.2% |
| Financial charges | 65/66B | €4,194 | €3,699 | -€495 | -11.8% |
| Recurring financial charges | 65 | €4,194 | €3,699 | -€495 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €16,584 | €28,267 | +€11,683 | +70.4% |
| Income taxes | 67/77 | €4,083 | €6,483 | +€2,400 | +58.8% |
| Profit (loss) for the period | 9904 | €12,501 | €21,784 | +€9,283 | +74.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,501 | €21,784 | +€9,283 | +74.3% |
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.