T.V.C.: 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.V.C.
Largest movements
- Cash +€174,153
up €174,153 (+101%), from €171,674 to €345,827
mainly Net result for the year (+€145,898) and Receivables within one year (+€119,889)
- Receivables within one year -€119,889
down €119,889 (-30.1%), from €398,782 to €278,893
of which Other amounts receivable: -€65,129
- Receivables after one year -€15,000
no longer reported in 2025 (was €15,000)
- Tangible fixed assets -€14,315
down €14,315 (-6.4%), from €222,123 to €207,808
of which Land and buildings: -€12,963
- Reserves +€58,104
up €58,104 (+13.4%), from €433,960 to €492,064
of which Distributable reserves: +€58,104
- Trade debts -€44,244
down €44,244 (-32.8%), from €134,689 to €90,445
- Tax, wage and social debts +€23,230
up €23,230 (+82.0%), from €28,334 to €51,564
of which Taxes: +€22,873
- Debts after one year -€14,904
down €14,904 (-44.4%), from €33,604 to €18,700
of which Financial debts: -€14,904
- Gross operating margin +€65,770
up €65,770 (+28.7%), from €228,864 to €294,634
- Taxes +€32,091
up €32,091 (+69.4%), from €46,211 to €78,302
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 | €809,781 | €834,747 | +€24,966 | +3.1% |
| Fixed assets | 21/28 | €222,123 | €207,808 | -€14,315 | -6.4% |
| Tangible fixed assets | 22/27 | €222,123 | €207,808 | -€14,315 | -6.4% |
| Land and buildings | 22 | €214,483 | €201,520 | -€12,963 | -6.0% |
| Furniture and vehicles | 24 | €7,640 | €6,288 | -€1,352 | -17.7% |
| Current assets | 29/58 | €587,658 | €626,939 | +€39,281 | +6.7% |
| Amounts receivable after more than one year | 29 | €15,000 | - | -€15,000 | |
| Other amounts receivable | 291 | €15,000 | - | -€15,000 | |
| Amounts receivable within one year | 40/41 | €398,782 | €278,893 | -€119,889 | -30.1% |
| Trade receivables | 40 | €305,811 | €251,051 | -€54,760 | -17.9% |
| Other amounts receivable | 41 | €92,971 | €27,842 | -€65,129 | -70.1% |
| Cash at bank and in hand | 54/58 | €171,674 | €345,827 | +€174,153 | +101% |
| Deferred charges and accrued income | 490/1 | €2,202 | €2,219 | +€17 | +0.8% |
| Total equity and liabilities | 10/49 | €809,781 | €834,747 | +€24,966 | +3.1% |
| Equity | 10/15 | €595,652 | €653,756 | +€58,104 | +9.8% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €433,960 | €492,064 | +€58,104 | +13.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €432,100 | €490,204 | +€58,104 | +13.4% |
| Profit (loss) carried forward | 14 | €155,487 | €155,487 | = | 0.0% |
| Amounts payable | 17/49 | €214,129 | €180,991 | -€33,138 | -15.5% |
| Amounts payable after more than one year | 17 | €33,604 | €18,700 | -€14,904 | -44.4% |
| Financial debts | 170/4 | €33,059 | €18,155 | -€14,904 | -45.1% |
| Other amounts payable | 178/9 | €545 | €545 | = | 0.0% |
| Amounts payable within one year | 42/48 | €180,525 | €162,291 | -€18,234 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €10,700 | €13,500 | +€2,800 | +26.2% |
| Financial debts | 43 | €6,802 | €6,782 | -€20 | -0.3% |
| Credit institutions | 430/8 | €6,802 | €6,782 | -€20 | -0.3% |
| Trade debts | 44 | €134,689 | €90,445 | -€44,244 | -32.8% |
| Suppliers | 440/4 | €134,689 | €90,445 | -€44,244 | -32.8% |
| Taxes, remuneration and social security | 45 | €28,334 | €51,564 | +€23,230 | +82.0% |
| Taxes | 450/3 | €22,469 | €45,342 | +€22,873 | +102% |
| Remuneration and social security | 454/9 | €5,865 | €6,222 | +€357 | +6.1% |
| Remuneration, social security and pensions | 62 | €42,750 | €44,961 | +€2,211 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,042 | €19,883 | -€1,159 | -5.5% |
| Other operating charges | 640/8 | €2,839 | €2,618 | -€221 | -7.8% |
| Gross operating margin | 9900 | €228,864 | €294,634 | +€65,770 | +28.7% |
| Operating profit (loss) | 9901 | €162,233 | €227,172 | +€64,939 | +40.0% |
| Financial charges | 65/66B | €5,277 | €2,972 | -€2,305 | -43.7% |
| Recurring financial charges | 65 | €5,277 | €2,972 | -€2,305 | -43.7% |
| Profit (loss) for the period before taxes | 9903 | €156,956 | €224,200 | +€67,244 | +42.8% |
| Income taxes | 67/77 | €46,211 | €78,302 | +€32,091 | +69.4% |
| Profit (loss) for the period | 9904 | €110,745 | €145,898 | +€35,153 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €110,745 | €145,898 | +€35,153 | +31.7% |
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 17 October 2026 via checked.be.