Tejo: what changed
Two fiscal 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.
Tejo
Largest movements
- Receivables within one year -€347,526
down €347,526 (-13.2%), from €2.6m to €2.3m
of which Trade receivables: -€498,503
- Trade debts -€428,018
down €428,018 (-33.0%), from €1.3m to €869,912
- Tax, wage and social debts +€84,310
up €84,310 (+34.5%), from €244,284 to €328,594
of which Remuneration and social security: +€96,036
- Turnover +€8.1m
new in 2025: €8.1m
- Purchases and services +€6.5m
new in 2025: €6.5m
- Staff costs +€221,079
up €221,079 (+13.2%), from €1.7m to €1.9m
- Gross operating margin +€112,030
up €112,030 (+6.2%), from €1.8m to €1.9m
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,665,323 | €2,322,447 | -€342,876 | -12.9% |
| Current assets | 29/58 | €2,665,323 | €2,322,447 | -€342,876 | -12.9% |
| Amounts receivable within one year | 40/41 | €2,635,381 | €2,287,855 | -€347,526 | -13.2% |
| Trade receivables | 40 | €1,325,852 | €827,349 | -€498,503 | -37.6% |
| Other amounts receivable | 41 | €1,309,529 | €1,460,506 | +€150,977 | +11.5% |
| Deferred charges and accrued income | 490/1 | €29,941 | €34,592 | +€4,650 | +15.5% |
| Total equity and liabilities | 10/49 | €2,665,323 | €2,322,447 | -€342,876 | -12.9% |
| Equity | 10/15 | €1,119,108 | €1,112,817 | -€6,291 | -0.6% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €335,511 | €335,511 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €85,854 | €85,854 | = | 0.0% |
| Distributable reserves | 133 | €243,408 | €243,408 | = | 0.0% |
| Profit (loss) carried forward | 14 | €721,097 | €714,806 | -€6,291 | -0.9% |
| Amounts payable | 17/49 | €1,546,215 | €1,209,630 | -€336,585 | -21.8% |
| Amounts payable within one year | 42/48 | €1,542,215 | €1,198,506 | -€343,709 | -22.3% |
| Trade debts | 44 | €1,297,930 | €869,912 | -€428,018 | -33.0% |
| Suppliers | 440/4 | €1,297,930 | €869,912 | -€428,018 | -33.0% |
| Taxes, remuneration and social security | 45 | €244,284 | €328,594 | +€84,310 | +34.5% |
| Taxes | 450/3 | €58,837 | €47,111 | -€11,726 | -19.9% |
| Remuneration and social security | 454/9 | €185,447 | €281,483 | +€96,036 | +51.8% |
| Accrued charges and deferred income | 492/3 | €4,000 | €11,124 | +€7,124 | +178.1% |
| Turnover | 70 | - | €8,073,397 | +€8.1m | |
| Non-recurring operating income | 76A | €3,500 | - | -€3,500 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €6,527,879 | +€6.5m | |
| Remuneration, social security and pensions | 62 | €1,680,807 | €1,901,886 | +€221,079 | +13.2% |
| Other operating charges | 640/8 | €5,685 | €5,628 | -€57 | -1.0% |
| Gross operating margin | 9900 | €1,809,917 | €1,921,947 | +€112,030 | +6.2% |
| Operating profit (loss) | 9901 | €123,425 | €14,433 | -€108,992 | -88.3% |
| Financial income | 75/76B | €11,206 | €14,748 | +€3,541 | +31.6% |
| Recurring financial income | 75 | €11,206 | €14,748 | +€3,541 | +31.6% |
| Financial charges | 65/66B | €8,196 | €12,368 | +€4,173 | +50.9% |
| Recurring financial charges | 65 | €8,196 | €12,368 | +€4,173 | +50.9% |
| Profit (loss) for the period before taxes | 9903 | €126,436 | €16,813 | -€109,623 | -86.7% |
| Income taxes | 67/77 | €51,021 | €23,103 | -€27,918 | -54.7% |
| Profit (loss) for the period | 9904 | €75,415 | -€6,291 | -€81,706 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,415 | -€6,291 | -€81,706 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.