TIVACO: 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.
What changed
TIVACO
NACE 46.872, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€729,580
2024 · €1.1m-€330,797
Equity
€10.5m
2024 · €9.8m+€719,398
Cash
€5.5m
2024 · €4.7m+€719,822
Balance sheet total
€12.8m
2024 · €11.6m+€1.2m
Largest movements
Assets
- Cash +€719,822
up €719,822 (+15.2%), from €4.7m to €5.5m
mainly Trade debts (+€735,987) and Net result for the year (+€729,580)
- Receivables within one year +€488,221
up €488,221 (+46.0%), from €1.1m to €1.5m
of which Trade receivables: +€480,493
- Stocks and contracts +€141,765
up €141,765 (+15.9%), from €888,970 to €1.0m
Equity and liabilities
- Trade debts +€735,987
up €735,987 (+67.4%), from €1.1m to €1.8m
- Reserves +€729,579
up €729,579 (+10.4%), from €7.0m to €7.7m
of which Distributable reserves: +€729,579
Income statement
- Goods and materials +€712,635
up €712,635 (+8.5%), from €8.4m to €9.1m
of which Purchases: +€583,617
- Turnover +€429,487
up €429,487 (+2.7%), from €16.0m to €16.4m
- Services and other goods +€360,612
up €360,612 (+8.3%), from €4.4m to €4.7m
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.
Result 2024
€1.1m
Turnover
+€429,487
Other operating income
-€4,395
Goods and materials
-€712,635
Services and other goods
-€360,612
Staff costs
-€58,820
Depreciation
-€72,368
Other operating charges
-€1,853
Other operating items
+€347,042
Financial income
-€5,033
Financial charges
+€228
Taxes
+€108,162
Result 2025
€729,580
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.
From operations
+€1.0m
Investment
-€198,913
Financing
-€110,086
Cash 2024
€4.7m
From operations (derived)
+€1.0m
Net result for the year
+€729,580
Depreciation
+€326,311
Stocks and contracts
-€141,765
Receivables within one year
-€488,221
Deferred charges and accrued income
+€1,018
Trade debts
+€735,987
Tax, wage and social debts
-€96,589
Other debts
-€37,500
Investment (derived)
-€198,913
Investment in fixed assets (net)
-€198,913
Financing
-€110,086
Debts after one year
-€95,771
Current portion of long-term debt
-€4,133
Contributions, distributions and other
-€10,182
Cash 2025
€5.5m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,551,032 | €12,772,424 | +€1.2m | +10.6% |
| Fixed assets | 21/28 | €4,860,352 | €4,732,954 | -€127,398 | -2.6% |
| Tangible fixed assets | 22/27 | €4,859,987 | €4,732,954 | -€127,033 | -2.6% |
| Land and buildings | 22 | €1,724,196 | €1,675,157 | -€49,039 | -2.8% |
| Plant, machinery and equipment | 23 | €3,134,002 | €3,056,362 | -€77,640 | -2.5% |
| Furniture and vehicles | 24 | €1,789 | €1,435 | -€354 | -19.8% |
| Financial fixed assets | 28 | €365 | - | -€365 | |
| Other financial fixed assets | 284/8 | €365 | - | -€365 | |
| Amounts receivable and cash guarantees | 285/8 | €365 | - | -€365 | |
| Current assets | 29/58 | €6,690,680 | €8,039,470 | +€1.3m | +20.2% |
| Stocks and contracts in progress | 3 | €888,970 | €1,030,735 | +€141,765 | +15.9% |
| Stocks | 30/36 | €888,970 | €1,030,735 | +€141,765 | +15.9% |
| Raw materials and consumables | 30/31 | €257,797 | €239,122 | -€18,675 | -7.2% |
| Work in progress | 32 | €81,138 | €168,961 | +€87,823 | +108.2% |
| Finished goods | 33 | €550,035 | €622,652 | +€72,617 | +13.2% |
| Amounts receivable within one year | 40/41 | €1,061,381 | €1,549,602 | +€488,221 | +46.0% |
| Trade receivables | 40 | €1,011,518 | €1,492,011 | +€480,493 | +47.5% |
| Other amounts receivable | 41 | €49,863 | €57,591 | +€7,728 | +15.5% |
| Cash at bank and in hand | 54/58 | €4,739,220 | €5,459,042 | +€719,822 | +15.2% |
| Deferred charges and accrued income | 490/1 | €1,109 | €91 | -€1,018 | -91.8% |
| Total equity and liabilities | 10/49 | €11,551,032 | €12,772,424 | +€1.2m | +10.6% |
