TAVANI: 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.
What changed
TAVANI
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2,926
2024 · €1.5m-€1.5m
Equity
€4.2m
2024 · €4.2m+€2,926
Cash
€306,990
2024 · €188,339+€118,652
Balance sheet total
€4.7m
2024 · €5.2m-€529,352
Largest movements
Assets
- Financial fixed assets -€474,582
down €474,582 (-13.2%), from €3.6m to €3.1m
- Receivables within one year -€144,469
down €144,469 (-46.2%), from €312,742 to €168,274
of which Other amounts receivable: -€144,469
- Cash +€118,652
up €118,652 (+63.0%), from €188,339 to €306,990
mainly Investment in fixed assets (net) (+€487,674) and Receivables within one year (+€144,469)
Equity and liabilities
- Other debts -€533,007
down €533,007 (-77.2%), from €690,386 to €157,378
Income statement
- Financial income -€1.4m
down €1.4m (-95.1%), from €1.5m to €73,057
- Gross operating margin -€31,457
down €31,457 (-60.9%), from €51,668 to €20,211
- Financial charges +€22,255
up €22,255 (+77.7%), from €28,651 to €50,906
- Depreciation -€16,383
down €16,383 (-48.8%), from €33,551 to €17,168
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
€1.5m
Gross operating margin
-€31,457
Depreciation
+€16,383
Other operating charges
-€110
Other operating items
-€11,070
Financial income
-€1.4m
Financial charges
-€22,255
Taxes
-€354
Result 2025
€2,926
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€337,966
Investment
+€486,218
Financing
-€29,600
Cash 2024
€188,339
From operations (derived)
-€337,966
Net result for the year
+€2,926
Depreciation
+€17,168
Receivables within one year
+€144,469
Smaller working-capital items
+€1,360
Provisions
-€3,060
Trade debts
+€8,075
Other debts
-€533,007
Accrued charges and deferred income
+€24,103
Investment (derived)
+€486,218
Investment in fixed assets (net)
+€487,674
Current investments
-€1,457
Financing
-€29,600
Short-term financial debts
-€29,600
Cash 2025
€306,990
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,181,397 | €4,652,045 | -€529,352 | -10.2% |
| Fixed assets | 21/28 | €4,552,960 | €4,048,118 | -€504,842 | -11.1% |
| Tangible fixed assets | 22/27 | €962,778 | €932,517 | -€30,261 | -3.1% |
| Land and buildings | 22 | €831,979 | €801,719 | -€30,261 | -3.6% |
| Furniture and vehicles | 24 | €130,799 | €130,799 | = | 0.0% |
| Financial fixed assets | 28 | €3,590,182 | €3,115,601 | -€474,582 | -13.2% |
| Current assets | 29/58 | €628,437 | €603,927 | -€24,510 | -3.9% |
| Amounts receivable within one year | 40/41 | €312,742 | €168,274 | -€144,469 | -46.2% |
| Trade receivables | 40 | €137,836 | €137,836 | = | 0.0% |
| Other amounts receivable | 41 | €174,907 | €30,438 | -€144,469 | -82.6% |
| Current investments | 50/53 | €125,693 | €127,150 | +€1,457 | +1.2% |
| Cash at bank and in hand | 54/58 | €188,339 | €306,990 | +€118,652 | +63.0% |
| Deferred charges and accrued income | 490/1 | €1,663 | €1,513 | -€150 | -9.0% |
| Total equity and liabilities | 10/49 | €5,181,397 | €4,652,045 | -€529,352 | -10.2% |
| Equity | 10/15 | €4,245,155 | €4,248,081 | +€2,926 | +0.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €4,183,155 | €4,186,081 | +€2,926 | +0.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €115,308 | €106,129 | -€9,179 | -8.0% |
| Distributable reserves | 133 | €4,061,647 | €4,073,752 | +€12,105 | +0.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €34,512 | €31,452 | -€3,060 | -8.9% |
| Deferred taxes | 168 | €34,512 | €31,452 | -€3,060 | -8.9% |
| Amounts payable | 17/49 | €901,730 | €372,511 | -€529,219 | -58.7% |
| Amounts payable within one year | 42/48 | €876,725 | €323,403 | -€553,322 | -63.1% |
| Financial debts | 43 | €29,600 | €0 | -€29,600 | -100% |
| Credit institutions | 430/8 | €29,600 | €0 | -€29,600 | -100% |
| Trade debts | 44 | €156,740 | €164,814 | +€8,075 | +5.2% |
| Suppliers | 440/4 | €156,740 | €164,814 | +€8,075 | +5.2% |
| Taxes, remuneration and social security | 45 | - | €1,211 | +€1,211 | |
| Taxes | 450/3 | - | €1,211 | +€1,211 | |
| Other amounts payable | 47/48 | €690,386 | €157,378 | -€533,007 | -77.2% |
| Accrued charges and deferred income | 492/3 | €25,005 | €49,108 | +€24,103 | +96.4% |
| Non-recurring operating income | 76A | €3,306 | €0 | -€3,306 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,551 | €17,168 | -€16,383 | -48.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €10,914 | €11,024 | +€110 | +1.0% |
| Non-recurring operating charges | 66A | €2,023 | €13,093 | +€11,070 | +547% |
| Gross operating margin | 9900 | €51,668 | €20,211 | -€31,457 | -60.9% |
| Operating profit (loss) | 9901 | €5,180 | -€21,074 | -€26,254 | |
| Financial income | 75/76B | €1,477,235 | €73,057 | -€1.4m | -95.1% |
| Recurring financial income | 75 | €1,477,235 | €73,057 | -€1.4m | -95.1% |
| Financial charges | 65/66B | €28,651 | €50,906 | +€22,255 | +77.7% |
| Recurring financial charges | 65 | €28,651 | €50,906 | +€22,255 | +77.7% |
| Profit (loss) for the period before taxes | 9903 | €1,453,765 | €1,077 | -€1.5m | -99.9% |
| Transfer from deferred taxes | 780 | €3,060 | €3,060 | = | 0.0% |
| Income taxes | 67/77 | €857 | €1,211 | +€354 | +41.3% |
| Profit (loss) for the period | 9904 | €1,455,968 | €2,926 | -€1.5m | -99.8% |
| Transfer from tax-exempt reserves | 789 | €9,179 | €9,179 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,465,147 | €12,105 | -€1.5m | -99.2% |
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 19 October 2026 via checked.be.