TEN INVEST: what changed
What changed
TEN INVEST
filed annual accounts (NBB)
Net result for the year
€41,350
2025 · -€45,892+€87,242
Equity
€340,994
2025 · €299,644+€41,350
Cash
€67,415
2025 · €68,280-€865
Balance sheet total
€1.5m
2025 · €1.5m-€24,055
Largest movements
Assets
- Tangible fixed assets -€21,439
down €21,439 (-1.6%), from €1.3m to €1.3m
of which Land and buildings: -€20,773
Equity and liabilities
- Debts after one year -€72,288
down €72,288 (-7.6%), from €954,511 to €882,223
- Profit (loss) carried forward +€69,810
up €69,810 (+63.5%), from -€110,018 to -€40,208
- Other debts +€36,334
up €36,334 (+297%), from €12,229 to €48,563
- Reserves -€28,460
down €28,460 (-8.2%), from €347,161 to €318,702
of which Tax-exempt reserves: -€28,460
- Trade debts -€20,528
down €20,528 (-77.5%), from €26,470 to €5,943
Income statement
- Gross operating margin +€149,335
up €149,335, from -€2,938 to €146,397
- Financial income -€9,745
down €9,745 (-72.9%), from €13,373 to €3,628
- Depreciation +€8,211
up €8,211 (+11.9%), from €69,087 to €77,298
- Financial charges -€4,516
down €4,516 (-17.7%), from €25,528 to €21,012
- Other operating charges -€3,759
down €3,759 (-30.7%), from €12,243 to €8,484
Change in the result, 2025 to 2026
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 2025
-€45,892
Gross operating margin
+€149,335
Depreciation
-€8,211
Other operating charges
+€3,759
Other operating items
-€11,368
Financial income
-€9,745
Financial charges
+€4,516
Deferred taxes and other
-€41,044
Result 2026
€41,350
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€126,718
Investment
-€55,859
Financing
-€71,725
Cash 2025
€68,280
From operations (derived)
+€126,718
Net result for the year
+€41,350
Depreciation
+€77,298
Receivables within one year
+€205
Deferred charges and accrued income
+€1,545
Provisions
-€9,487
Trade debts
-€20,528
Other debts
+€36,334
Investment (derived)
-€55,859
Investment in fixed assets (net)
-€55,859
Financing
-€71,725
Debts after one year
-€72,288
Current portion of long-term debt
+€564
Cash 2026
€67,415
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,542,439 | €1,518,384 | -€24,055 | -1.6% |
| Fixed assets | 21/28 | €1,301,964 | €1,280,525 | -€21,439 | -1.6% |
| Tangible fixed assets | 22/27 | €1,301,964 | €1,280,525 | -€21,439 | -1.6% |
| Land and buildings | 22 | €1,294,342 | €1,273,570 | -€20,773 | -1.6% |
| Plant, machinery and equipment | 23 | €7,622 | €6,955 | -€667 | -8.7% |
| Current assets | 29/58 | €240,474 | €237,859 | -€2,615 | -1.1% |
| Amounts receivable within one year | 40/41 | €168,775 | €168,570 | -€205 | -0.1% |
| Trade receivables | 40 | €46,229 | €46,229 | = | 0.0% |
| Other amounts receivable | 41 | €122,546 | €122,342 | -€205 | -0.2% |
| Cash at bank and in hand | 54/58 | €68,280 | €67,415 | -€865 | -1.3% |
| Deferred charges and accrued income | 490/1 | €3,419 | €1,874 | -€1,545 | -45.2% |
| Total equity and liabilities | 10/49 | €1,542,439 | €1,518,384 | -€24,055 | -1.6% |
| Equity | 10/15 | €299,644 | €340,994 | +€41,350 | +13.8% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €347,161 | €318,702 | -€28,460 | -8.2% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €340,911 | €312,452 | -€28,460 | -8.3% |
| Profit (loss) carried forward | 14 | -€110,018 | -€40,208 | +€69,810 | +63.5% |
| Provisions and deferred taxes | 16 | €177,861 | €168,374 | -€9,487 | -5.3% |
| Deferred taxes | 168 | €177,861 | €168,374 | -€9,487 | -5.3% |
| Amounts payable | 17/49 | €1,064,934 | €1,009,016 | -€55,918 | -5.3% |
| Amounts payable after more than one year | 17 | €954,511 | €882,223 | -€72,288 | -7.6% |
| Financial debts | 170/4 | €954,511 | €882,223 | -€72,288 | -7.6% |
| Amounts payable within one year | 42/48 | €110,424 | €126,794 | +€16,370 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €71,725 | €72,288 | +€564 | +0.8% |
| Trade debts | 44 | €26,470 | €5,943 | -€20,528 | -77.5% |
| Suppliers | 440/4 | €26,470 | €5,943 | -€20,528 | -77.5% |
| Other amounts payable | 47/48 | €12,229 | €48,563 | +€36,334 | +297% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €69,087 | €77,298 | +€8,211 | +11.9% |
| Other operating charges | 640/8 | €12,243 | €8,484 | -€3,759 | -30.7% |
| Non-recurring operating charges | 66A | - | €11,368 | +€11,368 | |
| Gross operating margin | 9900 | -€2,938 | €146,397 | +€149,335 | |
| Operating profit (loss) | 9901 | -€84,267 | €49,247 | +€133,514 | |
| Financial income | 75/76B | €13,373 | €3,628 | -€9,745 | -72.9% |
| Recurring financial income | 75 | €13,373 | €3,628 | -€9,745 | -72.9% |
| Financial charges | 65/66B | €25,528 | €21,012 | -€4,516 | -17.7% |
| Recurring financial charges | 65 | €25,528 | €21,012 | -€4,516 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | -€96,422 | €31,864 | +€128,286 | |
| Transfer from deferred taxes | 780 | €50,531 | €9,487 | -€41,044 | -81.2% |
| Profit (loss) for the period | 9904 | -€45,892 | €41,350 | +€87,242 | |
| Transfer from tax-exempt reserves | 789 | €151,593 | €28,460 | -€123,133 | -81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €105,701 | €69,810 | -€35,891 | -34.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.