TEWA: 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.
TEWA
Largest movements
- Receivables within one year -€80,940
down €80,940 (-21.8%), from €372,124 to €291,184
of which Trade receivables: -€245,304
- Cash -€69,295
down €69,295 (-42.0%), from €165,032 to €95,737
mainly Contributions, distributions and other (-€103,614) and Net result for the year (-€70,074)
- Tangible fixed assets -€16,707
down €16,707 (-25.7%), from €65,106 to €48,400
of which Furniture and vehicles: -€11,808
- Stocks and contracts -€12,825
down €12,825 (-89.0%), from €14,414 to €1,589
- Reserves -€103,614
down €103,614 (-28.4%), from €364,679 to €261,066
- Profit (loss) carried forward -€70,074
down €70,074 (-229%), from -€30,553 to -€100,627
- Other debts +€56,261
up €56,261 (+119%), from €47,353 to €103,614
- Trade debts -€47,482
down €47,482 (-95.1%), from €49,949 to €2,467
- Current portion of long-term debt -€11,751
down €11,751 (-44.8%), from €26,212 to €14,461
- Gross operating margin -€146,723
down €146,723, from €111,391 to -€35,332
- Financial charges -€78,688
down €78,688 (-77.7%), from €101,249 to €22,561
- Taxes -€18,740
no longer reported in 2025 (was €18,740)
- Financial income +€7,091
up €7,091 (+285%), from €2,487 to €9,578
- Other operating charges -€3,603
down €3,603 (-69.1%), from €5,217 to €1,614
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 | €764,747 | €597,415 | -€167,332 | -21.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €70,426 | €53,720 | -€16,707 | -23.7% |
| Tangible fixed assets | 22/27 | €65,106 | €48,400 | -€16,707 | -25.7% |
| Plant, machinery and equipment | 23 | €27,379 | €22,481 | -€4,899 | -17.9% |
| Furniture and vehicles | 24 | €37,727 | €25,919 | -€11,808 | -31.3% |
| Financial fixed assets | 28 | €5,320 | €5,320 | = | 0.0% |
| Current assets | 29/58 | €694,320 | €543,695 | -€150,625 | -21.7% |
| Amounts receivable after more than one year | 29 | €117,500 | €125,102 | +€7,602 | +6.5% |
| Other amounts receivable | 291 | €117,500 | €125,102 | +€7,602 | +6.5% |
| Stocks and contracts in progress | 3 | €14,414 | €1,589 | -€12,825 | -89.0% |
| Stocks | 30/36 | €14,414 | €1,589 | -€12,825 | -89.0% |
| Amounts receivable within one year | 40/41 | €372,124 | €291,184 | -€80,940 | -21.8% |
| Trade receivables | 40 | €256,787 | €11,483 | -€245,304 | -95.5% |
| Other amounts receivable | 41 | €115,337 | €279,701 | +€164,364 | +143% |
| Current investments | 50/53 | €22,049 | €22,049 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €165,032 | €95,737 | -€69,295 | -42.0% |
| Deferred charges and accrued income | 490/1 | €3,202 | €8,034 | +€4,832 | +151% |
| Total equity and liabilities | 10/49 | €764,747 | €597,415 | -€167,332 | -21.9% |
| Equity | 10/15 | €340,327 | €166,639 | -€173,688 | -51.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €364,679 | €261,066 | -€103,614 | -28.4% |
| Distributable reserves | 133 | €364,679 | €261,066 | -€103,614 | -28.4% |
| Profit (loss) carried forward | 14 | -€30,553 | -€100,627 | -€70,074 | -229% |
| Amounts payable | 17/49 | €424,420 | €430,776 | +€6,356 | +1.5% |
| Amounts payable after more than one year | 17 | €24,303 | €30,037 | +€5,734 | +23.6% |
| Financial debts | 170/4 | €24,303 | €30,037 | +€5,734 | +23.6% |
| Amounts payable within one year | 42/48 | €398,514 | €399,085 | +€571 | +0.1% |
| Current portion of amounts payable after more than one year | 42 | €26,212 | €14,461 | -€11,751 | -44.8% |
| Financial debts | 43 | €275,000 | €275,000 | = | 0.0% |
| Credit institutions | 430/8 | €275,000 | €275,000 | = | 0.0% |
| Trade debts | 44 | €49,949 | €2,467 | -€47,482 | -95.1% |
| Suppliers | 440/4 | €49,949 | €2,467 | -€47,482 | -95.1% |
| Taxes, remuneration and social security | 45 | - | €3,544 | +€3,544 | |
| Taxes | 450/3 | - | €3,544 | +€3,544 | |
| Other amounts payable | 47/48 | €47,353 | €103,614 | +€56,261 | +119% |
| Accrued charges and deferred income | 492/3 | €1,603 | €1,654 | +€50 | +3.1% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,225 | €20,145 | +€920 | +4.8% |
| Other operating charges | 640/8 | €5,217 | €1,614 | -€3,603 | -69.1% |
| Gross operating margin | 9900 | €111,391 | -€35,332 | -€146,723 | |
| Operating profit (loss) | 9901 | €86,950 | -€57,091 | -€144,041 | |
| Financial income | 75/76B | €2,487 | €9,578 | +€7,091 | +285% |
| Recurring financial income | 75 | €2,487 | €9,578 | +€7,091 | +285% |
| Financial charges | 65/66B | €101,249 | €22,561 | -€78,688 | -77.7% |
| Recurring financial charges | 65 | €101,249 | €22,561 | -€78,688 | -77.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,813 | -€70,074 | -€58,262 | -493% |
| Income taxes | 67/77 | €18,740 | - | -€18,740 | |
| Profit (loss) for the period | 9904 | -€30,553 | -€70,074 | -€39,522 | -129% |
| Profit (loss) for the period to be appropriated | 9905 | -€30,553 | -€70,074 | -€39,522 | -129% |
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 14 October 2026 via checked.be.