TENACI: 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.
TENACI
Largest movements
- Receivables within one year +€90,865
up €90,865 (+605.8%), from €15,000 to €105,865
of which Trade receivables: +€66,550
- Cash +€84,889
up €84,889 (+70.5%), from €120,455 to €205,343
mainly Other debts (+€367,156) and Net result for the year (+€173,106)
- Current investments +€24,713
up €24,713 (+34.8%), from €71,110 to €95,823
- Tangible fixed assets -€16,538
down €16,538 (-31.8%), from €51,988 to €35,449
of which Furniture and vehicles: -€17,449
- Other debts +€367,156
up €367,156 (+12937.1%), from €2,838 to €369,994
- Reserves -€191,200
down €191,200 (-99.8%), from €191,505 to €305
of which Distributable reserves: -€191,200
- Tax, wage and social debts +€20,802
up €20,802 (+198.6%), from €10,472 to €31,274
of which Taxes: +€20,745
- Debts after one year -€16,353
down €16,353 (-56.5%), from €28,927 to €12,575
- Gross operating margin +€160,548
up €160,548 (+172.6%), from €93,020 to €253,568
- Taxes +€40,683
up €40,683 (+219.4%), from €18,542 to €59,224
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 | €270,026 | €453,183 | +€183,157 | +67.8% |
| Fixed assets | 21/28 | €58,195 | €41,157 | -€17,038 | -29.3% |
| Intangible fixed assets | 21 | €1,208 | €708 | -€500 | -41.4% |
| Tangible fixed assets | 22/27 | €51,988 | €35,449 | -€16,538 | -31.8% |
| Land and buildings | 22 | €2,511 | €1,512 | -€999 | -39.8% |
| Plant, machinery and equipment | 23 | €1,991 | €3,901 | +€1,909 | +95.9% |
| Furniture and vehicles | 24 | €47,486 | €30,037 | -€17,449 | -36.7% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €211,831 | €412,026 | +€200,196 | +94.5% |
| Amounts receivable within one year | 40/41 | €15,000 | €105,865 | +€90,865 | +605.8% |
| Trade receivables | 40 | €0 | €66,550 | +€66,550 | |
| Other amounts receivable | 41 | €15,000 | €39,315 | +€24,315 | +162.1% |
| Current investments | 50/53 | €71,110 | €95,823 | +€24,713 | +34.8% |
| Cash at bank and in hand | 54/58 | €120,455 | €205,343 | +€84,889 | +70.5% |
| Deferred charges and accrued income | 490/1 | €5,266 | €4,995 | -€271 | -5.2% |
| Total equity and liabilities | 10/49 | €270,026 | €453,183 | +€183,157 | +67.8% |
| Equity | 10/15 | €211,061 | €19,867 | -€191,194 | -90.6% |
| Contributions | 10/11 | €19,504 | €19,504 | = | 0.0% |
| Reserves | 13 | €191,505 | €305 | -€191,200 | -99.8% |
| Tax-exempt reserves | 132 | €305 | €305 | = | 0.0% |
| Distributable reserves | 133 | €191,200 | €0 | -€191,200 | -100.0% |
| Profit (loss) carried forward | 14 | €52 | €58 | +€6 | +12.1% |
| Amounts payable | 17/49 | €58,965 | €433,316 | +€374,351 | +634.9% |
| Amounts payable after more than one year | 17 | €28,927 | €12,575 | -€16,353 | -56.5% |
| Financial debts | 170/4 | €28,927 | €12,575 | -€16,353 | -56.5% |
| Amounts payable within one year | 42/48 | €30,038 | €420,449 | +€390,411 | +1299.7% |
| Current portion of amounts payable after more than one year | 42 | €15,893 | €16,353 | +€460 | +2.9% |
| Trade debts | 44 | €835 | €2,829 | +€1,993 | +238.6% |
| Suppliers | 440/4 | €835 | €2,829 | +€1,993 | +238.6% |
| Taxes, remuneration and social security | 45 | €10,472 | €31,274 | +€20,802 | +198.6% |
| Taxes | 450/3 | €8,927 | €29,672 | +€20,745 | +232.4% |
| Remuneration and social security | 454/9 | €1,545 | €1,602 | +€56 | +3.6% |
| Other amounts payable | 47/48 | €2,838 | €369,994 | +€367,156 | +12937.1% |
| Accrued charges and deferred income | 492/3 | €0 | €293 | +€293 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,224 | €20,029 | +€806 | +4.2% |
| Other operating charges | 640/8 | €592 | €610 | +€18 | +3.0% |
| Gross operating margin | 9900 | €93,020 | €253,568 | +€160,548 | +172.6% |
| Operating profit (loss) | 9901 | €73,204 | €232,929 | +€159,725 | +218.2% |
| Financial income | 75/76B | €543 | €998 | +€455 | +83.7% |
| Recurring financial income | 75 | €543 | €998 | +€455 | +83.7% |
| Financial charges | 65/66B | €1,765 | €1,596 | -€169 | -9.5% |
| Recurring financial charges | 65 | €1,765 | €1,596 | -€169 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | €71,983 | €232,331 | +€160,348 | +222.8% |
| Income taxes | 67/77 | €18,542 | €59,224 | +€40,683 | +219.4% |
| Profit (loss) for the period | 9904 | €53,441 | €173,106 | +€119,665 | +223.9% |
| Profit (loss) for the period to be appropriated | 9905 | €53,441 | €173,106 | +€119,665 | +223.9% |
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 30 September 2026 via checked.be.