TESEBEL: 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.
TESEBEL
Largest movements
- Cash +€31,693
up €31,693 (+46.3%), from €68,416 to €100,109
mainly Net result for the year (+€53,699) and Depreciation (+€8,760)
- Current investments +€19,817
up €19,817 (+30.1%), from €65,777 to €85,594
- Receivables within one year +€9,396
up €9,396 (+10.4%), from €90,586 to €99,981
of which Other amounts receivable: +€13,223
- Tangible fixed assets -€3,571
down €3,571 (-15.4%), from €23,239 to €19,668
of which Furniture and vehicles: -€6,361
- Reserves +€53,698
up €53,698 (+22.1%), from €243,254 to €296,952
- Depreciation +€4,300
up €4,300 (+96.4%), from €4,460 to €8,760
- Gross operating margin -€3,853
down €3,853 (-4.3%), from €89,865 to €86,012
- Taxes -€2,284
down €2,284 (-7.9%), from €28,875 to €26,590
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 | €257,075 | €314,419 | +€57,343 | +22.3% |
| Fixed assets | 21/28 | €23,265 | €19,694 | -€3,571 | -15.3% |
| Tangible fixed assets | 22/27 | €23,239 | €19,668 | -€3,571 | -15.4% |
| Land and buildings | 22 | €4,439 | €7,229 | +€2,790 | +62.8% |
| Furniture and vehicles | 24 | €18,799 | €12,439 | -€6,361 | -33.8% |
| Financial fixed assets | 28 | €26 | €26 | = | 0.0% |
| Current assets | 29/58 | €233,811 | €294,725 | +€60,914 | +26.1% |
| Amounts receivable after more than one year | 29 | €7,179 | €7,358 | +€179 | +2.5% |
| Other amounts receivable | 291 | €7,179 | €7,358 | +€179 | +2.5% |
| Amounts receivable within one year | 40/41 | €90,586 | €99,981 | +€9,396 | +10.4% |
| Trade receivables | 40 | €13,341 | €9,513 | -€3,827 | -28.7% |
| Other amounts receivable | 41 | €77,245 | €90,468 | +€13,223 | +17.1% |
| Current investments | 50/53 | €65,777 | €85,594 | +€19,817 | +30.1% |
| Cash at bank and in hand | 54/58 | €68,416 | €100,109 | +€31,693 | +46.3% |
| Deferred charges and accrued income | 490/1 | €1,854 | €1,683 | -€171 | -9.2% |
| Total equity and liabilities | 10/49 | €257,075 | €314,419 | +€57,343 | +22.3% |
| Equity | 10/15 | €242,241 | €295,940 | +€53,699 | +22.2% |
| Contributions | 10/11 | €12,407 | €12,407 | = | 0.0% |
| Reserves | 13 | €243,254 | €296,952 | +€53,698 | +22.1% |
| Distributable reserves | 133 | €243,254 | €296,952 | +€53,698 | +22.1% |
| Profit (loss) carried forward | 14 | -€13,420 | -€13,420 | +€1 | 0.0% |
| Amounts payable | 17/49 | €14,834 | €18,479 | +€3,644 | +24.6% |
| Amounts payable within one year | 42/48 | €14,834 | €18,146 | +€3,312 | +22.3% |
| Trade debts | 44 | €993 | €3,360 | +€2,367 | +238.5% |
| Suppliers | 440/4 | €993 | €3,360 | +€2,367 | +238.5% |
| Taxes, remuneration and social security | 45 | €13,353 | €14,786 | +€1,433 | +10.7% |
| Taxes | 450/3 | €13,353 | €14,786 | +€1,433 | +10.7% |
| Other amounts payable | 47/48 | €489 | €0 | -€489 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €333 | +€333 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,460 | €8,760 | +€4,300 | +96.4% |
| Other operating charges | 640/8 | €1,433 | €1,624 | +€191 | +13.3% |
| Gross operating margin | 9900 | €89,865 | €86,012 | -€3,853 | -4.3% |
| Operating profit (loss) | 9901 | €83,971 | €75,628 | -€8,344 | -9.9% |
| Financial income | 75/76B | €4,873 | €4,848 | -€26 | -0.5% |
| Recurring financial income | 75 | €4,873 | €4,848 | -€26 | -0.5% |
| Financial charges | 65/66B | €212 | €186 | -€26 | -12.4% |
| Recurring financial charges | 65 | €212 | €186 | -€26 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €88,632 | €80,289 | -€8,343 | -9.4% |
| Income taxes | 67/77 | €28,875 | €26,590 | -€2,284 | -7.9% |
| Profit (loss) for the period | 9904 | €59,757 | €53,699 | -€6,059 | -10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €59,757 | €53,699 | -€6,059 | -10.1% |
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 10 October 2026 via checked.be.