TEGELTREND: 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.
TEGELTREND
Largest movements
- Stocks and contracts -€406,387
no longer reported in 2025 (was €406,387)
- Tangible fixed assets +€87,250
up €87,250 (+14.0%), from €622,581 to €709,831
of which Other tangible fixed assets: +€95,863
- Receivables within one year +€44,401
up €44,401 (+412.0%), from €10,777 to €55,178
of which Other amounts receivable: +€23,862
- Cash +€40,160
up €40,160 (+37.9%), from €105,967 to €146,126
mainly Stocks and contracts (+€406,387) and Depreciation (+€98,225)
- Short-term financial debts -€250,000
no longer reported in 2025 (was €250,000)
- Reserves -€48,696
down €48,696 (-34.5%), from €140,985 to €92,289
- Debts after one year +€47,568
up €47,568 (+8.3%), from €576,369 to €623,936
- Current portion of long-term debt +€24,902
up €24,902 (+41.8%), from €59,523 to €84,425
- Gross operating margin -€76,819
down €76,819 (-29.5%), from €260,456 to €183,637
- Taxes -€16,945
down €16,945 (-97.5%), from €17,378 to €433
- Financial charges -€8,646
down €8,646 (-25.9%), from €33,388 to €24,743
- Staff costs +€3,319
up €3,319 (+6.7%), from €49,270 to €52,589
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.
Cash bridge derived
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 | €1,162,053 | €933,804 | -€228,249 | -19.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €622,868 | €710,118 | +€87,250 | +14.0% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €622,581 | €709,831 | +€87,250 | +14.0% |
| Land and buildings | 22 | €32,032 | €30,073 | -€1,959 | -6.1% |
| Plant, machinery and equipment | 23 | €7,744 | €4,009 | -€3,735 | -48.2% |
| Furniture and vehicles | 24 | €139,429 | €170,690 | +€31,261 | +22.4% |
| Leasing and similar rights | 25 | €384,499 | €350,318 | -€34,181 | -8.9% |
| Other tangible fixed assets | 26 | €58,878 | €154,741 | +€95,863 | +162.8% |
| Financial fixed assets | 28 | €287 | €287 | = | 0.0% |
| Current assets | 29/58 | €539,185 | €223,686 | -€315,499 | -58.5% |
| Stocks and contracts in progress | 3 | €406,387 | - | -€406,387 | |
| Stocks | 30/36 | €406,387 | - | -€406,387 | |
| Amounts receivable within one year | 40/41 | €10,777 | €55,178 | +€44,401 | +412.0% |
| Trade receivables | 40 | €1,875 | €22,414 | +€20,539 | +1095.4% |
| Other amounts receivable | 41 | €8,902 | €32,764 | +€23,862 | +268.1% |
| Cash at bank and in hand | 54/58 | €105,967 | €146,126 | +€40,160 | +37.9% |
| Deferred charges and accrued income | 490/1 | €16,054 | €22,382 | +€6,328 | +39.4% |
| Total equity and liabilities | 10/49 | €1,162,053 | €933,804 | -€228,249 | -19.6% |
| Equity | 10/15 | €159,585 | €110,889 | -€48,696 | -30.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €140,985 | €92,289 | -€48,696 | -34.5% |
| Distributable reserves | 133 | €140,985 | €92,289 | -€48,696 | -34.5% |
| Amounts payable | 17/49 | €1,002,468 | €822,915 | -€179,553 | -17.9% |
| Amounts payable after more than one year | 17 | €576,369 | €623,936 | +€47,568 | +8.3% |
| Financial debts | 170/4 | €576,369 | €623,936 | +€47,568 | +8.3% |
| Amounts payable within one year | 42/48 | €426,099 | €195,447 | -€230,652 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €59,523 | €84,425 | +€24,902 | +41.8% |
| Financial debts | 43 | €250,000 | - | -€250,000 | |
| Credit institutions | 430/8 | €250,000 | - | -€250,000 | |
| Trade debts | 44 | €6,005 | €5,109 | -€896 | -14.9% |
| Suppliers | 440/4 | €6,005 | €5,109 | -€896 | -14.9% |
| Taxes, remuneration and social security | 45 | €282 | €655 | +€372 | +132.1% |
| Taxes | 450/3 | €282 | €655 | +€372 | +132.1% |
| Other amounts payable | 47/48 | €110,290 | €105,258 | -€5,032 | -4.6% |
| Accrued charges and deferred income | 492/3 | - | €3,531 | +€3,531 | |
| Remuneration, social security and pensions | 62 | €49,270 | €52,589 | +€3,319 | +6.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96,891 | €98,225 | +€1,334 | +1.4% |
| Other operating charges | 640/8 | €3,391 | €4,090 | +€699 | +20.6% |
| Non-recurring operating charges | 66A | €1,996 | - | -€1,996 | |
| Gross operating margin | 9900 | €260,456 | €183,637 | -€76,819 | -29.5% |
| Operating profit (loss) | 9901 | €108,908 | €28,734 | -€80,174 | -73.6% |
| Financial income | 75/76B | €7,089 | €6,569 | -€520 | -7.3% |
| Recurring financial income | 75 | €7,089 | €6,569 | -€520 | -7.3% |
| Financial charges | 65/66B | €33,388 | €24,743 | -€8,646 | -25.9% |
| Recurring financial charges | 65 | €33,388 | €24,743 | -€8,646 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €82,609 | €10,560 | -€72,048 | -87.2% |
| Income taxes | 67/77 | €17,378 | €433 | -€16,945 | -97.5% |
| Profit (loss) for the period | 9904 | €65,231 | €10,128 | -€55,103 | -84.5% |
| Profit (loss) for the period to be appropriated | 9905 | €65,231 | €10,128 | -€55,103 | -84.5% |
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 11 October 2026 via checked.be.