TEUVAN: what changed
What changed
TEUVAN
filed annual accounts (NBB)
Net result for the year
-€70,477
2024 · -€39,433-€31,044
Equity
€2.5m
2024 · €2.5m-€70,477
Cash
€164,642
2024 · €722,730-€558,088
Balance sheet total
€4.9m
2024 · €6.1m-€1.2m
Largest movements
Assets
- 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
Equity and liabilities
- 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
Income statement
- 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
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€39,433
Gross operating margin
+€43,196
Depreciation
+€8,483
Other operating charges
+€17,564
Financial income
-€44,928
Financial charges
+€27,569
Taxes
-€309,867
Deferred taxes and other
+€226,939
Result 2025
-€70,477
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€244,767
Investment
+€340,960
Financing
-€1.1m
Cash 2024
€722,730
From operations (derived)
+€244,767
Net result for the year
-€70,477
Depreciation
+€136,595
Receivables after one year
-€9,800
Receivables within one year
+€179,866
Smaller working-capital items
+€3,262
Provisions
-€251,922
Tax, wage and social debts
+€257,242
Investment (derived)
+€340,960
Investment in fixed assets (net)
+€340,960
Financing
-€1.1m
Debts after one year
-€199,762
Current portion of long-term debt
+€5,947
Short-term financial debts
-€950,000
Cash 2025
€164,642
brings cash intakes cash out
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% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.