TIVAL: 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.
TIVAL
Largest movements
- Cash -€18,732
down €18,732 (-20.8%), from €90,092 to €71,360
mainly Contributions, distributions and other (-€21,000) and Tax, wage and social debts (-€12,266)
- Tangible fixed assets -€6,800
down €6,800 (-22.1%), from €30,718 to €23,918
- Receivables within one year -€1,695
down €1,695 (-85.2%), from €1,990 to €295
of which Other amounts receivable: -€1,990
- Tax, wage and social debts -€12,266
down €12,266 (-47.2%), from €26,008 to €13,742
of which Taxes: -€9,618
- Trade debts -€10,799
down €10,799 (-68.3%), from €15,806 to €5,007
- Profit (loss) carried forward -€4,191
down €4,191 (-6.1%), from €68,443 to €64,252
- Staff costs +€79,162
up €79,162 (+115.7%), from €68,415 to €147,578
- Gross operating margin +€58,447
up €58,447 (+41.4%), from €141,231 to €199,678
- Financial charges +€13,233
up €13,233 (+273.1%), from €4,845 to €18,077
- Depreciation -€5,281
down €5,281 (-72.1%), from €7,327 to €2,046
- Taxes -€4,311
down €4,311 (-24.5%), from €17,617 to €13,305
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 | €127,117 | €100,275 | -€26,842 | -21.1% |
| Fixed assets | 21/28 | €32,218 | €25,418 | -€6,800 | -21.1% |
| Tangible fixed assets | 22/27 | €30,718 | €23,918 | -€6,800 | -22.1% |
| Furniture and vehicles | 24 | €30,718 | €23,918 | -€6,800 | -22.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €94,899 | €74,857 | -€20,042 | -21.1% |
| Stocks and contracts in progress | 3 | €2,817 | €3,203 | +€385 | +13.7% |
| Stocks | 30/36 | €2,817 | €3,203 | +€385 | +13.7% |
| Amounts receivable within one year | 40/41 | €1,990 | €295 | -€1,695 | -85.2% |
| Trade receivables | 40 | - | €295 | +€295 | |
| Other amounts receivable | 41 | €1,990 | - | -€1,990 | |
| Cash at bank and in hand | 54/58 | €90,092 | €71,360 | -€18,732 | -20.8% |
| Total equity and liabilities | 10/49 | €127,117 | €100,275 | -€26,842 | -21.1% |
| Equity | 10/15 | €85,303 | €81,112 | -€4,191 | -4.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,443 | €64,252 | -€4,191 | -6.1% |
| Amounts payable | 17/49 | €41,814 | €19,163 | -€22,651 | -54.2% |
| Amounts payable within one year | 42/48 | €41,814 | €19,163 | -€22,651 | -54.2% |
| Trade debts | 44 | €15,806 | €5,007 | -€10,799 | -68.3% |
| Suppliers | 440/4 | €15,806 | €5,007 | -€10,799 | -68.3% |
| Taxes, remuneration and social security | 45 | €26,008 | €13,742 | -€12,266 | -47.2% |
| Taxes | 450/3 | €22,264 | €12,646 | -€9,618 | -43.2% |
| Remuneration and social security | 454/9 | €3,744 | €1,095 | -€2,649 | -70.7% |
| Other amounts payable | 47/48 | - | €415 | +€415 | |
| Non-recurring operating income | 76A | - | €3,960 | +€3,960 | |
| Remuneration, social security and pensions | 62 | €68,415 | €147,578 | +€79,162 | +115.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,327 | €2,046 | -€5,281 | -72.1% |
| Other operating charges | 640/8 | €2,516 | €1,862 | -€654 | -26.0% |
| Gross operating margin | 9900 | €141,231 | €199,678 | +€58,447 | +41.4% |
| Operating profit (loss) | 9901 | €62,972 | €48,192 | -€14,780 | -23.5% |
| Financial income | 75/76B | €0 | €0 | -€0 | -85.4% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -85.4% |
| Financial charges | 65/66B | €4,845 | €18,077 | +€13,233 | +273.1% |
| Recurring financial charges | 65 | €4,845 | €18,077 | +€13,233 | +273.1% |
| Profit (loss) for the period before taxes | 9903 | €58,128 | €30,115 | -€28,013 | -48.2% |
| Income taxes | 67/77 | €17,617 | €13,305 | -€4,311 | -24.5% |
| Profit (loss) for the period | 9904 | €40,511 | €16,809 | -€23,702 | -58.5% |
| Profit (loss) for the period to be appropriated | 9905 | €40,511 | €16,809 | -€23,702 | -58.5% |
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 4 October 2026 via checked.be.