TAVU: 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.
TAVU
Largest movements
- Tangible fixed assets +€289,595
up €289,595 (+47.3%), from €612,824 to €902,419
of which Land and buildings: +€317,017
- Cash +€34,545
up €34,545 (+490.1%), from €7,049 to €41,594
mainly Debts after one year (+€193,945) and Other debts (+€89,255)
- Receivables within one year +€17,857
up €17,857 (+30.7%), from €58,132 to €75,989
of which Other amounts receivable: +€9,205
- Debts after one year +€193,945
up €193,945 (+43.5%), from €446,054 to €639,999
of which Financial debts: +€191,733
- Other debts +€89,255
up €89,255 (+330.0%), from €27,049 to €116,304
- Profit (loss) carried forward +€22,955
up €22,955 (+29.2%), from €78,563 to €101,518
- Tax, wage and social debts +€22,762
up €22,762 (+108.5%), from €20,988 to €43,750
of which Remuneration and social security: +€14,593
- Short-term financial debts +€19,586
new in 2025: €19,586
- Gross operating margin +€84,814
up €84,814 (+42.6%), from €199,326 to €284,140
- Staff costs +€41,625
up €41,625 (+31.8%), from €130,989 to €172,614
- Financial income +€18,821
up €18,821 (+4840.3%), from €389 to €19,210
- Depreciation +€15,137
up €15,137 (+29.7%), from €50,932 to €66,068
- Financial charges +€8,767
up €8,767 (+62.8%), from €13,966 to €22,733
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 | €681,953 | €1,022,984 | +€341,032 | +50.0% |
| Fixed assets | 21/28 | €612,824 | €902,419 | +€289,595 | +47.3% |
| Tangible fixed assets | 22/27 | €612,824 | €902,419 | +€289,595 | +47.3% |
| Land and buildings | 22 | €365,551 | €682,567 | +€317,017 | +86.7% |
| Plant, machinery and equipment | 23 | €22,594 | €12,273 | -€10,321 | -45.7% |
| Furniture and vehicles | 24 | €5,240 | €3,894 | -€1,346 | -25.7% |
| Other tangible fixed assets | 26 | €219,440 | €203,685 | -€15,755 | -7.2% |
| Current assets | 29/58 | €69,129 | €120,565 | +€51,437 | +74.4% |
| Stocks and contracts in progress | 3 | €1,955 | €2,859 | +€904 | +46.2% |
| Stocks | 30/36 | €1,955 | €2,859 | +€904 | +46.2% |
| Amounts receivable within one year | 40/41 | €58,132 | €75,989 | +€17,857 | +30.7% |
| Trade receivables | 40 | €58,040 | €66,692 | +€8,652 | +14.9% |
| Other amounts receivable | 41 | €92 | €9,297 | +€9,205 | +10009.6% |
| Cash at bank and in hand | 54/58 | €7,049 | €41,594 | +€34,545 | +490.1% |
| Deferred charges and accrued income | 490/1 | €1,993 | €124 | -€1,870 | -93.8% |
| Total equity and liabilities | 10/49 | €681,953 | €1,022,984 | +€341,032 | +50.0% |
| Equity | 10/15 | €122,188 | €140,132 | +€17,943 | +14.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,435 | €1,435 | = | 0.0% |
| Distributable reserves | 133 | €1,435 | €1,435 | = | 0.0% |
| Profit (loss) carried forward | 14 | €78,563 | €101,518 | +€22,955 | +29.2% |
| Investment grants | 15 | €23,590 | €18,579 | -€5,011 | -21.2% |
| Amounts payable | 17/49 | €559,764 | €882,853 | +€323,088 | +57.7% |
| Amounts payable after more than one year | 17 | €446,054 | €639,999 | +€193,945 | +43.5% |
| Financial debts | 170/4 | €446,054 | €637,787 | +€191,733 | +43.0% |
| Other amounts payable | 178/9 | - | €2,212 | +€2,212 | |
| Amounts payable within one year | 42/48 | €113,710 | €242,853 | +€129,143 | +113.6% |
| Current portion of amounts payable after more than one year | 42 | €29,363 | €43,777 | +€14,414 | +49.1% |
| Financial debts | 43 | - | €19,586 | +€19,586 | |
| Credit institutions | 430/8 | - | €19,586 | +€19,586 | |
| Trade debts | 44 | €36,311 | €19,437 | -€16,873 | -46.5% |
| Suppliers | 440/4 | €36,311 | €19,437 | -€16,873 | -46.5% |
| Taxes, remuneration and social security | 45 | €20,988 | €43,750 | +€22,762 | +108.5% |
| Taxes | 450/3 | €13,646 | €21,815 | +€8,169 | +59.9% |
| Remuneration and social security | 454/9 | €7,341 | €21,934 | +€14,593 | +198.8% |
| Other amounts payable | 47/48 | €27,049 | €116,304 | +€89,255 | +330.0% |
| Remuneration, social security and pensions | 62 | €130,989 | €172,614 | +€41,625 | +31.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,932 | €66,068 | +€15,137 | +29.7% |
| Other operating charges | 640/8 | €4,901 | €8,282 | +€3,381 | +69.0% |
| Gross operating margin | 9900 | €199,326 | €284,140 | +€84,814 | +42.6% |
| Operating profit (loss) | 9901 | €12,504 | €37,176 | +€24,672 | +197.3% |
| Financial income | 75/76B | €389 | €19,210 | +€18,821 | +4840.3% |
| Recurring financial income | 75 | €389 | €19,210 | +€18,821 | +4840.3% |
| Financial charges | 65/66B | €13,966 | €22,733 | +€8,767 | +62.8% |
| Recurring financial charges | 65 | €13,966 | €22,733 | +€8,767 | +62.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,073 | €33,653 | +€34,726 | |
| Income taxes | 67/77 | €5,404 | €10,698 | +€5,294 | +98.0% |
| Profit (loss) for the period | 9904 | -€6,477 | €22,955 | +€29,431 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,477 | €22,955 | +€29,431 |
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 9 October 2026 via checked.be.