TEUVAN: 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.
TEUVAN
Largest movements
- Cash -€558,088
down €558,088 (-77.2%), from €722,730 to €164,642
mainly Short-term financial debts (-€950,000) and Provisions (-€251,922)
- Tangible fixed assets -€477,555
down €477,555 (-12.7%), from €3.8m to €3.3m
of which Land and buildings: -€485,280
- Receivables within one year -€179,866
down €179,866 (-30.1%), from €597,284 to €417,418
- Short-term financial debts -€950,000
no longer reported in 2025 (was €950,000)
- Tax, wage and social debts +€257,242
up €257,242 (+342%), from €75,284 to €332,526
- Provisions -€251,922
down €251,922 (-44.3%), from €568,953 to €317,031
- Debts after one year -€199,762
down €199,762 (-11.5%), from €1.7m to €1.5m
- Reserves -€114,674
down €114,674 (-4.8%), from €2.4m to €2.3m
of which Tax-exempt reserves: -€724,370
- Taxes +€309,867
up €309,867 (+2,735%), from €11,330 to €321,197
- Financial income -€44,928
down €44,928 (-59.5%), from €75,562 to €30,634
- Gross operating margin +€43,196
up €43,196 (+28.6%), from €150,835 to €194,032
- Financial charges -€27,569
down €27,569 (-29.7%), from €92,871 to €65,303
- Other operating charges -€17,564
down €17,564 (-42.3%), from €41,535 to €23,970
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 | €6,115,849 | €4,910,139 | -€1.2m | -19.7% |
| Fixed assets | 21/28 | €3,752,637 | €3,275,082 | -€477,555 | -12.7% |
| Tangible fixed assets | 22/27 | €3,752,637 | €3,275,082 | -€477,555 | -12.7% |
| Land and buildings | 22 | €3,752,579 | €3,267,299 | -€485,280 | -12.9% |
| Plant, machinery and equipment | 23 | - | €7,783 | +€7,783 | |
| Furniture and vehicles | 24 | €59 | - | -€59 | |
| Current assets | 29/58 | €2,363,211 | €1,635,057 | -€728,154 | -30.8% |
| Amounts receivable after more than one year | 29 | €443,316 | €453,116 | +€9,800 | +2.2% |
| Other amounts receivable | 291 | €443,316 | €453,116 | +€9,800 | +2.2% |
| Amounts receivable within one year | 40/41 | €597,284 | €417,418 | -€179,866 | -30.1% |
| Other amounts receivable | 41 | €597,284 | €417,418 | -€179,866 | -30.1% |
| Current investments | 50/53 | €598,800 | €598,800 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €722,730 | €164,642 | -€558,088 | -77.2% |
| Deferred charges and accrued income | 490/1 | €1,082 | €1,082 | +€0 | 0.0% |
| Total equity and liabilities | 10/49 | €6,115,849 | €4,910,139 | -€1.2m | -19.7% |
| Equity | 10/15 | €2,543,917 | €2,473,440 | -€70,477 | -2.8% |
| Contributions | 10/11 | €213,536 | €213,536 | = | 0.0% |
| Capital | 10 | €213,536 | €213,536 | = | 0.0% |
| Issued capital | 100 | €213,536 | €213,536 | = | 0.0% |
| Reserves | 13 | €2,374,578 | €2,259,904 | -€114,674 | -4.8% |
| Non-distributable reserves | 130/1 | €245,124 | €245,124 | = | 0.0% |
| Legal reserve | 130 | €36,354 | €36,354 | = | 0.0% |
| Own shares acquired | 1312 | €208,770 | €208,770 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,491,522 | €767,152 | -€724,370 | -48.6% |
| Distributable reserves | 133 | €637,932 | €1,247,628 | +€609,696 | +95.6% |
| Profit (loss) carried forward | 14 | -€44,197 | - | +€44,197 | |
| Provisions and deferred taxes | 16 | €568,953 | €317,031 | -€251,922 | -44.3% |
| Deferred taxes | 168 | €568,953 | €317,031 | -€251,922 | -44.3% |
| Amounts payable | 17/49 | €3,002,978 | €2,119,668 | -€883,310 | -29.4% |
| Amounts payable after more than one year | 17 | €1,735,519 | €1,535,757 | -€199,762 | -11.5% |
| Financial debts | 170/4 | €1,735,519 | €1,535,757 | -€199,762 | -11.5% |
| Amounts payable within one year | 42/48 | €1,267,460 | €581,717 | -€685,743 | -54.1% |
| Current portion of amounts payable after more than one year | 42 | €193,815 | €199,762 | +€5,947 | +3.1% |
| Financial debts | 43 | €950,000 | - | -€950,000 | |
| Credit institutions | 430/8 | €950,000 | - | -€950,000 | |
| Trade debts | 44 | €42,671 | €43,739 | +€1,068 | +2.5% |
| Suppliers | 440/4 | €42,671 | €43,739 | +€1,068 | +2.5% |
| Taxes, remuneration and social security | 45 | €75,284 | €332,526 | +€257,242 | +342% |
| Taxes | 450/3 | €75,284 | €332,526 | +€257,242 | +342% |
| Other amounts payable | 47/48 | €5,690 | €5,690 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €2,194 | +€2,194 | |
| Non-recurring operating income | 76A | €45,000 | €108,040 | +€63,040 | +140% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €145,078 | €136,595 | -€8,483 | -5.8% |
| Other operating charges | 640/8 | €41,535 | €23,970 | -€17,564 | -42.3% |
| Gross operating margin | 9900 | €150,835 | €194,032 | +€43,196 | +28.6% |
| Operating profit (loss) | 9901 | -€35,778 | €33,467 | +€69,244 | |
| Financial income | 75/76B | €75,562 | €30,634 | -€44,928 | -59.5% |
| Recurring financial income | 75 | €75,562 | €30,634 | -€44,928 | -59.5% |
| Financial charges | 65/66B | €92,871 | €65,303 | -€27,569 | -29.7% |
| Recurring financial charges | 65 | €92,871 | €65,303 | -€27,569 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | -€53,087 | -€1,202 | +€51,885 | +97.7% |
| Transfer from deferred taxes | 780 | €24,983 | €251,922 | +€226,939 | +908% |
| Income taxes | 67/77 | €11,330 | €321,197 | +€309,867 | +2,735% |
| Profit (loss) for the period | 9904 | -€39,433 | -€70,477 | -€31,044 | -78.7% |
| Transfer from tax-exempt reserves | 789 | €61,068 | €724,370 | +€663,302 | +1,086% |
| Profit (loss) for the period to be appropriated | 9905 | €21,635 | €653,893 | +€632,258 | +2,922% |
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 13 October 2026 via checked.be.