Tendon: 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.
Tendon
Largest movements
- Receivables within one year -€2,584
down €2,584 (-18.5%), from €13,979 to €11,395
of which Trade receivables: -€2,803
- Tangible fixed assets -€1,715
down €1,715 (-52.4%), from €3,273 to €1,558
of which Furniture and vehicles: -€1,530
- Reserves -€76,180
down €76,180 (-100%), from €76,180 to €0
- Other debts +€73,717
new in 2025: €73,717
- Tax, wage and social debts -€5,386
down €5,386 (-25.9%), from €20,812 to €15,426
- Short-term financial debts +€2,939
new in 2025: €2,939
- Trade debts +€1,094
up €1,094, from €0 to €1,094
- Gross operating margin +€3,942
up €3,942 (+12.6%), from €31,197 to €35,138
- Depreciation -€1,335
down €1,335 (-43.8%), from €3,050 to €1,715
- Taxes +€1,056
up €1,056 (+19.2%), from €5,494 to €6,550
- Financial income -€963
down €963 (-58.1%), from €1,657 to €694
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 | €98,992 | €95,176 | -€3,816 | -3.9% |
| Fixed assets | 21/28 | €3,273 | €1,558 | -€1,715 | -52.4% |
| Tangible fixed assets | 22/27 | €3,273 | €1,558 | -€1,715 | -52.4% |
| Plant, machinery and equipment | 23 | €1,660 | €1,475 | -€185 | -11.1% |
| Furniture and vehicles | 24 | €1,613 | €83 | -€1,530 | -94.9% |
| Current assets | 29/58 | €95,719 | €93,617 | -€2,102 | -2.2% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €13,979 | €11,395 | -€2,584 | -18.5% |
| Trade receivables | 40 | €11,519 | €8,717 | -€2,803 | -24.3% |
| Other amounts receivable | 41 | €2,460 | €2,679 | +€219 | +8.9% |
| Current investments | 50/53 | €40,000 | €40,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,015 | €31,959 | +€944 | +3.0% |
| Deferred charges and accrued income | 490/1 | €725 | €263 | -€462 | -63.7% |
| Total equity and liabilities | 10/49 | €98,992 | €95,176 | -€3,816 | -3.9% |
| Equity | 10/15 | €78,180 | €2,000 | -€76,180 | -97.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €76,180 | €0 | -€76,180 | -100% |
| Distributable reserves | 133 | €76,180 | €0 | -€76,180 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €20,812 | €93,176 | +€72,364 | +348% |
| Amounts payable within one year | 42/48 | €20,812 | €93,176 | +€72,364 | +348% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €2,939 | +€2,939 | |
| Credit institutions | 430/8 | - | €2,939 | +€2,939 | |
| Trade debts | 44 | €0 | €1,094 | +€1,094 | |
| Suppliers | 440/4 | €0 | €1,094 | +€1,094 | |
| Taxes, remuneration and social security | 45 | €20,812 | €15,426 | -€5,386 | -25.9% |
| Taxes | 450/3 | €20,812 | €15,426 | -€5,386 | -25.9% |
| Other amounts payable | 47/48 | - | €73,717 | +€73,717 | |
| Non-recurring operating income | 76A | €8,628 | €0 | -€8,628 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,050 | €1,715 | -€1,335 | -43.8% |
| Other operating charges | 640/8 | €759 | €520 | -€240 | -31.6% |
| Gross operating margin | 9900 | €31,197 | €35,138 | +€3,942 | +12.6% |
| Operating profit (loss) | 9901 | €27,388 | €32,904 | +€5,516 | +20.1% |
| Financial income | 75/76B | €1,657 | €694 | -€963 | -58.1% |
| Recurring financial income | 75 | €1,657 | €694 | -€963 | -58.1% |
| Financial charges | 65/66B | €143 | €218 | +€75 | +52.5% |
| Recurring financial charges | 65 | €143 | €218 | +€75 | +52.5% |
| Profit (loss) for the period before taxes | 9903 | €28,901 | €33,379 | +€4,478 | +15.5% |
| Income taxes | 67/77 | €5,494 | €6,550 | +€1,056 | +19.2% |
| Profit (loss) for the period | 9904 | €23,407 | €26,829 | +€3,422 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,407 | €26,829 | +€3,422 | +14.6% |
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.