T.C.V.G.: 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.
T.C.V.G.
Largest movements
- Receivables within one year +€181,095
up €181,095 (+272%), from €66,469 to €247,565
of which Trade receivables: +€136,673
- Stocks and contracts -€136,547
down €136,547 (-30.2%), from €452,121 to €315,574
- Cash -€98,731
down €98,731 (-85.6%), from €115,373 to €16,642
mainly Receivables within one year (-€181,095) and Trade debts (-€89,870)
- Tangible fixed assets -€64,280
down €64,280 (-7.6%), from €846,232 to €781,952
of which Leasing and similar rights: -€96,615
- Trade debts -€89,870
down €89,870 (-38.7%), from €232,468 to €142,597
- Debts after one year -€51,756
down €51,756 (-8.7%), from €592,437 to €540,681
- Current portion of long-term debt -€23,119
down €23,119 (-17.2%), from €134,703 to €111,584
- Short-term financial debts +€15,000
up €15,000 (+12.5%), from €120,000 to €135,000
- Staff costs +€30,367
up €30,367 (+97.0%), from €31,306 to €61,673
- Gross operating margin +€18,980
up €18,980 (+8.3%), from €228,537 to €247,517
- Depreciation +€17,764
up €17,764 (+16.0%), from €110,875 to €128,639
- Financial charges +€7,021
up €7,021 (+18.6%), from €37,845 to €44,866
of which Financial charges: +€6,740
- Other operating charges +€4,828
up €4,828 (+106%), from €4,554 to €9,382
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 | €1,490,652 | €1,361,733 | -€128,919 | -8.6% |
| Fixed assets | 21/28 | €846,232 | €781,952 | -€64,280 | -7.6% |
| Tangible fixed assets | 22/27 | €846,232 | €781,952 | -€64,280 | -7.6% |
| Land and buildings | 22 | €303,220 | €285,399 | -€17,821 | -5.9% |
| Plant, machinery and equipment | 23 | €71,072 | €133,237 | +€62,165 | +87.5% |
| Furniture and vehicles | 24 | €12,008 | - | -€12,008 | |
| Leasing and similar rights | 25 | €459,931 | €363,316 | -€96,615 | -21.0% |
| Current assets | 29/58 | €644,421 | €579,781 | -€64,640 | -10.0% |
| Stocks and contracts in progress | 3 | €452,121 | €315,574 | -€136,547 | -30.2% |
| Stocks | 30/36 | €452,121 | €315,574 | -€136,547 | -30.2% |
| Amounts receivable within one year | 40/41 | €66,469 | €247,565 | +€181,095 | +272% |
| Trade receivables | 40 | €32,350 | €169,023 | +€136,673 | +422% |
| Other amounts receivable | 41 | €34,120 | €78,542 | +€44,422 | +130% |
| Cash at bank and in hand | 54/58 | €115,373 | €16,642 | -€98,731 | -85.6% |
| Deferred charges and accrued income | 490/1 | €10,456 | - | -€10,456 | |
| Total equity and liabilities | 10/49 | €1,490,652 | €1,361,733 | -€128,919 | -8.6% |
| Equity | 10/15 | €274,228 | €277,173 | +€2,945 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €261,828 | €261,828 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,863 | €1,863 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,863 | €1,863 | = | 0.0% |
| Distributable reserves | 133 | €259,965 | €259,965 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,945 | +€2,945 | |
| Amounts payable | 17/49 | €1,216,425 | €1,084,560 | -€131,864 | -10.8% |
| Amounts payable after more than one year | 17 | €592,437 | €540,681 | -€51,756 | -8.7% |
| Financial debts | 170/4 | €592,437 | €540,681 | -€51,756 | -8.7% |
| Amounts payable within one year | 42/48 | €619,368 | €541,784 | -€77,584 | -12.5% |
| Current portion of amounts payable after more than one year | 42 | €134,703 | €111,584 | -€23,119 | -17.2% |
| Financial debts | 43 | €120,000 | €135,000 | +€15,000 | +12.5% |
| Credit institutions | 430/8 | €120,000 | €135,000 | +€15,000 | +12.5% |
| Trade debts | 44 | €232,468 | €142,597 | -€89,870 | -38.7% |
| Suppliers | 440/4 | €232,468 | €142,597 | -€89,870 | -38.7% |
| Advances received on contracts in progress | 46 | - | €5,900 | +€5,900 | |
| Taxes, remuneration and social security | 45 | €13,830 | €23,716 | +€9,886 | +71.5% |
| Taxes | 450/3 | €10,974 | €4,516 | -€6,458 | -58.8% |
| Remuneration and social security | 454/9 | €2,856 | €19,200 | +€16,344 | +572% |
| Other amounts payable | 47/48 | €118,367 | €122,987 | +€4,620 | +3.9% |
| Accrued charges and deferred income | 492/3 | €4,620 | €2,095 | -€2,525 | -54.7% |
| Remuneration, social security and pensions | 62 | €31,306 | €61,673 | +€30,367 | +97.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,875 | €128,639 | +€17,764 | +16.0% |
| Other operating charges | 640/8 | €4,554 | €9,382 | +€4,828 | +106% |
| Gross operating margin | 9900 | €228,537 | €247,517 | +€18,980 | +8.3% |
| Operating profit (loss) | 9901 | €81,802 | €47,823 | -€33,979 | -41.5% |
| Financial income | 75/76B | €1,608 | - | -€1,608 | |
| Recurring financial income | 75 | €1,608 | - | -€1,608 | |
| Financial charges | 65/66B | €37,845 | €44,866 | +€7,021 | +18.6% |
| Recurring financial charges | 65 | €37,845 | €44,585 | +€6,740 | +17.8% |
| Non-recurring financial charges | 66B | - | €281 | +€281 | |
| Profit (loss) for the period before taxes | 9903 | €45,565 | €2,957 | -€42,608 | -93.5% |
| Income taxes | 67/77 | €4,402 | €12 | -€4,390 | -99.7% |
| Profit (loss) for the period | 9904 | €41,163 | €2,945 | -€38,218 | -92.8% |
| Profit (loss) for the period to be appropriated | 9905 | €41,163 | €2,945 | -€38,218 | -92.8% |
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 29 October 2026 via checked.be.