TANDEM MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments +€900,133
up €900,133 (+255%), from €352,309 to €1.3m
- Cash -€337,410
down €337,410 (-63.7%), from €529,839 to €192,429
mainly Current investments (-€900,133) and Contributions, distributions and other (-€229,845)
- Reserves +€543,858
up €543,858 (+25.7%), from €2.1m to €2.7m
- Tax, wage and social debts +€135,381
up €135,381 (+5,003%), from €2,706 to €138,087
- Debts after one year -€106,939
no longer reported in 2025 (was €106,939)
- Gross operating margin +€156,053
up €156,053 (+16.3%), from €959,451 to €1.1m
- Taxes +€52,050
up €52,050 (+17.9%), from €291,282 to €343,332
- Financial income +€20,715
up €20,715 (+105%), from €19,701 to €40,416
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 | €2,267,854 | €2,814,877 | +€547,023 | +24.1% |
| Fixed assets | 21/28 | €370,843 | €346,347 | -€24,496 | -6.6% |
| Tangible fixed assets | 22/27 | €370,843 | €346,347 | -€24,496 | -6.6% |
| Land and buildings | 22 | €325,978 | €308,765 | -€17,213 | -5.3% |
| Furniture and vehicles | 24 | €30,615 | €25,283 | -€5,332 | -17.4% |
| Other tangible fixed assets | 26 | €14,251 | €12,300 | -€1,950 | -13.7% |
| Current assets | 29/58 | €1,897,011 | €2,468,530 | +€571,519 | +30.1% |
| Amounts receivable within one year | 40/41 | €1,012,881 | €1,021,023 | +€8,143 | +0.8% |
| Trade receivables | 40 | €773,932 | €884,229 | +€110,297 | +14.3% |
| Other amounts receivable | 41 | €238,949 | €136,795 | -€102,154 | -42.8% |
| Current investments | 50/53 | €352,309 | €1,252,442 | +€900,133 | +255% |
| Cash at bank and in hand | 54/58 | €529,839 | €192,429 | -€337,410 | -63.7% |
| Deferred charges and accrued income | 490/1 | €1,983 | €2,636 | +€653 | +32.9% |
| Total equity and liabilities | 10/49 | €2,267,854 | €2,814,877 | +€547,023 | +24.1% |
| Equity | 10/15 | €2,125,725 | €2,669,583 | +€543,858 | +25.6% |
| Contributions | 10/11 | €6,209 | €6,209 | = | 0.0% |
| Reserves | 13 | €2,119,515 | €2,663,374 | +€543,858 | +25.7% |
| Distributable reserves | 133 | €2,119,515 | €2,663,374 | +€543,858 | +25.7% |
| Amounts payable | 17/49 | €142,129 | €145,294 | +€3,165 | +2.2% |
| Amounts payable after more than one year | 17 | €106,939 | - | -€106,939 | |
| Financial debts | 170/4 | €106,939 | - | -€106,939 | |
| Amounts payable within one year | 42/48 | €34,945 | €145,294 | +€110,349 | +316% |
| Current portion of amounts payable after more than one year | 42 | €9,594 | - | -€9,594 | |
| Trade debts | 44 | €22,428 | €7,207 | -€15,221 | -67.9% |
| Suppliers | 440/4 | €22,428 | €7,207 | -€15,221 | -67.9% |
| Taxes, remuneration and social security | 45 | €2,706 | €138,087 | +€135,381 | +5,003% |
| Taxes | 450/3 | €2,706 | €138,087 | +€135,381 | +5,003% |
| Other amounts payable | 47/48 | €217 | - | -€217 | |
| Accrued charges and deferred income | 492/3 | €245 | - | -€245 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,068 | €36,113 | -€956 | -2.6% |
| Other operating charges | 640/8 | €1,210 | €1,284 | +€73 | +6.0% |
| Gross operating margin | 9900 | €959,451 | €1,115,505 | +€156,053 | +16.3% |
| Operating profit (loss) | 9901 | €921,173 | €1,078,109 | +€156,936 | +17.0% |
| Financial income | 75/76B | €19,701 | €40,416 | +€20,715 | +105% |
| Recurring financial income | 75 | €19,701 | €40,416 | +€20,715 | +105% |
| Financial charges | 65/66B | €1,919 | €1,490 | -€429 | -22.4% |
| Recurring financial charges | 65 | €1,919 | €1,490 | -€429 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €938,955 | €1,117,035 | +€178,080 | +19.0% |
| Income taxes | 67/77 | €291,282 | €343,332 | +€52,050 | +17.9% |
| Profit (loss) for the period | 9904 | €647,672 | €773,703 | +€126,031 | +19.5% |
| Profit (loss) for the period to be appropriated | 9905 | €647,672 | €773,703 | +€126,031 | +19.5% |
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 28 October 2026 via checked.be.