Tandem
ActiveSummary
The annual accounts of Tandem for fiscal year 2025 show a net loss of 59% of the equity at the start of that year. The 2025 annual accounts show equity of €63,551 and a net result of -€93,167. Equity is shrinking by ~19.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 38% of 2035 sector peers (fiscal year 2025). The company has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
59
/ 100
Fair
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-100
Solvency59▼-41
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 7.9 against 8.09 in 2024; short-term debt: 12.6% and cash: 93% of total assets), but 66% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 90
Relative position
BE, all sectors
reference
Arts creation and performing arts activities (NACE 90)
about 58% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
34%
Return on assets
-49.8%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-03-2026, 125 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
125 d early
2024
28 d early
2023
92 d early
2022
32 d early
2021
75 d late
2019
117 d late
2018
30 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 16 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 29 June (4 of the last 5 filed years within 93 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€93,167
2024 · €62,793
Working capital
€162,382▼ 4.2%
2024 · €169,552
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€21,832--€138,665▼ 535%€56,851€62,138▲ 9.3%-€94,060
Net result-€21,772below the sector's middle half--€138,756below the sector's middle half▼ 537%€56,770above the sector's middle half€62,793above the sector's middle half▲ 10.6%-€93,167below the sector's middle half
Equity€175,911within the sector's middle half-€37,155within the sector's middle half▼ 78.9%€93,925within the sector's middle half▲ 153%€156,718above the sector's middle half▲ 66.9%€63,551within the sector's middle half▼ 59.4%
Total assets€223,669within the sector's middle half-€90,728within the sector's middle half▼ 59.4%€159,999within the sector's middle half▲ 76.3%€195,642within the sector's middle half▲ 22.3%€186,923within the sector's middle half▼ 4.5%
Debt€47,759-€53,574▲ 12.2%€66,074▲ 23.3%€38,924▼ 41.1%€38,538▼ 1.0%
Working capital€176,103within the sector's middle half-€37,179within the sector's middle half▼ 78.9%€105,183above the sector's middle half▲ 183%€169,552above the sector's middle half▲ 61.2%€162,382above the sector's middle half▼ 4.2%
Solvency78.6%above the sector's middle half-41.0%within the sector's middle half▼ 37.7pp58.7%within the sector's middle half▲ 17.8pp80.1%above the sector's middle half▲ 21.4pp34.0%within the sector's middle half▼ 46.1pp
Current ratio5.66above the sector's middle half-1.76within the sector's middle half▼ 3.903.06within the sector's middle half▲ 1.308.09above the sector's middle half▲ 5.037.90above the sector's middle half▼ 0.19
Return on assets (ROA)-9.7%below the sector's middle half--152.9%below the sector's middle half▼ 143.2pp35.5%above the sector's middle half▲ 188.4pp32.1%above the sector's middle half▼ 3.4pp-49.8%below the sector's middle half▼ 81.9pp
Staff (FTE)4.6within the sector's middle half-
above
within
below
the middle half (P25 to P75) of NACE 90, Arts creation and performing arts activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2022 Net result -537% on 2021. The accounts now follow the micro schema, last year the full schema.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €94,060 after €62,138 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €186,923
Fixed assets
€1,003 ▼ 53.7%
Current assets
€185,920 ▼ 3.9%
