TENEO: 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.
TENEO
Largest movements
- Receivables within one year -€13,717
down €13,717 (-33.6%), from €40,858 to €27,141
of which Trade receivables: -€34,211
- Tangible fixed assets -€12,638
down €12,638 (-15.2%), from €82,929 to €70,291
of which Leasing and similar rights: -€17,851
- Deferred charges and accrued income +€8,752
up €8,752 (+214.7%), from €4,076 to €12,829
- Cash +€3,983
up €3,983 (+39.0%), from €10,209 to €14,192
mainly Depreciation (+€27,917) and Receivables within one year (+€13,717)
- Debts after one year -€18,491
down €18,491 (-47.0%), from €39,381 to €20,889
- Trade debts +€12,643
up €12,643 (+453.5%), from €2,788 to €15,430
- Profit (loss) carried forward -€9,744
new in 2025: -€9,744
- Gross operating margin -€11,439
down €11,439 (-31.2%), from €36,610 to €25,171
- Depreciation +€7,753
up €7,753 (+38.4%), from €20,165 to €27,917
- Taxes -€3,840
down €3,840 (-85.5%), from €4,493 to €654
- Financial charges +€2,077
up €2,077 (+213.5%), from €973 to €3,051
- Other operating charges +€387
up €387 (+12.1%), from €3,203 to €3,590
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 | €187,993 | €174,453 | -€13,540 | -7.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €82,929 | €70,291 | -€12,638 | -15.2% |
| Tangible fixed assets | 22/27 | €82,929 | €70,291 | -€12,638 | -15.2% |
| Plant, machinery and equipment | 23 | €7,781 | €11,860 | +€4,079 | +52.4% |
| Furniture and vehicles | 24 | €19,099 | €20,234 | +€1,135 | +5.9% |
| Leasing and similar rights | 25 | €56,048 | €38,197 | -€17,851 | -31.8% |
| Current assets | 29/58 | €105,065 | €104,162 | -€903 | -0.9% |
| Amounts receivable within one year | 40/41 | €40,858 | €27,141 | -€13,717 | -33.6% |
| Trade receivables | 40 | €35,340 | €1,129 | -€34,211 | -96.8% |
| Other amounts receivable | 41 | €5,518 | €26,013 | +€20,495 | +371.4% |
| Current investments | 50/53 | €49,921 | €50,000 | +€79 | +0.2% |
| Cash at bank and in hand | 54/58 | €10,209 | €14,192 | +€3,983 | +39.0% |
| Deferred charges and accrued income | 490/1 | €4,076 | €12,829 | +€8,752 | +214.7% |
| Total equity and liabilities | 10/49 | €187,993 | €174,453 | -€13,540 | -7.2% |
| Equity | 10/15 | €118,478 | €108,734 | -€9,744 | -8.2% |
| Contributions | 10/11 | €6,300 | €6,300 | = | 0.0% |
| Reserves | 13 | €112,178 | €112,178 | = | 0.0% |
| Distributable reserves | 133 | €112,178 | €112,178 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€9,744 | -€9,744 | |
| Amounts payable | 17/49 | €69,515 | €65,719 | -€3,796 | -5.5% |
| Amounts payable after more than one year | 17 | €39,381 | €20,889 | -€18,491 | -47.0% |
| Financial debts | 170/4 | €39,381 | €20,889 | -€18,491 | -47.0% |
| Amounts payable within one year | 42/48 | €30,134 | €44,829 | +€14,695 | +48.8% |
| Current portion of amounts payable after more than one year | 42 | €17,763 | €18,491 | +€729 | +4.1% |
| Trade debts | 44 | €2,788 | €15,430 | +€12,643 | +453.5% |
| Suppliers | 440/4 | €2,788 | €15,430 | +€12,643 | +453.5% |
| Taxes, remuneration and social security | 45 | €9,583 | €10,908 | +€1,324 | +13.8% |
| Taxes | 450/3 | €9,583 | €10,908 | +€1,324 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,165 | €27,917 | +€7,753 | +38.4% |
| Other operating charges | 640/8 | €3,203 | €3,590 | +€387 | +12.1% |
| Non-recurring operating charges | 66A | - | €256 | +€256 | |
| Gross operating margin | 9900 | €36,610 | €25,171 | -€11,439 | -31.2% |
| Operating profit (loss) | 9901 | €13,243 | -€6,592 | -€19,835 | |
| Financial income | 75/76B | €323 | €552 | +€229 | +71.0% |
| Recurring financial income | 75 | €323 | €552 | +€229 | +71.0% |
| Financial charges | 65/66B | €973 | €3,051 | +€2,077 | +213.5% |
| Recurring financial charges | 65 | €973 | €3,051 | +€2,077 | +213.5% |
| Profit (loss) for the period before taxes | 9903 | €12,593 | -€9,090 | -€21,683 | |
| Income taxes | 67/77 | €4,493 | €654 | -€3,840 | -85.5% |
| Profit (loss) for the period | 9904 | €8,099 | -€9,744 | -€17,844 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,099 | -€9,744 | -€17,844 |
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 6 October 2026 via checked.be.