TESTO: what changed
Two fiscal 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
TESTO
NACE 46.646, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€553,072
2024 · €860,792-€307,720
Equity
€3.1m
2024 · €3.7m-€646,929
Cash
€741,232
2024 · €592,166+€149,066
Balance sheet total
€5.0m
2024 · €4.6m+€390,766
Largest movements
Assets
- Tangible fixed assets +€229,208
up €229,208 (+17.9%), from €1.3m to €1.5m
of which Land and buildings: +€205,143
- Cash +€149,066
up €149,066 (+25.2%), from €592,166 to €741,232
mainly Net result for the year (+€553,072) and Other debts (+€492,500)
- Financial fixed assets +€52,952
new in 2025: €52,952
Equity and liabilities
- Profit (loss) carried forward -€646,929
down €646,929 (-18.2%), from €3.6m to €2.9m
- Other debts +€492,500
new in 2025: €492,500
- Trade debts +€353,795
up €353,795 (+484.9%), from €72,966 to €426,761
- Tax, wage and social debts +€109,668
up €109,668 (+15.3%), from €718,018 to €827,686
of which Remuneration and social security: +€64,650
- Current portion of long-term debt +€100,870
new in 2025: €100,870
Income statement
- Turnover -€12.4m
no longer reported in 2025 (was €12.4m)
- Goods and materials -€6.4m
no longer reported in 2025 (was €6.4m)
of which Purchases: -€6.4m
- Gross operating margin +€5.4m
new in 2025: €5.4m
- Services and other goods -€1.1m
no longer reported in 2025 (was €1.1m)
- Staff costs +€544,827
up €544,827 (+14.2%), from €3.8m to €4.4m
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
€860,792
Turnover
-€12.4m
Other operating income
-€160,568
Goods and materials
+€6.4m
Services and other goods
+€1.1m
Staff costs
-€544,827
Depreciation
-€15,255
Write-downs
-€18,419
Other operating charges
+€11,513
Other operating items
+€5.4m
Financial income
-€21,020
Financial charges
-€7,433
Taxes
+€99,554
Result 2025
€553,072
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.
From operations
+€1.8m
Investment
-€511,946
Financing
-€1.1m
Cash 2024
€592,166
From operations (derived)
+€1.8m
Net result for the year
+€553,072
Depreciation
+€237,543
Stocks and contracts
+€21,055
Receivables within one year
+€12,756
Deferred charges and accrued income
-€1,109
Trade debts
+€353,795
Tax, wage and social debts
+€109,668
Other debts
+€492,500
Accrued charges and deferred income
-€19,138
Investment (derived)
-€511,946
Investment in fixed assets (net)
-€511,946
Financing
-€1.1m
Current portion of long-term debt
+€100,870
Contributions, distributions and other
-€1.2m
Cash 2025
€741,232
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,575,102 | €4,965,868 | +€390,766 | +8.5% |
| Fixed assets | 21/28 | €1,284,791 | €1,559,193 | +€274,402 | +21.4% |
| Intangible fixed assets | 21 | €7,757 | - | -€7,757 | |
| Tangible fixed assets | 22/27 | €1,277,034 | €1,506,242 | +€229,208 | +17.9% |
| Land and buildings | 22 | €785,282 | €990,425 | +€205,143 | +26.1% |
| Plant, machinery and equipment | 23 | €74,581 | €89,845 | +€15,265 | +20.5% |
| Furniture and vehicles | 24 | €417,171 | €425,972 | +€8,801 | +2.1% |
| Financial fixed assets | 28 | - | €52,952 | +€52,952 | |
| Current assets | 29/58 | €3,290,310 | €3,406,674 | +€116,364 | +3.5% |
| Stocks and contracts in progress | 3 | €381,514 | €360,459 | -€21,055 | -5.5% |
| Stocks | 30/36 | €381,514 | €360,459 | -€21,055 | -5.5% |
| Goods purchased for resale | 34 | €381,514 | - | -€381,514 | |
| Amounts receivable within one year | 40/41 | €2,248,574 | €2,235,818 | -€12,756 | -0.6% |
