TAVINVEST: 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.
TAVINVEST
Largest movements
- Current investments -€512,739
down €512,739 (-12.0%), from €4.3m to €3.8m
- Reserves -€338,534
down €338,534 (-13.3%), from €2.5m to €2.2m
of which Distributable reserves: -€314,370
- Depreciation +€71,248
up €71,248 (+16.3%), from €436,436 to €507,684
- Financial charges +€35,114
up €35,114, from -€4,316 to €30,798
- Gross operating margin +€17,748
up €17,748 (+9.9%), from €180,010 to €197,758
- Financial income -€13,506
down €13,506 (-13.2%), from €102,703 to €89,197
- Other operating charges +€11,092
up €11,092 (+12.6%), from €87,951 to €99,043
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,894,152 | €12,513,754 | -€380,397 | -3.0% |
| Fixed assets | 21/28 | €8,440,751 | €8,554,280 | +€113,529 | +1.3% |
| Tangible fixed assets | 22/27 | €8,440,751 | €8,554,280 | +€113,529 | +1.3% |
| Land and buildings | 22 | €7,826,512 | €7,497,468 | -€329,044 | -4.2% |
| Plant, machinery and equipment | 23 | €614,165 | €1,056,812 | +€442,647 | +72.1% |
| Furniture and vehicles | 24 | €74 | - | -€74 | |
| Current assets | 29/58 | €4,453,401 | €3,959,475 | -€493,926 | -11.1% |
| Amounts receivable within one year | 40/41 | €22,117 | €48,463 | +€26,346 | +119.1% |
| Other amounts receivable | 41 | €22,117 | €48,463 | +€26,346 | +119.1% |
| Current investments | 50/53 | €4,280,206 | €3,767,467 | -€512,739 | -12.0% |
| Cash at bank and in hand | 54/58 | €149,657 | €141,745 | -€7,913 | -5.3% |
| Deferred charges and accrued income | 490/1 | €1,420 | €1,800 | +€380 | +26.7% |
| Total equity and liabilities | 10/49 | €12,894,152 | €12,513,754 | -€380,397 | -3.0% |
| Equity | 10/15 | €12,571,091 | €12,232,557 | -€338,534 | -2.7% |
| Contributions | 10/11 | €10,024,719 | €10,024,719 | = | 0.0% |
| Capital | 10 | €10,024,719 | €10,024,719 | = | 0.0% |
| Issued capital | 100 | €10,024,719 | €10,024,719 | = | 0.0% |
| Reserves | 13 | €2,546,371 | €2,207,837 | -€338,534 | -13.3% |
| Non-distributable reserves | 130/1 | €1,002,472 | €1,002,472 | = | 0.0% |
| Legal reserve | 130 | €1,002,472 | €1,002,472 | = | 0.0% |
| Tax-exempt reserves | 132 | €547,313 | €523,149 | -€24,165 | -4.4% |
| Distributable reserves | 133 | €996,586 | €682,217 | -€314,370 | -31.5% |
| Provisions and deferred taxes | 16 | €281,820 | €269,377 | -€12,443 | -4.4% |
| Deferred taxes | 168 | €281,820 | €269,377 | -€12,443 | -4.4% |
| Amounts payable | 17/49 | €41,241 | €11,821 | -€29,420 | -71.3% |
| Amounts payable within one year | 42/48 | €36,526 | €7,346 | -€29,180 | -79.9% |
| Other amounts payable | 47/48 | €36,526 | €7,346 | -€29,180 | -79.9% |
| Accrued charges and deferred income | 492/3 | €4,715 | €4,475 | -€240 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €436,436 | €507,684 | +€71,248 | +16.3% |
| Other operating charges | 640/8 | €87,951 | €99,043 | +€11,092 | +12.6% |
| Gross operating margin | 9900 | €180,010 | €197,758 | +€17,748 | +9.9% |
| Operating profit (loss) | 9901 | -€344,378 | -€408,969 | -€64,591 | -18.8% |
| Financial income | 75/76B | €102,703 | €89,197 | -€13,506 | -13.2% |
| Recurring financial income | 75 | €102,703 | €89,197 | -€13,506 | -13.2% |
| Financial charges | 65/66B | -€4,316 | €30,798 | +€35,114 | |
| Recurring financial charges | 65 | -€4,316 | €30,798 | +€35,114 | |
| Profit (loss) for the period before taxes | 9903 | -€237,359 | -€350,570 | -€113,211 | -47.7% |
| Transfer from deferred taxes | 780 | €12,443 | €12,443 | = | 0.0% |
| Income taxes | 67/77 | €389 | €408 | +€18 | +4.7% |
| Profit (loss) for the period | 9904 | -€225,305 | -€338,534 | -€113,229 | -50.3% |
| Transfer from tax-exempt reserves | 789 | €24,165 | €24,165 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€201,140 | -€314,370 | -€113,229 | -56.3% |
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 5 October 2026 via checked.be.