VOX TENEO: 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.
VOX TENEO
Largest movements
- Receivables within one year +€341,849
up €341,849 (+25.6%), from €1.3m to €1.7m
of which Trade receivables: +€401,739
- Formation expenses -€116,457
down €116,457 (-23.6%), from €494,321 to €377,864
- Cash +€94,119
up €94,119 (+311%), from €30,239 to €124,358
mainly Trade debts (+€449,139) and Accrued charges and deferred income (+€291,366)
- Tangible fixed assets -€93,511
down €93,511 (-94.3%), from €99,115 to €5,604
of which Land and buildings: -€89,797
- Trade debts +€449,139
up €449,139 (+50.0%), from €898,848 to €1.3m
- Accrued charges and deferred income +€291,366
up €291,366 (+13,694%), from €2,128 to €293,494
- Short-term financial debts -€173,189
down €173,189 (-33.5%), from €517,084 to €343,895
- Profit (loss) carried forward -€161,870
down €161,870 (-29.4%), from €550,200 to €388,330
- Tax, wage and social debts -€92,760
down €92,760 (-39.5%), from €234,902 to €142,142
of which Remuneration and social security: -€76,699
- Turnover -€3.0m
no longer reported in 2025 (was €3.0m)
- Purchases and services -€2.4m
no longer reported in 2025 (was €2.4m)
- Gross operating margin -€534,219
down €534,219 (-59.4%), from €899,302 to €365,082
- Staff costs -€266,398
down €266,398 (-46.0%), from €579,560 to €313,163
- Taxes -€66,615
down €66,615, from €59,544 to -€7,071
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 | €2,729,384 | €2,969,299 | +€239,915 | +8.8% |
| Formation expenses | 20 | €494,321 | €377,864 | -€116,457 | -23.6% |
| Fixed assets | 21/28 | €865,305 | €765,904 | -€99,400 | -11.5% |
| Intangible fixed assets | 21 | €50,015 | €31,016 | -€19,000 | -38.0% |
| Tangible fixed assets | 22/27 | €99,115 | €5,604 | -€93,511 | -94.3% |
| Land and buildings | 22 | €89,797 | - | -€89,797 | |
| Furniture and vehicles | 24 | €9,318 | €5,604 | -€3,714 | -39.9% |
| Financial fixed assets | 28 | €716,175 | €729,285 | +€13,110 | +1.8% |
| Current assets | 29/58 | €1,369,758 | €1,825,531 | +€455,773 | +33.3% |
| Amounts receivable within one year | 40/41 | €1,337,090 | €1,678,939 | +€341,849 | +25.6% |
| Trade receivables | 40 | €666,197 | €1,067,937 | +€401,739 | +60.3% |
| Other amounts receivable | 41 | €670,892 | €611,002 | -€59,890 | -8.9% |
| Cash at bank and in hand | 54/58 | €30,239 | €124,358 | +€94,119 | +311% |
| Deferred charges and accrued income | 490/1 | €2,429 | €22,234 | +€19,805 | +815% |
| Total equity and liabilities | 10/49 | €2,729,384 | €2,969,299 | +€239,915 | +8.8% |
| Equity | 10/15 | €677,300 | €515,430 | -€161,870 | -23.9% |
| Contributions | 10/11 | €113,000 | €113,000 | = | 0.0% |
| Capital | 10 | €113,000 | €113,000 | = | 0.0% |
| Issued capital | 100 | €113,000 | €113,000 | = | 0.0% |
| Reserves | 13 | €14,100 | €14,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €11,300 | €11,300 | = | 0.0% |
| Legal reserve | 130 | €11,300 | €11,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,800 | €2,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | €550,200 | €388,330 | -€161,870 | -29.4% |
| Amounts payable | 17/49 | €2,052,084 | €2,453,869 | +€401,785 | +19.6% |
| Amounts payable after more than one year | 17 | €68,923 | - | -€68,923 | |
| Financial debts | 170/4 | €68,923 | - | -€68,923 | |
| Amounts payable within one year | 42/48 | €1,981,033 | €2,160,376 | +€179,343 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €27,611 | - | -€27,611 | |
| Financial debts | 43 | €517,084 | €343,895 | -€173,189 | -33.5% |
| Credit institutions | 430/8 | €517,084 | €343,895 | -€173,189 | -33.5% |
| Trade debts | 44 | €898,848 | €1,347,987 | +€449,139 | +50.0% |
| Suppliers | 440/4 | €898,848 | €1,347,987 | +€449,139 | +50.0% |
| Advances received on contracts in progress | 46 | €68,013 | €68,013 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €234,902 | €142,142 | -€92,760 | -39.5% |
| Taxes | 450/3 | €147,759 | €131,699 | -€16,061 | -10.9% |
| Remuneration and social security | 454/9 | €87,143 | €10,443 | -€76,699 | -88.0% |
| Other amounts payable | 47/48 | €234,574 | €258,339 | +€23,764 | +10.1% |
| Accrued charges and deferred income | 492/3 | €2,128 | €293,494 | +€291,366 | +13,694% |
| Turnover | 70 | €2,992,413 | - | -€3.0m | |
| Non-recurring operating income | 76A | €99,006 | €524 | -€98,482 | -99.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,354,893 | - | -€2.4m | |
| Remuneration, social security and pensions | 62 | €579,560 | €313,163 | -€266,398 | -46.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €133,523 | €140,443 | +€6,920 | +5.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6 | - | -€6 | |
| Other operating charges | 640/8 | €11,546 | €16,481 | +€4,935 | +42.7% |
| Gross operating margin | 9900 | €899,302 | €365,082 | -€534,219 | -59.4% |
| Operating profit (loss) | 9901 | €174,667 | -€105,005 | -€279,671 | |
| Financial income | 75/76B | €670 | €2,161 | +€1,490 | +222% |
| Recurring financial income | 75 | €670 | €2,161 | +€1,490 | +222% |
| Financial charges | 65/66B | €55,159 | €66,098 | +€10,938 | +19.8% |
| Recurring financial charges | 65 | €55,159 | €58,998 | +€3,839 | +7.0% |
| Non-recurring financial charges | 66B | - | €7,099 | +€7,099 | |
| Profit (loss) for the period before taxes | 9903 | €120,178 | -€168,941 | -€289,119 | |
| Income taxes | 67/77 | €59,544 | -€7,071 | -€66,615 | |
| Profit (loss) for the period | 9904 | €60,634 | -€161,870 | -€222,504 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,634 | -€161,870 | -€222,504 |
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 16 October 2026 via checked.be.