T.V.W.: what changed
What changed
T.V.W.
NACE 77.120, Rental and leasing activities
filed annual accounts (NBB)
Net result for the year
€1.6m
2024 · €3.4m-€1.9m
Equity
€21.6m
2024 · €20.9m+€693,046
Cash
€642
2024 · €8,428-€7,786
Balance sheet total
€24.8m
2024 · €23.4m+€1.4m
Largest movements
Assets
- Receivables within one year +€4.9m
up €4.9m (+47.2%), from €10.4m to €15.3m
of which Other amounts receivable: +€4.9m
- Tangible fixed assets -€3.8m
down €3.8m (-32.9%), from €11.4m to €7.7m
of which Furniture and vehicles: -€5.2m
Equity and liabilities
- Trade debts -€1.3m
down €1.3m (-56.9%), from €2.4m to €1.0m
- Debts after one year +€970,488
new in 2025: €970,488
- Other debts +€800,000
up €800,000 (+800%), from €100,000 to €900,000
- Reserves +€693,046
up €693,046 (+3.3%), from €20.8m to €21.4m
of which Tax-exempt reserves: +€1.0m
Income statement
- Turnover +€9.0m
new in 2025: €9.0m
- Gross operating margin -€8.0m
no longer reported in 2025 (was €8.0m)
- Services and other goods +€4.8m
new in 2025: €4.8m
- Other operating income +€2.6m
new in 2025: €2.6m
- Goods and materials +€902,383
new in 2025: €902,383
of which Purchases: +€1.1m
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.
Result 2024
€3.4m
Turnover
+€9.0m
Other operating income
+€2.6m
Goods and materials
-€902,383
Services and other goods
-€4.8m
Depreciation
+€68,231
Write-downs
+€42,557
Provisions
+€23,521
Other operating charges
+€2,977
Other operating items
-€8.0m
Financial income
+€63,397
Financial charges
-€63,616
Taxes
+€42,537
Result 2025
€1.6m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€110,435
Investment
-€334,553
Financing
+€216,332
Cash 2024
€8,428
From operations (derived)
+€110,435
Net result for the year
+€1.6m
Depreciation
+€4.1m
Stocks and contracts
-€231,197
Receivables within one year
-€4.9m
Deferred charges and accrued income
-€5,737
Provisions
-€14,096
Trade debts
-€1.3m
Tax, wage and social debts
+€106,347
Other debts
+€800,000
Investment (derived)
-€334,553
Investment in fixed assets (net)
-€334,553
Financing
+€216,332
Debts after one year
+€970,488
Current portion of long-term debt
+€145,844
Contributions, distributions and other
-€900,000
Cash 2025
€642
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €23,439,132 | €24,798,996 | +€1.4m | +5.8% |
| Fixed assets | 21/28 | €11,861,548 | €8,084,544 | -€3.8m | -31.8% |
| Intangible fixed assets | 21 | €11,255 | - | -€11,255 | |
| Tangible fixed assets | 22/27 | €11,440,085 | €7,673,121 | -€3.8m | -32.9% |
| Plant, machinery and equipment | 23 | €1,794 | €15,464 | +€13,670 | +762% |
| Furniture and vehicles | 24 | €11,258,577 | €6,036,451 | -€5.2m | -46.4% |
| Leasing and similar rights | 25 | - | €1,108,611 | +€1.1m | |
| Other tangible fixed assets | 26 | €7,514 | €3,517 | -€3,997 | -53.2% |
| Assets under construction and advance payments | 27 | €172,200 | €509,078 | +€336,878 | +196% |
| Financial fixed assets | 28 | €410,209 | €411,424 | +€1,215 | +0.3% |
| Other financial fixed assets | 284/8 | - | €411,424 | +€411,424 | |
| Amounts receivable and cash guarantees | 285/8 | - | €411,424 | +€411,424 | |
| Current assets | 29/58 | €11,577,584 | €16,714,452 | +€5.1m | +44.4% |
| Stocks and contracts in progress | 3 | €939,698 | €1,170,894 | +€231,197 | +24.6% |
| Stocks | 30/36 | €939,698 | €1,170,894 | +€231,197 | +24.6% |
| Raw materials and consumables | 30/31 | - | €1,170,894 | +€1.2m | |
| Amounts receivable within one year | 40/41 | €10,402,605 | €15,310,325 | +€4.9m | +47.2% |
| Trade receivables | 40 | €1,403,590 | €1,374,863 | -€28,727 | -2.0% |
| Other amounts receivable | 41 | €8,999,014 | €13,935,461 | +€4.9m | +54.9% |
| Cash at bank and in hand | 54/58 | €8,428 | €642 | -€7,786 | -92.4% |
| Deferred charges and accrued income | 490/1 | €226,854 | €232,590 | +€5,737 | +2.5% |