Equity and liabilities €186,923
Equity
€63,551 ▼ 59.4%
Provisions
€84,834
Debt
€38,538 ▼ 1.0%
Debt's share of the balance-sheet total rises from 19.9% to 20.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€92,293▼
2024 · €63,714
Cash flow
-€91,399▼
2024 · €64,369
Quick ratio
7.76▼
2024 · 7.92
Debt to equity
0.61▲
2024 · 0.25
ROE
-146.6%▼
2024 · 40.1%
Interest coverage
-173.46▼
2024 · 395.50
Debt ≤ 1 year
€23,538▼
2024 · €23,924
Staff costs
€174,570▼
2024 · €210,117
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,834 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.7%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: < 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 5,834 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €500 | - | - | - |
| Remuneration, social security and pensions62 | €269,463 | €390,495 | €211,612 | €210,117 | €174,570 | ▼ 16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,422 | €5,124 | €5,670 | €1,576 | €1,767 | ▲ 12.1% |
| Other operating charges640/8 | €3,434 | €625 | €525 | €375 | €875 | ▲ 133% |
| Gross operating margin9900 | €260,486 | €257,579 | €274,659 | €274,206 | €167,987 | ▼ 38.7% |
| Operating profit (loss)9901 | -€21,832 | -€138,665 | €56,851 | €62,138 | -€94,060 | ▼ 251% |
| Financial income75/76B | €229 | €215 | €192 | €816 | €1,426 | ▲ 74.8% |
| Recurring financial income75 | €229 | €215 | €192 | €816 | €1,426 | ▲ 74.8% |
| Financial charges65/66B | €169 | €307 | €272 | €161 | €532 | ▲ 230% |
| Recurring financial charges65 | €169 | €307 | €272 | €161 | €532 | ▲ 230% |
| Profit (loss) for the period before taxes9903 | -€21,772 | -€138,756 | €56,770 | €62,793 | -€93,167 | ▼ 248% |
| Profit (loss) for the period9904 | -€21,772 | -€138,756 | €56,770 | €62,793 | -€93,167 | ▼ 248% |
| Profit (loss) for the period to be appropriated9905 | -€21,772 | -€138,756 | €56,770 | €62,793 | -€93,167 | ▼ 248% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €223,669 | €90,728 | €159,999 | €195,642 | €186,923 | ▼ 4.5% |
| Fixed assets21/28 | €9,808 | €4,684 | €3,742 | €2,166 | €1,003 | ▼ 53.7% |
| Tangible fixed assets22/27 | €9,218 | €4,094 | €3,152 | €1,576 | €414 | ▼ 73.7% |
| Plant, machinery and equipment23 | €9,218 | €4,094 | - | - | - | - |
| Furniture and vehicles24 | - | - | €3,152 | €1,576 | €414 | ▼ 73.7% |
| Financial fixed assets28 | €590 | €590 | €590 | €590 | €590 | = |
| Current assets29/58 | €213,861 | €86,044 | €156,257 | €193,476 | €185,920 | ▼ 3.9% |
| Stocks and contracts in progress3 | €5,852 | €5,712 | €5,320 | €3,892 | €3,332 | ▼ 14.4% |
| Stocks30/36 | €5,852 | €5,712 | €5,320 | €3,892 | €3,332 | ▼ 14.4% |
| Amounts receivable within one year40/41 | €500 | €31,423 | €18,213 | €13,377 | €1,777 | ▼ 86.7% |
| Trade receivables40 | €500 | €31,423 | €9,618 | €13,152 | €1,777 | ▼ 86.5% |
| Other amounts receivable41 | - | - | €8,595 | €225 | - | - |
| Cash at bank and in hand54/58 | €200,648 | €39,528 | €123,466 | €169,061 | €173,838 | ▲ 2.8% |
| Deferred charges and accrued income490/1 | €6,862 | €9,381 | €9,258 | €7,145 | €6,973 | ▼ 2.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €223,669 | €90,728 | €159,999 | €195,642 | €186,923 | ▼ 4.5% |
| Equity10/15 | €175,911 | €37,155 | €93,925 | €156,718 | €63,551 | ▼ 59.4% |
| Profit (loss) carried forward14 | €175,911 | €37,155 | €93,925 | €156,718 | €63,551 | ▼ 59.4% |
| Provisions and deferred taxes16 | - | - | - | - | €84,834 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €84,834 | - |
| Other liabilities and charges164/5 | - | - | - | - | €84,834 | - |
| Amounts payable17/49 | €47,759 | €53,574 | €66,074 | €38,924 | €38,538 | ▼ 1.0% |
