TEO CONSTRUCT: 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.
TEO CONSTRUCT
Largest movements
- Receivables within one year +€12,937
up €12,937 (+75.9%), from €17,048 to €29,985
of which Other amounts receivable: +€7,870
- Tangible fixed assets -€1,637
no longer reported in 2025 (was €1,637)
- Cash -€1,007
down €1,007 (-94.0%), from €1,071 to €65
mainly Receivables within one year (-€12,937) and Trade debts (-€2,020)
- Deferred charges and accrued income +€400
up €400 (+56.5%), from €708 to €1,108
- Reserves +€9,000
new in 2025: €9,000
- Tax, wage and social debts +€3,079
up €3,079 (+84.8%), from €3,632 to €6,711
of which Remuneration and social security: +€2,150
- Trade debts -€2,020
down €2,020 (-48.9%), from €4,130 to €2,109
- Profit (loss) carried forward +€635
up €635 (+5.9%), from €10,703 to €11,338
- Gross operating margin +€17,073
up €17,073 (+1561.3%), from €1,094 to €18,167
- Financial charges +€3,829
up €3,829 (+1322.5%), from €290 to €4,119
- Taxes +€3,467
up €3,467 (+1406.5%), from €247 to €3,714
- Depreciation -€1,233
no longer reported in 2025 (was €1,233)
- Other operating charges -€219
down €219 (-55.8%), from €392 to €173
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 | €20,464 | €31,158 | +€10,693 | +52.3% |
| Fixed assets | 21/28 | €1,637 | - | -€1,637 | |
| Tangible fixed assets | 22/27 | €1,637 | - | -€1,637 | |
| Furniture and vehicles | 24 | €1,637 | - | -€1,637 | |
| Current assets | 29/58 | €18,827 | €31,158 | +€12,330 | +65.5% |
| Amounts receivable within one year | 40/41 | €17,048 | €29,985 | +€12,937 | +75.9% |
| Trade receivables | 40 | - | €5,067 | +€5,067 | |
| Other amounts receivable | 41 | €17,048 | €24,918 | +€7,870 | +46.2% |
| Cash at bank and in hand | 54/58 | €1,071 | €65 | -€1,007 | -94.0% |
| Deferred charges and accrued income | 490/1 | €708 | €1,108 | +€400 | +56.5% |
| Total equity and liabilities | 10/49 | €20,464 | €31,158 | +€10,693 | +52.3% |
| Equity | 10/15 | €12,703 | €22,338 | +€9,635 | +75.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Other | 1109/19 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | - | €9,000 | +€9,000 | |
| Distributable reserves | 133 | - | €9,000 | +€9,000 | |
| Profit (loss) carried forward | 14 | €10,703 | €11,338 | +€635 | +5.9% |
| Amounts payable | 17/49 | €7,761 | €8,820 | +€1,059 | +13.6% |
| Amounts payable within one year | 42/48 | €7,761 | €8,820 | +€1,059 | +13.6% |
| Trade debts | 44 | €4,130 | €2,109 | -€2,020 | -48.9% |
| Suppliers | 440/4 | €4,130 | €2,109 | -€2,020 | -48.9% |
| Taxes, remuneration and social security | 45 | €3,632 | €6,711 | +€3,079 | +84.8% |
| Taxes | 450/3 | €3,382 | €4,311 | +€929 | +27.5% |
| Remuneration and social security | 454/9 | €250 | €2,400 | +€2,150 | +860.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,233 | - | -€1,233 | |
| Other operating charges | 640/8 | €392 | €173 | -€219 | -55.8% |
| Non-recurring operating charges | 66A | - | €1,637 | +€1,637 | |
| Gross operating margin | 9900 | €1,094 | €18,167 | +€17,073 | +1561.3% |
| Operating profit (loss) | 9901 | -€532 | €16,357 | +€16,889 | |
| Financial income | 75/76B | €964 | €1,110 | +€147 | +15.2% |
| Recurring financial income | 75 | €964 | €1,110 | +€147 | +15.2% |
| Financial charges | 65/66B | €290 | €4,119 | +€3,829 | +1322.5% |
| Recurring financial charges | 65 | €290 | €4,119 | +€3,829 | +1322.5% |
| Profit (loss) for the period before taxes | 9903 | €142 | €13,348 | +€13,206 | +9278.2% |
| Income taxes | 67/77 | €247 | €3,714 | +€3,467 | +1406.5% |
| Profit (loss) for the period | 9904 | -€104 | €9,635 | +€9,739 | |
| Profit (loss) for the period to be appropriated | 9905 | -€104 | €9,635 | +€9,739 |
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.