TEGHS: 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.
TEGHS
Largest movements
- Receivables within one year -€214,186
down €214,186 (-90.5%), from €236,682 to €22,496
of which Other amounts receivable: -€214,576
- Cash +€122,733
up €122,733 (+30.0%), from €408,515 to €531,247
mainly Receivables within one year (+€214,186) and Other debts (+€189,954)
- Reserves -€305,377
down €305,377 (-9.7%), from €3.1m to €2.8m
of which Distributable reserves: -€305,377
- Other debts +€189,954
up €189,954 (+1,287%), from €14,755 to €204,709
- Financial income -€1.0m
down €1.0m (-99.0%), from €1.0m to €10,343
- Taxes -€141,138
down €141,138 (-89.3%), from €158,023 to €16,885
- Gross operating margin -€119,449
down €119,449 (-52.9%), from €225,695 to €106,246
- Financial charges +€4,565
up €4,565 (+463%), from €985 to €5,550
- Depreciation +€2,897
up €2,897 (+6.0%), from €48,299 to €51,196
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 | €9,512,711 | €9,365,978 | -€146,733 | -1.5% |
| Fixed assets | 21/28 | €8,867,514 | €8,812,235 | -€55,279 | -0.6% |
| Tangible fixed assets | 22/27 | €358,114 | €302,835 | -€55,279 | -15.4% |
| Land and buildings | 22 | €164,345 | €157,054 | -€7,291 | -4.4% |
| Furniture and vehicles | 24 | €193,769 | €145,781 | -€47,988 | -24.8% |
| Financial fixed assets | 28 | €8,509,400 | €8,509,400 | = | 0.0% |
| Current assets | 29/58 | €645,197 | €553,743 | -€91,454 | -14.2% |
| Amounts receivable within one year | 40/41 | €236,682 | €22,496 | -€214,186 | -90.5% |
| Trade receivables | 40 | €18,312 | €18,702 | +€390 | +2.1% |
| Other amounts receivable | 41 | €218,371 | €3,794 | -€214,576 | -98.3% |
| Cash at bank and in hand | 54/58 | €408,515 | €531,247 | +€122,733 | +30.0% |
| Total equity and liabilities | 10/49 | €9,512,711 | €9,365,978 | -€146,733 | -1.5% |
| Equity | 10/15 | €9,343,586 | €9,038,209 | -€305,377 | -3.3% |
| Contributions | 10/11 | €6,197,711 | €6,197,711 | = | 0.0% |
| Contributions outside capital | 11 | €6,197,711 | - | -€6.2m | |
| Other | 1109/19 | €6,197,711 | - | -€6.2m | |
| Reserves | 13 | €3,145,875 | €2,840,498 | -€305,377 | -9.7% |
| Non-distributable reserves | 130/1 | €188,000 | €188,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €188,000 | €188,000 | = | 0.0% |
| Distributable reserves | 133 | €2,957,875 | €2,652,498 | -€305,377 | -10.3% |
| Amounts payable | 17/49 | €169,125 | €327,769 | +€158,644 | +93.8% |
| Amounts payable within one year | 42/48 | €169,125 | €323,495 | +€154,370 | +91.3% |
| Trade debts | 44 | €1,011 | €848 | -€162 | -16.1% |
| Suppliers | 440/4 | €1,011 | €848 | -€162 | -16.1% |
| Taxes, remuneration and social security | 45 | €153,359 | €117,937 | -€35,422 | -23.1% |
| Taxes | 450/3 | €153,359 | €117,937 | -€35,422 | -23.1% |
| Other amounts payable | 47/48 | €14,755 | €204,709 | +€189,954 | +1,287% |
| Accrued charges and deferred income | 492/3 | - | €4,274 | +€4,274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,299 | €51,196 | +€2,897 | +6.0% |
| Other operating charges | 640/8 | €8,320 | €9,651 | +€1,331 | +16.0% |
| Gross operating margin | 9900 | €225,695 | €106,246 | -€119,449 | -52.9% |
| Operating profit (loss) | 9901 | €169,076 | €45,398 | -€123,678 | -73.1% |
| Financial income | 75/76B | €1,018,467 | €10,343 | -€1.0m | -99.0% |
| Recurring financial income | 75 | €1,018,467 | €10,343 | -€1.0m | -99.0% |
| Financial charges | 65/66B | €985 | €5,550 | +€4,565 | +463% |
| Recurring financial charges | 65 | €985 | €5,550 | +€4,565 | +463% |
| Profit (loss) for the period before taxes | 9903 | €1,186,558 | €50,192 | -€1.1m | -95.8% |
| Income taxes | 67/77 | €158,023 | €16,885 | -€141,138 | -89.3% |
| Profit (loss) for the period | 9904 | €1,028,535 | €33,307 | -€995,229 | -96.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,028,535 | €33,307 | -€995,229 | -96.8% |
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.