TNR HOLDING: 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.
TNR HOLDING
Largest movements
- Receivables within one year -€199,655
down €199,655 (-73.1%), from €273,099 to €73,443
of which Other amounts receivable: -€207,568
- Tangible fixed assets -€60,570
down €60,570 (-5.4%), from €1.1m to €1.1m
- Reserves -€182,771
down €182,771 (-46.6%), from €391,841 to €209,069
of which Distributable reserves: -€182,771
- Debts after one year -€92,627
down €92,627 (-19.4%), from €477,673 to €385,047
of which Financial debts: -€89,079
- Gross operating margin +€13,484
up €13,484 (+11.7%), from €115,591 to €129,075
- Financial charges -€10,713
down €10,713 (-26.1%), from €41,117 to €30,404
- Taxes +€5,208
new in 2025: €5,208
- Financial income -€2,902
down €2,902 (-38.1%), from €7,618 to €4,716
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 | €2,623,757 | €2,358,613 | -€265,144 | -10.1% |
| Formation expenses | 20 | €13,406 | €11,074 | -€2,331 | -17.4% |
| Fixed assets | 21/28 | €2,329,582 | €2,269,012 | -€60,570 | -2.6% |
| Tangible fixed assets | 22/27 | €1,126,541 | €1,065,971 | -€60,570 | -5.4% |
| Land and buildings | 22 | €1,126,541 | €1,065,971 | -€60,570 | -5.4% |
| Financial fixed assets | 28 | €1,203,041 | €1,203,041 | = | 0.0% |
| Current assets | 29/58 | €280,770 | €78,527 | -€202,242 | -72.0% |
| Amounts receivable within one year | 40/41 | €273,099 | €73,443 | -€199,655 | -73.1% |
| Trade receivables | 40 | - | €7,913 | +€7,913 | |
| Other amounts receivable | 41 | €273,099 | €65,530 | -€207,568 | -76.0% |
| Cash at bank and in hand | 54/58 | €54 | €355 | +€301 | +562% |
| Deferred charges and accrued income | 490/1 | €7,618 | €4,729 | -€2,889 | -37.9% |
| Total equity and liabilities | 10/49 | €2,623,757 | €2,358,613 | -€265,144 | -10.1% |
| Equity | 10/15 | €1,530,519 | €1,350,671 | -€179,847 | -11.8% |
| Contributions | 10/11 | €1,141,602 | €1,141,602 | = | 0.0% |
| Reserves | 13 | €391,841 | €209,069 | -€182,771 | -46.6% |
| Non-distributable reserves | 130/1 | €43,730 | €43,730 | = | 0.0% |
| Reserves not available under the articles | 1311 | €43,730 | €43,730 | = | 0.0% |
| Distributable reserves | 133 | €348,111 | €165,339 | -€182,771 | -52.5% |
| Profit (loss) carried forward | 14 | -€2,924 | - | +€2,924 | |
| Amounts payable | 17/49 | €1,093,238 | €1,007,942 | -€85,296 | -7.8% |
| Amounts payable after more than one year | 17 | €477,673 | €385,047 | -€92,627 | -19.4% |
| Financial debts | 170/4 | €474,125 | €385,047 | -€89,079 | -18.8% |
| Other amounts payable | 178/9 | €3,548 | - | -€3,548 | |
| Amounts payable within one year | 42/48 | €615,565 | €622,895 | +€7,331 | +1.2% |
| Current portion of amounts payable after more than one year | 42 | €95,678 | €89,626 | -€6,052 | -6.3% |
| Financial debts | 43 | €500,000 | €500,000 | = | 0.0% |
| Credit institutions | 430/8 | €500,000 | €500,000 | = | 0.0% |
| Trade debts | 44 | €5,990 | €10,281 | +€4,292 | +71.6% |
| Suppliers | 440/4 | €5,990 | €10,281 | +€4,292 | +71.6% |
| Taxes, remuneration and social security | 45 | €13,403 | €22,699 | +€9,296 | +69.4% |
| Taxes | 450/3 | €13,403 | €22,699 | +€9,296 | +69.4% |
| Other amounts payable | 47/48 | €495 | €289 | -€205 | -41.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,901 | €62,901 | = | 0.0% |
| Other operating charges | 640/8 | €10,289 | €9,124 | -€1,164 | -11.3% |
| Gross operating margin | 9900 | €115,591 | €129,075 | +€13,484 | +11.7% |
| Operating profit (loss) | 9901 | €42,401 | €57,049 | +€14,649 | +34.5% |
| Financial income | 75/76B | €7,618 | €4,716 | -€2,902 | -38.1% |
| Recurring financial income | 75 | €7,618 | €4,716 | -€2,902 | -38.1% |
| Financial charges | 65/66B | €41,117 | €30,404 | -€10,713 | -26.1% |
| Recurring financial charges | 65 | €41,117 | €30,404 | -€10,713 | -26.1% |
| Profit (loss) for the period before taxes | 9903 | €8,901 | €31,361 | +€22,460 | +252% |
| Income taxes | 67/77 | - | €5,208 | +€5,208 | |
| Profit (loss) for the period | 9904 | €8,901 | €26,153 | +€17,251 | +194% |
| Profit (loss) for the period to be appropriated | 9905 | €8,901 | €26,153 | +€17,251 | +194% |
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 30 October 2026 via checked.be.