T.S.V.D. GROUP: 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.S.V.D. GROUP
Largest movements
- Receivables within one year +€39,245
up €39,245 (+302%), from €13,003 to €52,248
of which Trade receivables: +€31,743
- Tangible fixed assets +€10,287
up €10,287 (+437%), from €2,351 to €12,638
of which Furniture and vehicles: +€9,173
- Financial fixed assets +€1,950
new in 2025: €1,950
- Cash +€877
up €877 (+23.3%), from €3,773 to €4,650
mainly Trade debts (+€25,577) and Net result for the year (+€14,669)
- Trade debts +€25,577
up €25,577 (+400%), from €6,391 to €31,967
- Reserves +€14,669
new in 2025: €14,669
- Tax, wage and social debts +€10,916
up €10,916 (+408%), from €2,676 to €13,592
of which Taxes: +€10,916
- Other debts +€1,857
up €1,857 (+61.8%), from €3,007 to €4,864
- Gross operating margin +€18,782
up €18,782 (+306%), from €6,140 to €24,922
- Taxes +€4,863
up €4,863 (+498%), from €976 to €5,839
- Staff costs +€1,262
up €1,262 (+156%), from €808 to €2,070
- Depreciation +€1,218
up €1,218 (+391%), from €311 to €1,529
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 | €19,127 | €72,146 | +€53,019 | +277% |
| Fixed assets | 21/28 | €2,351 | €14,588 | +€12,237 | +520% |
| Tangible fixed assets | 22/27 | €2,351 | €12,638 | +€10,287 | +437% |
| Plant, machinery and equipment | 23 | - | €1,114 | +€1,114 | |
| Furniture and vehicles | 24 | €2,351 | €11,524 | +€9,173 | +390% |
| Financial fixed assets | 28 | - | €1,950 | +€1,950 | |
| Current assets | 29/58 | €16,775 | €57,558 | +€40,782 | +243% |
| Amounts receivable within one year | 40/41 | €13,003 | €52,248 | +€39,245 | +302% |
| Trade receivables | 40 | €11,858 | €43,601 | +€31,743 | +268% |
| Other amounts receivable | 41 | €1,145 | €8,647 | +€7,502 | +655% |
| Cash at bank and in hand | 54/58 | €3,773 | €4,650 | +€877 | +23.3% |
| Deferred charges and accrued income | 490/1 | - | €660 | +€660 | |
| Total equity and liabilities | 10/49 | €19,127 | €72,146 | +€53,019 | +277% |
| Equity | 10/15 | €7,054 | €21,722 | +€14,669 | +208% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | - | €14,669 | +€14,669 | |
| Distributable reserves | 133 | - | €14,669 | +€14,669 | |
| Profit (loss) carried forward | 14 | €3,054 | €3,054 | = | 0.0% |
| Amounts payable | 17/49 | €12,073 | €50,424 | +€38,350 | +318% |
| Amounts payable within one year | 42/48 | €12,073 | €50,424 | +€38,350 | +318% |
| Trade debts | 44 | €6,391 | €31,967 | +€25,577 | +400% |
| Suppliers | 440/4 | €6,391 | €31,967 | +€25,577 | +400% |
| Taxes, remuneration and social security | 45 | €2,676 | €13,592 | +€10,916 | +408% |
| Taxes | 450/3 | €976 | €11,892 | +€10,916 | +1,119% |
| Remuneration and social security | 454/9 | €1,700 | €1,700 | = | 0.0% |
| Other amounts payable | 47/48 | €3,007 | €4,864 | +€1,857 | +61.8% |
| Remuneration, social security and pensions | 62 | €808 | €2,070 | +€1,262 | +156% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311 | €1,529 | +€1,218 | +391% |
| Other operating charges | 640/8 | €809 | €664 | -€146 | -18.0% |
| Gross operating margin | 9900 | €6,140 | €24,922 | +€18,782 | +306% |
| Operating profit (loss) | 9901 | €4,212 | €20,659 | +€16,447 | +390% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €183 | €155 | -€27 | -15.0% |
| Recurring financial charges | 65 | €183 | €155 | -€27 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €4,029 | €20,508 | +€16,478 | +409% |
| Income taxes | 67/77 | €976 | €5,839 | +€4,863 | +498% |
| Profit (loss) for the period | 9904 | €3,054 | €14,669 | +€11,615 | +380% |
| Profit (loss) for the period to be appropriated | 9905 | €3,054 | €14,669 | +€11,615 | +380% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.