TEODAL: 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.
TEODAL
Largest movements
- Tangible fixed assets -€113,745
down €113,745 (-5.8%), from €1.9m to €1.8m
of which Plant, machinery and equipment: -€62,303
- Receivables within one year -€58,932
down €58,932 (-88.1%), from €66,920 to €7,988
- Profit (loss) carried forward -€157,457
down €157,457 (-3.7%), from €4.3m to €4.1m
- Gross operating margin -€448,139
down €448,139, from €369,028 to -€79,111
- Depreciation -€45,687
down €45,687 (-27.7%), from €165,040 to €119,353
- Financial income +€26,825
up €26,825 (+76.1%), from €35,256 to €62,081
- Taxes -€22,847
down €22,847 (-99.3%), from €23,002 to €155
- Financial charges +€10,632
up €10,632 (+373.2%), from €2,849 to €13,481
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 | €4,329,536 | €4,182,981 | -€146,555 | -3.4% |
| Fixed assets | 21/28 | €1,944,959 | €1,831,213 | -€113,745 | -5.8% |
| Tangible fixed assets | 22/27 | €1,944,959 | €1,831,213 | -€113,745 | -5.8% |
| Land and buildings | 22 | €885,000 | €853,500 | -€31,500 | -3.6% |
| Plant, machinery and equipment | 23 | €509,087 | €446,784 | -€62,303 | -12.2% |
| Furniture and vehicles | 24 | €36,323 | €31,517 | -€4,807 | -13.2% |
| Other tangible fixed assets | 26 | €514,548 | €499,413 | -€15,135 | -2.9% |
| Current assets | 29/58 | €2,384,577 | €2,351,768 | -€32,809 | -1.4% |
| Amounts receivable within one year | 40/41 | €66,920 | €7,988 | -€58,932 | -88.1% |
| Other amounts receivable | 41 | €66,920 | €7,988 | -€58,932 | -88.1% |
| Current investments | 50/53 | €2,222,168 | €2,262,238 | +€40,070 | +1.8% |
| Cash at bank and in hand | 54/58 | €95,490 | €81,542 | -€13,947 | -14.6% |
| Total equity and liabilities | 10/49 | €4,329,536 | €4,182,981 | -€146,555 | -3.4% |
| Equity | 10/15 | €4,301,934 | €4,143,524 | -€158,411 | -3.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,288,155 | €4,130,698 | -€157,457 | -3.7% |
| Investment grants | 15 | €5,719 | €4,766 | -€953 | -16.7% |
| Provisions and deferred taxes | 16 | €1,906 | €1,589 | -€318 | -16.7% |
| Deferred taxes | 168 | €1,906 | €1,589 | -€318 | -16.7% |
| Amounts payable | 17/49 | €25,695 | €37,869 | +€12,174 | +47.4% |
| Amounts payable within one year | 42/48 | €25,695 | €37,869 | +€12,174 | +47.4% |
| Taxes, remuneration and social security | 45 | €10,521 | €10,351 | -€170 | -1.6% |
| Taxes | 450/3 | €10,521 | €10,351 | -€170 | -1.6% |
| Other amounts payable | 47/48 | €15,175 | €27,518 | +€12,344 | +81.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,040 | €119,353 | -€45,687 | -27.7% |
| Other operating charges | 640/8 | €9,311 | €7,755 | -€1,555 | -16.7% |
| Non-recurring operating charges | 66A | €117 | - | -€117 | |
| Gross operating margin | 9900 | €369,028 | -€79,111 | -€448,139 | |
| Operating profit (loss) | 9901 | €194,560 | -€206,220 | -€400,780 | |
| Financial income | 75/76B | €35,256 | €62,081 | +€26,825 | +76.1% |
| Recurring financial income | 75 | €35,256 | €62,081 | +€26,825 | +76.1% |
| Financial charges | 65/66B | €2,849 | €13,481 | +€10,632 | +373.2% |
| Recurring financial charges | 65 | €2,849 | €13,481 | +€10,632 | +373.2% |
| Profit (loss) for the period before taxes | 9903 | €226,967 | -€157,620 | -€384,587 | |
| Transfer from deferred taxes | 780 | €318 | €318 | = | 0.0% |
| Income taxes | 67/77 | €23,002 | €155 | -€22,847 | -99.3% |
| Profit (loss) for the period | 9904 | €204,282 | -€157,457 | -€361,740 | |
| Profit (loss) for the period to be appropriated | 9905 | €204,282 | -€157,457 | -€361,740 |
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 2 October 2026 via checked.be.