TENERE: 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.
TENERE
Largest movements
- Receivables within one year +€1.9m
up €1.9m (+165.0%), from €1.1m to €3.0m
of which Other amounts receivable: +€989,835
- Tangible fixed assets +€751,517
up €751,517 (+53.8%), from €1.4m to €2.1m
of which Land and buildings: +€617,087
- Other debts +€2.2m
up €2.2m (+22993.1%), from €9,730 to €2.2m
- Current portion of long-term debt +€633,218
up €633,218 (+716.3%), from €88,401 to €721,619
- Debts after one year -€231,021
down €231,021 (-28.2%), from €818,624 to €587,603
- Reserves +€141,825
up €141,825 (+14.3%), from €993,428 to €1.1m
- Tax, wage and social debts -€98,312
down €98,312 (-25.1%), from €392,455 to €294,143
of which Taxes: -€121,700
- Gross operating margin -€183,019
down €183,019 (-19.9%), from €921,562 to €738,543
- Depreciation +€95,860
up €95,860 (+79.1%), from €121,122 to €216,982
- Taxes -€58,121
down €58,121 (-45.9%), from €126,541 to €68,420
- Other operating charges -€46,158
down €46,158 (-55.2%), from €83,581 to €37,423
- Financial income +€38,091
up €38,091 (+21.3%), from €178,771 to €216,862
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 | €2,562,116 | €5,172,408 | +€2.6m | +101.9% |
| Fixed assets | 21/28 | €1,402,003 | €2,153,525 | +€751,522 | +53.6% |
| Tangible fixed assets | 22/27 | €1,398,025 | €2,149,542 | +€751,517 | +53.8% |
| Land and buildings | 22 | €1,246,512 | €1,863,599 | +€617,087 | +49.5% |
| Furniture and vehicles | 24 | €151,513 | €285,943 | +€134,430 | +88.7% |
| Financial fixed assets | 28 | €3,978 | €3,983 | +€5 | +0.1% |
| Current assets | 29/58 | €1,160,113 | €3,018,883 | +€1.9m | +160.2% |
| Amounts receivable within one year | 40/41 | €1,132,082 | €3,000,427 | +€1.9m | +165.0% |
| Trade receivables | 40 | €389,011 | €1,267,521 | +€878,510 | +225.8% |
| Other amounts receivable | 41 | €743,071 | €1,732,906 | +€989,835 | +133.2% |
| Current investments | 50/53 | €280 | €280 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €17,600 | €4,789 | -€12,811 | -72.8% |
| Deferred charges and accrued income | 490/1 | €10,151 | €13,387 | +€3,236 | +31.9% |
| Total equity and liabilities | 10/49 | €2,562,116 | €5,172,408 | +€2.6m | +101.9% |
| Equity | 10/15 | €1,163,428 | €1,305,253 | +€141,825 | +12.2% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Reserves | 13 | €993,428 | €1,135,253 | +€141,825 | +14.3% |
| Distributable reserves | 133 | €993,428 | €1,135,253 | +€141,825 | +14.3% |
| Amounts payable | 17/49 | €1,398,688 | €3,867,155 | +€2.5m | +176.5% |
| Amounts payable after more than one year | 17 | €818,624 | €587,603 | -€231,021 | -28.2% |
| Financial debts | 170/4 | €818,624 | €587,603 | -€231,021 | -28.2% |
| Amounts payable within one year | 42/48 | €580,064 | €3,279,552 | +€2.7m | +465.4% |
| Current portion of amounts payable after more than one year | 42 | €88,401 | €721,619 | +€633,218 | +716.3% |
| Financial debts | 43 | €57,282 | - | -€57,282 | |
| Credit institutions | 430/8 | €57,282 | - | -€57,282 | |
| Trade debts | 44 | €32,196 | €16,827 | -€15,369 | -47.7% |
| Suppliers | 440/4 | €32,196 | €16,827 | -€15,369 | -47.7% |
| Taxes, remuneration and social security | 45 | €392,455 | €294,143 | -€98,312 | -25.1% |
| Taxes | 450/3 | €318,440 | €196,740 | -€121,700 | -38.2% |
| Remuneration and social security | 454/9 | €74,015 | €97,403 | +€23,388 | +31.6% |
| Other amounts payable | 47/48 | €9,730 | €2,246,963 | +€2.2m | +22993.1% |
| Remuneration, social security and pensions | 62 | €409,926 | €440,668 | +€30,742 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,122 | €216,982 | +€95,860 | +79.1% |
| Other operating charges | 640/8 | €83,581 | €37,423 | -€46,158 | -55.2% |
| Non-recurring operating charges | 66A | €304 | €1,303 | +€999 | +328.6% |
| Gross operating margin | 9900 | €921,562 | €738,543 | -€183,019 | -19.9% |
| Operating profit (loss) | 9901 | €306,629 | €42,167 | -€264,462 | -86.2% |
| Financial income | 75/76B | €178,771 | €216,862 | +€38,091 | +21.3% |
| Recurring financial income | 75 | €178,771 | €216,862 | +€38,091 | +21.3% |
| Financial charges | 65/66B | €40,153 | €48,784 | +€8,631 | +21.5% |
| Recurring financial charges | 65 | €40,153 | €48,784 | +€8,631 | +21.5% |
| Profit (loss) for the period before taxes | 9903 | €445,247 | €210,245 | -€235,002 | -52.8% |
| Income taxes | 67/77 | €126,541 | €68,420 | -€58,121 | -45.9% |
| Profit (loss) for the period | 9904 | €318,706 | €141,825 | -€176,881 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €318,706 | €141,825 | -€176,881 | -55.5% |
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 5 October 2026 via checked.be.