WL TEGELS: 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.
WL TEGELS
Largest movements
- Current investments +€41,224
up €41,224 (+11.8%), from €348,603 to €389,828
- Receivables within one year -€17,399
down €17,399 (-26.6%), from €65,396 to €47,996
of which Other amounts receivable: -€19,758
- Stocks and contracts -€15,437
down €15,437 (-21.0%), from €73,632 to €58,195
- Tangible fixed assets -€14,822
down €14,822 (-48.8%), from €30,373 to €15,551
of which Furniture and vehicles: -€12,011
- Cash +€9,521
up €9,521 (+18.6%), from €51,230 to €60,751
mainly Net result for the year (+€45,494) and Receivables within one year (+€17,399)
- Reserves +€15,494
up €15,494 (+4.5%), from €343,342 to €358,837
- Trade debts -€15,287
down €15,287 (-27.5%), from €55,506 to €40,219
- Tax, wage and social debts +€12,488
up €12,488 (+121%), from €10,358 to €22,846
of which Taxes: +€13,145
- Other debts -€10,256
down €10,256 (-20.8%), from €49,420 to €39,164
- Gross operating margin +€69,027
up €69,027 (+120%), from €57,703 to €126,730
- Taxes +€14,836
up €14,836 (+556%), from €2,670 to €17,506
- Staff costs +€14,251
up €14,251 (+35.1%), from €40,598 to €54,849
- Financial income -€1,285
down €1,285 (-10.6%), from €12,176 to €10,891
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 | €582,086 | €584,485 | +€2,398 | +0.4% |
| Fixed assets | 21/28 | €34,723 | €19,901 | -€14,822 | -42.7% |
| Tangible fixed assets | 22/27 | €30,373 | €15,551 | -€14,822 | -48.8% |
| Land and buildings | 22 | €13,900 | €11,288 | -€2,612 | -18.8% |
| Plant, machinery and equipment | 23 | €199 | - | -€199 | |
| Furniture and vehicles | 24 | €16,274 | €4,264 | -€12,011 | -73.8% |
| Financial fixed assets | 28 | €4,350 | €4,350 | = | 0.0% |
| Current assets | 29/58 | €547,363 | €564,583 | +€17,220 | +3.1% |
| Stocks and contracts in progress | 3 | €73,632 | €58,195 | -€15,437 | -21.0% |
| Stocks | 30/36 | €73,632 | €58,195 | -€15,437 | -21.0% |
| Amounts receivable within one year | 40/41 | €65,396 | €47,996 | -€17,399 | -26.6% |
| Trade receivables | 40 | €37,489 | €39,847 | +€2,358 | +6.3% |
| Other amounts receivable | 41 | €27,907 | €8,149 | -€19,758 | -70.8% |
| Current investments | 50/53 | €348,603 | €389,828 | +€41,224 | +11.8% |
| Cash at bank and in hand | 54/58 | €51,230 | €60,751 | +€9,521 | +18.6% |
| Deferred charges and accrued income | 490/1 | €8,503 | €7,814 | -€688 | -8.1% |
| Total equity and liabilities | 10/49 | €582,086 | €584,485 | +€2,398 | +0.4% |
| Equity | 10/15 | €462,547 | €478,041 | +€15,494 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €343,342 | €358,837 | +€15,494 | +4.5% |
| Distributable reserves | 133 | €343,342 | €358,837 | +€15,494 | +4.5% |
| Profit (loss) carried forward | 14 | €100,604 | €100,604 | = | 0.0% |
| Amounts payable | 17/49 | €119,539 | €106,444 | -€13,096 | -11.0% |
| Amounts payable within one year | 42/48 | €119,539 | €106,444 | -€13,096 | -11.0% |
| Financial debts | 43 | €4,256 | €4,214 | -€41 | -1.0% |
| Credit institutions | 430/8 | €4,256 | €4,214 | -€41 | -1.0% |
| Trade debts | 44 | €55,506 | €40,219 | -€15,287 | -27.5% |
| Suppliers | 440/4 | €55,506 | €40,219 | -€15,287 | -27.5% |
| Taxes, remuneration and social security | 45 | €10,358 | €22,846 | +€12,488 | +121% |
| Taxes | 450/3 | €6,682 | €19,827 | +€13,145 | +197% |
| Remuneration and social security | 454/9 | €3,676 | €3,019 | -€657 | -17.9% |
| Other amounts payable | 47/48 | €49,420 | €39,164 | -€10,256 | -20.8% |
| Remuneration, social security and pensions | 62 | €40,598 | €54,849 | +€14,251 | +35.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,089 | €14,822 | -€268 | -1.8% |
| Other operating charges | 640/8 | €4,036 | €4,463 | +€426 | +10.6% |
| Gross operating margin | 9900 | €57,703 | €126,730 | +€69,027 | +120% |
| Operating profit (loss) | 9901 | -€2,021 | €52,596 | +€54,617 | |
| Financial income | 75/76B | €12,176 | €10,891 | -€1,285 | -10.6% |
| Recurring financial income | 75 | €12,176 | €10,891 | -€1,285 | -10.6% |
| Financial charges | 65/66B | €829 | €487 | -€341 | -41.2% |
| Recurring financial charges | 65 | €829 | €487 | -€341 | -41.2% |
| Profit (loss) for the period before taxes | 9903 | €9,326 | €63,000 | +€53,674 | +576% |
| Income taxes | 67/77 | €2,670 | €17,506 | +€14,836 | +556% |
| Profit (loss) for the period | 9904 | €6,656 | €45,494 | +€38,838 | +584% |
| Profit (loss) for the period to be appropriated | 9905 | €6,656 | €45,494 | +€38,838 | +584% |
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.