TINDEMANS: 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.
TINDEMANS
Largest movements
- Tangible fixed assets -€37,307
down €37,307 (-3.6%), from €1.0m to €1.0m
of which Leasing and similar rights: -€72,550
- Receivables within one year +€23,688
up €23,688 (+37.5%), from €63,143 to €86,832
of which Trade receivables: +€14,312
- Cash +€21,008
up €21,008 (+43.7%), from €48,054 to €69,062
mainly Depreciation (+€102,733) and Net result for the year (+€77,686)
- Debts after one year -€114,212
down €114,212 (-15.3%), from €747,840 to €633,628
- Profit (loss) carried forward +€77,686
up €77,686 (+33.1%), from €234,921 to €312,607
- Current portion of long-term debt +€43,270
up €43,270 (+37.5%), from €115,389 to €158,659
- Trade debts +€11,942
up €11,942 (+1,396%), from €856 to €12,798
- Gross operating margin -€285,276
down €285,276 (-57.6%), from €495,233 to €209,958
- Financial charges -€99,643
down €99,643 (-82.5%), from €120,826 to €21,183
of which Non-recurring financial charges: -€74,809
- Other operating charges -€8,603
down €8,603 (-60.5%), from €14,220 to €5,617
- Depreciation -€7,787
down €7,787 (-7.0%), from €110,520 to €102,733
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 | €1,149,948 | €1,157,337 | +€7,389 | +0.6% |
| Fixed assets | 21/28 | €1,038,750 | €1,001,443 | -€37,307 | -3.6% |
| Tangible fixed assets | 22/27 | €1,038,750 | €1,001,443 | -€37,307 | -3.6% |
| Land and buildings | 22 | €599,146 | €616,949 | +€17,802 | +3.0% |
| Plant, machinery and equipment | 23 | €8,850 | €29,886 | +€21,036 | +238% |
| Furniture and vehicles | 24 | €12,660 | €9,065 | -€3,595 | -28.4% |
| Leasing and similar rights | 25 | €418,094 | €345,544 | -€72,550 | -17.4% |
| Current assets | 29/58 | €111,198 | €155,894 | +€44,696 | +40.2% |
| Amounts receivable within one year | 40/41 | €63,143 | €86,832 | +€23,688 | +37.5% |
| Trade receivables | 40 | €49,817 | €64,128 | +€14,312 | +28.7% |
| Other amounts receivable | 41 | €13,327 | €22,704 | +€9,377 | +70.4% |
| Cash at bank and in hand | 54/58 | €48,054 | €69,062 | +€21,008 | +43.7% |
| Total equity and liabilities | 10/49 | €1,149,948 | €1,157,337 | +€7,389 | +0.6% |
| Equity | 10/15 | €254,921 | €332,607 | +€77,686 | +30.5% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €234,921 | €312,607 | +€77,686 | +33.1% |
| Amounts payable | 17/49 | €895,027 | €824,730 | -€70,297 | -7.9% |
| Amounts payable after more than one year | 17 | €747,840 | €633,628 | -€114,212 | -15.3% |
| Financial debts | 170/4 | €747,840 | €633,628 | -€114,212 | -15.3% |
| Amounts payable within one year | 42/48 | €147,187 | €191,102 | +€43,915 | +29.8% |
| Current portion of amounts payable after more than one year | 42 | €115,389 | €158,659 | +€43,270 | +37.5% |
| Trade debts | 44 | €856 | €12,798 | +€11,942 | +1,396% |
| Suppliers | 440/4 | €856 | €12,798 | +€11,942 | +1,396% |
| Taxes, remuneration and social security | 45 | €27,500 | €17,500 | -€10,000 | -36.4% |
| Remuneration and social security | 454/9 | €27,500 | €17,500 | -€10,000 | -36.4% |
| Other amounts payable | 47/48 | €3,442 | €2,145 | -€1,297 | -37.7% |
| Non-recurring operating income | 76A | €213,649 | - | -€213,649 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,520 | €102,733 | -€7,787 | -7.0% |
| Other operating charges | 640/8 | €14,220 | €5,617 | -€8,603 | -60.5% |
| Non-recurring operating charges | 66A | €30,000 | €2,751 | -€27,249 | -90.8% |
| Gross operating margin | 9900 | €495,233 | €209,958 | -€285,276 | -57.6% |
| Operating profit (loss) | 9901 | €340,493 | €98,856 | -€241,637 | -71.0% |
| Financial income | 75/76B | €0 | €13 | +€12 | +6,558% |
| Recurring financial income | 75 | €0 | €13 | +€12 | +6,558% |
| Financial charges | 65/66B | €120,826 | €21,183 | -€99,643 | -82.5% |
| Recurring financial charges | 65 | €46,017 | €21,183 | -€24,834 | -54.0% |
| Non-recurring financial charges | 66B | €74,809 | - | -€74,809 | |
| Profit (loss) for the period before taxes | 9903 | €219,667 | €77,686 | -€141,981 | -64.6% |
| Profit (loss) for the period | 9904 | €219,667 | €77,686 | -€141,981 | -64.6% |
| Profit (loss) for the period to be appropriated | 9905 | €219,667 | €77,686 | -€141,981 | -64.6% |
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.