TANDEM PROJECTS: 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 PROJECTS
Largest movements
- Receivables within one year -€22,603
down €22,603 (-21.3%), from €105,983 to €83,381
of which Trade receivables: -€23,066
- Tangible fixed assets -€10,805
no longer reported in 2025 (was €10,805)
- Cash +€4,990
up €4,990 (+342%), from €1,459 to €6,449
mainly Receivables within one year (+€22,603) and Depreciation (+€10,805)
- Other debts -€23,716
down €23,716 (-32.2%), from €73,689 to €49,972
- Profit (loss) carried forward -€6,689
down €6,689 (-23.9%), from €28,021 to €21,332
- Trade debts +€1,758
up €1,758 (+147%), from €1,200 to €2,958
- Gross operating margin +€38,799
up €38,799, from -€5,011 to €33,788
- Other operating charges +€24,017
new in 2025: €24,017
- Depreciation -€4,481
down €4,481 (-29.3%), from €15,286 to €10,805
- Financial charges +€3,028
up €3,028 (+6,783%), from €45 to €3,073
- Taxes +€2,443
up €2,443 (+1,751%), from €140 to €2,582
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 | €168,247 | €139,829 | -€28,418 | -16.9% |
| Fixed assets | 21/28 | €60,805 | €50,000 | -€10,805 | -17.8% |
| Tangible fixed assets | 22/27 | €10,805 | - | -€10,805 | |
| Furniture and vehicles | 24 | €10,805 | - | -€10,805 | |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €107,442 | €89,829 | -€17,613 | -16.4% |
| Amounts receivable within one year | 40/41 | €105,983 | €83,381 | -€22,603 | -21.3% |
| Trade receivables | 40 | €70,633 | €47,566 | -€23,066 | -32.7% |
| Other amounts receivable | 41 | €35,351 | €35,814 | +€463 | +1.3% |
| Cash at bank and in hand | 54/58 | €1,459 | €6,449 | +€4,990 | +342% |
| Total equity and liabilities | 10/49 | €168,247 | €139,829 | -€28,418 | -16.9% |
| Equity | 10/15 | €93,096 | €86,407 | -€6,689 | -7.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,075 | €3,075 | = | 0.0% |
| Non-distributable reserves | 130/1 | €3,075 | €3,075 | = | 0.0% |
| Legal reserve | 130 | €3,075 | €3,075 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,021 | €21,332 | -€6,689 | -23.9% |
| Amounts payable | 17/49 | €75,151 | €53,422 | -€21,729 | -28.9% |
| Amounts payable within one year | 42/48 | €75,151 | €53,422 | -€21,729 | -28.9% |
| Trade debts | 44 | €1,200 | €2,958 | +€1,758 | +147% |
| Suppliers | 440/4 | €1,200 | €2,958 | +€1,758 | +147% |
| Taxes, remuneration and social security | 45 | €263 | €492 | +€229 | +87.2% |
| Taxes | 450/3 | €263 | €492 | +€229 | +87.2% |
| Other amounts payable | 47/48 | €73,689 | €49,972 | -€23,716 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,286 | €10,805 | -€4,481 | -29.3% |
| Other operating charges | 640/8 | - | €24,017 | +€24,017 | |
| Gross operating margin | 9900 | -€5,011 | €33,788 | +€38,799 | |
| Operating profit (loss) | 9901 | -€20,296 | -€1,034 | +€19,263 | +94.9% |
| Financial charges | 65/66B | €45 | €3,073 | +€3,028 | +6,783% |
| Recurring financial charges | 65 | €45 | €3,073 | +€3,028 | +6,783% |
| Profit (loss) for the period before taxes | 9903 | -€20,341 | -€4,106 | +€16,235 | +79.8% |
| Income taxes | 67/77 | €140 | €2,582 | +€2,443 | +1,751% |
| Profit (loss) for the period | 9904 | -€20,481 | -€6,689 | +€13,792 | +67.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,481 | -€6,689 | +€13,792 | +67.3% |
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 13 October 2026 via checked.be.