TENACITY: 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.
TENACITY
Largest movements
- Current investments +€65,000
up €65,000 (+92.9%), from €70,000 to €135,000
- Tangible fixed assets -€10,951
down €10,951 (-64.8%), from €16,894 to €5,944
- Receivables within one year -€8,595
down €8,595 (-55.7%), from €15,417 to €6,823
of which Trade receivables: -€4,717
- Reserves +€57,213
up €57,213 (+52.1%), from €109,750 to €166,963
- Debts after one year -€7,332
down €7,332 (-62.2%), from €11,789 to €4,457
- Other debts -€7,103
down €7,103 (-49.7%), from €14,286 to €7,183
- Tax, wage and social debts +€4,039
up €4,039 (+11.1%), from €36,309 to €40,348
- Gross operating margin -€14,722
down €14,722 (-13.9%), from €106,044 to €91,322
- Financial income +€5,421
new in 2025: €5,421
- Taxes +€2,578
up €2,578 (+13.3%), from €19,393 to €21,971
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 | €185,635 | €232,437 | +€46,802 | +25.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €16,894 | €5,944 | -€10,951 | -64.8% |
| Tangible fixed assets | 22/27 | €16,894 | €5,944 | -€10,951 | -64.8% |
| Furniture and vehicles | 24 | €16,894 | €5,944 | -€10,951 | -64.8% |
| Current assets | 29/58 | €168,741 | €226,494 | +€57,753 | +34.2% |
| Amounts receivable within one year | 40/41 | €15,417 | €6,823 | -€8,595 | -55.7% |
| Trade receivables | 40 | €11,532 | €6,815 | -€4,717 | -40.9% |
| Other amounts receivable | 41 | €3,885 | €8 | -€3,877 | -99.8% |
| Current investments | 50/53 | €70,000 | €135,000 | +€65,000 | +92.9% |
| Cash at bank and in hand | 54/58 | €82,658 | €84,289 | +€1,631 | +2.0% |
| Deferred charges and accrued income | 490/1 | €665 | €382 | -€283 | -42.6% |
| Total equity and liabilities | 10/49 | €185,635 | €232,437 | +€46,802 | +25.2% |
| Equity | 10/15 | €115,750 | €172,963 | +€57,213 | +49.4% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €109,750 | €166,963 | +€57,213 | +52.1% |
| Distributable reserves | 133 | €109,750 | €166,963 | +€57,213 | +52.1% |
| Amounts payable | 17/49 | €69,885 | €59,474 | -€10,411 | -14.9% |
| Amounts payable after more than one year | 17 | €11,789 | €4,457 | -€7,332 | -62.2% |
| Financial debts | 170/4 | €11,789 | €4,457 | -€7,332 | -62.2% |
| Amounts payable within one year | 42/48 | €58,096 | €55,017 | -€3,079 | -5.3% |
| Current portion of amounts payable after more than one year | 42 | €6,958 | €7,332 | +€374 | +5.4% |
| Trade debts | 44 | €543 | €154 | -€390 | -71.7% |
| Suppliers | 440/4 | €543 | €154 | -€390 | -71.7% |
| Taxes, remuneration and social security | 45 | €36,309 | €40,348 | +€4,039 | +11.1% |
| Taxes | 450/3 | €36,309 | €40,348 | +€4,039 | +11.1% |
| Other amounts payable | 47/48 | €14,286 | €7,183 | -€7,103 | -49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,951 | €10,951 | = | 0.0% |
| Other operating charges | 640/8 | €290 | €698 | +€408 | +140.4% |
| Gross operating margin | 9900 | €106,044 | €91,322 | -€14,722 | -13.9% |
| Operating profit (loss) | 9901 | €94,803 | €79,673 | -€15,130 | -16.0% |
| Financial income | 75/76B | - | €5,421 | +€5,421 | |
| Recurring financial income | 75 | - | €5,421 | +€5,421 | |
| Financial charges | 65/66B | €1,256 | €910 | -€346 | -27.5% |
| Recurring financial charges | 65 | €1,256 | €910 | -€346 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €93,547 | €84,184 | -€9,363 | -10.0% |
| Income taxes | 67/77 | €19,393 | €21,971 | +€2,578 | +13.3% |
| Profit (loss) for the period | 9904 | €74,154 | €62,213 | -€11,941 | -16.1% |
| Profit (loss) for the period to be appropriated | 9905 | €74,154 | €62,213 | -€11,941 | -16.1% |
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 3 October 2026 via checked.be.