TANDEM: 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.
TANDEM
Largest movements
- Tangible fixed assets +€172,270
up €172,270 (+51.7%), from €333,346 to €505,616
of which Land and buildings: +€171,330
- Formation expenses +€23,075
up €23,075 (+159.3%), from €14,485 to €37,559
- Cash -€15,649
down €15,649 (-80.9%), from €19,350 to €3,701
mainly Investment in fixed assets (net) (-€215,171) and Accrued charges and deferred income (-€4,352)
- Debts after one year +€167,296
up €167,296 (+51.0%), from €327,766 to €495,062
of which Financial debts: +€163,896
- Current portion of long-term debt +€8,890
up €8,890 (+59.3%), from €15,000 to €23,890
- Gross operating margin +€3,115
up €3,115 (+10.1%), from €30,830 to €33,945
- Depreciation +€1,371
up €1,371 (+7.4%), from €18,456 to €19,827
- Financial charges +€1,250
up €1,250 (+28.5%), from €4,380 to €5,630
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 | €427,096 | €596,127 | +€169,030 | +39.6% |
| Formation expenses | 20 | €14,485 | €37,559 | +€23,075 | +159.3% |
| Fixed assets | 21/28 | €333,346 | €505,616 | +€172,270 | +51.7% |
| Tangible fixed assets | 22/27 | €333,346 | €505,616 | +€172,270 | +51.7% |
| Land and buildings | 22 | €329,781 | €501,112 | +€171,330 | +52.0% |
| Plant, machinery and equipment | 23 | €1,692 | €1,356 | -€336 | -19.9% |
| Furniture and vehicles | 24 | €1,873 | €3,149 | +€1,275 | +68.1% |
| Current assets | 29/58 | €79,266 | €52,951 | -€26,314 | -33.2% |
| Stocks and contracts in progress | 3 | €47,313 | €43,868 | -€3,445 | -7.3% |
| Stocks | 30/36 | €47,313 | €43,868 | -€3,445 | -7.3% |
| Amounts receivable within one year | 40/41 | €8,549 | €5,382 | -€3,167 | -37.0% |
| Other amounts receivable | 41 | €8,549 | €5,382 | -€3,167 | -37.0% |
| Cash at bank and in hand | 54/58 | €19,350 | €3,701 | -€15,649 | -80.9% |
| Deferred charges and accrued income | 490/1 | €4,053 | - | -€4,053 | |
| Total equity and liabilities | 10/49 | €427,096 | €596,127 | +€169,030 | +39.6% |
| Equity | 10/15 | €63,113 | €64,662 | +€1,549 | +2.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,662 | €44,211 | +€1,549 | +3.6% |
| Amounts payable | 17/49 | €363,983 | €531,465 | +€167,481 | +46.0% |
| Amounts payable after more than one year | 17 | €327,766 | €495,062 | +€167,296 | +51.0% |
| Financial debts | 170/4 | €319,666 | €483,562 | +€163,896 | +51.3% |
| Other amounts payable | 178/9 | €8,100 | €11,500 | +€3,400 | +42.0% |
| Amounts payable within one year | 42/48 | €21,865 | €26,402 | +€4,537 | +20.7% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €23,890 | +€8,890 | +59.3% |
| Trade debts | 44 | €3,865 | €1,291 | -€2,574 | -66.6% |
| Suppliers | 440/4 | €3,865 | €1,291 | -€2,574 | -66.6% |
| Advances received on contracts in progress | 46 | €2,500 | - | -€2,500 | |
| Taxes, remuneration and social security | 45 | €500 | €1,221 | +€721 | +144.1% |
| Taxes | 450/3 | €500 | €1,221 | +€721 | +144.1% |
| Accrued charges and deferred income | 492/3 | €14,352 | €10,000 | -€4,352 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,456 | €19,827 | +€1,371 | +7.4% |
| Other operating charges | 640/8 | €6,215 | €6,220 | +€4 | +0.1% |
| Gross operating margin | 9900 | €30,830 | €33,945 | +€3,115 | +10.1% |
| Operating profit (loss) | 9901 | €6,159 | €7,899 | +€1,740 | +28.3% |
| Financial charges | 65/66B | €4,380 | €5,630 | +€1,250 | +28.5% |
| Recurring financial charges | 65 | €4,380 | €5,630 | +€1,250 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | €1,779 | €2,270 | +€490 | +27.6% |
| Income taxes | 67/77 | €494 | €721 | +€226 | +45.8% |
| Profit (loss) for the period | 9904 | €1,285 | €1,549 | +€264 | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,285 | €1,549 | +€264 | +20.5% |
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 3 October 2026 via checked.be.