TESO-CO: 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.
TESO-CO
Largest movements
- Stocks and contracts -€83,114
down €83,114 (-14.7%), from €564,305 to €481,191
- Receivables within one year +€18,810
up €18,810 (+228.1%), from €8,246 to €27,056
of which Other amounts receivable: +€18,914
- Tangible fixed assets -€12,153
down €12,153 (-29.8%), from €40,788 to €28,635
of which Plant, machinery and equipment: -€6,346
- Deferred charges and accrued income +€11,910
up €11,910 (+48042.6%), from €25 to €11,935
- Intangible fixed assets -€10,000
down €10,000 (-34.3%), from €29,167 to €19,167
- Trade debts +€110,861
up €110,861 (+28.3%), from €392,418 to €503,280
- Debts after one year -€95,814
down €95,814 (-66.3%), from €144,515 to €48,701
- Profit (loss) carried forward -€85,630
down €85,630 (-37.9%), from -€226,127 to -€311,757
- Short-term financial debts -€20,157
down €20,157 (-14.1%), from €143,045 to €122,888
- Other debts +€18,378
up €18,378 (+47.2%), from €38,951 to €57,329
- Gross operating margin -€93,666
down €93,666 (-27.4%), from €342,013 to €248,348
- Write-downs -€13,915
down €13,915 (-61.8%), from €22,507 to €8,592
- Financial charges +€4,124
up €4,124 (+20.0%), from €20,576 to €24,700
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €656,923 | €573,264 | -€83,659 | -12.7% |
| Fixed assets | 21/28 | €69,955 | €47,802 | -€22,152 | -31.7% |
| Intangible fixed assets | 21 | €29,167 | €19,167 | -€10,000 | -34.3% |
| Tangible fixed assets | 22/27 | €40,788 | €28,635 | -€12,153 | -29.8% |
| Land and buildings | 22 | €28,381 | €23,134 | -€5,247 | -18.5% |
| Plant, machinery and equipment | 23 | €11,318 | €4,973 | -€6,346 | -56.1% |
| Furniture and vehicles | 24 | €1,088 | €528 | -€560 | -51.4% |
| Current assets | 29/58 | €586,969 | €525,462 | -€61,507 | -10.5% |
| Stocks and contracts in progress | 3 | €564,305 | €481,191 | -€83,114 | -14.7% |
| Stocks | 30/36 | €564,305 | €481,191 | -€83,114 | -14.7% |
| Amounts receivable within one year | 40/41 | €8,246 | €27,056 | +€18,810 | +228.1% |
| Trade receivables | 40 | €117 | €13 | -€104 | -88.9% |
| Other amounts receivable | 41 | €8,128 | €27,043 | +€18,914 | +232.7% |
| Cash at bank and in hand | 54/58 | €14,393 | €5,281 | -€9,113 | -63.3% |
| Deferred charges and accrued income | 490/1 | €25 | €11,935 | +€11,910 | +48042.6% |
| Total equity and liabilities | 10/49 | €656,923 | €573,264 | -€83,659 | -12.7% |
| Equity | 10/15 | -€205,667 | -€291,297 | -€85,630 | -41.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Share premium | 1100/10 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€226,127 | -€311,757 | -€85,630 | -37.9% |
| Amounts payable | 17/49 | €862,590 | €864,561 | +€1,971 | +0.2% |
| Amounts payable after more than one year | 17 | €144,515 | €48,701 | -€95,814 | -66.3% |
| Financial debts | 170/4 | €144,515 | €48,701 | -€95,814 | -66.3% |
| Amounts payable within one year | 42/48 | €718,076 | €815,861 | +€97,785 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €93,740 | €95,814 | +€2,074 | +2.2% |
| Financial debts | 43 | €143,045 | €122,888 | -€20,157 | -14.1% |
| Credit institutions | 430/8 | €143,045 | €122,888 | -€20,157 | -14.1% |
| Trade debts | 44 | €392,418 | €503,280 | +€110,861 | +28.3% |
| Suppliers | 440/4 | €392,418 | €503,280 | +€110,861 | +28.3% |
| Taxes, remuneration and social security | 45 | €49,921 | €36,550 | -€13,371 | -26.8% |
| Taxes | 450/3 | €9,548 | €6,960 | -€2,588 | -27.1% |
| Remuneration and social security | 454/9 | €40,373 | €29,590 | -€10,783 | -26.7% |
| Other amounts payable | 47/48 | €38,951 | €57,329 | +€18,378 | +47.2% |
| Remuneration, social security and pensions | 62 | €278,403 | €277,911 | -€492 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,290 | €22,577 | -€713 | -3.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €22,507 | €8,592 | -€13,915 | -61.8% |
| Gross operating margin | 9900 | €342,013 | €248,348 | -€93,666 | -27.4% |
| Operating profit (loss) | 9901 | €17,813 | -€60,733 | -€78,546 | |
| Financial income | 75/76B | €293 | €84 | -€209 | -71.2% |
| Recurring financial income | 75 | €293 | €84 | -€209 | -71.2% |
| Financial charges | 65/66B | €20,576 | €24,700 | +€4,124 | +20.0% |
| Recurring financial charges | 65 | €20,576 | €24,700 | +€4,124 | +20.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,469 | -€85,349 | -€82,880 | -3356.6% |
| Income taxes | 67/77 | €244 | €281 | +€37 | +15.2% |
| Profit (loss) for the period | 9904 | -€2,713 | -€85,630 | -€82,917 | -3055.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,713 | -€85,630 | -€82,917 | -3055.9% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.