T.V.D.: what changed
Two fiscal 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.
What changed
T.V.D.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€57,076
2024 · €679,856-€736,931
Equity
€921,002
2024 · €978,078-€57,076
Cash
€18,457
2024 · €29,329-€10,873
Balance sheet total
€2.5m
2024 · €2.6m-€131,783
Largest movements
Assets
- Tangible fixed assets -€83,178
down €83,178 (-6.0%), from €1.4m to €1.3m
- Receivables within one year -€37,955
down €37,955 (-3.1%), from €1.2m to €1.2m
Equity and liabilities
- Other debts -€1.2m
down €1.2m (-86.0%), from €1.4m to €195,892
- Debts after one year +€1.1m
up €1.1m, from €0 to €1.1m
- Current portion of long-term debt +€66,305
up €66,305, from €0 to €66,305
- Reserves -€35,963
down €35,963 (-4.9%), from €731,014 to €695,051
of which Tax-exempt reserves: -€35,963
Income statement
- Gross operating margin -€871,899
down €871,899 (-94.7%), from €920,724 to €48,825
- Depreciation +€82,723
up €82,723 (+18168.8%), from €455 to €83,178
- Financial charges +€35,192
up €35,192 (+1156.4%), from €3,043 to €38,235
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.
Result 2024
€679,856
Gross operating margin
-€871,899
Depreciation
-€82,723
Other operating charges
-€4,523
Financial income
+€5,732
Financial charges
-€35,192
Taxes
+€1
Deferred taxes and other
+€251,673
Result 2025
-€57,076
Cash bridge derived
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.
From operations
-€1.2m
Investment
€0
Financing
+€1.2m
Cash 2024
€29,329
From operations (derived)
-€1.2m
Net result for the year
-€57,076
Depreciation
+€83,178
Receivables within one year
+€37,955
Deferred charges and accrued income
-€223
Provisions
-€11,988
Trade debts
-€24,663
Tax, wage and social debts
-€3,141
Other debts
-€1.2m
Financing
+€1.2m
Debts after one year
+€1.1m
Current portion of long-term debt
+€66,305
Cash 2025
€18,457
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,646,350 | €2,514,567 | -€131,783 | -5.0% |
| Fixed assets | 21/28 | €1,388,345 | €1,305,167 | -€83,178 | -6.0% |
| Tangible fixed assets | 22/27 | €1,388,345 | €1,305,167 | -€83,178 | -6.0% |
| Land and buildings | 22 | €1,388,345 | €1,305,167 | -€83,178 | -6.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €1,258,005 | €1,209,400 | -€48,605 | -3.9% |
| Amounts receivable within one year | 40/41 | €1,228,676 | €1,190,721 | -€37,955 | -3.1% |
| Other amounts receivable | 41 | €1,228,676 | €1,190,721 | -€37,955 | -3.1% |
| Cash at bank and in hand | 54/58 | €29,329 | €18,457 | -€10,873 | -37.1% |
| Deferred charges and accrued income | 490/1 | - | €223 | +€223 | |
| Total equity and liabilities | 10/49 | €2,646,350 | €2,514,567 | -€131,783 | -5.0% |
| Equity | 10/15 | €978,078 | €921,002 | -€57,076 | -5.8% |
| Contributions | 10/11 | €1,019,585 | €1,019,585 | = | 0.0% |
| Capital | 10 | €1,019,585 | €1,019,585 | = | 0.0% |
| Issued capital | 100 | €1,019,585 | €1,019,585 | = | 0.0% |
| Reserves | 13 | €731,014 | €695,051 | -€35,963 | -4.9% |
| Non-distributable reserves | 130/1 | €11,959 | €11,959 | = | 0.0% |
| Legal reserve | 130 | €11,959 | €11,959 | = | 0.0% |
| Tax-exempt reserves | 132 | €719,056 | €683,093 | -€35,963 | -5.0% |
| Profit (loss) carried forward | 14 | -€772,521 | -€793,634 | -€21,113 | -2.7% |
| Provisions and deferred taxes | 16 | €239,685 | €227,698 | -€11,988 | -5.0% |
| Deferred taxes | 168 | €239,685 | €227,698 | -€11,988 | -5.0% |
| Amounts payable | 17/49 | €1,428,587 | €1,365,867 | -€62,719 | -4.4% |
| Amounts payable after more than one year | 17 | €0 | €1,098,779 | +€1.1m | |
| Financial debts | 170/4 | €0 | €1,098,779 | +€1.1m | |
| Amounts payable within one year | 42/48 | €1,428,587 | €267,088 | -€1.2m | -81.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | €66,305 | +€66,305 | |
| Trade debts | 44 | €29,554 | €4,891 | -€24,663 | -83.5% |
| Suppliers | 440/4 | €29,554 | €4,891 | -€24,663 | -83.5% |
| Taxes, remuneration and social security | 45 | €3,141 | €0 | -€3,141 | -100.0% |
| Taxes | 450/3 | €3,141 | €0 | -€3,141 | -100.0% |
| Other amounts payable | 47/48 | €1,395,892 | €195,892 | -€1.2m | -86.0% |
| Non-recurring operating income | 76A | €959,003 | €0 | -€959,003 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €455 | €83,178 | +€82,723 | +18168.8% |
| Other operating charges | 640/8 | €3,910 | €8,433 | +€4,523 | +115.7% |
| Gross operating margin | 9900 | €920,724 | €48,825 | -€871,899 | -94.7% |
| Operating profit (loss) | 9901 | €916,359 | -€42,785 | -€959,144 | |
| Financial income | 75/76B | €6,226 | €11,957 | +€5,732 | +92.1% |
| Recurring financial income | 75 | €6,226 | €11,957 | +€5,732 | +92.1% |
| Financial charges | 65/66B | €3,043 | €38,235 | +€35,192 | +1156.4% |
| Recurring financial charges | 65 | €3,043 | €38,235 | +€35,192 | +1156.4% |
| Profit (loss) for the period before taxes | 9903 | €919,542 | -€69,063 | -€988,605 | |
| Transfer from deferred taxes | 780 | €66 | €11,988 | +€11,922 | +18198.8% |
| Transfer to deferred taxes | 680 | €239,751 | €0 | -€239,751 | -100.0% |
| Income taxes | 67/77 | €1 | €0 | -€1 | -100.0% |
| Profit (loss) for the period | 9904 | €679,856 | -€57,076 | -€736,931 | |
| Transfer from tax-exempt reserves | 789 | €197 | €35,963 | +€35,766 | +18200.6% |
| Transfer to tax-exempt reserves | 689 | €719,252 | €0 | -€719,252 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€39,200 | -€21,113 | +€18,087 | +46.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.