TENABEL: 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.
TENABEL
Largest movements
- Current investments +€97,557
up €97,557 (+1393.7%), from €7,000 to €104,557
- Tangible fixed assets -€92,486
down €92,486 (-10.9%), from €850,623 to €758,137
- Receivables within one year -€58,557
down €58,557 (-28.3%), from €206,723 to €148,166
of which Trade receivables: -€58,557
- Cash +€53,392
up €53,392 (+42.7%), from €125,019 to €178,411
mainly Other debts (+€278,462) and Net result for the year (+€174,464)
- Stocks and contracts +€45,689
up €45,689 (+9.7%), from €470,613 to €516,302
- Other debts +€278,462
up €278,462 (+353.3%), from €78,820 to €357,283
- Reserves -€128,645
down €128,645 (-16.4%), from €784,430 to €655,785
- Debts after one year -€113,552
down €113,552 (-23.4%), from €484,780 to €371,228
- Current portion of long-term debt -€17,730
down €17,730 (-13.5%), from €131,282 to €113,552
- Gross operating margin +€76,226
up €76,226 (+13.5%), from €566,301 to €642,526
- Staff costs +€28,953
up €28,953 (+11.7%), from €247,556 to €276,509
- Taxes +€17,660
up €17,660 (+29.0%), from €60,976 to €78,636
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 | €1,675,238 | €1,721,319 | +€46,080 | +2.8% |
| Fixed assets | 21/28 | €856,323 | €765,077 | -€91,246 | -10.7% |
| Tangible fixed assets | 22/27 | €850,623 | €758,137 | -€92,486 | -10.9% |
| Land and buildings | 22 | €507,193 | €462,684 | -€44,509 | -8.8% |
| Plant, machinery and equipment | 23 | €17,047 | €19,874 | +€2,827 | +16.6% |
| Furniture and vehicles | 24 | €80,273 | €57,887 | -€22,386 | -27.9% |
| Other tangible fixed assets | 26 | - | €2,521 | +€2,521 | |
| Assets under construction and advance payments | 27 | €246,111 | €215,170 | -€30,941 | -12.6% |
| Financial fixed assets | 28 | €5,700 | €6,940 | +€1,240 | +21.8% |
| Current assets | 29/58 | €818,916 | €956,242 | +€137,326 | +16.8% |
| Stocks and contracts in progress | 3 | €470,613 | €516,302 | +€45,689 | +9.7% |
| Stocks | 30/36 | €470,613 | €516,302 | +€45,689 | +9.7% |
| Amounts receivable within one year | 40/41 | €206,723 | €148,166 | -€58,557 | -28.3% |
| Trade receivables | 40 | €206,723 | €148,166 | -€58,557 | -28.3% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €7,000 | €104,557 | +€97,557 | +1393.7% |
| Cash at bank and in hand | 54/58 | €125,019 | €178,411 | +€53,392 | +42.7% |
| Deferred charges and accrued income | 490/1 | €9,560 | €8,806 | -€754 | -7.9% |
| Total equity and liabilities | 10/49 | €1,675,238 | €1,721,319 | +€46,080 | +2.8% |
| Equity | 10/15 | €843,149 | €714,504 | -€128,645 | -15.3% |
| Contributions | 10/11 | €58,719 | €58,719 | = | 0.0% |
| Reserves | 13 | €784,430 | €655,785 | -€128,645 | -16.4% |
| Distributable reserves | 133 | €784,430 | €655,785 | -€128,645 | -16.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €832,089 | €1,006,815 | +€174,725 | +21.0% |
| Amounts payable after more than one year | 17 | €484,780 | €371,228 | -€113,552 | -23.4% |
| Financial debts | 170/4 | €484,780 | €371,228 | -€113,552 | -23.4% |
| Amounts payable within one year | 42/48 | €347,309 | €635,586 | +€288,277 | +83.0% |
| Current portion of amounts payable after more than one year | 42 | €131,282 | €113,552 | -€17,730 | -13.5% |
| Financial debts | 43 | €0 | €10,095 | +€10,095 | |
| Credit institutions | 430/8 | €0 | €10,095 | +€10,095 | |
| Trade debts | 44 | €30,319 | €36,974 | +€6,654 | +21.9% |
| Suppliers | 440/4 | €30,319 | €36,974 | +€6,654 | +21.9% |
| Taxes, remuneration and social security | 45 | €106,887 | €117,683 | +€10,796 | +10.1% |
| Taxes | 450/3 | €69,258 | €54,037 | -€15,221 | -22.0% |
| Remuneration and social security | 454/9 | €37,629 | €63,646 | +€26,017 | +69.1% |
| Other amounts payable | 47/48 | €78,820 | €357,283 | +€278,462 | +353.3% |
| Remuneration, social security and pensions | 62 | €247,556 | €276,509 | +€28,953 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,761 | €107,163 | +€3,402 | +3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,262 | €0 | -€3,262 | -100.0% |
| Other operating charges | 640/8 | €13,062 | €12,794 | -€268 | -2.0% |
| Non-recurring operating charges | 66A | €829 | €0 | -€829 | -100.0% |
| Gross operating margin | 9900 | €566,301 | €642,526 | +€76,226 | +13.5% |
| Operating profit (loss) | 9901 | €197,831 | €246,060 | +€48,229 | +24.4% |
| Financial income | 75/76B | €22,047 | €23,770 | +€1,722 | +7.8% |
| Recurring financial income | 75 | €22,047 | €23,770 | +€1,722 | +7.8% |
| Financial charges | 65/66B | €20,680 | €16,729 | -€3,951 | -19.1% |
| Recurring financial charges | 65 | €20,680 | €16,729 | -€3,951 | -19.1% |
| Profit (loss) for the period before taxes | 9903 | €199,198 | €253,101 | +€53,903 | +27.1% |
| Income taxes | 67/77 | €60,976 | €78,636 | +€17,660 | +29.0% |
| Profit (loss) for the period | 9904 | €138,221 | €174,464 | +€36,243 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €138,221 | €174,464 | +€36,243 | +26.2% |
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 10 October 2026 via checked.be.