TENACIA: 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.
TENACIA
Largest movements
- Cash +€16,115
up €16,115 (+12.4%), from €129,996 to €146,111
mainly Net result for the year (+€47,162) and Depreciation (+€15,496)
- Receivables within one year +€10,772
up €10,772 (+2,564%), from €420 to €11,193
- Reserves +€45,496
up €45,496 (+16.1%), from €282,902 to €328,398
of which Distributable reserves: +€45,496
- Debts after one year -€15,910
down €15,910 (-100%), from €15,910 to €0
- Gross operating margin +€8,718
up €8,718 (+10.5%), from €82,771 to €91,489
- Financial charges +€2,278
up €2,278 (+105%), from €2,174 to €4,452
- Taxes +€1,894
up €1,894 (+9.2%), from €20,552 to €22,447
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 | €408,542 | €436,478 | +€27,936 | +6.8% |
| Fixed assets | 21/28 | €276,934 | €277,917 | +€983 | +0.4% |
| Tangible fixed assets | 22/27 | €276,834 | €277,817 | +€983 | +0.4% |
| Land and buildings | 22 | €274,933 | €277,063 | +€2,129 | +0.8% |
| Plant, machinery and equipment | 23 | €1,288 | €689 | -€598 | -46.5% |
| Furniture and vehicles | 24 | €613 | €65 | -€548 | -89.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €131,608 | €158,562 | +€26,954 | +20.5% |
| Amounts receivable within one year | 40/41 | €420 | €11,193 | +€10,772 | +2,564% |
| Trade receivables | 40 | €420 | €11,193 | +€10,772 | +2,564% |
| Cash at bank and in hand | 54/58 | €129,996 | €146,111 | +€16,115 | +12.4% |
| Deferred charges and accrued income | 490/1 | €1,192 | €1,258 | +€66 | +5.6% |
| Total equity and liabilities | 10/49 | €408,542 | €436,478 | +€27,936 | +6.8% |
| Equity | 10/15 | €301,452 | €346,948 | +€45,496 | +15.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €282,902 | €328,398 | +€45,496 | +16.1% |
| Tax-exempt reserves | 132 | €3,081 | €3,081 | = | 0.0% |
| Distributable reserves | 133 | €279,821 | €325,317 | +€45,496 | +16.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €107,090 | €89,530 | -€17,560 | -16.4% |
| Amounts payable after more than one year | 17 | €15,910 | €0 | -€15,910 | -100% |
| Financial debts | 170/4 | €15,910 | €0 | -€15,910 | -100% |
| Amounts payable within one year | 42/48 | €91,180 | €86,409 | -€4,771 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €18,996 | €15,910 | -€3,086 | -16.2% |
| Trade debts | 44 | €837 | €250 | -€587 | -70.1% |
| Suppliers | 440/4 | €837 | €250 | -€587 | -70.1% |
| Taxes, remuneration and social security | 45 | €25,588 | €24,011 | -€1,577 | -6.2% |
| Taxes | 450/3 | €24,258 | €22,681 | -€1,577 | -6.5% |
| Remuneration and social security | 454/9 | €1,330 | €1,330 | = | 0.0% |
| Other amounts payable | 47/48 | €45,758 | €46,238 | +€479 | +1.0% |
| Accrued charges and deferred income | 492/3 | €0 | €3,121 | +€3,121 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,135 | €15,496 | +€361 | +2.4% |
| Other operating charges | 640/8 | €1,873 | €1,932 | +€59 | +3.1% |
| Gross operating margin | 9900 | €82,771 | €91,489 | +€8,718 | +10.5% |
| Operating profit (loss) | 9901 | €65,763 | €74,061 | +€8,298 | +12.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €2,174 | €4,452 | +€2,278 | +105% |
| Recurring financial charges | 65 | €2,174 | €4,452 | +€2,278 | +105% |
| Profit (loss) for the period before taxes | 9903 | €63,589 | €69,609 | +€6,019 | +9.5% |
| Income taxes | 67/77 | €20,552 | €22,447 | +€1,894 | +9.2% |
| Profit (loss) for the period | 9904 | €43,037 | €47,162 | +€4,125 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €43,037 | €47,162 | +€4,125 | +9.6% |
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 19 October 2026 via checked.be.