TENEO: 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.
TENEO
Largest movements
- Cash +€43,869
up €43,869 (+30.8%), from €142,444 to €186,314
mainly Net result for the year (+€41,514) and Depreciation (+€17,522)
- Tangible fixed assets -€15,647
down €15,647 (-21.0%), from €74,477 to €58,830
of which Furniture and vehicles: -€14,070
- Receivables within one year +€3,117
up €3,117 (+10.5%), from €29,678 to €32,795
of which Trade receivables: +€2,980
- Reserves +€23,514
up €23,514 (+16.4%), from €143,452 to €166,966
- Debts after one year -€13,425
down €13,425 (-31.1%), from €43,171 to €29,747
- Tax, wage and social debts +€10,890
up €10,890 (+77.0%), from €14,138 to €25,027
- Other debts +€9,763
up €9,763 (+52.8%), from €18,505 to €28,268
- Taxes +€5,179
up €5,179 (+44.4%), from €11,676 to €16,856
- Financial charges -€2,979
down €2,979 (-52.0%), from €5,730 to €2,751
- Depreciation +€1,788
up €1,788 (+11.4%), from €15,735 to €17,522
- Other operating charges -€1,684
down €1,684 (-51.2%), from €3,291 to €1,608
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 | €247,622 | €278,103 | +€30,481 | +12.3% |
| Fixed assets | 21/28 | €74,477 | €58,830 | -€15,647 | -21.0% |
| Tangible fixed assets | 22/27 | €74,477 | €58,830 | -€15,647 | -21.0% |
| Land and buildings | 22 | €10,251 | €9,031 | -€1,220 | -11.9% |
| Plant, machinery and equipment | 23 | €1,740 | €1,383 | -€357 | -20.5% |
| Furniture and vehicles | 24 | €62,486 | €48,415 | -€14,070 | -22.5% |
| Current assets | 29/58 | €173,145 | €219,274 | +€46,128 | +26.6% |
| Amounts receivable after more than one year | 29 | €1,023 | €0 | -€1,023 | -100% |
| Other amounts receivable | 291 | €1,023 | €0 | -€1,023 | -100% |
| Amounts receivable within one year | 40/41 | €29,678 | €32,795 | +€3,117 | +10.5% |
| Trade receivables | 40 | €29,460 | €32,440 | +€2,980 | +10.1% |
| Other amounts receivable | 41 | €218 | €355 | +€137 | +62.5% |
| Cash at bank and in hand | 54/58 | €142,444 | €186,314 | +€43,869 | +30.8% |
| Deferred charges and accrued income | 490/1 | - | €165 | +€165 | |
| Total equity and liabilities | 10/49 | €247,622 | €278,103 | +€30,481 | +12.3% |
| Equity | 10/15 | €155,852 | €179,366 | +€23,514 | +15.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €143,452 | €166,966 | +€23,514 | +16.4% |
| Distributable reserves | 133 | €143,452 | €166,966 | +€23,514 | +16.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €91,770 | €98,737 | +€6,967 | +7.6% |
| Amounts payable after more than one year | 17 | €43,171 | €29,747 | -€13,425 | -31.1% |
| Financial debts | 170/4 | €43,171 | €29,747 | -€13,425 | -31.1% |
| Amounts payable within one year | 42/48 | €48,472 | €68,877 | +€20,405 | +42.1% |
| Current portion of amounts payable after more than one year | 42 | €12,901 | €13,425 | +€524 | +4.1% |
| Trade debts | 44 | €2,929 | €2,157 | -€772 | -26.4% |
| Suppliers | 440/4 | €2,929 | €2,157 | -€772 | -26.4% |
| Taxes, remuneration and social security | 45 | €14,138 | €25,027 | +€10,890 | +77.0% |
| Taxes | 450/3 | €14,138 | €25,027 | +€10,890 | +77.0% |
| Other amounts payable | 47/48 | €18,505 | €28,268 | +€9,763 | +52.8% |
| Accrued charges and deferred income | 492/3 | €126 | €114 | -€12 | -9.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,735 | €17,522 | +€1,788 | +11.4% |
| Other operating charges | 640/8 | €3,291 | €1,608 | -€1,684 | -51.2% |
| Gross operating margin | 9900 | €79,897 | €80,159 | +€261 | +0.3% |
| Operating profit (loss) | 9901 | €60,871 | €61,029 | +€157 | +0.3% |
| Financial income | 75/76B | €174 | €92 | -€82 | -47.0% |
| Recurring financial income | 75 | €174 | €92 | -€82 | -47.0% |
| Financial charges | 65/66B | €5,730 | €2,751 | -€2,979 | -52.0% |
| Recurring financial charges | 65 | €5,730 | €2,751 | -€2,979 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €55,315 | €58,370 | +€3,054 | +5.5% |
| Income taxes | 67/77 | €11,676 | €16,856 | +€5,179 | +44.4% |
| Profit (loss) for the period | 9904 | €43,639 | €41,514 | -€2,125 | -4.9% |
| Profit (loss) for the period to be appropriated | 9905 | €43,639 | €41,514 | -€2,125 | -4.9% |
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 26 October 2026 via checked.be.