TIVACO: 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.
TIVACO
Largest movements
- Tangible fixed assets -€11,023
down €11,023 (-8.0%), from €138,225 to €127,202
of which Furniture and vehicles: -€10,243
- Cash -€4,924
down €4,924 (-31.0%), from €15,876 to €10,953
mainly Debts after one year (-€19,985) and Contributions, distributions and other (-€19,242)
- Receivables within one year -€4,597
down €4,597 (-21.8%), from €21,100 to €16,503
of which Trade receivables: -€6,258
- Debts after one year -€19,985
down €19,985 (-35.2%), from €56,788 to €36,803
- Reserves -€9,500
down €9,500 (-24.0%), from €39,586 to €30,086
of which Distributable reserves: -€9,500
- Tax, wage and social debts +€4,612
up €4,612 (+47.4%), from €9,721 to €14,333
- Other debts +€2,374
up €2,374 (+7.6%), from €31,263 to €33,637
- Gross operating margin -€8,373
down €8,373 (-18.6%), from €45,061 to €36,688
- Depreciation -€3,380
down €3,380 (-18.9%), from €17,929 to €14,549
- Taxes -€2,300
down €2,300 (-27.6%), from €8,339 to €6,039
- Other operating charges -€2,283
down €2,283 (-63.9%), from €3,571 to €1,288
- Financial charges -€477
down €477 (-8.5%), from €5,604 to €5,127
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.
Derived cash bridge
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 | €175,202 | €154,658 | -€20,543 | -11.7% |
| Fixed assets | 21/28 | €138,225 | €127,202 | -€11,023 | -8.0% |
| Tangible fixed assets | 22/27 | €138,225 | €127,202 | -€11,023 | -8.0% |
| Plant, machinery and equipment | 23 | €1,819 | €1,039 | -€780 | -42.9% |
| Furniture and vehicles | 24 | €136,406 | €126,163 | -€10,243 | -7.5% |
| Current assets | 29/58 | €36,977 | €27,456 | -€9,520 | -25.7% |
| Amounts receivable within one year | 40/41 | €21,100 | €16,503 | -€4,597 | -21.8% |
| Trade receivables | 40 | €16,906 | €10,648 | -€6,258 | -37.0% |
| Other amounts receivable | 41 | €4,194 | €5,855 | +€1,662 | +39.6% |
| Cash at bank and in hand | 54/58 | €15,876 | €10,953 | -€4,924 | -31.0% |
| Total equity and liabilities | 10/49 | €175,202 | €154,658 | -€20,543 | -11.7% |
| Equity | 10/15 | €58,186 | €48,686 | -€9,500 | -16.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €39,586 | €30,086 | -€9,500 | -24.0% |
| Non-distributable reserves | 130/1 | €1,240 | €1,240 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,240 | €1,240 | = | 0.0% |
| Distributable reserves | 133 | €38,346 | €28,846 | -€9,500 | -24.8% |
| Amounts payable | 17/49 | €117,016 | €105,972 | -€11,043 | -9.4% |
| Amounts payable after more than one year | 17 | €56,788 | €36,803 | -€19,985 | -35.2% |
| Financial debts | 170/4 | €56,788 | €36,803 | -€19,985 | -35.2% |
| Amounts payable within one year | 42/48 | €60,227 | €69,169 | +€8,942 | +14.8% |
| Current portion of amounts payable after more than one year | 42 | €19,187 | €19,985 | +€798 | +4.2% |
| Trade debts | 44 | €56 | €1,214 | +€1,158 | +2,075% |
| Suppliers | 440/4 | €56 | €1,214 | +€1,158 | +2,075% |
| Taxes, remuneration and social security | 45 | €9,721 | €14,333 | +€4,612 | +47.4% |
| Taxes | 450/3 | €9,721 | €14,333 | +€4,612 | +47.4% |
| Other amounts payable | 47/48 | €31,263 | €33,637 | +€2,374 | +7.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,929 | €14,549 | -€3,380 | -18.9% |
| Other operating charges | 640/8 | €3,571 | €1,288 | -€2,283 | -63.9% |
| Gross operating margin | 9900 | €45,061 | €36,688 | -€8,373 | -18.6% |
| Operating profit (loss) | 9901 | €23,561 | €20,850 | -€2,710 | -11.5% |
| Financial income | 75/76B | €1 | €57 | +€56 | +6,103% |
| Recurring financial income | 75 | €1 | €57 | +€56 | +6,103% |
| Financial charges | 65/66B | €5,604 | €5,127 | -€477 | -8.5% |
| Recurring financial charges | 65 | €5,604 | €5,127 | -€477 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | €17,957 | €15,781 | -€2,177 | -12.1% |
| Income taxes | 67/77 | €8,339 | €6,039 | -€2,300 | -27.6% |
| Profit (loss) for the period | 9904 | €9,618 | €9,742 | +€123 | +1.3% |
| Profit (loss) for the period to be appropriated | 9905 | €9,618 | €9,742 | +€123 | +1.3% |
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 14 October 2026 via checked.be.