TEP Wash: 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.
TEP Wash
Largest movements
- Tangible fixed assets -€45,793
down €45,793 (-8.1%), from €566,571 to €520,778
of which Plant, machinery and equipment: -€35,104
- Cash +€27,781
up €27,781 (+27.4%), from €101,565 to €129,347
mainly Depreciation (+€117,790) and Net result for the year (+€36,727)
- Debts after one year -€65,616
down €65,616 (-59.3%), from €110,563 to €44,947
- Reserves +€35,000
new in 2025: €35,000
- Tax, wage and social debts +€9,669
up €9,669 (+33.4%), from €28,985 to €38,654
of which Taxes: +€9,360
- Current portion of long-term debt +€7,646
up €7,646 (+9.1%), from €84,206 to €91,852
- Investment grants -€7,288
down €7,288 (-23.7%), from €30,699 to €23,411
- Gross operating margin +€27,933
up €27,933 (+9.1%), from €308,537 to €336,470
- Staff costs +€14,422
up €14,422 (+9.4%), from €152,619 to €167,041
- Taxes +€12,707
up €12,707 (+3,438%), from €370 to €13,076
- Depreciation +€7,182
up €7,182 (+6.5%), from €110,608 to €117,790
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €679,066 | €660,315 | -€18,751 | -2.8% |
| Fixed assets | 21/28 | €566,621 | €520,828 | -€45,793 | -8.1% |
| Tangible fixed assets | 22/27 | €566,571 | €520,778 | -€45,793 | -8.1% |
| Land and buildings | 22 | €357,897 | €335,141 | -€22,756 | -6.4% |
| Plant, machinery and equipment | 23 | €180,095 | €144,991 | -€35,104 | -19.5% |
| Furniture and vehicles | 24 | €28,579 | €40,646 | +€12,067 | +42.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €112,445 | €139,487 | +€27,042 | +24.0% |
| Stocks and contracts in progress | 3 | €7,624 | €5,466 | -€2,159 | -28.3% |
| Stocks | 30/36 | €7,624 | €5,466 | -€2,159 | -28.3% |
| Amounts receivable within one year | 40/41 | €213 | €4,108 | +€3,895 | +1,831% |
| Trade receivables | 40 | €213 | €4,108 | +€3,895 | +1,831% |
| Cash at bank and in hand | 54/58 | €101,565 | €129,347 | +€27,781 | +27.4% |
| Deferred charges and accrued income | 490/1 | €3,042 | €567 | -€2,475 | -81.4% |
| Total equity and liabilities | 10/49 | €679,066 | €660,315 | -€18,751 | -2.8% |
| Equity | 10/15 | €423,366 | €452,804 | +€29,438 | +7.0% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | - | €35,000 | +€35,000 | |
| Distributable reserves | 133 | - | €35,000 | +€35,000 | |
| Profit (loss) carried forward | 14 | €92,667 | €94,394 | +€1,727 | +1.9% |
| Investment grants | 15 | €30,699 | €23,411 | -€7,288 | -23.7% |
| Amounts payable | 17/49 | €255,700 | €207,511 | -€48,189 | -18.8% |
| Amounts payable after more than one year | 17 | €110,563 | €44,947 | -€65,616 | -59.3% |
| Financial debts | 170/4 | €110,563 | €44,947 | -€65,616 | -59.3% |
| Amounts payable within one year | 42/48 | €145,138 | €162,564 | +€17,426 | +12.0% |
| Current portion of amounts payable after more than one year | 42 | €84,206 | €91,852 | +€7,646 | +9.1% |
| Trade debts | 44 | €9,155 | €9,564 | +€410 | +4.5% |
| Suppliers | 440/4 | €9,155 | €9,564 | +€410 | +4.5% |
| Advances received on contracts in progress | 46 | €563 | - | -€563 | |
| Taxes, remuneration and social security | 45 | €28,985 | €38,654 | +€9,669 | +33.4% |
| Taxes | 450/3 | €18,286 | €27,646 | +€9,360 | +51.2% |
| Remuneration and social security | 454/9 | €10,699 | €11,008 | +€309 | +2.9% |
| Other amounts payable | 47/48 | €22,230 | €22,494 | +€265 | +1.2% |
| Remuneration, social security and pensions | 62 | €152,619 | €167,041 | +€14,422 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,608 | €117,790 | +€7,182 | +6.5% |
| Other operating charges | 640/8 | €6,354 | €6,318 | -€36 | -0.6% |
| Non-recurring operating charges | 66A | - | €83 | +€83 | |
| Gross operating margin | 9900 | €308,537 | €336,470 | +€27,933 | +9.1% |
| Operating profit (loss) | 9901 | €38,956 | €45,239 | +€6,282 | +16.1% |
| Financial income | 75/76B | €7,346 | €8,075 | +€729 | +9.9% |
| Recurring financial income | 75 | €7,346 | €8,075 | +€729 | +9.9% |
| Financial charges | 65/66B | €3,620 | €3,511 | -€109 | -3.0% |
| Recurring financial charges | 65 | €3,620 | €3,511 | -€109 | -3.0% |
| Profit (loss) for the period before taxes | 9903 | €42,682 | €49,803 | +€7,120 | +16.7% |
| Income taxes | 67/77 | €370 | €13,076 | +€12,707 | +3,438% |
| Profit (loss) for the period | 9904 | €42,313 | €36,727 | -€5,586 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €42,313 | €36,727 | -€5,586 | -13.2% |
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 25 October 2026 via checked.be.