TENSOR CAPITAL MANAGEMENT: 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.
What changed
TENSOR CAPITAL MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 31-12-2025 compared with 31-12-2024filed annual accounts (NBB)
Net result for the year
-€2.0m
31-12-2024 · -€96,547-€1.9m
Equity
€36.5m
31-12-2024 · €38.6m-€2.0m
Cash
€93,340
31-12-2024 · €2.4m-€2.3m
Balance sheet total
€96.4m
31-12-2024 · €90.4m+€6.0m
Largest movements
Assets
- Tangible fixed assets +€8.3m
up €8.3m (+15.1%), from €55.1m to €63.4m
of which Land and buildings: +€9.2m
- Cash -€2.3m
down €2.3m (-96.2%), from €2.4m to €93,340
mainly Investment in fixed assets (net) (-€10.4m) and Net result for the year (-€2.0m)
Equity and liabilities
- Current portion of long-term debt +€4.6m
up €4.6m (+21.3%), from €21.7m to €26.4m
- Other debts +€4.2m
up €4.2m (+74.1%), from €5.7m to €9.9m
- Trade debts -€1.5m
down €1.5m (-30.6%), from €4.8m to €3.4m
- Accrued charges and deferred income +€1.4m
up €1.4m (+184%), from €749,586 to €2.1m
- Reserves -€1.2m
down €1.2m (-3.5%), from €34.4m to €33.2m
Income statement
- Other operating income -€1.0m
no longer reported in 2025 (was €1.0m)
- Services and other goods -€828,950
no longer reported in 2025 (was €828,950)
- Gross operating margin +€495,165
new in 2025: €495,165
- Depreciation +€396,222
up €396,222 (+23.2%), from €1.7m to €2.1m
- Financial charges +€248,909
up €248,909 (+52.6%), from €473,195 to €722,104
From the 31-12-2024 result to the 31-12-2025 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.
Result 31-12-2024
-€96,547
Turnover
-€48,542
Other operating income
-€1.0m
Goods and materials
+€245,429
Services and other goods
+€828,950
Depreciation
-€396,222
Other operating charges
+€65,635
Other operating items
-€1.2m
Financial income
-€213,732
Financial charges
-€248,909
Deferred taxes and other
+€59,352
Result 31-12-2025
-€2.0m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
Derived from the 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€3.7m
Investment
-€10.4m
Financing
+€4.4m
Cash 31-12-2024
€2.4m
From operations (derived)
+€3.7m
Net result for the year
-€2.0m
Depreciation
+€2.1m
Receivables within one year
-€104,164
Deferred charges and accrued income
+€61,447
Provisions
-€399,405
Trade debts
-€1.5m
Other debts
+€4.2m
Accrued charges and deferred income
+€1.4m
Investment (derived)
-€10.4m
Investment in fixed assets (net)
-€10.4m
Financing
+€4.4m
Debts after one year
-€260,571
Current portion of long-term debt
+€4.6m
Contributions, distributions and other
+€1
Cash 31-12-2025
€93,340
brings cash intakes cash out
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €90,377,232 | €96,418,905 | +€6.0m | +6.7% |
| Fixed assets | 21/28 | €82,824,657 | €91,155,906 | +€8.3m | +10.1% |
| Tangible fixed assets | 22/27 | €55,102,364 | €63,433,613 | +€8.3m | +15.1% |
| Land and buildings | 22 | €36,170,583 | €45,402,718 | +€9.2m | +25.5% |
| Furniture and vehicles | 24 | €325,000 | €325,000 | = | 0.0% |
| Leasing and similar rights | 25 | €11,560,788 | €11,248,288 | -€312,500 | -2.7% |
| Other tangible fixed assets | 26 | €7,045,993 | €6,457,608 | -€588,385 | -8.4% |
| Financial fixed assets | 28 | €27,722,293 | €27,722,293 | +€0 | 0.0% |
| Affiliated companies | 280/1 | €27,722,293 | - | -€27.7m | |
| Participating interests | 280 | €27,722,293 | - | -€27.7m | |
| Current assets | 29/58 | €7,552,575 | €5,262,999 | -€2.3m | -30.3% |
| Amounts receivable within one year | 40/41 | €4,882,079 | €4,986,243 | +€104,164 | +2.1% |
| Trade receivables | 40 | €460,871 | €321,958 | -€138,913 | -30.1% |
| Other amounts receivable | 41 | €4,421,208 | €4,664,285 | +€243,077 | +5.5% |
