TEN: 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.
TEN
Largest movements
- Stocks and contracts +€49,786
up €49,786 (+7.1%), from €704,982 to €754,768
- Receivables within one year -€37,495
down €37,495 (-89.2%), from €42,052 to €4,557
of which Trade receivables: -€35,469
- Cash -€7,763
down €7,763 (-84.9%), from €9,140 to €1,377
mainly Trade debts (-€54,687) and Stocks and contracts (-€49,786)
- Other debts +€89,522
up €89,522 (+24.0%), from €372,440 to €461,962
- Trade debts -€54,687
down €54,687 (-94.8%), from €57,685 to €2,997
- Profit (loss) carried forward -€17,565
new in 2025: -€17,565
- Tax, wage and social debts -€12,741
down €12,741 (-75.6%), from €16,852 to €4,111
- Gross operating margin -€32,027
down €32,027, from €17,007 to -€15,020
- Taxes -€4,386
no longer reported in 2025 (was €4,386)
- Other operating charges +€1,656
up €1,656 (+268.7%), from €616 to €2,272
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 | €756,674 | €761,202 | +€4,529 | +0.6% |
| Fixed assets | 21/28 | €500 | €500 | = | 0.0% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €756,174 | €760,702 | +€4,529 | +0.6% |
| Stocks and contracts in progress | 3 | €704,982 | €754,768 | +€49,786 | +7.1% |
| Stocks | 30/36 | €704,982 | €754,768 | +€49,786 | +7.1% |
| Amounts receivable within one year | 40/41 | €42,052 | €4,557 | -€37,495 | -89.2% |
| Trade receivables | 40 | €40,026 | €4,557 | -€35,469 | -88.6% |
| Other amounts receivable | 41 | €2,025 | - | -€2,025 | |
| Cash at bank and in hand | 54/58 | €9,140 | €1,377 | -€7,763 | -84.9% |
| Total equity and liabilities | 10/49 | €756,674 | €761,202 | +€4,529 | +0.6% |
| Equity | 10/15 | €39,697 | €22,132 | -€17,565 | -44.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €19,697 | €19,697 | = | 0.0% |
| Distributable reserves | 133 | €19,697 | €19,697 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€17,565 | -€17,565 | |
| Amounts payable | 17/49 | €716,976 | €739,070 | +€22,093 | +3.1% |
| Amounts payable after more than one year | 17 | €270,000 | €270,000 | = | 0.0% |
| Financial debts | 170/4 | €270,000 | €270,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €446,976 | €469,070 | +€22,093 | +4.9% |
| Trade debts | 44 | €57,685 | €2,997 | -€54,687 | -94.8% |
| Suppliers | 440/4 | €57,685 | €2,997 | -€54,687 | -94.8% |
| Taxes, remuneration and social security | 45 | €16,852 | €4,111 | -€12,741 | -75.6% |
| Taxes | 450/3 | €16,852 | €4,111 | -€12,741 | -75.6% |
| Other amounts payable | 47/48 | €372,440 | €461,962 | +€89,522 | +24.0% |
| Other operating charges | 640/8 | €616 | €2,272 | +€1,656 | +268.7% |
| Gross operating margin | 9900 | €17,007 | -€15,020 | -€32,027 | |
| Operating profit (loss) | 9901 | €16,391 | -€17,292 | -€33,683 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -99.7% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -99.7% |
| Financial charges | 65/66B | €311 | €273 | -€38 | -12.4% |
| Recurring financial charges | 65 | €311 | €273 | -€38 | -12.4% |
| Profit (loss) for the period before taxes | 9903 | €16,083 | -€17,565 | -€33,647 | |
| Income taxes | 67/77 | €4,386 | - | -€4,386 | |
| Profit (loss) for the period | 9904 | €11,696 | -€17,565 | -€29,261 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,696 | -€17,565 | -€29,261 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.