TENGFEI: 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.
TENGFEI
Largest movements
- Tangible fixed assets +€283,003
up €283,003 (+775%), from €36,526 to €319,529
of which Land and buildings: +€222,734
- Cash -€49,728
down €49,728 (-38.6%), from €128,790 to €79,062
mainly Investment in fixed assets (net) (-€298,945) and Contributions, distributions and other (-€51,100)
- Receivables after one year -€30,000
down €30,000 (-78.9%), from €38,000 to €8,000
- Receivables within one year -€26,773
down €26,773 (-69.7%), from €38,418 to €11,644
of which Trade receivables: -€17,440
- Reserves +€75,804
up €75,804 (+25.2%), from €300,367 to €376,171
- Debts after one year +€66,364
new in 2025: €66,364
- Current portion of long-term debt +€25,103
new in 2025: €25,103
- Other debts +€21,627
up €21,627 (+1,296%), from €1,668 to €23,295
- Trade debts -€11,942
down €11,942 (-37.3%), from €31,979 to €20,038
- Gross operating margin +€36,522
up €36,522 (+19.8%), from €184,130 to €220,652
- Depreciation +€10,563
up €10,563 (+196%), from €5,379 to €15,942
- Taxes +€5,261
up €5,261 (+15.8%), from €33,284 to €38,545
- Staff costs +€4,128
up €4,128 (+13.7%), from €30,240 to €34,369
- Financial income +€2,842
new in 2025: €2,842
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 | €354,236 | €526,310 | +€172,074 | +48.6% |
| Fixed assets | 21/28 | €36,526 | €319,529 | +€283,003 | +775% |
| Tangible fixed assets | 22/27 | €36,526 | €319,529 | +€283,003 | +775% |
| Land and buildings | 22 | €5,010 | €227,744 | +€222,734 | +4,446% |
| Plant, machinery and equipment | 23 | €26,152 | €23,517 | -€2,635 | -10.1% |
| Furniture and vehicles | 24 | €5,364 | €68,269 | +€62,904 | +1,173% |
| Current assets | 29/58 | €317,710 | €206,781 | -€110,929 | -34.9% |
| Amounts receivable after more than one year | 29 | €38,000 | €8,000 | -€30,000 | -78.9% |
| Other amounts receivable | 291 | €38,000 | €8,000 | -€30,000 | -78.9% |
| Stocks and contracts in progress | 3 | €10,480 | €6,079 | -€4,401 | -42.0% |
| Stocks | 30/36 | €10,480 | €6,079 | -€4,401 | -42.0% |
| Amounts receivable within one year | 40/41 | €38,418 | €11,644 | -€26,773 | -69.7% |
| Trade receivables | 40 | €23,879 | €6,439 | -€17,440 | -73.0% |
| Other amounts receivable | 41 | €14,539 | €5,205 | -€9,334 | -64.2% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €128,790 | €79,062 | -€49,728 | -38.6% |
| Deferred charges and accrued income | 490/1 | €2,022 | €1,995 | -€26 | -1.3% |
| Total equity and liabilities | 10/49 | €354,236 | €526,310 | +€172,074 | +48.6% |
| Equity | 10/15 | €306,567 | €382,371 | +€75,804 | +24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €300,367 | €376,171 | +€75,804 | +25.2% |
| Distributable reserves | 133 | €300,367 | €376,171 | +€75,804 | +25.2% |
| Amounts payable | 17/49 | €47,668 | €143,939 | +€96,270 | +202% |
| Amounts payable after more than one year | 17 | - | €66,364 | +€66,364 | |
| Financial debts | 170/4 | - | €66,364 | +€66,364 | |
| Amounts payable within one year | 42/48 | €47,668 | €77,575 | +€29,907 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | - | €25,103 | +€25,103 | |
| Trade debts | 44 | €31,979 | €20,038 | -€11,942 | -37.3% |
| Suppliers | 440/4 | €31,979 | €20,038 | -€11,942 | -37.3% |
| Taxes, remuneration and social security | 45 | €14,021 | €9,139 | -€4,881 | -34.8% |
| Taxes | 450/3 | €11,199 | €1,897 | -€9,302 | -83.1% |
| Remuneration and social security | 454/9 | €2,822 | €7,243 | +€4,421 | +157% |
| Other amounts payable | 47/48 | €1,668 | €23,295 | +€21,627 | +1,296% |
| Non-recurring operating income | 76A | - | €2,218 | +€2,218 | |
| Remuneration, social security and pensions | 62 | €30,240 | €34,369 | +€4,128 | +13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,379 | €15,942 | +€10,563 | +196% |
| Other operating charges | 640/8 | €2,692 | €2,341 | -€352 | -13.1% |
| Gross operating margin | 9900 | €184,130 | €220,652 | +€36,522 | +19.8% |
| Operating profit (loss) | 9901 | €145,818 | €168,001 | +€22,183 | +15.2% |
| Financial income | 75/76B | - | €2,842 | +€2,842 | |
| Recurring financial income | 75 | - | €2,842 | +€2,842 | |
| Financial charges | 65/66B | €5,658 | €5,394 | -€263 | -4.7% |
| Recurring financial charges | 65 | €5,658 | €5,394 | -€263 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €140,161 | €165,449 | +€25,288 | +18.0% |
| Income taxes | 67/77 | €33,284 | €38,545 | +€5,261 | +15.8% |
| Profit (loss) for the period | 9904 | €106,877 | €126,904 | +€20,027 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €106,877 | €126,904 | +€20,027 | +18.7% |
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 18 October 2026 via checked.be.