TILVOET: 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.
TILVOET
Largest movements
- Tangible fixed assets +€373,210
up €373,210 (+13.0%), from €2.9m to €3.2m
- Receivables within one year -€208,978
down €208,978 (-85.1%), from €245,608 to €36,630
of which Trade receivables: -€183,677
- Cash +€38,799
up €38,799 (+2409.8%), from €1,610 to €40,410
mainly Receivables within one year (+€208,978) and Debts after one year (+€153,226)
- Debts after one year +€153,226
up €153,226 (+11.5%), from €1.3m to €1.5m
- Trade debts +€134,033
up €134,033 (+83.4%), from €160,766 to €294,799
- Accrued charges and deferred income -€103,215
down €103,215 (-100.0%), from €103,215 to €0
- Current portion of long-term debt +€46,694
up €46,694 (+18.7%), from €249,835 to €296,529
- Gross operating margin -€308,461
down €308,461 (-58.3%), from €528,681 to €220,220
- Financial charges -€36,293
down €36,293 (-33.6%), from €108,093 to €71,800
- Depreciation +€24,119
up €24,119 (+22.1%), from €109,007 to €133,126
- Write-downs +€7,335
new in 2025: €7,335
- Other operating charges +€6,698
up €6,698 (+51.8%), from €12,942 to €19,640
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 | €3,551,254 | €3,768,558 | +€217,304 | +6.1% |
| Fixed assets | 21/28 | €3,302,978 | €3,676,189 | +€373,210 | +11.3% |
| Tangible fixed assets | 22/27 | €2,863,079 | €3,236,289 | +€373,210 | +13.0% |
| Land and buildings | 22 | €2,863,079 | €2,915,746 | +€52,667 | +1.8% |
| Plant, machinery and equipment | 23 | - | €175,769 | +€175,769 | |
| Leasing and similar rights | 25 | - | €144,774 | +€144,774 | |
| Financial fixed assets | 28 | €439,900 | €439,900 | = | 0.0% |
| Current assets | 29/58 | €248,275 | €92,369 | -€155,906 | -62.8% |
| Amounts receivable within one year | 40/41 | €245,608 | €36,630 | -€208,978 | -85.1% |
| Trade receivables | 40 | €218,016 | €34,339 | -€183,677 | -84.2% |
| Other amounts receivable | 41 | €27,592 | €2,291 | -€25,301 | -91.7% |
| Cash at bank and in hand | 54/58 | €1,610 | €40,410 | +€38,799 | +2409.8% |
| Deferred charges and accrued income | 490/1 | €1,057 | €15,329 | +€14,272 | +1349.9% |
| Total equity and liabilities | 10/49 | €3,551,254 | €3,768,558 | +€217,304 | +6.1% |
| Equity | 10/15 | €1,248,088 | €1,240,335 | -€7,752 | -0.6% |
| Contributions | 10/11 | €384,235 | €384,235 | = | 0.0% |
| Capital | 10 | €384,235 | €384,235 | = | 0.0% |
| Issued capital | 100 | €384,235 | €384,235 | = | 0.0% |
| Reserves | 13 | €673,080 | €661,292 | -€11,788 | -1.8% |
| Non-distributable reserves | 130/1 | €38,424 | €38,424 | = | 0.0% |
| Legal reserve | 130 | €38,424 | €38,424 | = | 0.0% |
| Tax-exempt reserves | 132 | €634,657 | €622,868 | -€11,788 | -1.9% |
| Profit (loss) carried forward | 14 | €190,773 | €194,809 | +€4,036 | +2.1% |
| Provisions and deferred taxes | 16 | €211,552 | €207,623 | -€3,929 | -1.9% |
| Deferred taxes | 168 | €211,552 | €207,623 | -€3,929 | -1.9% |
| Amounts payable | 17/49 | €2,091,614 | €2,320,599 | +€228,986 | +10.9% |
| Amounts payable after more than one year | 17 | €1,326,981 | €1,480,207 | +€153,226 | +11.5% |
| Financial debts | 170/4 | €1,326,981 | €1,480,207 | +€153,226 | +11.5% |
| Amounts payable within one year | 42/48 | €661,418 | €840,392 | +€178,975 | +27.1% |
| Current portion of amounts payable after more than one year | 42 | €249,835 | €296,529 | +€46,694 | +18.7% |
| Financial debts | 43 | €134,001 | €130,000 | -€4,001 | -3.0% |
| Credit institutions | 430/8 | €134,001 | €130,000 | -€4,001 | -3.0% |
| Trade debts | 44 | €160,766 | €294,799 | +€134,033 | +83.4% |
| Suppliers | 440/4 | €160,766 | €294,799 | +€134,033 | +83.4% |
| Taxes, remuneration and social security | 45 | €7,741 | €763 | -€6,978 | -90.1% |
| Taxes | 450/3 | €7,741 | €763 | -€6,978 | -90.1% |
| Other amounts payable | 47/48 | €109,074 | €118,301 | +€9,227 | +8.5% |
| Accrued charges and deferred income | 492/3 | €103,215 | €0 | -€103,215 | -100.0% |
| Non-recurring operating income | 76A | €346,630 | €0 | -€346,630 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,007 | €133,126 | +€24,119 | +22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,335 | +€7,335 | |
| Other operating charges | 640/8 | €12,942 | €19,640 | +€6,698 | +51.8% |
| Gross operating margin | 9900 | €528,681 | €220,220 | -€308,461 | -58.3% |
| Operating profit (loss) | 9901 | €406,732 | €60,119 | -€346,613 | -85.2% |
| Financial charges | 65/66B | €108,093 | €71,800 | -€36,293 | -33.6% |
| Recurring financial charges | 65 | €108,093 | €71,800 | -€36,293 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €298,638 | -€11,682 | -€310,320 | |
| Transfer from deferred taxes | 780 | €1,560 | €3,929 | +€2,370 | +151.9% |
| Transfer to deferred taxes | 680 | €82,841 | €0 | -€82,841 | -100.0% |
| Profit (loss) for the period | 9904 | €217,357 | -€7,752 | -€225,109 | |
| Transfer from tax-exempt reserves | 789 | €4,679 | €11,788 | +€7,110 | +152.0% |
| Transfer to tax-exempt reserves | 689 | €248,524 | €0 | -€248,524 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,489 | €4,036 | +€30,525 |
Source: filed annual accounts (NBB), fiscal years ended 31 July 2024 and 31 July 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.