TEP III HOLDING: 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.
What changed
TEP III HOLDING
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€897,943
2024 · €201,375+€696,567
Equity
€3.1m
2024 · €2.2m+€897,943
Cash
€24,588
2024 · €25,920-€1,333
Balance sheet total
€7.7m
2024 · €7.9m-€141,794
Largest movements
Assets
- Tangible fixed assets -€86,567
down €86,567 (-2.4%), from €3.5m to €3.5m
of which Land and buildings: -€85,607
Equity and liabilities
- Reserves +€3.0m
up €3.0m (+24,765%), from €12,102 to €3.0m
of which Distributable reserves: +€3.0m
- Profit (loss) carried forward -€2.1m
down €2.1m (-100%), from €2.1m to €0
- Debts after one year -€862,734
down €862,734 (-17.7%), from €4.9m to €4.0m
- Other debts -€177,306
down €177,306 (-32.7%), from €541,809 to €364,503
Income statement
- Financial income +€686,273
up €686,273 (+52,511%), from €1,307 to €687,579
- Gross operating margin +€51,704
up €51,704 (+8.5%), from €609,408 to €661,112
- Staff costs +€23,731
up €23,731 (+37.9%), from €62,620 to €86,350
- Financial charges -€23,627
down €23,627 (-15.0%), from €157,337 to €133,710
- Taxes +€19,992
up €19,992 (+94.1%), from €21,250 to €41,242
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.
Result 2024
€201,375
Gross operating margin
+€51,704
Staff costs
-€23,731
Depreciation
-€19,827
Other operating charges
-€1,486
Financial income
+€686,273
Financial charges
+€23,627
Taxes
-€19,992
Result 2025
€897,943
raises the resultlowers the result
Derived cash bridge
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.
From operations
+€915,535
Investment
-€60,513
Financing
-€856,354
Cash 2024
€25,920
From operations (derived)
+€915,535
Net result for the year
+€897,943
Depreciation
+€147,080
Receivables within one year
+€53,179
Deferred charges and accrued income
+€715
Trade debts
+€13,843
Tax, wage and social debts
-€23,399
Other debts
-€177,306
Accrued charges and deferred income
+€3,478
Investment (derived)
-€60,513
Investment in fixed assets (net)
-€60,513
Financing
-€856,354
Debts after one year
-€862,734
Current portion of long-term debt
+€6,380
Cash 2025
€24,588
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,866,201 | €7,724,407 | -€141,794 | -1.8% |
| Fixed assets | 21/28 | €7,605,787 | €7,519,220 | -€86,567 | -1.1% |
| Tangible fixed assets | 22/27 | €3,548,285 | €3,461,718 | -€86,567 | -2.4% |
| Land and buildings | 22 | €3,541,082 | €3,455,475 | -€85,607 | -2.4% |
| Plant, machinery and equipment | 23 | €775 | €171 | -€604 | -77.9% |
| Furniture and vehicles | 24 | €6,429 | €6,072 | -€357 | -5.6% |
| Financial fixed assets | 28 | €4,057,502 | €4,057,502 | = | 0.0% |
| Current assets | 29/58 | €260,414 | €205,187 | -€55,227 | -21.2% |
| Amounts receivable within one year | 40/41 | €225,435 | €172,256 | -€53,179 | -23.6% |
| Trade receivables | 40 | €61,498 | €99,097 | +€37,599 | +61.1% |
| Other amounts receivable | 41 | €163,936 | €73,159 | -€90,778 | -55.4% |
| Cash at bank and in hand | 54/58 | €25,920 | €24,588 | -€1,333 | -5.1% |
| Deferred charges and accrued income | 490/1 | €9,059 | €8,344 | -€715 | -7.9% |
| Total equity and liabilities | 10/49 | €7,866,201 | €7,724,407 | -€141,794 | -1.8% |
| Equity | 10/15 | €2,173,232 | €3,071,175 | +€897,943 | +41.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €12,102 | €3,009,175 | +€3.0m | +24,765% |
| Non-distributable reserves | 130/1 | €12,102 | €12,102 | = | 0.0% |
| Legal reserve | 130 | €12,102 | €12,102 | = | 0.0% |
| Distributable reserves | 133 | - | €2,997,073 | +€3.0m | |
| Profit (loss) carried forward | 14 | €2,099,130 | €0 | -€2.1m | -100% |
| Amounts payable | 17/49 | €5,692,969 | €4,653,232 | -€1.0m | -18.3% |
| Amounts payable after more than one year | 17 | €4,878,176 | €4,015,442 | -€862,734 | -17.7% |
| Financial debts | 170/4 | €4,878,176 | €4,015,442 | -€862,734 | -17.7% |
| Amounts payable within one year | 42/48 | €758,244 | €577,763 | -€180,481 | -23.8% |
| Current portion of amounts payable after more than one year | 42 | €144,460 | €150,840 | +€6,380 | +4.4% |
| Trade debts | 44 | €19,372 | €33,215 | +€13,843 | +71.5% |
| Suppliers | 440/4 | €19,372 | €33,215 | +€13,843 | +71.5% |
| Taxes, remuneration and social security | 45 | €52,604 | €29,206 | -€23,399 | -44.5% |
| Taxes | 450/3 | €36,257 | €10,524 | -€25,733 | -71.0% |
| Remuneration and social security | 454/9 | €16,347 | €18,681 | +€2,334 | +14.3% |
| Other amounts payable | 47/48 | €541,809 | €364,503 | -€177,306 | -32.7% |
| Accrued charges and deferred income | 492/3 | €56,549 | €60,027 | +€3,478 | +6.2% |
| Remuneration, social security and pensions | 62 | €62,620 | €86,350 | +€23,731 | +37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €127,253 | €147,080 | +€19,827 | +15.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €40,880 | €42,366 | +€1,486 | +3.6% |
| Gross operating margin | 9900 | €609,408 | €661,112 | +€51,704 | +8.5% |
| Operating profit (loss) | 9901 | €378,655 | €385,315 | +€6,660 | +1.8% |
| Financial income | 75/76B | €1,307 | €687,579 | +€686,273 | +52,511% |
| Recurring financial income | 75 | €1,307 | €687,579 | +€686,273 | +52,511% |
| Financial charges | 65/66B | €157,337 | €133,710 | -€23,627 | -15.0% |
| Recurring financial charges | 65 | €157,337 | €133,710 | -€23,627 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €222,625 | €939,184 | +€716,559 | +322% |
| Income taxes | 67/77 | €21,250 | €41,242 | +€19,992 | +94.1% |
| Profit (loss) for the period | 9904 | €201,375 | €897,943 | +€696,567 | +346% |
| Profit (loss) for the period to be appropriated | 9905 | €201,375 | €897,943 | +€696,567 | +346% |
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 31 October 2026 via checked.be.