TESSE SYLVAIN: 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.
TESSE SYLVAIN
Largest movements
- Cash -€219,705
down €219,705 (-52.5%), from €418,441 to €198,736
mainly Debts after one year (-€580,987) and Current portion of long-term debt (-€153,871)
- Intangible fixed assets -€211,855
down €211,855 (-15.8%), from €1.3m to €1.1m
- Tangible fixed assets -€116,454
down €116,454 (-6.2%), from €1.9m to €1.8m
of which Land and buildings: -€62,166
- Debts after one year -€580,987
down €580,987 (-14.0%), from €4.1m to €3.6m
of which Financial debts: -€677,333
- Profit (loss) carried forward +€265,694
up €265,694 (+38.6%), from €688,092 to €953,786
- Current portion of long-term debt -€153,871
down €153,871 (-18.5%), from €831,203 to €677,332
- Short-term financial debts -€150,000
no longer reported in 2025 (was €150,000)
- Financial income -€105,306
down €105,306 (-34.1%), from €308,645 to €203,339
- Financial charges +€89,640
up €89,640 (+194%), from €46,099 to €135,739
- Gross operating margin +€70,369
up €70,369 (+4.4%), from €1.6m to €1.7m
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 | €9,757,263 | €9,154,943 | -€602,320 | -6.2% |
| Fixed assets | 21/28 | €9,142,027 | €8,745,995 | -€396,032 | -4.3% |
| Intangible fixed assets | 21 | €1,342,984 | €1,131,129 | -€211,855 | -15.8% |
| Tangible fixed assets | 22/27 | €1,878,919 | €1,762,465 | -€116,454 | -6.2% |
| Land and buildings | 22 | €1,054,565 | €992,399 | -€62,166 | -5.9% |
| Plant, machinery and equipment | 23 | €653,973 | €648,125 | -€5,848 | -0.9% |
| Furniture and vehicles | 24 | €170,381 | €121,941 | -€48,440 | -28.4% |
| Financial fixed assets | 28 | €5,920,124 | €5,852,401 | -€67,723 | -1.1% |
| Current assets | 29/58 | €615,236 | €408,948 | -€206,288 | -33.5% |
| Amounts receivable within one year | 40/41 | €117,679 | €130,358 | +€12,679 | +10.8% |
| Trade receivables | 40 | €112,638 | €116,560 | +€3,922 | +3.5% |
| Other amounts receivable | 41 | €5,041 | €13,798 | +€8,757 | +174% |
| Cash at bank and in hand | 54/58 | €418,441 | €198,736 | -€219,705 | -52.5% |
| Deferred charges and accrued income | 490/1 | €79,116 | €79,854 | +€738 | +0.9% |
| Total equity and liabilities | 10/49 | €9,757,263 | €9,154,943 | -€602,320 | -6.2% |
| Equity | 10/15 | €4,333,203 | €4,598,897 | +€265,694 | +6.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Revaluation surpluses | 12 | €765,111 | €765,111 | = | 0.0% |
| Reserves | 13 | €2,867,600 | €2,867,600 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,363 | €34,363 | = | 0.0% |
| Distributable reserves | 133 | €2,833,237 | €2,833,237 | = | 0.0% |
| Profit (loss) carried forward | 14 | €688,092 | €953,786 | +€265,694 | +38.6% |
| Amounts payable | 17/49 | €5,424,060 | €4,556,046 | -€868,014 | -16.0% |
| Amounts payable after more than one year | 17 | €4,144,188 | €3,563,201 | -€580,987 | -14.0% |
| Financial debts | 170/4 | €3,924,219 | €3,246,886 | -€677,333 | -17.3% |
| Other amounts payable | 178/9 | €219,969 | €316,315 | +€96,346 | +43.8% |
| Amounts payable within one year | 42/48 | €1,272,322 | €985,145 | -€287,177 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €831,203 | €677,332 | -€153,871 | -18.5% |
| Financial debts | 43 | €150,000 | - | -€150,000 | |
| Other loans | 439 | €150,000 | - | -€150,000 | |
| Trade debts | 44 | €103,319 | €106,040 | +€2,721 | +2.6% |
| Suppliers | 440/4 | €103,319 | €106,040 | +€2,721 | +2.6% |
| Taxes, remuneration and social security | 45 | €140,026 | €181,756 | +€41,730 | +29.8% |
| Taxes | 450/3 | €49,650 | €91,768 | +€42,118 | +84.8% |
| Remuneration and social security | 454/9 | €90,376 | €89,988 | -€388 | -0.4% |
| Other amounts payable | 47/48 | €47,774 | €20,017 | -€27,757 | -58.1% |
| Accrued charges and deferred income | 492/3 | €7,550 | €7,700 | +€150 | +2.0% |
| Non-recurring operating income | 76A | €60,068 | €12,763 | -€47,305 | -78.8% |
| Remuneration, social security and pensions | 62 | €805,203 | €793,025 | -€12,178 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €421,109 | €432,418 | +€11,309 | +2.7% |
| Other operating charges | 640/8 | €22,553 | €12,631 | -€9,922 | -44.0% |
| Non-recurring operating charges | 66A | €220 | €6,976 | +€6,756 | +3,071% |
| Gross operating margin | 9900 | €1,585,027 | €1,655,396 | +€70,369 | +4.4% |
| Operating profit (loss) | 9901 | €335,942 | €410,346 | +€74,404 | +22.1% |
| Financial income | 75/76B | €308,645 | €203,339 | -€105,306 | -34.1% |
| Recurring financial income | 75 | €308,645 | €203,339 | -€105,306 | -34.1% |
| Financial charges | 65/66B | €46,099 | €135,739 | +€89,640 | +194% |
| Recurring financial charges | 65 | €46,099 | €135,739 | +€89,640 | +194% |
| Profit (loss) for the period before taxes | 9903 | €598,488 | €477,946 | -€120,542 | -20.1% |
| Income taxes | 67/77 | €102,584 | €92,252 | -€10,332 | -10.1% |
| Profit (loss) for the period | 9904 | €495,904 | €385,694 | -€110,210 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €495,904 | €385,694 | -€110,210 | -22.2% |
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 26 October 2026 via checked.be.