Tendaro: 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.
Tendaro
Largest movements
- Cash +€46,963
up €46,963 (+239%), from €19,689 to €66,652
mainly Other debts (+€63,100) and Receivables within one year (+€39,005)
- Receivables within one year -€39,005
down €39,005 (-52.4%), from €74,488 to €35,483
of which Trade receivables: -€25,167
- Tangible fixed assets -€4,419
down €4,419 (-25.9%), from €17,049 to €12,630
of which Furniture and vehicles: -€5,231
- Other debts +€63,100
up €63,100 (+179%), from €35,175 to €98,275
- Debts after one year -€29,741
down €29,741 (-28.0%), from €106,259 to €76,518
- Tax, wage and social debts -€17,147
down €17,147 (-38.2%), from €44,873 to €27,726
- Reserves -€13,370
down €13,370 (-7.0%), from €190,869 to €177,499
of which Distributable reserves: -€13,370
- Profit (loss) carried forward -€4,956
new in 2025: -€4,956
- Gross operating margin -€74,419
down €74,419, from €60,207 to -€14,212
- Financial income -€26,608
down €26,608 (-99.1%), from €26,851 to €243
- Taxes -€25,091
down €25,091, from €20,718 to -€4,373
- Other operating charges -€4,061
down €4,061 (-87.7%), from €4,631 to €570
- Depreciation -€2,646
down €2,646 (-31.3%), from €8,453 to €5,807
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 | €413,320 | €415,499 | +€2,179 | +0.5% |
| Fixed assets | 21/28 | €317,049 | €312,630 | -€4,419 | -1.4% |
| Tangible fixed assets | 22/27 | €17,049 | €12,630 | -€4,419 | -25.9% |
| Plant, machinery and equipment | 23 | €1,233 | €2,044 | +€812 | +65.8% |
| Furniture and vehicles | 24 | €15,817 | €10,586 | -€5,231 | -33.1% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €96,271 | €102,869 | +€6,598 | +6.9% |
| Amounts receivable within one year | 40/41 | €74,488 | €35,483 | -€39,005 | -52.4% |
| Trade receivables | 40 | €60,650 | €35,483 | -€25,167 | -41.5% |
| Other amounts receivable | 41 | €13,838 | €0 | -€13,838 | -100% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €19,689 | €66,652 | +€46,963 | +239% |
| Deferred charges and accrued income | 490/1 | €2,093 | €734 | -€1,359 | -64.9% |
| Total equity and liabilities | 10/49 | €413,320 | €415,499 | +€2,179 | +0.5% |
| Equity | 10/15 | €197,069 | €178,742 | -€18,326 | -9.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €190,869 | €177,499 | -€13,370 | -7.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €190,869 | €177,499 | -€13,370 | -7.0% |
| Profit (loss) carried forward | 14 | - | -€4,956 | -€4,956 | |
| Amounts payable | 17/49 | €216,251 | €236,757 | +€20,506 | +9.5% |
| Amounts payable after more than one year | 17 | €106,259 | €76,518 | -€29,741 | -28.0% |
| Financial debts | 170/4 | €106,259 | €76,518 | -€29,741 | -28.0% |
| Amounts payable within one year | 42/48 | €109,992 | €160,239 | +€50,247 | +45.7% |
| Current portion of amounts payable after more than one year | 42 | €29,167 | €31,094 | +€1,927 | +6.6% |
| Trade debts | 44 | €778 | €3,144 | +€2,367 | +304% |
| Suppliers | 440/4 | €778 | €3,144 | +€2,367 | +304% |
| Taxes, remuneration and social security | 45 | €44,873 | €27,726 | -€17,147 | -38.2% |
| Taxes | 450/3 | €44,873 | €27,726 | -€17,147 | -38.2% |
| Other amounts payable | 47/48 | €35,175 | €98,275 | +€63,100 | +179% |
| Non-recurring operating income | 76A | €35 | €0 | -€35 | -100% |
| Remuneration, social security and pensions | 62 | €333 | €250 | -€83 | -24.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,453 | €5,807 | -€2,646 | -31.3% |
| Other operating charges | 640/8 | €4,631 | €570 | -€4,061 | -87.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €60,207 | -€14,212 | -€74,419 | |
| Operating profit (loss) | 9901 | €46,791 | -€20,838 | -€67,629 | |
| Financial income | 75/76B | €26,851 | €243 | -€26,608 | -99.1% |
| Recurring financial income | 75 | €26,851 | €243 | -€26,608 | -99.1% |
| Financial charges | 65/66B | €3,108 | €2,104 | -€1,004 | -32.3% |
| Recurring financial charges | 65 | €3,108 | €2,104 | -€1,004 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €70,534 | -€22,699 | -€93,233 | |
| Income taxes | 67/77 | €20,718 | -€4,373 | -€25,091 | |
| Profit (loss) for the period | 9904 | €49,815 | -€18,326 | -€68,142 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,815 | -€18,326 | -€68,142 |
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 17 October 2026 via checked.be.