TENOR BELGIUM: what changed
TENOR BELGIUM
Largest movements
- Tangible fixed assets +€56,902
up €56,902 (+15,304%), from €372 to €57,274
of which Land and buildings: +€57,274
- Receivables within one year +€14,776
up €14,776 (+302%), from €4,900 to €19,676
- Cash -€10,379
down €10,379 (-97.7%), from €10,627 to €249
mainly Investment in fixed assets (net) (-€63,356) and Receivables within one year (-€14,776)
- Stocks and contracts +€6,909
up €6,909 (+27.6%), from €25,000 to €31,909
- Tax, wage and social debts +€33,845
up €33,845 (+372%), from €9,108 to €42,953
- Profit (loss) carried forward +€29,661
up €29,661 (+114%), from €26,022 to €55,683
- Trade debts +€2,703
up €2,703 (+71.7%), from €3,769 to €6,471
- Other debts +€2,000
new in 2025: €2,000
- Gross operating margin +€13,381
up €13,381 (+40.9%), from €32,735 to €46,116
- Depreciation +€6,454
new in 2025: €6,454
- Other operating charges +€1,820
new in 2025: €1,820
- Taxes +€1,015
up €1,015 (+15.5%), from €6,554 to €7,569
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €40,899 | €109,108 | +€68,209 | +167% |
| Fixed assets | 21/28 | €372 | €57,274 | +€56,902 | +15,304% |
| Tangible fixed assets | 22/27 | €372 | €57,274 | +€56,902 | +15,304% |
| Land and buildings | 22 | - | €57,274 | +€57,274 | |
| Plant, machinery and equipment | 23 | €372 | - | -€372 | |
| Current assets | 29/58 | €40,527 | €51,834 | +€11,307 | +27.9% |
| Stocks and contracts in progress | 3 | €25,000 | €31,909 | +€6,909 | +27.6% |
| Stocks | 30/36 | €25,000 | €31,909 | +€6,909 | +27.6% |
| Amounts receivable within one year | 40/41 | €4,900 | €19,676 | +€14,776 | +302% |
| Trade receivables | 40 | €4,900 | €19,676 | +€14,776 | +302% |
| Cash at bank and in hand | 54/58 | €10,627 | €249 | -€10,379 | -97.7% |
| Total equity and liabilities | 10/49 | €40,899 | €109,108 | +€68,209 | +167% |
| Equity | 10/15 | €28,022 | €57,683 | +€29,661 | +106% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,022 | €55,683 | +€29,661 | +114% |
| Amounts payable | 17/49 | €12,877 | €51,425 | +€38,548 | +299% |
| Amounts payable within one year | 42/48 | €12,877 | €51,425 | +€38,548 | +299% |
| Trade debts | 44 | €3,769 | €6,471 | +€2,703 | +71.7% |
| Suppliers | 440/4 | €3,769 | €6,471 | +€2,703 | +71.7% |
| Taxes, remuneration and social security | 45 | €9,108 | €42,953 | +€33,845 | +372% |
| Taxes | 450/3 | €9,108 | €42,953 | +€33,845 | +372% |
| Other amounts payable | 47/48 | - | €2,000 | +€2,000 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €6,454 | +€6,454 | |
| Other operating charges | 640/8 | - | €1,820 | +€1,820 | |
| Gross operating margin | 9900 | €32,735 | €46,116 | +€13,381 | +40.9% |
| Operating profit (loss) | 9901 | €32,735 | €37,843 | +€5,107 | +15.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Financial charges | 65/66B | €159 | €241 | +€82 | +51.4% |
| Recurring financial charges | 65 | €159 | €241 | +€82 | +51.4% |
| Profit (loss) for the period before taxes | 9903 | €32,576 | €37,602 | +€5,026 | +15.4% |
| Income taxes | 67/77 | €6,554 | €7,569 | +€1,015 | +15.5% |
| Profit (loss) for the period | 9904 | €26,022 | €30,033 | +€4,011 | +15.4% |
| Profit (loss) for the period to be appropriated | 9905 | €26,022 | €30,033 | +€4,011 | +15.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.