TeVa RE: 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.
TeVa RE
Largest movements
- Receivables within one year +€4.5m
up €4.5m (+1742.8%), from €260,911 to €4.8m
of which Other amounts receivable: +€4.6m
- Financial fixed assets -€4.4m
down €4.4m (-42.0%), from €10.4m to €6.0m
- Tangible fixed assets +€678,461
up €678,461 (+6.4%), from €10.6m to €11.3m
of which Land and buildings: +€2.4m
- Cash -€481,773
down €481,773 (-89.1%), from €540,435 to €58,662
mainly Receivables within one year (-€4.5m) and Debts after one year (-€4.3m)
- Other debts +€4.8m
up €4.8m (+48462.0%), from €9,863 to €4.8m
- Debts after one year -€4.3m
down €4.3m (-23.9%), from €18.0m to €13.7m
of which Other amounts payable: -€3.5m
- Trade debts -€553,498
down €553,498 (-88.3%), from €626,726 to €73,228
- Reserves +€306,493
up €306,493 (+8.2%), from €3.7m to €4.0m
of which Distributable reserves: +€320,709
- Gross operating margin +€661,630
up €661,630 (+80.0%), from €827,093 to €1.5m
- Purchases and services -€382,651
down €382,651 (-73.6%), from €520,138 to €137,487
- Financial income +€142,663
up €142,663 (+134.7%), from €105,874 to €248,537
- Financial charges +€133,403
up €133,403 (+25.1%), from €531,492 to €664,895
- Taxes +€48,000
new in 2025: €48,000
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 | €24,009,059 | €24,274,762 | +€265,703 | +1.1% |
| Fixed assets | 21/28 | €20,992,944 | €17,319,692 | -€3.7m | -17.5% |
| Tangible fixed assets | 22/27 | €10,623,141 | €11,301,603 | +€678,461 | +6.4% |
| Land and buildings | 22 | €8,911,200 | €11,298,644 | +€2.4m | +26.8% |
| Furniture and vehicles | 24 | €3,832 | €2,959 | -€873 | -22.8% |
| Assets under construction and advance payments | 27 | €1,708,110 | €0 | -€1.7m | -100.0% |
| Financial fixed assets | 28 | €10,369,802 | €6,018,089 | -€4.4m | -42.0% |
| Current assets | 29/58 | €3,016,115 | €6,955,069 | +€3.9m | +130.6% |
| Amounts receivable after more than one year | 29 | €2,080,000 | €1,983,053 | -€96,947 | -4.7% |
| Other amounts receivable | 291 | €2,080,000 | €1,983,053 | -€96,947 | -4.7% |
| Amounts receivable within one year | 40/41 | €260,911 | €4,808,040 | +€4.5m | +1742.8% |
| Trade receivables | 40 | €130,697 | €54,941 | -€75,755 | -58.0% |
| Other amounts receivable | 41 | €130,215 | €4,753,098 | +€4.6m | +3550.2% |
| Cash at bank and in hand | 54/58 | €540,435 | €58,662 | -€481,773 | -89.1% |
| Deferred charges and accrued income | 490/1 | €134,769 | €105,315 | -€29,454 | -21.9% |
| Total equity and liabilities | 10/49 | €24,009,059 | €24,274,762 | +€265,703 | +1.1% |
| Equity | 10/15 | €3,972,395 | €4,278,887 | +€306,493 | +7.7% |
| Contributions | 10/11 | €237,769 | €237,769 | = | 0.0% |
| Reserves | 13 | €3,723,846 | €4,030,339 | +€306,493 | +8.2% |
| Non-distributable reserves | 130/1 | €24,901 | €24,901 | = | 0.0% |
| Other | 1319 | €24,901 | €24,901 | = | 0.0% |
| Tax-exempt reserves | 132 | €324,100 | €309,884 | -€14,216 | -4.4% |
| Distributable reserves | 133 | €3,374,845 | €3,695,554 | +€320,709 | +9.5% |
| Investment grants | 15 | €10,780 | €10,780 | = | 0.0% |
| Provisions and deferred taxes | 16 | €104,611 | €99,872 | -€4,739 | -4.5% |
| Deferred taxes | 168 | €104,611 | €99,872 | -€4,739 | -4.5% |
| Amounts payable | 17/49 | €19,932,054 | €19,896,002 | -€36,051 | -0.2% |
| Amounts payable after more than one year | 17 | €18,049,658 | €13,737,647 | -€4.3m | -23.9% |
| Financial debts | 170/4 | €14,530,115 | €13,735,547 | -€794,569 | -5.5% |
| Other amounts payable | 178/9 | €3,519,543 | €2,100 | -€3.5m | -99.9% |
| Amounts payable within one year | 42/48 | €1,709,264 | €6,004,726 | +€4.3m | +251.3% |
| Current portion of amounts payable after more than one year | 42 | €1,048,528 | €1,069,605 | +€21,077 | +2.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €626,726 | €73,228 | -€553,498 | -88.3% |
| Suppliers | 440/4 | €626,726 | €73,228 | -€553,498 | -88.3% |
| Taxes, remuneration and social security | 45 | €24,147 | €72,467 | +€48,319 | +200.1% |
| Taxes | 450/3 | €24,147 | €72,467 | +€48,319 | +200.1% |
| Other amounts payable | 47/48 | €9,863 | €4,789,426 | +€4.8m | +48462.0% |
| Accrued charges and deferred income | 492/3 | €173,131 | €153,630 | -€19,501 | -11.3% |
| Turnover | 70 | €1,167,143 | €1,192,400 | +€25,257 | +2.2% |
| Non-recurring operating income | 76A | €0 | €188,754 | +€188,754 | |
| Goods, raw materials, services and sundry goods | 60/61 | €520,138 | €137,487 | -€382,651 | -73.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €407,381 | €385,129 | -€22,252 | -5.5% |
| Other operating charges | 640/8 | €129,566 | €148,729 | +€19,163 | +14.8% |
| Non-recurring operating charges | 66A | €0 | €188,754 | +€188,754 | |
| Gross operating margin | 9900 | €827,093 | €1,488,723 | +€661,630 | +80.0% |
| Operating profit (loss) | 9901 | €290,146 | €766,112 | +€475,966 | +164.0% |
| Financial income | 75/76B | €105,874 | €248,537 | +€142,663 | +134.7% |
| Recurring financial income | 75 | €105,874 | €248,537 | +€142,663 | +134.7% |
| Financial charges | 65/66B | €531,492 | €664,895 | +€133,403 | +25.1% |
| Recurring financial charges | 65 | €531,492 | €664,895 | +€133,403 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | -€135,472 | €349,754 | +€485,226 | |
| Transfer from deferred taxes | 780 | €4,739 | €4,739 | -€0 | 0.0% |
| Income taxes | 67/77 | - | €48,000 | +€48,000 | |
| Profit (loss) for the period | 9904 | -€130,733 | €306,493 | +€437,226 | |
| Transfer from tax-exempt reserves | 789 | €14,216 | €14,216 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€116,517 | €320,709 | +€437,226 |
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 8 October 2026 via checked.be.