TEND IMMO: 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.
TEND IMMO
Largest movements
- Cash -€76,657
down €76,657 (-13.3%), from €574,839 to €498,181
mainly Net result for the year (-€67,350) and Investment in fixed assets (net) (-€44,866)
- Tangible fixed assets -€44,600
down €44,600 (-5.9%), from €756,749 to €712,149
of which Land and buildings: -€34,729
- Revaluation surpluses -€51,148
down €51,148 (-12.5%), from €409,188 to €358,039
- Debts after one year -€27,157
down €27,157 (-25.5%), from €106,290 to €79,134
- Trade debts -€21,265
down €21,265 (-57.4%), from €37,051 to €15,786
- Reserves -€16,202
down €16,202 (-2.4%), from €672,950 to €656,749
of which Distributable reserves: -€16,202
- Gross operating margin +€24,094
up €24,094 (+135.8%), from €17,747 to €41,841
- Depreciation +€4,421
up €4,421 (+5.2%), from €85,046 to €89,466
- Financial charges -€981
down €981 (-11.7%), from €8,371 to €7,391
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 | €1,333,647 | €1,217,111 | -€116,536 | -8.7% |
| Fixed assets | 21/28 | €756,749 | €712,149 | -€44,600 | -5.9% |
| Tangible fixed assets | 22/27 | €756,749 | €712,149 | -€44,600 | -5.9% |
| Land and buildings | 22 | €735,750 | €701,022 | -€34,729 | -4.7% |
| Furniture and vehicles | 24 | €20,999 | €11,127 | -€9,872 | -47.0% |
| Current assets | 29/58 | €576,899 | €504,963 | -€71,936 | -12.5% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Trade receivables | 40 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €574,839 | €498,181 | -€76,657 | -13.3% |
| Deferred charges and accrued income | 490/1 | €2,060 | €6,781 | +€4,721 | +229.2% |
| Total equity and liabilities | 10/49 | €1,333,647 | €1,217,111 | -€116,536 | -8.7% |
| Equity | 10/15 | €1,157,138 | €1,089,788 | -€67,350 | -5.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Revaluation surpluses | 12 | €409,188 | €358,039 | -€51,148 | -12.5% |
| Reserves | 13 | €672,950 | €656,749 | -€16,202 | -2.4% |
| Non-distributable reserves | 130/1 | €23,373 | €23,373 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,873 | €15,873 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,140 | €16,140 | = | 0.0% |
| Distributable reserves | 133 | €633,438 | €617,236 | -€16,202 | -2.6% |
| Amounts payable | 17/49 | €176,509 | €127,323 | -€49,186 | -27.9% |
| Amounts payable after more than one year | 17 | €106,290 | €79,134 | -€27,157 | -25.5% |
| Financial debts | 170/4 | €106,290 | €79,134 | -€27,157 | -25.5% |
| Amounts payable within one year | 42/48 | €70,219 | €48,190 | -€22,029 | -31.4% |
| Current portion of amounts payable after more than one year | 42 | €26,156 | €27,157 | +€1,001 | +3.8% |
| Trade debts | 44 | €37,051 | €15,786 | -€21,265 | -57.4% |
| Suppliers | 440/4 | €37,051 | €15,786 | -€21,265 | -57.4% |
| Taxes, remuneration and social security | 45 | €7,012 | €5,247 | -€1,765 | -25.2% |
| Taxes | 450/3 | €1,119 | €459 | -€661 | -59.0% |
| Remuneration and social security | 454/9 | €5,893 | €4,788 | -€1,105 | -18.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,046 | €89,466 | +€4,421 | +5.2% |
| Other operating charges | 640/8 | €11,787 | €11,835 | +€49 | +0.4% |
| Gross operating margin | 9900 | €17,747 | €41,841 | +€24,094 | +135.8% |
| Operating profit (loss) | 9901 | -€79,085 | -€59,460 | +€19,625 | +24.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €8,371 | €7,391 | -€981 | -11.7% |
| Recurring financial charges | 65 | €8,371 | €7,391 | -€981 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | -€87,456 | -€66,851 | +€20,606 | +23.6% |
| Income taxes | 67/77 | €886 | €500 | -€387 | -43.6% |
| Profit (loss) for the period | 9904 | -€88,343 | -€67,350 | +€20,993 | +23.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,343 | -€67,350 | +€20,993 | +23.8% |
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 4 October 2026 via checked.be.