| Total equity and liabilities | 10/49 | €23,439,132 | €24,798,996 | +€1.4m | +5.8% |
| Equity | 10/15 | €20,889,072 | €21,582,118 | +€693,046 | +3.3% |
| Contributions | 10/11 | €136,368 | €136,368 | = | 0.0% |
| Capital | 10 | €136,368 | €136,368 | = | 0.0% |
| Issued capital | 100 | €136,368 | €136,368 | = | 0.0% |
| Reserves | 13 | €20,752,704 | €21,445,750 | +€693,046 | +3.3% |
| Non-distributable reserves | 130/1 | €13,637 | €13,637 | = | 0.0% |
| Legal reserve | 130 | €13,637 | €13,637 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,381,958 | €21,429,998 | +€1.0m | +5.1% |
| Distributable reserves | 133 | €357,109 | €2,115 | -€354,994 | -99.4% |
| Provisions and deferred taxes | 16 | €77,540 | €63,444 | -€14,096 | -18.2% |
| Provisions for liabilities and charges | 160/5 | €77,540 | €63,444 | -€14,096 | -18.2% |
| Major repairs and maintenance | 162 | €77,540 | €63,444 | -€14,096 | -18.2% |
| Amounts payable | 17/49 | €2,472,521 | €3,153,434 | +€680,913 | +27.5% |
| Amounts payable after more than one year | 17 | - | €970,488 | +€970,488 | |
| Financial debts | 170/4 | - | €970,488 | +€970,488 | |
| Leasing and similar obligations | 172 | - | €970,488 | +€970,488 | |
| Amounts payable within one year | 42/48 | €2,472,521 | €2,182,946 | -€289,575 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €12,013 | €157,857 | +€145,844 | +1,214% |
| Trade debts | 44 | €2,357,515 | €1,015,750 | -€1.3m | -56.9% |
| Suppliers | 440/4 | €2,357,515 | €1,015,750 | -€1.3m | -56.9% |
| Advances received on contracts in progress | 46 | €2,993 | €2,993 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €106,347 | +€106,347 | |
| Taxes | 450/3 | - | €106,347 | +€106,347 | |
| Other amounts payable | 47/48 | €100,000 | €900,000 | +€800,000 | +800% |
| Operating income | 70/76A | - | €11,660,434 | +€11.7m | |
| Turnover | 70 | - | €9,040,942 | +€9.0m | |
| Other operating income | 74 | - | €2,619,492 | +€2.6m | |
| Operating charges | 60/66A | - | €10,209,093 | +€10.2m | |
| Goods for resale, raw materials and consumables | 60 | - | €902,383 | +€902,383 | |
| Purchases | 600/8 | - | €1,133,579 | +€1.1m | |
| Change in stocks: decrease (increase) | 609 | - | -€231,197 | -€231,197 | |
| Services and other goods | 61 | - | €4,763,706 | +€4.8m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,179,788 | €4,111,557 | -€68,231 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €42,557 | - | -€42,557 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €9,425 | -€14,096 | -€23,521 | |
| Other operating charges | 640/8 | €448,510 | €445,533 | -€2,977 | -0.7% |
| Non-recurring operating charges | 66A | - | €10 | +€10 | |
| Gross operating margin | 9900 | €8,025,460 | - | -€8.0m | |
| Operating profit (loss) | 9901 | €3,345,180 | €1,451,341 | -€1.9m | -56.6% |
| Financial income | 75/76B | €212,077 | €275,473 | +€63,397 | +29.9% |
| Recurring financial income | 75 | €212,077 | €275,473 | +€63,397 | +29.9% |
| Income from current assets | 751 | - | €275,082 | +€275,082 | |
| Other financial income | 752/9 | - | €391 | +€391 | |
| Financial charges | 65/66B | €29,564 | €93,180 | +€63,616 | +215% |
| Recurring financial charges | 65 | €29,564 | €93,180 | +€63,616 | +215% |
| Debt charges | 650 | - | €92,861 | +€92,861 | |
| Other financial charges | 652/9 | - | €319 | +€319 | |
| Profit (loss) for the period before taxes | 9903 | €3,527,693 | €1,633,634 | -€1.9m | -53.7% |
| Income taxes | 67/77 | €83,125 | €40,588 | -€42,537 | -51.2% |
| Taxes | 670/3 | - | €40,588 | +€40,588 | |
| Profit (loss) for the period | 9904 | €3,444,569 | €1,593,046 | -€1.9m | -53.8% |
| Transfer to tax-exempt reserves | 689 | €1,677,228 | €1,048,040 | -€629,188 | -37.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,767,341 | €545,006 | -€1.2m | -69.2% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.