Tigavell: 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.
Tigavell
Largest movements
- Tangible fixed assets +€550,892
up €550,892 (+68.5%), from €804,561 to €1.4m
of which Land and buildings: +€613,645
- Cash -€487,609
down €487,609 (-86.9%), from €561,188 to €73,579
mainly Investment in fixed assets (net) (-€835,281) and Debts after one year (-€70,834)
- Financial fixed assets +€108,313
new in 2025: €108,313
- Other debts +€197,113
up €197,113 (+44.1%), from €447,064 to €644,177
- Debts after one year -€70,834
down €70,834 (-33.7%), from €210,059 to €139,225
- Reserves +€16,845
up €16,845 (+6.1%), from €276,992 to €293,836
of which Distributable reserves: +€16,845
- Depreciation +€77,011
up €77,011 (+77.7%), from €99,065 to €176,076
- Gross operating margin +€23,580
up €23,580 (+9.4%), from €251,870 to €275,451
- Financial charges +€13,456
up €13,456 (+53.9%), from €24,958 to €38,414
- Taxes -€11,741
down €11,741 (-54.9%), from €21,386 to €9,645
- Staff costs -€5,905
down €5,905 (-17.9%), from €32,919 to €27,015
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 | €1,379,202 | €1,542,644 | +€163,443 | +11.9% |
| Fixed assets | 21/28 | €804,561 | €1,463,766 | +€659,205 | +81.9% |
| Tangible fixed assets | 22/27 | €804,561 | €1,355,453 | +€550,892 | +68.5% |
| Land and buildings | 22 | €625,635 | €1,239,280 | +€613,645 | +98.1% |
| Plant, machinery and equipment | 23 | €59,940 | €36,847 | -€23,092 | -38.5% |
| Furniture and vehicles | 24 | €118,987 | €79,326 | -€39,661 | -33.3% |
| Financial fixed assets | 28 | - | €108,313 | +€108,313 | |
| Current assets | 29/58 | €574,641 | €78,878 | -€495,762 | -86.3% |
| Stocks and contracts in progress | 3 | €8,410 | €1,195 | -€7,215 | -85.8% |
| Stocks | 30/36 | €8,410 | €1,195 | -€7,215 | -85.8% |
| Amounts receivable within one year | 40/41 | €670 | €1,278 | +€608 | +90.8% |
| Trade receivables | 40 | €670 | €417 | -€252 | -37.7% |
| Other amounts receivable | 41 | €0 | €860 | +€860 | |
| Cash at bank and in hand | 54/58 | €561,188 | €73,579 | -€487,609 | -86.9% |
| Deferred charges and accrued income | 490/1 | €4,373 | €2,827 | -€1,546 | -35.4% |
| Total equity and liabilities | 10/49 | €1,379,202 | €1,542,644 | +€163,443 | +11.9% |
| Equity | 10/15 | €601,992 | €618,836 | +€16,845 | +2.8% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €276,992 | €293,836 | +€16,845 | +6.1% |
| Tax-exempt reserves | 132 | €4,446 | €4,446 | = | 0.0% |
| Distributable reserves | 133 | €272,545 | €289,390 | +€16,845 | +6.2% |
| Amounts payable | 17/49 | €777,210 | €923,808 | +€146,598 | +18.9% |
| Amounts payable after more than one year | 17 | €210,059 | €139,225 | -€70,834 | -33.7% |
| Financial debts | 170/4 | €210,059 | €139,225 | -€70,834 | -33.7% |
| Amounts payable within one year | 42/48 | €553,616 | €760,081 | +€206,465 | +37.3% |
| Current portion of amounts payable after more than one year | 42 | €61,160 | €70,834 | +€9,674 | +15.8% |
| Trade debts | 44 | €19,977 | €18,189 | -€1,788 | -8.9% |
| Suppliers | 440/4 | €19,977 | €18,189 | -€1,788 | -8.9% |
| Taxes, remuneration and social security | 45 | €25,415 | €26,881 | +€1,466 | +5.8% |
| Taxes | 450/3 | €21,691 | €25,270 | +€3,579 | +16.5% |
| Remuneration and social security | 454/9 | €3,724 | €1,611 | -€2,114 | -56.7% |
| Other amounts payable | 47/48 | €447,064 | €644,177 | +€197,113 | +44.1% |
| Accrued charges and deferred income | 492/3 | €13,535 | €24,501 | +€10,967 | +81.0% |
| Non-recurring operating income | 76A | €1,485 | €0 | -€1,485 | -100.0% |
| Remuneration, social security and pensions | 62 | €32,919 | €27,015 | -€5,905 | -17.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,065 | €176,076 | +€77,011 | +77.7% |
| Other operating charges | 640/8 | €17,091 | €17,658 | +€567 | +3.3% |
| Gross operating margin | 9900 | €251,870 | €275,451 | +€23,580 | +9.4% |
| Operating profit (loss) | 9901 | €102,795 | €54,703 | -€48,092 | -46.8% |
| Financial income | 75/76B | €6,331 | €10,201 | +€3,870 | +61.1% |
| Recurring financial income | 75 | €6,331 | €10,201 | +€3,870 | +61.1% |
| Financial charges | 65/66B | €24,958 | €38,414 | +€13,456 | +53.9% |
| Recurring financial charges | 65 | €24,958 | €38,414 | +€13,456 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €84,168 | €26,490 | -€57,678 | -68.5% |
| Income taxes | 67/77 | €21,386 | €9,645 | -€11,741 | -54.9% |
| Profit (loss) for the period | 9904 | €62,782 | €16,845 | -€45,937 | -73.2% |
| Profit (loss) for the period to be appropriated | 9905 | €62,782 | €16,845 | -€45,937 | -73.2% |
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 10 October 2026 via checked.be.