TENRET FINANCES: what changed
TENRET FINANCES
Largest movements
- Receivables within one year +€21,100
up €21,100 (+60.5%), from €34,900 to €56,000
- Cash -€14,585
down €14,585 (-50.6%), from €28,802 to €14,216
mainly Receivables within one year (-€21,100) and Other debts (-€16,631)
- Tangible fixed assets -€11,023
down €11,023 (-3.5%), from €313,710 to €302,687
of which Land and buildings: -€9,572
- Profit (loss) carried forward +€29,207
new in 2025: €29,207
- Reserves -€19,166
down €19,166 (-7.5%), from €256,948 to €237,782
of which Distributable reserves: -€10,895
- Other debts -€16,631
down €16,631 (-18.3%), from €90,966 to €74,335
- Tax, wage and social debts +€6,959
up €6,959 (+172%), from €4,038 to €10,997
- Debts after one year -€4,316
no longer reported in 2025 (was €4,316)
- Gross operating margin +€22,062
up €22,062 (+62.5%), from €35,284 to €57,346
- Financial income -€5,329
down €5,329 (-86.0%), from €6,193 to €865
of which Financial income: -€6,040
- Taxes +€3,036
up €3,036 (+30.5%), from €9,969 to €13,005
- Staff costs -€2,264
down €2,264 (-41.2%), from €5,497 to €3,233
- Depreciation +€652
up €652 (+3.7%), from €17,788 to €18,440
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 | €380,184 | €375,237 | -€4,947 | -1.3% |
| Fixed assets | 21/28 | €314,260 | €303,237 | -€11,023 | -3.5% |
| Tangible fixed assets | 22/27 | €313,710 | €302,687 | -€11,023 | -3.5% |
| Land and buildings | 22 | €298,373 | €288,800 | -€9,572 | -3.2% |
| Plant, machinery and equipment | 23 | - | €6,765 | +€6,765 | |
| Furniture and vehicles | 24 | €15,337 | €7,122 | -€8,216 | -53.6% |
| Financial fixed assets | 28 | €550 | €550 | = | 0.0% |
| Current assets | 29/58 | €65,924 | €72,000 | +€6,076 | +9.2% |
| Amounts receivable within one year | 40/41 | €34,900 | €56,000 | +€21,100 | +60.5% |
| Trade receivables | 40 | €34,900 | €56,000 | +€21,100 | +60.5% |
| Cash at bank and in hand | 54/58 | €28,802 | €14,216 | -€14,585 | -50.6% |
| Deferred charges and accrued income | 490/1 | €2,223 | €1,784 | -€439 | -19.7% |
| Total equity and liabilities | 10/49 | €380,184 | €375,237 | -€4,947 | -1.3% |
| Equity | 10/15 | €275,548 | €285,589 | +€10,040 | +3.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €256,948 | €237,782 | -€19,166 | -7.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €209,551 | €201,280 | -€8,272 | -3.9% |
| Distributable reserves | 133 | €45,537 | €34,642 | -€10,895 | -23.9% |
| Profit (loss) carried forward | 14 | - | €29,207 | +€29,207 | |
| Amounts payable | 17/49 | €104,636 | €89,648 | -€14,988 | -14.3% |
| Amounts payable after more than one year | 17 | €4,316 | - | -€4,316 | |
| Financial debts | 170/4 | €4,316 | - | -€4,316 | |
| Amounts payable within one year | 42/48 | €100,078 | €89,648 | -€10,430 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €5,074 | €4,316 | -€758 | -14.9% |
| Taxes, remuneration and social security | 45 | €4,038 | €10,997 | +€6,959 | +172% |
| Taxes | 450/3 | €4,038 | €10,997 | +€6,959 | +172% |
| Other amounts payable | 47/48 | €90,966 | €74,335 | -€16,631 | -18.3% |
| Accrued charges and deferred income | 492/3 | €241 | - | -€241 | |
| Remuneration, social security and pensions | 62 | €5,497 | €3,233 | -€2,264 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,788 | €18,440 | +€652 | +3.7% |
| Other operating charges | 640/8 | €1,409 | €1,452 | +€43 | +3.1% |
| Gross operating margin | 9900 | €35,284 | €57,346 | +€22,062 | +62.5% |
| Operating profit (loss) | 9901 | €10,590 | €34,221 | +€23,630 | +223% |
| Financial income | 75/76B | €6,193 | €865 | -€5,329 | -86.0% |
| Recurring financial income | 75 | €6,193 | €154 | -€6,040 | -97.5% |
| Non-recurring financial income | 76B | - | €711 | +€711 | |
| Financial charges | 65/66B | €683 | €312 | -€371 | -54.3% |
| Recurring financial charges | 65 | €683 | €312 | -€371 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €16,101 | €34,773 | +€18,673 | +116% |
| Income taxes | 67/77 | €9,969 | €13,005 | +€3,036 | +30.5% |
| Profit (loss) for the period | 9904 | €6,132 | €21,768 | +€15,636 | +255% |
| Transfer from tax-exempt reserves | 789 | €8,272 | €8,272 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,403 | €30,040 | +€15,636 | +109% |
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 4 November 2026 via checked.be.