TEN2: 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.
TEN2
Largest movements
- Stocks and contracts +€61,841
up €61,841 (+45.2%), from €136,759 to €198,600
- Cash -€31,162
down €31,162 (-56.5%), from €55,162 to €23,999
mainly Stocks and contracts (-€61,841) and Other debts (-€51,135)
- Receivables within one year +€21,647
up €21,647 (+51.2%), from €42,262 to €63,909
of which Trade receivables: +€11,731
- Tangible fixed assets +€7,936
up €7,936 (+41.6%), from €19,084 to €27,020
of which Plant, machinery and equipment: +€12,843
- Short-term financial debts +€55,915
up €55,915 (+155.0%), from €36,085 to €92,000
- Other debts -€51,135
down €51,135 (-43.7%), from €116,930 to €65,795
- Trade debts +€46,640
up €46,640 (+96.7%), from €48,243 to €94,884
- Tax, wage and social debts -€6,450
down €6,450 (-20.3%), from €31,784 to €25,334
of which Taxes: -€8,903
- Debts after one year +€5,800
up €5,800 (+121.4%), from €4,777 to €10,577
- Gross operating margin -€31,143
down €31,143 (-12.6%), from €247,998 to €216,855
- Staff costs +€24,905
up €24,905 (+22.1%), from €112,514 to €137,419
- Taxes -€17,632
down €17,632 (-53.5%), from €32,971 to €15,339
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 | €260,352 | €318,341 | +€57,989 | +22.3% |
| Fixed assets | 21/28 | €26,028 | €30,970 | +€4,942 | +19.0% |
| Intangible fixed assets | 21 | €644 | €0 | -€644 | -100.0% |
| Tangible fixed assets | 22/27 | €19,084 | €27,020 | +€7,936 | +41.6% |
| Plant, machinery and equipment | 23 | €7,921 | €20,765 | +€12,843 | +162.1% |
| Furniture and vehicles | 24 | €3,726 | €2,492 | -€1,234 | -33.1% |
| Other tangible fixed assets | 26 | €7,437 | €3,764 | -€3,673 | -49.4% |
| Financial fixed assets | 28 | €6,300 | €3,950 | -€2,350 | -37.3% |
| Current assets | 29/58 | €234,324 | €287,370 | +€53,047 | +22.6% |
| Stocks and contracts in progress | 3 | €136,759 | €198,600 | +€61,841 | +45.2% |
| Stocks | 30/36 | €136,759 | €198,600 | +€61,841 | +45.2% |
| Amounts receivable within one year | 40/41 | €42,262 | €63,909 | +€21,647 | +51.2% |
| Trade receivables | 40 | €42,250 | €53,981 | +€11,731 | +27.8% |
| Other amounts receivable | 41 | €12 | €9,928 | +€9,916 | +82907.4% |
| Cash at bank and in hand | 54/58 | €55,162 | €23,999 | -€31,162 | -56.5% |
| Deferred charges and accrued income | 490/1 | €141 | €862 | +€721 | +509.6% |
| Total equity and liabilities | 10/49 | €260,352 | €318,341 | +€57,989 | +22.3% |
| Equity | 10/15 | €18,600 | €18,600 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €241,752 | €299,741 | +€57,989 | +24.0% |
| Amounts payable after more than one year | 17 | €4,777 | €10,577 | +€5,800 | +121.4% |
| Financial debts | 170/4 | €4,777 | €10,577 | +€5,800 | +121.4% |
| Amounts payable within one year | 42/48 | €236,975 | €289,164 | +€52,189 | +22.0% |
| Current portion of amounts payable after more than one year | 42 | €3,787 | €6,933 | +€3,146 | +83.1% |
| Financial debts | 43 | €36,085 | €92,000 | +€55,915 | +155.0% |
| Credit institutions | 430/8 | €36,085 | €92,000 | +€55,915 | +155.0% |
| Trade debts | 44 | €48,243 | €94,884 | +€46,640 | +96.7% |
| Suppliers | 440/4 | €48,243 | €94,884 | +€46,640 | +96.7% |
| Advances received on contracts in progress | 46 | €146 | €4,218 | +€4,072 | +2790.3% |
| Taxes, remuneration and social security | 45 | €31,784 | €25,334 | -€6,450 | -20.3% |
| Taxes | 450/3 | €18,689 | €9,786 | -€8,903 | -47.6% |
| Remuneration and social security | 454/9 | €13,095 | €15,548 | +€2,453 | +18.7% |
| Other amounts payable | 47/48 | €116,930 | €65,795 | -€51,135 | -43.7% |
| Remuneration, social security and pensions | 62 | €112,514 | €137,419 | +€24,905 | +22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,190 | €10,598 | -€1,593 | -13.1% |
| Other operating charges | 640/8 | €4,802 | €4,628 | -€174 | -3.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €247,998 | €216,855 | -€31,143 | -12.6% |
| Operating profit (loss) | 9901 | €118,493 | €64,211 | -€54,282 | -45.8% |
| Financial income | 75/76B | €84 | €430 | +€346 | +411.8% |
| Recurring financial income | 75 | €84 | €430 | +€346 | +411.8% |
| Financial charges | 65/66B | €6,687 | €8,505 | +€1,818 | +27.2% |
| Recurring financial charges | 65 | €6,687 | €8,505 | +€1,818 | +27.2% |
| Profit (loss) for the period before taxes | 9903 | €111,890 | €56,136 | -€55,754 | -49.8% |
| Income taxes | 67/77 | €32,971 | €15,339 | -€17,632 | -53.5% |
| Profit (loss) for the period | 9904 | €78,919 | €40,797 | -€38,122 | -48.3% |
| Profit (loss) for the period to be appropriated | 9905 | €78,919 | €40,797 | -€38,122 | -48.3% |
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 6 October 2026 via checked.be.