TENOR CONCEPT: 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.
TENOR CONCEPT
Largest movements
- Receivables within one year +€22,972
up €22,972 (+27.4%), from €83,824 to €106,796
of which Other amounts receivable: +€11,794
- Tangible fixed assets +€21,984
up €21,984 (+72.8%), from €30,186 to €52,170
- Cash +€15,571
new in 2026: €15,571
mainly Net result for the year (+€42,189) and Debts after one year (+€21,964)
- Profit (loss) carried forward +€42,189
up €42,189 (+103.1%), from €40,916 to €83,105
- Debts after one year +€21,964
up €21,964 (+83.8%), from €26,212 to €48,176
- Trade debts +€10,335
up €10,335 (+39.3%), from €26,284 to €36,619
of which Bills of exchange payable: +€11,482
- Tax, wage and social debts -€7,863
down €7,863 (-62.9%), from €12,500 to €4,637
- Short-term financial debts -€6,098
no longer reported in 2026 (was €6,098)
- Gross operating margin +€54,084
up €54,084 (+270.6%), from €19,989 to €74,073
- Depreciation +€13,988
up €13,988 (+557.1%), from €2,511 to €16,498
- Taxes +€2,214
up €2,214 (+42.9%), from €5,159 to €7,373
- Financial charges +€1,925
up €1,925 (+672.1%), from €286 to €2,212
- Other operating charges -€1,159
down €1,159 (-20.8%), from €5,570 to €4,411
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €114,010 | €174,537 | +€60,527 | +53.1% |
| Fixed assets | 21/28 | €30,186 | €52,170 | +€21,984 | +72.8% |
| Tangible fixed assets | 22/27 | €30,186 | €52,170 | +€21,984 | +72.8% |
| Furniture and vehicles | 24 | €30,186 | €52,170 | +€21,984 | +72.8% |
| Current assets | 29/58 | €83,824 | €122,367 | +€38,543 | +46.0% |
| Amounts receivable within one year | 40/41 | €83,824 | €106,796 | +€22,972 | +27.4% |
| Trade receivables | 40 | €25,365 | €36,542 | +€11,178 | +44.1% |
| Other amounts receivable | 41 | €58,459 | €70,254 | +€11,794 | +20.2% |
| Cash at bank and in hand | 54/58 | - | €15,571 | +€15,571 | |
| Total equity and liabilities | 10/49 | €114,010 | €174,537 | +€60,527 | +53.1% |
| Equity | 10/15 | €42,916 | €85,105 | +€42,189 | +98.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Contributions outside capital | 11 | €2,000 | €2,000 | = | 0.0% |
| Other | 1109/19 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,916 | €83,105 | +€42,189 | +103.1% |
| Amounts payable | 17/49 | €71,094 | €89,432 | +€18,338 | +25.8% |
| Amounts payable after more than one year | 17 | €26,212 | €48,176 | +€21,964 | +83.8% |
| Financial debts | 170/4 | €26,212 | €48,176 | +€21,964 | +83.8% |
| Amounts payable within one year | 42/48 | €44,882 | €41,256 | -€3,626 | -8.1% |
| Financial debts | 43 | €6,098 | - | -€6,098 | |
| Credit institutions | 430/8 | €6,098 | - | -€6,098 | |
| Trade debts | 44 | €26,284 | €36,619 | +€10,335 | +39.3% |
| Suppliers | 440/4 | €1,212 | €66 | -€1,147 | -94.6% |
| Bills of exchange payable | 441 | €25,071 | €36,553 | +€11,482 | +45.8% |
| Taxes, remuneration and social security | 45 | €12,500 | €4,637 | -€7,863 | -62.9% |
| Taxes | 450/3 | €12,500 | €4,637 | -€7,863 | -62.9% |
| Remuneration, social security and pensions | 62 | €2,110 | €1,393 | -€717 | -34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,511 | €16,498 | +€13,988 | +557.1% |
| Other operating charges | 640/8 | €5,570 | €4,411 | -€1,159 | -20.8% |
| Gross operating margin | 9900 | €19,989 | €74,073 | +€54,084 | +270.6% |
| Operating profit (loss) | 9901 | €9,799 | €51,770 | +€41,972 | +428.4% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €286 | €2,212 | +€1,925 | +672.1% |
| Recurring financial charges | 65 | €286 | €2,212 | +€1,925 | +672.1% |
| Profit (loss) for the period before taxes | 9903 | €9,512 | €49,562 | +€40,050 | +421.0% |
| Income taxes | 67/77 | €5,159 | €7,373 | +€2,214 | +42.9% |
| Profit (loss) for the period | 9904 | €4,353 | €42,189 | +€37,836 | +869.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,353 | €42,189 | +€37,836 | +869.2% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.