TBV: 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.
TBV
Largest movements
- Financial fixed assets +€150,000
up €150,000 (+105.3%), from €142,430 to €292,430
- Tangible fixed assets -€30,955
down €30,955 (-5.4%), from €576,943 to €545,988
of which Land and buildings: -€30,773
- Cash -€15,793
down €15,793 (-91.3%), from €17,305 to €1,512
mainly Investment in fixed assets (net) (-€150,000) and Accrued charges and deferred income (-€6,870)
- Debts after one year +€109,757
up €109,757 (+17.5%), from €628,249 to €738,006
- Gross operating margin -€12,414
down €12,414 (-18.2%), from €68,162 to €55,747
- Taxes -€4,542
down €4,542 (-62.8%), from €7,232 to €2,689
- Financial charges +€3,721
up €3,721 (+28.3%), from €13,164 to €16,885
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 | €771,183 | €876,215 | +€105,032 | +13.6% |
| Fixed assets | 21/28 | €719,373 | €838,418 | +€119,045 | +16.5% |
| Tangible fixed assets | 22/27 | €576,943 | €545,988 | -€30,955 | -5.4% |
| Land and buildings | 22 | €576,656 | €545,883 | -€30,773 | -5.3% |
| Plant, machinery and equipment | 23 | €287 | €105 | -€182 | -63.4% |
| Financial fixed assets | 28 | €142,430 | €292,430 | +€150,000 | +105.3% |
| Current assets | 29/58 | €51,810 | €37,797 | -€14,013 | -27.0% |
| Amounts receivable within one year | 40/41 | €3,599 | €1,081 | -€2,518 | -70.0% |
| Trade receivables | 40 | €303 | €372 | +€69 | +22.7% |
| Other amounts receivable | 41 | €3,296 | €709 | -€2,587 | -78.5% |
| Cash at bank and in hand | 54/58 | €17,305 | €1,512 | -€15,793 | -91.3% |
| Deferred charges and accrued income | 490/1 | €30,905 | €35,203 | +€4,298 | +13.9% |
| Total equity and liabilities | 10/49 | €771,183 | €876,215 | +€105,032 | +13.6% |
| Equity | 10/15 | €70,474 | €78,570 | +€8,096 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €455 | €455 | = | 0.0% |
| Distributable reserves | 133 | €455 | €455 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,419 | €59,514 | +€8,096 | +15.7% |
| Amounts payable | 17/49 | €700,709 | €797,645 | +€96,936 | +13.8% |
| Amounts payable after more than one year | 17 | €628,249 | €738,006 | +€109,757 | +17.5% |
| Financial debts | 170/4 | €628,249 | €738,006 | +€109,757 | +17.5% |
| Amounts payable within one year | 42/48 | €55,662 | €49,711 | -€5,951 | -10.7% |
| Current portion of amounts payable after more than one year | 42 | €34,120 | €34,677 | +€558 | +1.6% |
| Trade debts | 44 | €17,000 | €14,550 | -€2,450 | -14.4% |
| Suppliers | 440/4 | €17,000 | €14,550 | -€2,450 | -14.4% |
| Taxes, remuneration and social security | 45 | €4,542 | €484 | -€4,058 | -89.4% |
| Taxes | 450/3 | €4,542 | €484 | -€4,058 | -89.4% |
| Accrued charges and deferred income | 492/3 | €16,798 | €9,929 | -€6,870 | -40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,955 | €30,955 | = | 0.0% |
| Other operating charges | 640/8 | €516 | €993 | +€476 | +92.3% |
| Gross operating margin | 9900 | €68,162 | €55,747 | -€12,414 | -18.2% |
| Operating profit (loss) | 9901 | €36,691 | €23,800 | -€12,891 | -35.1% |
| Financial income | 75/76B | €4,003 | €3,871 | -€132 | -3.3% |
| Recurring financial income | 75 | €4,003 | €3,871 | -€132 | -3.3% |
| Financial charges | 65/66B | €13,164 | €16,885 | +€3,721 | +28.3% |
| Recurring financial charges | 65 | €13,164 | €16,885 | +€3,721 | +28.3% |
| Profit (loss) for the period before taxes | 9903 | €27,529 | €10,785 | -€16,744 | -60.8% |
| Income taxes | 67/77 | €7,232 | €2,689 | -€4,542 | -62.8% |
| Profit (loss) for the period | 9904 | €20,298 | €8,096 | -€12,202 | -60.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,298 | €8,096 | -€12,202 | -60.1% |
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 11 October 2026 via checked.be.