Tejo - Duw: 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.
Tejo - Duw
Largest movements
- Receivables within one year +€157,152
up €157,152 (+45.6%), from €344,372 to €501,524
of which Trade receivables: +€224,496
- Tax, wage and social debts +€205,504
up €205,504, from €0 to €205,504
of which Taxes: +€149,144
- Profit (loss) carried forward -€35,337
down €35,337, from €10,928 to -€24,409
- Trade debts -€6,639
down €6,639 (-40.3%), from €16,473 to €9,834
- Staff costs +€289,970
up €289,970 (+30784.3%), from €942 to €290,912
- Gross operating margin +€277,163
up €277,163, from -€25,045 to €252,118
- Financial income -€5,988
down €5,988 (-48.3%), from €12,387 to €6,399
- Taxes +€2,802
new in 2025: €2,802
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 | €346,613 | €502,904 | +€156,292 | +45.1% |
| Current assets | 29/58 | €346,613 | €502,904 | +€156,292 | +45.1% |
| Amounts receivable within one year | 40/41 | €344,372 | €501,524 | +€157,152 | +45.6% |
| Trade receivables | 40 | €10,890 | €235,386 | +€224,496 | +2061.5% |
| Other amounts receivable | 41 | €333,482 | €266,138 | -€67,344 | -20.2% |
| Deferred charges and accrued income | 490/1 | €2,240 | €1,380 | -€861 | -38.4% |
| Total equity and liabilities | 10/49 | €346,613 | €502,904 | +€156,292 | +45.1% |
| Equity | 10/15 | €320,970 | €285,633 | -€35,337 | -11.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €248,542 | €248,542 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,010 | €3,010 | +€0 | 0.0% |
| Legal reserve | 130 | - | €1,150 | +€1,150 | |
| Reserves not available under the articles | 1311 | €3,010 | €1,860 | -€1,150 | -38.2% |
| Tax-exempt reserves | 132 | €532 | - | -€532 | |
| Distributable reserves | 133 | €245,000 | €245,532 | +€532 | +0.2% |
| Profit (loss) carried forward | 14 | €10,928 | -€24,409 | -€35,337 | |
| Amounts payable | 17/49 | €25,643 | €217,272 | +€191,629 | +747.3% |
| Amounts payable within one year | 42/48 | €19,973 | €215,338 | +€195,365 | +978.2% |
| Trade debts | 44 | €16,473 | €9,834 | -€6,639 | -40.3% |
| Suppliers | 440/4 | €16,473 | €9,834 | -€6,639 | -40.3% |
| Taxes, remuneration and social security | 45 | €0 | €205,504 | +€205,504 | |
| Taxes | 450/3 | €0 | €149,144 | +€149,144 | |
| Remuneration and social security | 454/9 | - | €56,360 | +€56,360 | |
| Other amounts payable | 47/48 | €3,500 | - | -€3,500 | |
| Accrued charges and deferred income | 492/3 | €5,670 | €1,934 | -€3,736 | -65.9% |
| Remuneration, social security and pensions | 62 | €942 | €290,912 | +€289,970 | +30784.3% |
| Other operating charges | 640/8 | €505 | €141 | -€365 | -72.2% |
| Gross operating margin | 9900 | -€25,045 | €252,118 | +€277,163 | |
| Operating profit (loss) | 9901 | -€26,493 | -€38,935 | -€12,442 | -47.0% |
| Financial income | 75/76B | €12,387 | €6,399 | -€5,988 | -48.3% |
| Recurring financial income | 75 | €12,387 | €6,399 | -€5,988 | -48.3% |
| Financial charges | 65/66B | €56 | - | -€56 | |
| Recurring financial charges | 65 | €56 | - | -€56 | |
| Profit (loss) for the period before taxes | 9903 | -€14,161 | -€32,535 | -€18,374 | -129.8% |
| Income taxes | 67/77 | - | €2,802 | +€2,802 | |
| Profit (loss) for the period | 9904 | -€14,161 | -€35,337 | -€21,176 | -149.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€14,161 | -€35,337 | -€21,176 | -149.5% |
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 10 October 2026 via checked.be.