TEOS: 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.
TEOS
Largest movements
- Receivables within one year +€102,183
up €102,183 (+9.9%), from €1.0m to €1.1m
of which Other amounts receivable: +€119,447
- Cash -€67,947
down €67,947 (-41.2%), from €164,999 to €97,051
mainly Receivables within one year (-€102,183) and Contributions, distributions and other (-€89,112)
- Reserves +€80,552
up €80,552 (+4.6%), from €1.8m to €1.8m
of which Distributable reserves: +€80,552
- Financial income -€235,349
down €235,349 (-52.6%), from €447,599 to €212,250
- Gross operating margin -€105,794
down €105,794 (-92.5%), from €114,419 to €8,625
- Taxes -€33,077
down €33,077 (-64.6%), from €51,189 to €18,112
- Depreciation +€3,240
up €3,240 (+15.5%), from €20,862 to €24,103
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 | €2,961,857 | €2,982,439 | +€20,582 | +0.7% |
| Fixed assets | 21/28 | €1,739,445 | €1,718,169 | -€21,276 | -1.2% |
| Tangible fixed assets | 22/27 | €64,825 | €43,549 | -€21,276 | -32.8% |
| Furniture and vehicles | 24 | €64,825 | €43,549 | -€21,276 | -32.8% |
| Financial fixed assets | 28 | €1,674,619 | €1,674,619 | = | 0.0% |
| Current assets | 29/58 | €1,222,412 | €1,264,270 | +€41,858 | +3.4% |
| Amounts receivable within one year | 40/41 | €1,033,886 | €1,136,069 | +€102,183 | +9.9% |
| Trade receivables | 40 | €30,311 | €13,047 | -€17,264 | -57.0% |
| Other amounts receivable | 41 | €1,003,575 | €1,123,022 | +€119,447 | +11.9% |
| Cash at bank and in hand | 54/58 | €164,999 | €97,051 | -€67,947 | -41.2% |
| Deferred charges and accrued income | 490/1 | €23,528 | €31,151 | +€7,623 | +32.4% |
| Total equity and liabilities | 10/49 | €2,961,857 | €2,982,439 | +€20,582 | +0.7% |
| Equity | 10/15 | €2,639,295 | €2,719,846 | +€80,552 | +3.1% |
| Contributions | 10/11 | €884,284 | €884,284 | = | 0.0% |
| Reserves | 13 | €1,755,011 | €1,835,562 | +€80,552 | +4.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €131 | €131 | = | 0.0% |
| Distributable reserves | 133 | €1,754,879 | €1,835,431 | +€80,552 | +4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €322,562 | €262,593 | -€59,970 | -18.6% |
| Amounts payable within one year | 42/48 | €299,734 | €256,524 | -€43,210 | -14.4% |
| Trade debts | 44 | €15,422 | €12,348 | -€3,074 | -19.9% |
| Suppliers | 440/4 | €15,422 | €12,348 | -€3,074 | -19.9% |
| Taxes, remuneration and social security | 45 | €32,875 | €8,001 | -€24,874 | -75.7% |
| Taxes | 450/3 | €32,875 | €8,001 | -€24,874 | -75.7% |
| Other amounts payable | 47/48 | €251,437 | €236,175 | -€15,262 | -6.1% |
| Accrued charges and deferred income | 492/3 | €22,829 | €6,069 | -€16,760 | -73.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,862 | €24,103 | +€3,240 | +15.5% |
| Other operating charges | 640/8 | €1,733 | €2,428 | +€695 | +40.1% |
| Gross operating margin | 9900 | €114,419 | €8,625 | -€105,794 | -92.5% |
| Operating profit (loss) | 9901 | €91,824 | -€17,905 | -€109,729 | |
| Financial income | 75/76B | €447,599 | €212,250 | -€235,349 | -52.6% |
| Recurring financial income | 75 | €447,599 | €212,250 | -€235,349 | -52.6% |
| Financial charges | 65/66B | €6,596 | €6,569 | -€27 | -0.4% |
| Recurring financial charges | 65 | €6,596 | €6,569 | -€27 | -0.4% |
| Profit (loss) for the period before taxes | 9903 | €532,828 | €187,775 | -€345,052 | -64.8% |
| Income taxes | 67/77 | €51,189 | €18,112 | -€33,077 | -64.6% |
| Profit (loss) for the period | 9904 | €481,638 | €169,664 | -€311,975 | -64.8% |
| Profit (loss) for the period to be appropriated | 9905 | €481,638 | €169,664 | -€311,975 | -64.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.