TENEO BRUSSELS: 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 BRUSSELS
Largest movements
- Receivables within one year +€1.3m
up €1.3m (+52.5%), from €2.5m to €3.8m
of which Trade receivables: +€1.3m
- Cash +€71,683
up €71,683 (+8.5%), from €839,350 to €911,033
mainly Other debts (+€1.9m) and Trade debts (+€1.0m)
- Other debts +€1.9m
new in 2025: €1.9m
- Profit (loss) carried forward -€1.4m
down €1.4m (-86.4%), from €1.6m to €220,597
- Trade debts +€1.0m
up €1.0m (+58.7%), from €1.8m to €2.8m
- Tax, wage and social debts -€150,622
down €150,622 (-23.1%), from €651,563 to €500,941
of which Taxes: -€296,325
- Gross operating margin -€811,964
down €811,964 (-50.3%), from €1.6m to €801,694
- Staff costs -€314,760
down €314,760 (-13.9%), from €2.3m to €2.0m
- Financial charges +€39,232
up €39,232 (+127%), from €30,851 to €70,083
- Depreciation +€19,404
up €19,404 (+12.8%), from €151,838 to €171,242
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 | €4,169,620 | €5,560,707 | +€1.4m | +33.4% |
| Fixed assets | 21/28 | €738,656 | €753,152 | +€14,495 | +2.0% |
| Tangible fixed assets | 22/27 | €738,656 | €753,152 | +€14,495 | +2.0% |
| Plant, machinery and equipment | 23 | €37,034 | €130,318 | +€93,284 | +252% |
| Furniture and vehicles | 24 | €269 | - | -€269 | |
| Leasing and similar rights | 25 | €701,353 | €622,834 | -€78,519 | -11.2% |
| Current assets | 29/58 | €3,430,964 | €4,807,555 | +€1.4m | +40.1% |
| Amounts receivable within one year | 40/41 | €2,497,372 | €3,808,892 | +€1.3m | +52.5% |
| Trade receivables | 40 | €2,455,027 | €3,802,891 | +€1.3m | +54.9% |
| Other amounts receivable | 41 | €42,345 | €6,001 | -€36,344 | -85.8% |
| Cash at bank and in hand | 54/58 | €839,350 | €911,033 | +€71,683 | +8.5% |
| Deferred charges and accrued income | 490/1 | €94,242 | €87,630 | -€6,612 | -7.0% |
| Total equity and liabilities | 10/49 | €4,169,620 | €5,560,707 | +€1.4m | +33.4% |
| Equity | 10/15 | €1,637,482 | €241,057 | -€1.4m | -85.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,617,022 | €220,597 | -€1.4m | -86.4% |
| Amounts payable | 17/49 | €2,532,138 | €5,319,649 | +€2.8m | +110% |
| Amounts payable within one year | 42/48 | €2,401,720 | €5,226,083 | +€2.8m | +118% |
| Trade debts | 44 | €1,750,157 | €2,777,812 | +€1.0m | +58.7% |
| Suppliers | 440/4 | €1,750,157 | €2,777,812 | +€1.0m | +58.7% |
| Taxes, remuneration and social security | 45 | €651,563 | €500,941 | -€150,622 | -23.1% |
| Taxes | 450/3 | €303,547 | €7,222 | -€296,325 | -97.6% |
| Remuneration and social security | 454/9 | €348,016 | €493,719 | +€145,703 | +41.9% |
| Other amounts payable | 47/48 | - | €1,947,330 | +€1.9m | |
| Accrued charges and deferred income | 492/3 | €130,418 | €93,567 | -€36,852 | -28.3% |
| Remuneration, social security and pensions | 62 | €2,270,455 | €1,955,694 | -€314,760 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €151,838 | €171,242 | +€19,404 | +12.8% |
| Gross operating margin | 9900 | €1,613,658 | €801,694 | -€811,964 | -50.3% |
| Operating profit (loss) | 9901 | -€808,635 | -€1,325,243 | -€516,607 | -63.9% |
| Financial charges | 65/66B | €30,851 | €70,083 | +€39,232 | +127% |
| Recurring financial charges | 65 | €30,851 | €70,083 | +€39,232 | +127% |
| Profit (loss) for the period before taxes | 9903 | -€839,486 | -€1,395,326 | -€555,839 | -66.2% |
| Income taxes | 67/77 | €29 | €1,100 | +€1,071 | +3,691% |
| Profit (loss) for the period | 9904 | -€839,515 | -€1,396,425 | -€556,910 | -66.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€839,515 | -€1,396,425 | -€556,910 | -66.3% |
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 24 October 2026 via checked.be.