TENUTA: what changed
Two fiscal 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.
TENUTA
Largest movements
- Tangible fixed assets -€612,990
down €612,990 (-11.3%), from €5.4m to €4.8m
of which Land and buildings: -€591,359
- Receivables within one year +€589,000
up €589,000 (+70.4%), from €836,121 to €1.4m
- Reserves +€639,471
new in 2025: €639,471
of which Distributable reserves: +€633,271
- Debts after one year -€530,000
down €530,000 (-9.6%), from €5.5m to €5.0m
- Other debts -€140,000
down €140,000 (-72.4%), from €193,467 to €53,467
- Profit (loss) carried forward +€117,962
up €117,962, from -€117,962 to €0
- Current portion of long-term debt -€96,346
down €96,346 (-15.4%), from €626,346 to €530,000
- Gross operating margin +€530,905
up €530,905 (+50.5%), from €1.1m to €1.6m
- Financial charges +€71,905
up €71,905 (+65.7%), from €109,461 to €181,366
of which Non-recurring financial charges: +€83,671
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.
Cash bridge derived
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 | €6,289,787 | €6,285,758 | -€4,029 | -0.1% |
| Fixed assets | 21/28 | €5,412,428 | €4,799,438 | -€612,990 | -11.3% |
| Tangible fixed assets | 22/27 | €5,412,428 | €4,799,438 | -€612,990 | -11.3% |
| Land and buildings | 22 | €5,350,891 | €4,759,531 | -€591,359 | -11.1% |
| Plant, machinery and equipment | 23 | €32,683 | €19,486 | -€13,197 | -40.4% |
| Furniture and vehicles | 24 | €28,854 | €20,421 | -€8,433 | -29.2% |
| Current assets | 29/58 | €877,358 | €1,486,320 | +€608,961 | +69.4% |
| Amounts receivable within one year | 40/41 | €836,121 | €1,425,121 | +€589,000 | +70.4% |
| Other amounts receivable | 41 | €836,121 | €1,425,121 | +€589,000 | +70.4% |
| Cash at bank and in hand | 54/58 | €22,137 | €21,194 | -€943 | -4.3% |
| Deferred charges and accrued income | 490/1 | €19,101 | €40,005 | +€20,904 | +109.4% |
| Total equity and liabilities | 10/49 | €6,289,787 | €6,285,758 | -€4,029 | -0.1% |
| Equity | 10/15 | -€55,962 | €701,471 | +€757,433 | |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | - | €639,471 | +€639,471 | |
| Non-distributable reserves | 130/1 | - | €6,200 | +€6,200 | |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Distributable reserves | 133 | - | €633,271 | +€633,271 | |
| Profit (loss) carried forward | 14 | -€117,962 | €0 | +€117,962 | |
| Amounts payable | 17/49 | €6,345,749 | €5,584,287 | -€761,462 | -12.0% |
| Amounts payable after more than one year | 17 | €5,520,001 | €4,990,001 | -€530,000 | -9.6% |
| Financial debts | 170/4 | €5,520,001 | €4,990,001 | -€530,000 | -9.6% |
| Amounts payable within one year | 42/48 | €820,183 | €586,186 | -€233,997 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €626,346 | €530,000 | -€96,346 | -15.4% |
| Trade debts | 44 | €370 | €1,714 | +€1,343 | +362.5% |
| Suppliers | 440/4 | €370 | €1,714 | +€1,343 | +362.5% |
| Taxes, remuneration and social security | 45 | - | €1,006 | +€1,006 | |
| Taxes | 450/3 | - | €1,006 | +€1,006 | |
| Other amounts payable | 47/48 | €193,467 | €53,467 | -€140,000 | -72.4% |
| Accrued charges and deferred income | 492/3 | €5,565 | €8,101 | +€2,535 | +45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €615,249 | €612,990 | -€2,259 | -0.4% |
| Other operating charges | 640/8 | €1,279 | €1,314 | +€36 | +2.8% |
| Gross operating margin | 9900 | €1,051,582 | €1,582,487 | +€530,905 | +50.5% |
| Operating profit (loss) | 9901 | €435,054 | €968,183 | +€533,129 | +122.5% |
| Financial income | 75/76B | €18,009 | €21,623 | +€3,614 | +20.1% |
| Recurring financial income | 75 | €18,009 | €21,623 | +€3,614 | +20.1% |
| Financial charges | 65/66B | €109,461 | €181,366 | +€71,905 | +65.7% |
| Recurring financial charges | 65 | €109,461 | €97,695 | -€11,766 | -10.7% |
| Non-recurring financial charges | 66B | - | €83,671 | +€83,671 | |
| Profit (loss) for the period before taxes | 9903 | €343,602 | €808,439 | +€464,837 | +135.3% |
| Income taxes | 67/77 | - | €1,006 | +€1,006 | |
| Profit (loss) for the period | 9904 | €343,602 | €807,433 | +€463,831 | +135.0% |
| Profit (loss) for the period to be appropriated | 9905 | €343,602 | €807,433 | +€463,831 | +135.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.