| Trade receivables | 40 | €1,826,019 | €1,932,410 | +€106,391 | +5.8% |
| Other amounts receivable | 41 | €422,555 | €303,408 | -€119,147 | -28.2% |
| Cash at bank and in hand | 54/58 | €592,166 | €741,232 | +€149,066 | +25.2% |
| Deferred charges and accrued income | 490/1 | €68,056 | €69,165 | +€1,109 | +1.6% |
| Total equity and liabilities | 10/49 | €4,575,102 | €4,965,868 | +€390,766 | +8.5% |
| Equity | 10/15 | €3,700,820 | €3,053,892 | -€646,929 | -17.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €62,506 | €62,506 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €55,006 | €55,006 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,563,314 | €2,916,386 | -€646,929 | -18.2% |
| Amounts payable | 17/49 | €874,281 | €1,911,976 | +€1.0m | +118.7% |
| Amounts payable within one year | 42/48 | €790,985 | €1,847,818 | +€1.1m | +133.6% |
| Current portion of amounts payable after more than one year | 42 | - | €100,870 | +€100,870 | |
| Trade debts | 44 | €72,966 | €426,761 | +€353,795 | +484.9% |
| Suppliers | 440/4 | €72,966 | €426,761 | +€353,795 | +484.9% |
| Taxes, remuneration and social security | 45 | €718,018 | €827,686 | +€109,668 | +15.3% |
| Taxes | 450/3 | €196,069 | €241,087 | +€45,018 | +23.0% |
| Remuneration and social security | 454/9 | €521,950 | €586,600 | +€64,650 | +12.4% |
| Other amounts payable | 47/48 | - | €492,500 | +€492,500 | |
| Accrued charges and deferred income | 492/3 | €83,296 | €64,158 | -€19,138 | -23.0% |
| Operating income | 70/76A | €12,602,332 | - | -€12.6m | |
| Turnover | 70 | €12,441,764 | - | -€12.4m | |
| Other operating income | 74 | €160,568 | - | -€160,568 | |
| Operating charges | 60/66A | €11,496,116 | - | -€11.5m | |
| Goods for resale, raw materials and consumables | 60 | €6,351,727 | - | -€6.4m | |
| Purchases | 600/8 | €6,372,239 | - | -€6.4m | |
| Change in stocks: decrease (increase) | 609 | -€20,512 | - | +€20,512 | |
| Services and other goods | 61 | €1,057,223 | - | -€1.1m | |
| Remuneration, social security and pensions | 62 | €3,836,620 | €4,381,447 | +€544,827 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €222,288 | €237,543 | +€15,255 | +6.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€23,754 | -€5,335 | +€18,419 | +77.5% |
| Other operating charges | 640/8 | €52,012 | €40,498 | -€11,513 | -22.1% |
| Non-recurring operating charges | 66A | - | €5,742 | +€5,742 | |
| Gross operating margin | 9900 | - | €5,387,290 | +€5.4m | |
| Operating profit (loss) | 9901 | €1,106,216 | €727,394 | -€378,822 | -34.2% |
| Financial income | 75/76B | €76,089 | €55,069 | -€21,020 | -27.6% |
| Recurring financial income | 75 | €76,089 | €55,069 | -€21,020 | -27.6% |
| Income from current assets | 751 | €15,438 | - | -€15,438 | |
| Other financial income | 752/9 | €60,651 | - | -€60,651 | |
| Financial charges | 65/66B | €27,179 | €34,612 | +€7,433 | +27.3% |
| Recurring financial charges | 65 | €27,179 | €34,612 | +€7,433 | +27.3% |
| Debt charges | 650 | €3,911 | - | -€3,911 | |
| Other financial charges | 652/9 | €23,269 | - | -€23,269 | |
| Profit (loss) for the period before taxes | 9903 | €1,155,125 | €747,852 | -€407,274 | -35.3% |
| Income taxes | 67/77 | €294,334 | €194,780 | -€99,554 | -33.8% |
| Taxes | 670/3 | €294,334 | - | -€294,334 | |
| Profit (loss) for the period | 9904 | €860,792 | €553,072 | -€307,720 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €860,792 | €553,072 | -€307,720 | -35.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.