T.F.V.: what changed
T.F.V.
Largest movements
- Cash +€161,291
up €161,291 (+418%), from €38,574 to €199,865
mainly Current investments (+€136,747) and Receivables within one year (+€95,713)
- Current investments -€136,747
down €136,747 (-27.6%), from €494,611 to €357,863
- Receivables within one year -€95,713
down €95,713 (-66.9%), from €143,167 to €47,454
of which Other amounts receivable: -€79,314
- Reserves -€48,629
down €48,629 (-20.1%), from €242,535 to €193,906
- Trade debts -€26,793
down €26,793 (-13.0%), from €206,039 to €179,246
- Gross operating margin +€15,905
up €15,905 (+30.1%), from €52,784 to €68,689
- Financial charges -€9,325
down €9,325, from €1,981 to -€7,345
- Taxes +€8,975
up €8,975 (+60.3%), from €14,884 to €23,860
- Depreciation -€7,579
down €7,579 (-64.0%), from €11,850 to €4,272
- Financial income -€3,318
down €3,318 (-52.3%), from €6,350 to €3,032
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €826,542 | €751,995 | -€74,548 | -9.0% |
| Fixed assets | 21/28 | €5,908 | €1,636 | -€4,272 | -72.3% |
| Tangible fixed assets | 22/27 | €5,908 | €1,636 | -€4,272 | -72.3% |
| Land and buildings | 22 | €450 | €375 | -€75 | -16.7% |
| Furniture and vehicles | 24 | €5,458 | €1,261 | -€4,197 | -76.9% |
| Current assets | 29/58 | €820,634 | €750,358 | -€70,276 | -8.6% |
| Stocks and contracts in progress | 3 | €144,175 | €143,164 | -€1,011 | -0.7% |
| Stocks | 30/36 | €144,175 | €143,164 | -€1,011 | -0.7% |
| Amounts receivable within one year | 40/41 | €143,167 | €47,454 | -€95,713 | -66.9% |
| Trade receivables | 40 | €61,372 | €44,972 | -€16,399 | -26.7% |
| Other amounts receivable | 41 | €81,795 | €2,482 | -€79,314 | -97.0% |
| Current investments | 50/53 | €494,611 | €357,863 | -€136,747 | -27.6% |
| Cash at bank and in hand | 54/58 | €38,574 | €199,865 | +€161,291 | +418% |
| Deferred charges and accrued income | 490/1 | €108 | €2,012 | +€1,904 | +1,763% |
| Total equity and liabilities | 10/49 | €826,542 | €751,995 | -€74,548 | -9.0% |
| Equity | 10/15 | €521,804 | €473,176 | -€48,629 | -9.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €242,535 | €193,906 | -€48,629 | -20.1% |
| Distributable reserves | 133 | €242,535 | €193,906 | -€48,629 | -20.1% |
| Profit (loss) carried forward | 14 | €260,677 | €260,677 | = | 0.0% |
| Amounts payable | 17/49 | €304,738 | €278,819 | -€25,919 | -8.5% |
| Amounts payable within one year | 42/48 | €304,738 | €278,774 | -€25,965 | -8.5% |
| Trade debts | 44 | €206,039 | €179,246 | -€26,793 | -13.0% |
| Suppliers | 440/4 | €206,039 | €179,246 | -€26,793 | -13.0% |
| Advances received on contracts in progress | 46 | €76,314 | €76,314 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €21,296 | €19,027 | -€2,268 | -10.7% |
| Taxes | 450/3 | €21,296 | €19,027 | -€2,268 | -10.7% |
| Other amounts payable | 47/48 | €1,089 | €4,186 | +€3,097 | +284% |
| Accrued charges and deferred income | 492/3 | - | €46 | +€46 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,850 | €4,272 | -€7,579 | -64.0% |
| Other operating charges | 640/8 | €2,536 | €2,430 | -€107 | -4.2% |
| Gross operating margin | 9900 | €52,784 | €68,689 | +€15,905 | +30.1% |
| Operating profit (loss) | 9901 | €38,398 | €61,988 | +€23,590 | +61.4% |
| Financial income | 75/76B | €6,350 | €3,032 | -€3,318 | -52.3% |
| Recurring financial income | 75 | €6,350 | €3,032 | -€3,318 | -52.3% |
| Financial charges | 65/66B | €1,981 | -€7,345 | -€9,325 | |
| Recurring financial charges | 65 | €1,981 | -€7,345 | -€9,325 | |
| Profit (loss) for the period before taxes | 9903 | €42,767 | €72,365 | +€29,598 | +69.2% |
| Income taxes | 67/77 | €14,884 | €23,860 | +€8,975 | +60.3% |
| Profit (loss) for the period | 9904 | €27,883 | €48,505 | +€20,622 | +74.0% |
| Profit (loss) for the period to be appropriated | 9905 | €27,883 | €48,505 | +€20,622 | +74.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.