TEN RODEN: 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.
What changed
TEN RODEN
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€57,605
2024 · -€2,419-€55,186
Equity
€491,741
2024 · €549,346-€57,605
Cash
€13,710
2024 · €13,960-€250
Balance sheet total
€2.0m
2024 · €1.9m+€135,470
Largest movements
Assets
- Receivables within one year +€209,725
up €209,725, from €0 to €209,725
- Tangible fixed assets -€73,700
down €73,700 (-4.0%), from €1.8m to €1.8m
of which Land and buildings: -€71,300
Equity and liabilities
- Other debts +€229,813
up €229,813 (+987%), from €23,291 to €253,105
- Reserves -€57,605
down €57,605 (-11.8%), from €487,346 to €429,741
of which Distributable reserves: -€34,552
- Accrued charges and deferred income -€23,307
down €23,307 (-100%), from €23,307 to €0
Income statement
- Gross operating margin -€44,145
down €44,145 (-52.5%), from €84,130 to €39,985
- Depreciation +€37,731
up €37,731 (+63.8%), from €59,094 to €96,825
- Financial charges -€15,243
down €15,243 (-98.9%), from €15,414 to €172
- Other operating charges -€2,667
down €2,667 (-20.0%), from €13,336 to €10,668
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.
Result 2024
-€2,419
Gross operating margin
-€44,145
Depreciation
-€37,731
Other operating charges
+€2,667
Other operating items
-€1,795
Financial income
-€3
Financial charges
+€15,243
Taxes
+€177
Deferred taxes and other
+€10,402
Result 2025
-€57,605
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€22,875
Investment
-€23,125
Financing
€0
Cash 2024
€13,960
From operations (derived)
+€22,875
Net result for the year
-€57,605
Depreciation
+€96,825
Receivables within one year
-€209,725
Smaller working-capital items
+€127
Provisions
-€11,870
Trade debts
-€1,383
Other debts
+€229,813
Accrued charges and deferred income
-€23,307
Investment (derived)
-€23,125
Investment in fixed assets (net)
-€23,125
Cash 2025
€13,710
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,859,789 | €1,995,259 | +€135,470 | +7.3% |
| Fixed assets | 21/28 | €1,844,552 | €1,770,852 | -€73,700 | -4.0% |
| Tangible fixed assets | 22/27 | €1,844,533 | €1,770,833 | -€73,700 | -4.0% |
| Land and buildings | 22 | €1,834,863 | €1,763,563 | -€71,300 | -3.9% |
| Plant, machinery and equipment | 23 | €1,356 | €756 | -€600 | -44.2% |
| Furniture and vehicles | 24 | €8,314 | €6,514 | -€1,800 | -21.6% |
| Financial fixed assets | 28 | €19 | €19 | = | 0.0% |
| Current assets | 29/58 | €15,237 | €224,408 | +€209,170 | +1,373% |
| Amounts receivable within one year | 40/41 | €0 | €209,725 | +€209,725 | |
| Other amounts receivable | 41 | €0 | €209,725 | +€209,725 | |
| Cash at bank and in hand | 54/58 | €13,960 | €13,710 | -€250 | -1.8% |
| Deferred charges and accrued income | 490/1 | €1,277 | €973 | -€304 | -23.8% |
| Total equity and liabilities | 10/49 | €1,859,789 | €1,995,259 | +€135,470 | +7.3% |
| Equity | 10/15 | €549,346 | €491,741 | -€57,605 | -10.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €487,346 | €429,741 | -€57,605 | -11.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €299,781 | €276,728 | -€23,053 | -7.7% |
| Distributable reserves | 133 | €181,365 | €146,813 | -€34,552 | -19.1% |
| Provisions and deferred taxes | 16 | €164,971 | €153,100 | -€11,870 | -7.2% |
| Provisions for liabilities and charges | 160/5 | €60,000 | €60,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €60,000 | €60,000 | = | 0.0% |
| Deferred taxes | 168 | €104,971 | €93,100 | -€11,870 | -11.3% |
| Amounts payable | 17/49 | €1,145,473 | €1,350,419 | +€204,946 | +17.9% |
| Amounts payable after more than one year | 17 | €1,008,006 | €1,008,006 | = | 0.0% |
| Financial debts | 170/4 | €1,006,890 | €1,006,890 | = | 0.0% |
| Other amounts payable | 178/9 | €1,116 | €1,116 | = | 0.0% |
| Amounts payable within one year | 42/48 | €114,160 | €342,413 | +€228,253 | +200% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €60,000 | = | 0.0% |
| Trade debts | 44 | €30,691 | €29,308 | -€1,383 | -4.5% |
| Suppliers | 440/4 | €30,691 | €29,308 | -€1,383 | -4.5% |
| Taxes, remuneration and social security | 45 | €177 | €0 | -€177 | -100% |
| Taxes | 450/3 | €177 | €0 | -€177 | -100% |
| Other amounts payable | 47/48 | €23,291 | €253,105 | +€229,813 | +987% |
| Accrued charges and deferred income | 492/3 | €23,307 | €0 | -€23,307 | -100% |
| Non-recurring operating income | 76A | €54,688 | €0 | -€54,688 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,094 | €96,825 | +€37,731 | +63.8% |
| Other operating charges | 640/8 | €13,336 | €10,668 | -€2,667 | -20.0% |
| Non-recurring operating charges | 66A | - | €1,795 | +€1,795 | |
| Gross operating margin | 9900 | €84,130 | €39,985 | -€44,145 | -52.5% |
| Operating profit (loss) | 9901 | €11,700 | -€69,304 | -€81,004 | |
| Financial income | 75/76B | €3 | €0 | -€3 | -100% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100% |
| Financial charges | 65/66B | €15,414 | €172 | -€15,243 | -98.9% |
| Recurring financial charges | 65 | €15,414 | €172 | -€15,243 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,711 | -€69,475 | -€65,764 | -1,772% |
| Transfer from deferred taxes | 780 | €1,469 | €11,870 | +€10,402 | +708% |
| Income taxes | 67/77 | €177 | €0 | -€177 | -100% |
| Profit (loss) for the period | 9904 | -€2,419 | -€57,605 | -€55,186 | -2,281% |
| Transfer from tax-exempt reserves | 789 | €2,852 | €23,053 | +€20,201 | +708% |
| Profit (loss) for the period to be appropriated | 9905 | €432 | -€34,552 | -€34,985 |
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 14 October 2026 via checked.be.