| Cash at bank and in hand | 54/58 | €2,425,633 | €93,340 | -€2.3m | -96.2% |
| Deferred charges and accrued income | 490/1 | €244,863 | €183,416 | -€61,447 | -25.1% |
| Total equity and liabilities | 10/49 | €90,377,232 | €96,418,905 | +€6.0m | +6.7% |
| Equity | 10/15 | €38,566,852 | €36,539,766 | -€2.0m | -5.3% |
| Contributions | 10/11 | €8,756,166 | €8,756,166 | = | 0.0% |
| Reserves | 13 | €34,396,140 | €33,197,927 | -€1.2m | -3.5% |
| Tax-exempt reserves | 132 | €34,396,140 | €33,197,927 | -€1.2m | -3.5% |
| Profit (loss) carried forward | 14 | -€4,585,454 | -€5,414,327 | -€828,873 | -18.1% |
| Provisions and deferred taxes | 16 | €11,623,112 | €11,223,707 | -€399,405 | -3.4% |
| Provisions for liabilities and charges | 160/5 | €157,732 | €157,732 | -€0 | 0.0% |
| Environmental obligations | 163 | €157,732 | €157,732 | -€0 | 0.0% |
| Deferred taxes | 168 | €11,465,380 | €11,065,976 | -€399,404 | -3.5% |
| Amounts payable | 17/49 | €40,187,268 | €48,655,432 | +€8.5m | +21.1% |
| Amounts payable after more than one year | 17 | €7,189,404 | €6,928,833 | -€260,571 | -3.6% |
| Financial debts | 170/4 | €7,189,404 | €6,928,833 | -€260,571 | -3.6% |
| Leasing and similar obligations | 172 | €7,189,404 | - | -€7.2m | |
| Amounts payable within one year | 42/48 | €32,248,278 | €39,594,641 | +€7.3m | +22.8% |
| Current portion of amounts payable after more than one year | 42 | €21,740,263 | €26,372,728 | +€4.6m | +21.3% |
| Trade debts | 44 | €4,840,841 | €3,358,181 | -€1.5m | -30.6% |
| Suppliers | 440/4 | €4,840,841 | €3,358,181 | -€1.5m | -30.6% |
| Other amounts payable | 47/48 | €5,667,174 | €9,863,732 | +€4.2m | +74.1% |
| Accrued charges and deferred income | 492/3 | €749,586 | €2,131,958 | +€1.4m | +184% |
| Operating income | 70/76A | €2,749,269 | - | -€2.7m | |
| Turnover | 70 | €48,542 | - | -€48,542 | |
| Other operating income | 74 | €1,030,705 | - | -€1.0m | |
| Non-recurring operating income | 76A | €1,670,022 | €667,369 | -€1.0m | -60.0% |
| Operating charges | 60/66A | €2,960,287 | - | -€3.0m | |
| Goods for resale, raw materials and consumables | 60 | €245,429 | - | -€245,429 | |
| Purchases | 600/8 | €245,429 | - | -€245,429 | |
| Services and other goods | 61 | €828,950 | - | -€828,950 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,708,744 | €2,104,966 | +€396,222 | +23.2% |
| Other operating charges | 640/8 | €145,984 | €80,349 | -€65,635 | -45.0% |
| Non-recurring operating charges | 66A | €31,180 | €48,119 | +€16,939 | +54.3% |
| Gross operating margin | 9900 | - | €495,165 | +€495,165 | |
| Operating profit (loss) | 9901 | -€211,018 | -€1,738,269 | -€1.5m | -724% |
| Financial income | 75/76B | €247,614 | €33,882 | -€213,732 | -86.3% |
| Recurring financial income | 75 | €247,614 | €33,882 | -€213,732 | -86.3% |
| Income from financial fixed assets | 750 | €867 | - | -€867 | |
| Income from current assets | 751 | €246,747 | - | -€246,747 | |
| Financial charges | 65/66B | €473,195 | €722,104 | +€248,909 | +52.6% |
| Recurring financial charges | 65 | €473,195 | €722,104 | +€248,909 | +52.6% |
| Debt charges | 650 | €457,073 | - | -€457,073 | |
| Other financial charges | 652/9 | €16,122 | - | -€16,122 | |
| Profit (loss) for the period before taxes | 9903 | -€436,599 | -€2,426,491 | -€2.0m | -456% |
| Transfer from deferred taxes | 780 | €340,052 | €399,404 | +€59,352 | +17.5% |
| Profit (loss) for the period | 9904 | -€96,547 | -€2,027,086 | -€1.9m | -2,000% |
| Transfer from tax-exempt reserves | 789 | €1,020,156 | €1,198,213 | +€178,057 | +17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €923,609 | -€828,873 | -€1.8m |
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 21 October 2026 via checked.be.