| Amounts payable within one year42/48 | €37,759 | €48,866 | €51,074 | €23,924 | €23,538 | ▼ 1.6% |
| Financial debts43 | €314 | - | €281 | €220 | €204 | ▼ 7.0% |
| Credit institutions430/8 | €314 | - | €281 | €220 | €204 | ▼ 7.0% |
| Trade debts44 | €10,818 | €13,572 | €21,003 | €3,261 | €5,312 | ▲ 62.9% |
| Suppliers440/4 | €10,818 | €13,572 | €21,003 | €3,261 | €5,312 | ▲ 62.9% |
| Taxes, remuneration and social security45 | €26,626 | €35,294 | €29,790 | €20,443 | €18,021 | ▼ 11.8% |
| Taxes450/3 | €382 | €4,622 | €10,688 | €1,027 | €1,031 | ▲ 0.4% |
| Remuneration and social security454/9 | €26,245 | €30,671 | €19,102 | €19,416 | €16,990 | ▼ 12.5% |
| Accrued charges and deferred income492/3 | €10,000 | €4,708 | €15,000 | €15,000 | €15,000 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,772 | -€138,756 | €56,770 | €62,793 | -€93,167 | ▼ 248% |
| + Depreciation and write-downs630 | €9,422 | €5,124 | €5,670 | €1,576 | €1,767 | ▲ 12.1% |
| Operating cash flow (approximation) | -€12,350 | -€133,632 | €62,441 | €64,369 | -€91,399 | ▼ 242% |
| Investment in fixed assets (approximation) | - | -€0 | -€4,728 | €0 | -€605 | - |
| Change in cash | - | -€161,120 | €83,938 | €45,595 | €4,777 | ▼ 89.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €62,793 ▲10.6%
Operating result €62,138, net result €62,793, both a record.
31-12
Financial
Liquidity triplescurrent ratio 8.09
Current ratio from 3.06 to 8.09; short-term debt falls from €51,074 to €23,924.
31-12
Financial
Equity above €150,000Eq €156,718 ▲66.9%
2 profitable years in a row build equity to €156,718.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €56,770
Net result €56,770 after 3 loss-making years.
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
14-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 75 days late
2020
25-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 117 days late
2019
31-12
Financial
Weakest financial yearnet -€165,873
Net result drops to -€165,873, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Show earlier events
2018
04-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
17-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
12-04
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Jans-Molenbeek · 1 establishment unit since 2008
Ground area
339 m²
Building footprint
283 m²
Volume, LiDAR
2,326 m³
Parcel 21012A0027/00S002, Brussels · tallest building 12.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Compagnie Taldem
since 20082.196.417.322
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21012A0027/00S002 | Brussels | 339 m² | 1 · 283 m² | 12.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Wallonia-Brussels Federation
2021 to 2025 · 16 entries · 1,126,067 EUR in total| Year | Entries | paid |
|---|---|---|
| 2025 | 3 | 265,104 EUR |
| 2024 | 3 | 385,058 EUR |
| 2023 | 8 | 439,776 EUR |
| 2021 | 2 | 36,130 EUR |
Similar companies · same sector, comparable size
PERFORMING ARTS SERVICES
BE 0435.823.770
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COMPAGNIE BILOXI 48
BE 0433.478.251
Elsene · Eq €63,881
DOKKE EVENT SERVICES
BE 0872.702.466
Ranst · Eq €62,825
THEATRE ROYAL DES GALERIES
BE 0468.797.436
Brussel · Eq €62,810
FASO DANSE THEATRE
BE 0561.706.808
Sint-Jans-Molenbeek · Eq €62,639
Of 2,276 companies in sector 90202 we hold annual accounts for 415. 320 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded01-11-1988
Fiscal year end31-12
Activities, NACEBEL 2025
90202Performing arts by artistic ensembles
E-invoicing
Reachable via Peppol
Peppol ID
0208:0439149880
Registered
10-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.