TANDEM-A: 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.
TANDEM-A
Largest movements
- Receivables within one year +€8,942
up €8,942 (+263%), from €3,403 to €12,344
of which Trade receivables: +€7,737
- Tangible fixed assets -€4,801
down €4,801 (-19.8%), from €24,263 to €19,462
of which Leasing and similar rights: -€7,994
- Cash -€3,379
down €3,379 (-55.2%), from €6,118 to €2,738
mainly Contributions, distributions and other (-€9,926) and Receivables within one year (-€8,942)
- Deferred charges and accrued income +€582
up €582 (+9.3%), from €6,267 to €6,850
- Trade debts +€8,191
up €8,191 (+282%), from €2,907 to €11,098
- Other debts +€6,390
up €6,390 (+1,132%), from €565 to €6,955
- Reserves -€6,066
down €6,066 (-33.5%), from €18,125 to €12,059
- Current portion of long-term debt -€4,633
down €4,633 (-74.9%), from €6,189 to €1,555
- Debts after one year -€1,555
no longer reported in 2025 (was €1,555)
- Gross operating margin -€17,206
down €17,206 (-47.4%), from €36,289 to €19,083
- Taxes -€3,205
down €3,205 (-54.3%), from €5,905 to €2,701
- Depreciation +€1,201
up €1,201 (+12.3%), from €9,799 to €11,000
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 | €40,050 | €41,394 | +€1,344 | +3.4% |
| Fixed assets | 21/28 | €24,263 | €19,462 | -€4,801 | -19.8% |
| Tangible fixed assets | 22/27 | €24,263 | €19,462 | -€4,801 | -19.8% |
| Plant, machinery and equipment | 23 | €972 | €452 | -€520 | -53.5% |
| Furniture and vehicles | 24 | €2,180 | €1,299 | -€882 | -40.4% |
| Leasing and similar rights | 25 | €11,280 | €3,285 | -€7,994 | -70.9% |
| Other tangible fixed assets | 26 | €9,831 | €14,425 | +€4,595 | +46.7% |
| Current assets | 29/58 | €15,788 | €21,932 | +€6,145 | +38.9% |
| Amounts receivable within one year | 40/41 | €3,403 | €12,344 | +€8,942 | +263% |
| Trade receivables | 40 | €3,308 | €11,045 | +€7,737 | +234% |
| Other amounts receivable | 41 | €95 | €1,299 | +€1,205 | +1,271% |
| Cash at bank and in hand | 54/58 | €6,118 | €2,738 | -€3,379 | -55.2% |
| Deferred charges and accrued income | 490/1 | €6,267 | €6,850 | +€582 | +9.3% |
| Total equity and liabilities | 10/49 | €40,050 | €41,394 | +€1,344 | +3.4% |
| Equity | 10/15 | €24,325 | €18,259 | -€6,066 | -24.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €18,125 | €12,059 | -€6,066 | -33.5% |
| Distributable reserves | 133 | €18,125 | €12,059 | -€6,066 | -33.5% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €15,725 | €23,135 | +€7,410 | +47.1% |
| Amounts payable after more than one year | 17 | €1,555 | - | -€1,555 | |
| Financial debts | 170/4 | €1,555 | - | -€1,555 | |
| Amounts payable within one year | 42/48 | €14,170 | €23,135 | +€8,965 | +63.3% |
| Current portion of amounts payable after more than one year | 42 | €6,189 | €1,555 | -€4,633 | -74.9% |
| Financial debts | 43 | €2,031 | €1,347 | -€684 | -33.7% |
| Credit institutions | 430/8 | €2,031 | €1,347 | -€684 | -33.7% |
| Trade debts | 44 | €2,907 | €11,098 | +€8,191 | +282% |
| Suppliers | 440/4 | €2,907 | €11,098 | +€8,191 | +282% |
| Taxes, remuneration and social security | 45 | €2,478 | €2,179 | -€299 | -12.1% |
| Taxes | 450/3 | €2,478 | €2,179 | -€299 | -12.1% |
| Other amounts payable | 47/48 | €565 | €6,955 | +€6,390 | +1,132% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,799 | €11,000 | +€1,201 | +12.3% |
| Other operating charges | 640/8 | €527 | €803 | +€276 | +52.3% |
| Gross operating margin | 9900 | €36,289 | €19,083 | -€17,206 | -47.4% |
| Operating profit (loss) | 9901 | €25,963 | €7,280 | -€18,683 | -72.0% |
| Financial income | 75/76B | €33 | €35 | +€2 | +4.7% |
| Recurring financial income | 75 | €33 | €35 | +€2 | +4.7% |
| Financial charges | 65/66B | €1,028 | €755 | -€273 | -26.6% |
| Recurring financial charges | 65 | €1,028 | €755 | -€273 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €24,969 | €6,560 | -€18,408 | -73.7% |
| Income taxes | 67/77 | €5,905 | €2,701 | -€3,205 | -54.3% |
| Profit (loss) for the period | 9904 | €19,063 | €3,860 | -€15,204 | -79.8% |
| Profit (loss) for the period to be appropriated | 9905 | €19,063 | €3,860 | -€15,204 | -79.8% |
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 15 October 2026 via checked.be.