| Equity | 10/15 | €9,826,466 | €10,545,864 | +€719,398 | +7.3% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,997,246 | €7,726,825 | +€729,579 | +10.4% |
| Non-distributable reserves | 130/1 | €12,500 | €12,500 | = | 0.0% |
| Legal reserve | 130 | €12,500 | €12,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €19,083 | €19,083 | = | 0.0% |
| Distributable reserves | 133 | €6,965,663 | €7,695,242 | +€729,579 | +10.5% |
| Profit (loss) carried forward | 14 | €2,518,492 | €2,518,492 | = | 0.0% |
| Investment grants | 15 | €248,228 | €238,047 | -€10,181 | -4.1% |
| Amounts payable | 17/49 | €1,724,566 | €2,226,560 | +€501,994 | +29.1% |
| Amounts payable after more than one year | 17 | €144,538 | €48,767 | -€95,771 | -66.3% |
| Financial debts | 170/4 | €144,538 | €48,767 | -€95,771 | -66.3% |
| Credit institutions | 173 | €144,538 | €48,767 | -€95,771 | -66.3% |
| Amounts payable within one year | 42/48 | €1,580,028 | €2,177,793 | +€597,765 | +37.8% |
| Current portion of amounts payable after more than one year | 42 | €99,904 | €95,771 | -€4,133 | -4.1% |
| Trade debts | 44 | €1,091,174 | €1,827,161 | +€735,987 | +67.4% |
| Suppliers | 440/4 | €1,091,174 | €1,827,161 | +€735,987 | +67.4% |
| Taxes, remuneration and social security | 45 | €351,450 | €254,861 | -€96,589 | -27.5% |
| Taxes | 450/3 | €150,029 | €120,401 | -€29,628 | -19.7% |
| Remuneration and social security | 454/9 | €201,421 | €134,460 | -€66,961 | -33.2% |
| Other amounts payable | 47/48 | €37,500 | - | -€37,500 | |
| Operating income | 70/76A | €15,818,519 | €16,590,653 | +€772,134 | +4.9% |
| Turnover | 70 | €15,998,703 | €16,428,190 | +€429,487 | +2.7% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€188,399 | €160,442 | +€348,841 | |
| Other operating income | 74 | €6,416 | €2,021 | -€4,395 | -68.5% |
| Non-recurring operating income | 76A | €1,799 | - | -€1,799 | |
| Operating charges | 60/66A | €14,398,113 | €15,604,401 | +€1.2m | +8.4% |
| Goods for resale, raw materials and consumables | 60 | €8,416,623 | €9,129,258 | +€712,635 | +8.5% |
| Purchases | 600/8 | €8,526,966 | €9,110,583 | +€583,617 | +6.8% |
| Change in stocks: decrease (increase) | 609 | -€110,343 | €18,675 | +€129,018 | |
| Services and other goods | 61 | €4,359,780 | €4,720,392 | +€360,612 | +8.3% |
| Remuneration, social security and pensions | 62 | €1,339,299 | €1,398,119 | +€58,820 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €253,943 | €326,311 | +€72,368 | +28.5% |
| Other operating charges | 640/8 | €28,468 | €30,321 | +€1,853 | +6.5% |
| Operating profit (loss) | 9901 | €1,420,406 | €986,252 | -€434,154 | -30.6% |
| Financial income | 75/76B | €16,848 | €11,815 | -€5,033 | -29.9% |
| Recurring financial income | 75 | €16,848 | €11,815 | -€5,033 | -29.9% |
| Income from current assets | 751 | €6,668 | €1,635 | -€5,033 | -75.5% |
| Other financial income | 752/9 | €10,180 | €10,180 | = | 0.0% |
| Financial charges | 65/66B | €16,877 | €16,649 | -€228 | -1.4% |
| Recurring financial charges | 65 | €16,877 | €16,649 | -€228 | -1.4% |
| Debt charges | 650 | €14,222 | €10,853 | -€3,369 | -23.7% |
| Other financial charges | 652/9 | €2,655 | €5,796 | +€3,141 | +118.3% |
| Profit (loss) for the period before taxes | 9903 | €1,420,377 | €981,418 | -€438,959 | -30.9% |
| Income taxes | 67/77 | €360,000 | €251,838 | -€108,162 | -30.0% |
| Taxes | 670/3 | €360,000 | €255,000 | -€105,000 | -29.2% |
| Tax adjustments and reversals of tax provisions | 77 | - | €3,162 | +€3,162 | |
| Profit (loss) for the period | 9904 | €1,060,377 | €729,580 | -€330,797 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,060,377 | €729,580 | -€330,797 | -31.2% |
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 8 October 2026 via checked.be.