TENPACK BELGIUM: 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.
TENPACK BELGIUM
Largest movements
- Cash -€38,333
down €38,333 (-43.8%), from €87,425 to €49,092
mainly Other debts (-€46,214) and Receivables within one year (-€18,928)
- Receivables within one year +€18,928
up €18,928 (+21.2%), from €89,292 to €108,220
of which Trade receivables: +€17,452
- Tangible fixed assets +€5,973
new in 2025: €5,973
of which Furniture and vehicles: +€3,949
- Other debts -€46,214
down €46,214 (-75.0%), from €61,641 to €15,427
- Reserves +€17,907
up €17,907 (+223%), from €8,018 to €25,925
- Tax, wage and social debts +€17,310
up €17,310 (+21.7%), from €79,617 to €96,928
of which Taxes: +€8,658
- Trade debts -€2,199
down €2,199 (-7.0%), from €31,306 to €29,107
- Gross operating margin +€295,023
up €295,023 (+171%), from €172,053 to €467,076
- Staff costs +€275,665
up €275,665 (+178%), from €155,093 to €430,759
- Taxes +€8,861
up €8,861 (+160%), from €5,554 to €14,416
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 | €181,356 | €167,924 | -€13,432 | -7.4% |
| Fixed assets | 21/28 | €435 | €6,408 | +€5,973 | +1,373% |
| Tangible fixed assets | 22/27 | - | €5,973 | +€5,973 | |
| Plant, machinery and equipment | 23 | - | €2,024 | +€2,024 | |
| Furniture and vehicles | 24 | - | €3,949 | +€3,949 | |
| Financial fixed assets | 28 | €435 | €435 | = | 0.0% |
| Current assets | 29/58 | €180,921 | €161,516 | -€19,405 | -10.7% |
| Amounts receivable within one year | 40/41 | €89,292 | €108,220 | +€18,928 | +21.2% |
| Trade receivables | 40 | €85,960 | €103,412 | +€17,452 | +20.3% |
| Other amounts receivable | 41 | €3,332 | €4,808 | +€1,476 | +44.3% |
| Cash at bank and in hand | 54/58 | €87,425 | €49,092 | -€38,333 | -43.8% |
| Deferred charges and accrued income | 490/1 | €4,204 | €4,204 | = | 0.0% |
| Total equity and liabilities | 10/49 | €181,356 | €167,924 | -€13,432 | -7.4% |
| Equity | 10/15 | €8,018 | €25,926 | +€17,908 | +223% |
| Contributions | 10/11 | - | €1 | +€1 | |
| Reserves | 13 | €8,018 | €25,925 | +€17,907 | +223% |
| Distributable reserves | 133 | €8,018 | €25,925 | +€17,907 | +223% |
| Amounts payable | 17/49 | €173,338 | €141,998 | -€31,340 | -18.1% |
| Amounts payable within one year | 42/48 | €172,565 | €141,462 | -€31,102 | -18.0% |
| Trade debts | 44 | €31,306 | €29,107 | -€2,199 | -7.0% |
| Suppliers | 440/4 | €31,306 | €29,107 | -€2,199 | -7.0% |
| Taxes, remuneration and social security | 45 | €79,617 | €96,928 | +€17,310 | +21.7% |
| Taxes | 450/3 | €20,032 | €28,690 | +€8,658 | +43.2% |
| Remuneration and social security | 454/9 | €59,585 | €68,238 | +€8,653 | +14.5% |
| Other amounts payable | 47/48 | €61,641 | €15,427 | -€46,214 | -75.0% |
| Accrued charges and deferred income | 492/3 | €773 | €535 | -€238 | -30.8% |
| Remuneration, social security and pensions | 62 | €155,093 | €430,759 | +€275,665 | +178% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €261 | +€261 | |
| Other operating charges | 640/8 | €839 | €1,169 | +€330 | +39.4% |
| Gross operating margin | 9900 | €172,053 | €467,076 | +€295,023 | +171% |
| Operating profit (loss) | 9901 | €16,120 | €34,887 | +€18,767 | +116% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,548 | €2,564 | +€16 | +0.6% |
| Recurring financial charges | 65 | €2,548 | €2,564 | +€16 | +0.6% |
| Profit (loss) for the period before taxes | 9903 | €13,572 | €32,323 | +€18,751 | +138% |
| Income taxes | 67/77 | €5,554 | €14,416 | +€8,861 | +160% |
| Profit (loss) for the period | 9904 | €8,018 | €17,907 | +€9,889 | +123% |
| Profit (loss) for the period to be appropriated | 9905 | €8,018 | €17,907 | +€9,889 | +123% |
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.