Tope Tegoare: 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.
Tope Tegoare
Largest movements
- Financial fixed assets +€310,120
up €310,120 (+10.7%), from €2.9m to €3.2m
- Cash -€259,359
down €259,359 (-99.2%), from €261,479 to €2,120
mainly Short-term financial debts (-€688,911) and Investment in fixed assets (net) (-€310,120)
- Receivables within one year -€206,659
down €206,659 (-79.7%), from €259,216 to €52,556
of which Trade receivables: -€208,436
- Debts after one year +€749,775
up €749,775 (+167%), from €450,000 to €1.2m
- Short-term financial debts -€688,911
down €688,911 (-98.4%), from €700,000 to €11,089
- Accrued charges and deferred income -€254,918
down €254,918 (-100%), from €254,918 to €0
- Reserves +€145,529
up €145,529 (+10.8%), from €1.3m to €1.5m
of which Distributable reserves: +€145,529
- Current portion of long-term debt +€144,527
new in 2025: €144,527
- Gross operating margin -€383,298
down €383,298 (-60.2%), from €636,322 to €253,025
- Taxes -€91,582
down €91,582 (-63.6%), from €144,082 to €52,500
- Staff costs -€28,965
down €28,965 (-97.4%), from €29,726 to €761
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 | €3,435,998 | €3,277,747 | -€158,251 | -4.6% |
| Fixed assets | 21/28 | €2,902,373 | €3,211,064 | +€308,691 | +10.6% |
| Tangible fixed assets | 22/27 | €7,375 | €5,945 | -€1,429 | -19.4% |
| Furniture and vehicles | 24 | €7,375 | €5,945 | -€1,429 | -19.4% |
| Financial fixed assets | 28 | €2,894,999 | €3,205,119 | +€310,120 | +10.7% |
| Current assets | 29/58 | €533,625 | €66,684 | -€466,941 | -87.5% |
| Amounts receivable within one year | 40/41 | €259,216 | €52,556 | -€206,659 | -79.7% |
| Trade receivables | 40 | €259,166 | €50,730 | -€208,436 | -80.4% |
| Other amounts receivable | 41 | €49 | €1,827 | +€1,777 | +3,591% |
| Cash at bank and in hand | 54/58 | €261,479 | €2,120 | -€259,359 | -99.2% |
| Deferred charges and accrued income | 490/1 | €12,930 | €12,007 | -€923 | -7.1% |
| Total equity and liabilities | 10/49 | €3,435,998 | €3,277,747 | -€158,251 | -4.6% |
| Equity | 10/15 | €1,645,129 | €1,790,659 | +€145,529 | +8.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Capital | 10 | €300,000 | €300,000 | = | 0.0% |
| Issued capital | 100 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €1,345,129 | €1,490,659 | +€145,529 | +10.8% |
| Non-distributable reserves | 130/1 | €30,000 | €30,000 | = | 0.0% |
| Legal reserve | 130 | €30,000 | €30,000 | = | 0.0% |
| Distributable reserves | 133 | €1,315,129 | €1,460,659 | +€145,529 | +11.1% |
| Amounts payable | 17/49 | €1,790,869 | €1,487,089 | -€303,780 | -17.0% |
| Amounts payable after more than one year | 17 | €450,000 | €1,199,775 | +€749,775 | +167% |
| Financial debts | 170/4 | €450,000 | €1,199,775 | +€749,775 | +167% |
| Amounts payable within one year | 42/48 | €1,085,951 | €287,314 | -€798,637 | -73.5% |
| Current portion of amounts payable after more than one year | 42 | - | €144,527 | +€144,527 | |
| Financial debts | 43 | €700,000 | €11,089 | -€688,911 | -98.4% |
| Credit institutions | 430/8 | €700,000 | €11,089 | -€688,911 | -98.4% |
| Trade debts | 44 | €126,864 | €11,848 | -€115,016 | -90.7% |
| Suppliers | 440/4 | €126,864 | €11,848 | -€115,016 | -90.7% |
| Advances received on contracts in progress | 46 | - | €61,525 | +€61,525 | |
| Taxes, remuneration and social security | 45 | €132,770 | €58,325 | -€74,445 | -56.1% |
| Taxes | 450/3 | €132,770 | €58,325 | -€74,445 | -56.1% |
| Other amounts payable | 47/48 | €126,317 | €0 | -€126,317 | -100% |
| Accrued charges and deferred income | 492/3 | €254,918 | €0 | -€254,918 | -100% |
| Non-recurring operating income | 76A | €2,359 | €0 | -€2,359 | -100% |
| Remuneration, social security and pensions | 62 | €29,726 | €761 | -€28,965 | -97.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,470 | €1,429 | -€41 | -2.8% |
| Other operating charges | 640/8 | €5,525 | €3,298 | -€2,228 | -40.3% |
| Non-recurring operating charges | 66A | €617 | €0 | -€617 | -100% |
| Gross operating margin | 9900 | €636,322 | €253,025 | -€383,298 | -60.2% |
| Operating profit (loss) | 9901 | €598,983 | €247,537 | -€351,447 | -58.7% |
| Financial income | 75/76B | €1 | €2,744 | +€2,744 | +457,308% |
| Recurring financial income | 75 | €1 | €2,744 | +€2,744 | +457,308% |
| Financial charges | 65/66B | €48,557 | €52,252 | +€3,695 | +7.6% |
| Recurring financial charges | 65 | €48,160 | €52,252 | +€4,092 | +8.5% |
| Non-recurring financial charges | 66B | €398 | €0 | -€398 | -100% |
| Profit (loss) for the period before taxes | 9903 | €550,427 | €198,029 | -€352,398 | -64.0% |
| Income taxes | 67/77 | €144,082 | €52,500 | -€91,582 | -63.6% |
| Profit (loss) for the period | 9904 | €406,345 | €145,529 | -€260,815 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €406,345 | €145,529 | -€260,815 | -64.2% |
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 24 October 2026 via checked.be.