Teirlynck - De Meyer: 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.
Teirlynck - De Meyer
Largest movements
- Stocks and contracts -€260,038
down €260,038 (-70.7%), from €368,039 to €108,001
- Cash -€141,566
down €141,566 (-25.5%), from €555,041 to €413,475
mainly Contributions, distributions and other (-€388,466) and Debts after one year (-€331,012)
- Receivables within one year -€48,084
down €48,084 (-14.5%), from €332,239 to €284,155
of which Other amounts receivable: -€97,071
- Debts after one year -€331,012
down €331,012 (-18.7%), from €1.8m to €1.4m
- Trade debts -€87,749
down €87,749 (-47.0%), from €186,860 to €99,111
- Tax, wage and social debts +€83,371
up €83,371 (+951%), from €8,766 to €92,138
of which Taxes: +€83,130
- Other debts -€79,381
down €79,381 (-12.9%), from €613,578 to €534,197
- Reserves -€63,689
down €63,689 (-9.5%), from €667,315 to €603,627
of which Distributable reserves: -€63,689
- Gross operating margin +€281,545
up €281,545 (+86.8%), from €324,331 to €605,876
- Taxes +€57,280
up €57,280 (+276%), from €20,789 to €78,069
- Depreciation +€54,866
up €54,866 (+141%), from €38,884 to €93,750
- Other operating charges +€10,170
up €10,170 (+165%), from €6,162 to €16,332
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 | €3,334,958 | €2,876,118 | -€458,840 | -13.8% |
| Fixed assets | 21/28 | €2,062,101 | €2,052,698 | -€9,403 | -0.5% |
| Intangible fixed assets | 21 | €7,661 | €8,217 | +€556 | +7.3% |
| Tangible fixed assets | 22/27 | €2,054,090 | €2,044,131 | -€9,959 | -0.5% |
| Land and buildings | 22 | €1,967,461 | €1,924,074 | -€43,387 | -2.2% |
| Plant, machinery and equipment | 23 | €12,828 | €7,476 | -€5,353 | -41.7% |
| Furniture and vehicles | 24 | €73,800 | €112,582 | +€38,782 | +52.5% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €350 | €350 | = | 0.0% |
| Current assets | 29/58 | €1,272,857 | €823,420 | -€449,437 | -35.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €368,039 | €108,001 | -€260,038 | -70.7% |
| Stocks | 30/36 | €368,039 | €108,001 | -€260,038 | -70.7% |
| Amounts receivable within one year | 40/41 | €332,239 | €284,155 | -€48,084 | -14.5% |
| Trade receivables | 40 | €25,261 | €74,247 | +€48,987 | +194% |
| Other amounts receivable | 41 | €306,978 | €209,907 | -€97,071 | -31.6% |
| Cash at bank and in hand | 54/58 | €555,041 | €413,475 | -€141,566 | -25.5% |
| Deferred charges and accrued income | 490/1 | €17,538 | €17,789 | +€251 | +1.4% |
| Total equity and liabilities | 10/49 | €3,334,958 | €2,876,118 | -€458,840 | -13.8% |
| Equity | 10/15 | €685,915 | €622,227 | -€63,689 | -9.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €667,315 | €603,627 | -€63,689 | -9.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €665,455 | €601,767 | -€63,689 | -9.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,649,043 | €2,253,891 | -€395,151 | -14.9% |
| Amounts payable after more than one year | 17 | €1,771,442 | €1,440,430 | -€331,012 | -18.7% |
| Financial debts | 170/4 | €1,771,442 | €1,440,430 | -€331,012 | -18.7% |
| Amounts payable within one year | 42/48 | €869,725 | €807,446 | -€62,279 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €60,520 | €82,000 | +€21,479 | +35.5% |
| Trade debts | 44 | €186,860 | €99,111 | -€87,749 | -47.0% |
| Suppliers | 440/4 | €186,860 | €99,111 | -€87,749 | -47.0% |
| Taxes, remuneration and social security | 45 | €8,766 | €92,138 | +€83,371 | +951% |
| Taxes | 450/3 | €3,322 | €86,452 | +€83,130 | +2,502% |
| Remuneration and social security | 454/9 | €5,444 | €5,686 | +€242 | +4.4% |
| Other amounts payable | 47/48 | €613,578 | €534,197 | -€79,381 | -12.9% |
| Accrued charges and deferred income | 492/3 | €7,875 | €6,016 | -€1,859 | -23.6% |
| Non-recurring operating income | 76A | €2,729 | €24,434 | +€21,706 | +795% |
| Remuneration, social security and pensions | 62 | €44,913 | €45,787 | +€874 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,884 | €93,750 | +€54,866 | +141% |
| Other operating charges | 640/8 | €6,162 | €16,332 | +€10,170 | +165% |
| Non-recurring operating charges | 66A | €65,848 | €675 | -€65,173 | -99.0% |
| Gross operating margin | 9900 | €324,331 | €605,876 | +€281,545 | +86.8% |
| Operating profit (loss) | 9901 | €168,524 | €449,332 | +€280,808 | +167% |
| Financial income | 75/76B | €11,928 | €9,614 | -€2,314 | -19.4% |
| Recurring financial income | 75 | €11,928 | €9,614 | -€2,314 | -19.4% |
| Financial charges | 65/66B | €57,596 | €56,100 | -€1,496 | -2.6% |
| Recurring financial charges | 65 | €57,596 | €56,100 | -€1,496 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €122,856 | €402,847 | +€279,991 | +228% |
| Income taxes | 67/77 | €20,789 | €78,069 | +€57,280 | +276% |
| Profit (loss) for the period | 9904 | €102,066 | €324,777 | +€222,711 | +218% |
| Profit (loss) for the period to be appropriated | 9905 | €102,066 | €324,777 | +€222,711 | +218% |
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 26 October 2026 via checked.be.