TEN HOF: 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 HOF
Largest movements
- Tangible fixed assets -€109,227
down €109,227 (-13.9%), from €783,953 to €674,726
of which Plant, machinery and equipment: -€79,928
- Cash +€23,620
up €23,620 (+67.7%), from €34,880 to €58,500
mainly Depreciation (+€109,227) and Receivables within one year (+€1,117)
- Debts after one year -€69,097
down €69,097 (-23.0%), from €300,848 to €231,751
of which Financial debts: -€69,097
- Gross operating margin +€23,564
up €23,564 (+23.3%), from €101,082 to €124,646
- Financial charges -€13,319
down €13,319 (-52.9%), from €25,190 to €11,870
- Other operating charges +€2,187
up €2,187 (+14.7%), from €14,870 to €17,057
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 | €822,087 | €735,531 | -€86,556 | -10.5% |
| Fixed assets | 21/28 | €784,015 | €674,788 | -€109,227 | -13.9% |
| Tangible fixed assets | 22/27 | €783,953 | €674,726 | -€109,227 | -13.9% |
| Land and buildings | 22 | €561,832 | €533,911 | -€27,921 | -5.0% |
| Plant, machinery and equipment | 23 | €217,746 | €137,819 | -€79,928 | -36.7% |
| Furniture and vehicles | 24 | €4,375 | €2,996 | -€1,378 | -31.5% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €38,072 | €60,743 | +€22,671 | +59.5% |
| Amounts receivable within one year | 40/41 | €1,666 | €549 | -€1,117 | -67.1% |
| Other amounts receivable | 41 | €1,666 | €549 | -€1,117 | -67.1% |
| Cash at bank and in hand | 54/58 | €34,880 | €58,500 | +€23,620 | +67.7% |
| Deferred charges and accrued income | 490/1 | €1,526 | €1,695 | +€169 | +11.1% |
| Total equity and liabilities | 10/49 | €822,087 | €735,531 | -€86,556 | -10.5% |
| Equity | 10/15 | €204,925 | €193,840 | -€11,086 | -5.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €229,781 | €226,280 | -€3,501 | -1.5% |
| Tax-exempt reserves | 132 | €3,501 | - | -€3,501 | |
| Distributable reserves | 133 | €226,280 | €226,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,405 | -€50,990 | -€7,585 | -17.5% |
| Provisions and deferred taxes | 16 | €2,422 | - | -€2,422 | |
| Deferred taxes | 168 | €2,422 | - | -€2,422 | |
| Amounts payable | 17/49 | €614,739 | €541,691 | -€73,048 | -11.9% |
| Amounts payable after more than one year | 17 | €300,848 | €231,751 | -€69,097 | -23.0% |
| Financial debts | 170/4 | €288,848 | €219,751 | -€69,097 | -23.9% |
| Other amounts payable | 178/9 | €12,000 | €12,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €313,892 | €309,941 | -€3,951 | -1.3% |
| Current portion of amounts payable after more than one year | 42 | €68,584 | €69,097 | +€513 | +0.7% |
| Trade debts | 44 | €1,021 | €531 | -€489 | -47.9% |
| Suppliers | 440/4 | €1,021 | €531 | -€489 | -47.9% |
| Taxes, remuneration and social security | 45 | €3,212 | - | -€3,212 | |
| Taxes | 450/3 | €3,212 | - | -€3,212 | |
| Other amounts payable | 47/48 | €241,075 | €240,312 | -€763 | -0.3% |
| Non-recurring operating income | 76A | €3,318 | - | -€3,318 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,276 | €109,227 | -€49 | 0.0% |
| Other operating charges | 640/8 | €14,870 | €17,057 | +€2,187 | +14.7% |
| Gross operating margin | 9900 | €101,082 | €124,646 | +€23,564 | +23.3% |
| Operating profit (loss) | 9901 | -€23,064 | -€1,637 | +€21,426 | +92.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €25,190 | €11,870 | -€13,319 | -52.9% |
| Recurring financial charges | 65 | €25,190 | €11,870 | -€13,319 | -52.9% |
| Profit (loss) for the period before taxes | 9903 | -€48,253 | -€13,508 | +€34,746 | +72.0% |
| Transfer from deferred taxes | 780 | €1,211 | €2,422 | +€1,211 | +100.0% |
| Profit (loss) for the period | 9904 | -€47,042 | -€11,086 | +€35,957 | +76.4% |
| Transfer from tax-exempt reserves | 789 | €3,637 | €3,501 | -€136 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,405 | -€7,585 | +€35,820 | +82.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.