TEO PROJECT: 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 PROJECT
Largest movements
- Receivables within one year +€61,515
up €61,515 (+104%), from €58,992 to €120,507
of which Other amounts receivable: +€57,592
- Cash +€5,853
up €5,853 (+461%), from €1,270 to €7,123
mainly Net result for the year (+€56,257) and Tax, wage and social debts (+€18,935)
- Profit (loss) carried forward +€56,257
up €56,257 (+219%), from €25,656 to €81,914
- Tax, wage and social debts +€18,935
up €18,935 (+392%), from €4,827 to €23,762
- Trade debts -€6,131
down €6,131 (-41.9%), from €14,620 to €8,489
of which Suppliers: -€9,106
- Other debts -€2,831
down €2,831 (-27.4%), from €10,331 to €7,500
- Turnover +€103,744
up €103,744 (+212%), from €48,953 to €152,697
- Purchases and services +€52,638
up €52,638 (+238%), from €22,141 to €74,779
- Gross operating margin +€51,106
up €51,106 (+191%), from €26,812 to €77,917
- Taxes +€12,667
up €12,667 (+202%), from €6,268 to €18,935
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,511 | €129,741 | +€66,230 | +104% |
| Fixed assets | 21/28 | €3,249 | €2,111 | -€1,138 | -35.0% |
| Tangible fixed assets | 22/27 | €1,249 | €111 | -€1,138 | -91.1% |
| Plant, machinery and equipment | 23 | €799 | - | -€799 | |
| Furniture and vehicles | 24 | €450 | €111 | -€339 | -75.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €60,262 | €127,630 | +€67,368 | +112% |
| Amounts receivable within one year | 40/41 | €58,992 | €120,507 | +€61,515 | +104% |
| Trade receivables | 40 | €53,332 | €57,255 | +€3,923 | +7.4% |
| Other amounts receivable | 41 | €5,660 | €63,252 | +€57,592 | +1,018% |
| Cash at bank and in hand | 54/58 | €1,270 | €7,123 | +€5,853 | +461% |
| Total equity and liabilities | 10/49 | €63,511 | €129,741 | +€66,230 | +104% |
| Equity | 10/15 | €33,237 | €89,494 | +€56,257 | +169% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,381 | €1,381 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,381 | €1,381 | = | 0.0% |
| Legal reserve | 130 | €1,381 | €1,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,656 | €81,914 | +€56,257 | +219% |
| Amounts payable | 17/49 | €30,274 | €40,247 | +€9,973 | +32.9% |
| Amounts payable within one year | 42/48 | €29,778 | €39,751 | +€9,973 | +33.5% |
| Trade debts | 44 | €14,620 | €8,489 | -€6,131 | -41.9% |
| Suppliers | 440/4 | €10,852 | €1,746 | -€9,106 | -83.9% |
| Bills of exchange payable | 441 | €3,768 | €6,743 | +€2,975 | +79.0% |
| Taxes, remuneration and social security | 45 | €4,827 | €23,762 | +€18,935 | +392% |
| Taxes | 450/3 | €4,827 | €23,762 | +€18,935 | +392% |
| Other amounts payable | 47/48 | €10,331 | €7,500 | -€2,831 | -27.4% |
| Accrued charges and deferred income | 492/3 | €496 | €496 | = | 0.0% |
| Turnover | 70 | €48,953 | €152,697 | +€103,744 | +212% |
| Goods, raw materials, services and sundry goods | 60/61 | €22,141 | €74,779 | +€52,638 | +238% |
| Remuneration, social security and pensions | 62 | - | €1,401 | +€1,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,591 | €1,138 | -€453 | -28.5% |
| Other operating charges | 640/8 | €149 | €114 | -€35 | -23.2% |
| Gross operating margin | 9900 | €26,812 | €77,917 | +€51,106 | +191% |
| Operating profit (loss) | 9901 | €25,072 | €75,265 | +€50,193 | +200% |
| Financial charges | 65/66B | - | €72 | +€72 | |
| Recurring financial charges | 65 | - | €72 | +€72 | |
| Profit (loss) for the period before taxes | 9903 | €25,072 | €75,192 | +€50,120 | +200% |
| Income taxes | 67/77 | €6,268 | €18,935 | +€12,667 | +202% |
| Profit (loss) for the period | 9904 | €18,804 | €56,257 | +€37,453 | +199% |
| Profit (loss) for the period to be appropriated | 9905 | €18,804 | €56,257 | +€37,453 | +199% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.