Tivaho: 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.
Tivaho
Largest movements
- Tangible fixed assets +€27,726
up €27,726 (+191%), from €14,518 to €42,244
of which Assets under construction and advance payments: +€28,035
- Receivables within one year +€26,140
up €26,140 (+330%), from €7,931 to €34,071
of which Other amounts receivable: +€21,951
- Current investments -€10,615
down €10,615 (-100%), from €10,615 to €0
- Cash -€1,455
down €1,455 (-8.9%), from €16,349 to €14,894
mainly Investment in fixed assets (net) (-€29,150) and Receivables within one year (-€26,140)
- Debts after one year +€24,442
up €24,442 (+671%), from €3,644 to €28,086
- Reserves +€11,847
up €11,847 (+41.0%), from €28,922 to €40,769
- Tax, wage and social debts +€4,619
up €4,619 (+35.3%), from €13,077 to €17,697
of which Taxes: +€4,619
- Trade debts +€1,480
up €1,480 (+127%), from €1,164 to €2,644
- Gross operating margin +€12,362
up €12,362 (+32.8%), from €37,644 to €50,006
- Taxes +€2,838
up €2,838 (+39.3%), from €7,211 to €10,049
- Financial income +€1,725
up €1,725 (+2,257%), from €76 to €1,801
- Other operating charges -€1,092
down €1,092 (-89.7%), from €1,217 to €125
- Financial charges +€893
up €893 (+23.0%), from €3,878 to €4,771
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €51,327 | €93,239 | +€41,912 | +81.7% |
| Fixed assets | 21/28 | €14,518 | €42,244 | +€27,726 | +191% |
| Tangible fixed assets | 22/27 | €14,518 | €42,244 | +€27,726 | +191% |
| Land and buildings | 22 | €7,900 | €7,900 | = | 0.0% |
| Furniture and vehicles | 24 | €2,503 | €2,194 | -€309 | -12.4% |
| Assets under construction and advance payments | 27 | €4,115 | €32,150 | +€28,035 | +681% |
| Current assets | 29/58 | €36,809 | €50,995 | +€14,186 | +38.5% |
| Amounts receivable within one year | 40/41 | €7,931 | €34,071 | +€26,140 | +330% |
| Trade receivables | 40 | €7,931 | €12,120 | +€4,189 | +52.8% |
| Other amounts receivable | 41 | - | €21,951 | +€21,951 | |
| Current investments | 50/53 | €10,615 | €0 | -€10,615 | -100% |
| Cash at bank and in hand | 54/58 | €16,349 | €14,894 | -€1,455 | -8.9% |
| Deferred charges and accrued income | 490/1 | €1,914 | €2,030 | +€116 | +6.1% |
| Total equity and liabilities | 10/49 | €51,327 | €93,239 | +€41,912 | +81.7% |
| Equity | 10/15 | €29,922 | €41,769 | +€11,847 | +39.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €28,922 | €40,769 | +€11,847 | +41.0% |
| Distributable reserves | 133 | €28,922 | €40,769 | +€11,847 | +41.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €21,406 | €51,470 | +€30,064 | +140% |
| Amounts payable after more than one year | 17 | €3,644 | €28,086 | +€24,442 | +671% |
| Financial debts | 170/4 | €3,644 | €28,086 | +€24,442 | +671% |
| Amounts payable within one year | 42/48 | €17,761 | €23,384 | +€5,622 | +31.7% |
| Current portion of amounts payable after more than one year | 42 | €2,918 | €3,043 | +€125 | +4.3% |
| Trade debts | 44 | €1,164 | €2,644 | +€1,480 | +127% |
| Suppliers | 440/4 | €1,164 | €2,644 | +€1,480 | +127% |
| Taxes, remuneration and social security | 45 | €13,077 | €17,697 | +€4,619 | +35.3% |
| Taxes | 450/3 | €13,077 | €17,697 | +€4,619 | +35.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €601 | €0 | -€601 | -100% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €964 | €1,424 | +€460 | +47.7% |
| Other operating charges | 640/8 | €1,217 | €125 | -€1,092 | -89.7% |
| Gross operating margin | 9900 | €37,644 | €50,006 | +€12,362 | +32.8% |
| Operating profit (loss) | 9901 | €35,463 | €48,457 | +€12,994 | +36.6% |
| Financial income | 75/76B | €76 | €1,801 | +€1,725 | +2,257% |
| Recurring financial income | 75 | €76 | €1,801 | +€1,725 | +2,257% |
| Financial charges | 65/66B | €3,878 | €4,771 | +€893 | +23.0% |
| Recurring financial charges | 65 | €3,878 | €4,771 | +€893 | +23.0% |
| Profit (loss) for the period before taxes | 9903 | €31,661 | €45,487 | +€13,826 | +43.7% |
| Income taxes | 67/77 | €7,211 | €10,049 | +€2,838 | +39.3% |
| Profit (loss) for the period | 9904 | €24,450 | €35,438 | +€10,988 | +44.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,450 | €35,438 | +€10,988 | +44.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.