TEN NOTELAERE: 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.
TEN NOTELAERE
Largest movements
- Receivables within one year -€95,068
down €95,068 (-59.7%), from €159,363 to €64,295
- Cash -€65,742
down €65,742 (-81.0%), from €81,212 to €15,471
mainly Contributions, distributions and other (-€185,000) and Investment in fixed assets (net) (-€28,269)
- Tangible fixed assets +€15,678
up €15,678 (+10.2%), from €154,124 to €169,802
of which Furniture and vehicles: +€22,119
- Reserves -€154,928
down €154,928 (-49.9%), from €310,780 to €155,852
of which Distributable reserves: -€154,928
- Other debts +€18,588
new in 2025: €18,588
- Trade debts -€4,840
down €4,840 (-92.5%), from €5,231 to €390
- Depreciation +€3,497
up €3,497 (+38.5%), from €9,094 to €12,590
- Taxes -€2,651
down €2,651 (-17.2%), from €15,452 to €12,801
- Gross operating margin +€2,601
up €2,601 (+4.2%), from €62,063 to €64,664
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 | €394,747 | €250,740 | -€144,007 | -36.5% |
| Fixed assets | 21/28 | €154,124 | €169,802 | +€15,678 | +10.2% |
| Tangible fixed assets | 22/27 | €154,124 | €169,802 | +€15,678 | +10.2% |
| Land and buildings | 22 | €147,135 | €138,594 | -€8,541 | -5.8% |
| Furniture and vehicles | 24 | - | €22,119 | +€22,119 | |
| Other tangible fixed assets | 26 | €6,989 | €9,089 | +€2,100 | +30.0% |
| Current assets | 29/58 | €240,623 | €80,938 | -€159,685 | -66.4% |
| Amounts receivable within one year | 40/41 | €159,363 | €64,295 | -€95,068 | -59.7% |
| Other amounts receivable | 41 | €159,363 | €64,295 | -€95,068 | -59.7% |
| Cash at bank and in hand | 54/58 | €81,212 | €15,471 | -€65,742 | -81.0% |
| Deferred charges and accrued income | 490/1 | €47 | €1,172 | +€1,124 | +2,383% |
| Total equity and liabilities | 10/49 | €394,747 | €250,740 | -€144,007 | -36.5% |
| Equity | 10/15 | €372,753 | €217,825 | -€154,928 | -41.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €310,780 | €155,852 | -€154,928 | -49.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €304,583 | €149,655 | -€154,928 | -50.9% |
| Amounts payable | 17/49 | €21,994 | €32,915 | +€10,921 | +49.7% |
| Amounts payable after more than one year | 17 | €11,155 | €11,155 | = | 0.0% |
| Other amounts payable | 178/9 | €11,155 | €11,155 | = | 0.0% |
| Amounts payable within one year | 42/48 | €10,839 | €20,979 | +€10,140 | +93.6% |
| Trade debts | 44 | €5,231 | €390 | -€4,840 | -92.5% |
| Suppliers | 440/4 | €5,231 | €390 | -€4,840 | -92.5% |
| Taxes, remuneration and social security | 45 | €5,608 | €2,000 | -€3,608 | -64.3% |
| Taxes | 450/3 | €5,608 | €2,000 | -€3,608 | -64.3% |
| Other amounts payable | 47/48 | - | €18,588 | +€18,588 | |
| Accrued charges and deferred income | 492/3 | - | €781 | +€781 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,094 | €12,590 | +€3,497 | +38.5% |
| Other operating charges | 640/8 | €8,758 | €9,092 | +€334 | +3.8% |
| Gross operating margin | 9900 | €62,063 | €64,664 | +€2,601 | +4.2% |
| Operating profit (loss) | 9901 | €44,211 | €42,981 | -€1,229 | -2.8% |
| Financial income | 75/76B | €58 | €220 | +€162 | +281% |
| Recurring financial income | 75 | €58 | €220 | +€162 | +281% |
| Financial charges | 65/66B | €508 | €328 | -€179 | -35.3% |
| Recurring financial charges | 65 | €508 | €328 | -€179 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €43,761 | €42,873 | -€888 | -2.0% |
| Income taxes | 67/77 | €15,452 | €12,801 | -€2,651 | -17.2% |
| Profit (loss) for the period | 9904 | €28,309 | €30,072 | +€1,763 | +6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,309 | €30,072 | +€1,763 | +6.2% |
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 21 October 2026 via checked.be.