TENRADS: 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.
TENRADS
Largest movements
- Current investments -€317,168
down €317,168 (-57.1%), from €555,228 to €238,060
- Cash +€284,425
up €284,425 (+95.1%), from €299,018 to €583,443
mainly Net result for the year (+€402,667) and Current investments (+€317,168)
- Receivables within one year +€215,391
up €215,391 (+95.9%), from €224,521 to €439,912
- Other debts +€233,237
new in 2025: €233,237
- Reserves -€82,384
down €82,384 (-7.7%), from €1.1m to €981,388
- Tax, wage and social debts +€35,070
up €35,070 (+86.5%), from €40,525 to €75,595
- Gross operating margin +€124,354
up €124,354 (+28.4%), from €437,818 to €562,172
- Taxes +€45,690
up €45,690 (+32.8%), from €139,208 to €184,898
- Financial income +€24,735
up €24,735 (+262%), from €9,434 to €34,169
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 | €1,192,773 | €1,376,772 | +€183,999 | +15.4% |
| Fixed assets | 21/28 | €78,794 | €82,694 | +€3,900 | +4.9% |
| Tangible fixed assets | 22/27 | €78,794 | €82,694 | +€3,900 | +4.9% |
| Land and buildings | 22 | €74,784 | €74,784 | = | 0.0% |
| Plant, machinery and equipment | 23 | €132 | €1,300 | +€1,168 | +885% |
| Furniture and vehicles | 24 | €3,878 | €6,610 | +€2,732 | +70.4% |
| Current assets | 29/58 | €1,113,979 | €1,294,078 | +€180,099 | +16.2% |
| Amounts receivable after more than one year | 29 | €35,212 | €32,456 | -€2,756 | -7.8% |
| Other amounts receivable | 291 | €35,212 | €32,456 | -€2,756 | -7.8% |
| Amounts receivable within one year | 40/41 | €224,521 | €439,912 | +€215,391 | +95.9% |
| Other amounts receivable | 41 | €224,521 | €439,912 | +€215,391 | +95.9% |
| Current investments | 50/53 | €555,228 | €238,060 | -€317,168 | -57.1% |
| Cash at bank and in hand | 54/58 | €299,018 | €583,443 | +€284,425 | +95.1% |
| Deferred charges and accrued income | 490/1 | - | €207 | +€207 | |
| Total equity and liabilities | 10/49 | €1,192,773 | €1,376,772 | +€183,999 | +15.4% |
| Equity | 10/15 | €1,078,032 | €995,648 | -€82,384 | -7.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €1,063,772 | €981,388 | -€82,384 | -7.7% |
| Distributable reserves | 133 | €1,063,772 | €981,388 | -€82,384 | -7.7% |
| Amounts payable | 17/49 | €114,741 | €381,124 | +€266,383 | +232% |
| Amounts payable within one year | 42/48 | €114,741 | €381,124 | +€266,383 | +232% |
| Current portion of amounts payable after more than one year | 42 | €64,692 | €70,339 | +€5,647 | +8.7% |
| Financial debts | 43 | - | €1,953 | +€1,953 | |
| Credit institutions | 430/8 | - | €1,953 | +€1,953 | |
| Trade debts | 44 | €9,524 | - | -€9,524 | |
| Suppliers | 440/4 | €9,524 | - | -€9,524 | |
| Taxes, remuneration and social security | 45 | €40,525 | €75,595 | +€35,070 | +86.5% |
| Taxes | 450/3 | €40,525 | €75,595 | +€35,070 | +86.5% |
| Other amounts payable | 47/48 | - | €233,237 | +€233,237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,476 | €1,961 | +€485 | +32.9% |
| Other operating charges | 640/8 | €1,662 | €1,909 | +€247 | +14.9% |
| Gross operating margin | 9900 | €437,818 | €562,172 | +€124,354 | +28.4% |
| Operating profit (loss) | 9901 | €434,680 | €558,302 | +€123,622 | +28.4% |
| Financial income | 75/76B | €9,434 | €34,169 | +€24,735 | +262% |
| Recurring financial income | 75 | €9,434 | €34,169 | +€24,735 | +262% |
| Financial charges | 65/66B | €3,083 | €4,906 | +€1,823 | +59.1% |
| Recurring financial charges | 65 | €3,083 | €4,906 | +€1,823 | +59.1% |
| Profit (loss) for the period before taxes | 9903 | €441,031 | €587,565 | +€146,534 | +33.2% |
| Income taxes | 67/77 | €139,208 | €184,898 | +€45,690 | +32.8% |
| Profit (loss) for the period | 9904 | €301,823 | €402,667 | +€100,844 | +33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €301,823 | €402,667 | +€100,844 | +33.4% |
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 15 October 2026 via checked.be.