TiVaMo: what changed
What changed
TiVaMo
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€25,948
2024 · €33,642-€7,693
Equity
€283,157
2024 · €257,209+€25,948
Cash
€83,571
2024 · €153,457-€69,886
Balance sheet total
€303,605
2024 · €278,832+€24,773
Largest movements
Assets
- Current investments +€75,000
new in 2025: €75,000
- Cash -€69,886
down €69,886 (-45.5%), from €153,457 to €83,571
mainly Current investments (-€75,000) and Receivables within one year (-€15,125)
- Receivables within one year +€15,125
up €15,125 (+33.3%), from €45,375 to €60,500
Equity and liabilities
- Reserves +€25,948
up €25,948 (+12.2%), from €212,397 to €238,345
Income statement
- Gross operating margin -€6,377
down €6,377 (-13.8%), from €46,263 to €39,886
- Purchases and services +€4,585
up €4,585 (+4.3%), from €107,691 to €112,275
- Financial income -€2,808
down €2,808 (-100.0%), from €2,808 to €0
- Taxes -€2,311
down €2,311 (-16.5%), from €14,044 to €11,733
- Turnover -€1,792
down €1,792 (-1.2%), from €153,954 to €152,162
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€33,642
Gross operating margin
-€6,377
Depreciation
-€695
Other operating charges
-€75
Financial income
-€2,808
Financial charges
-€48
Taxes
+€2,311
Result 2025
€25,948
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€8,447
Investment
-€78,333
Financing
€0
Cash 2024
€153,457
From operations (derived)
+€8,447
Net result for the year
+€25,948
Depreciation
+€695
Receivables within one year
-€15,125
Deferred charges and accrued income
-€1,896
Trade debts
+€1,349
Tax, wage and social debts
-€2,897
Other debts
+€442
Accrued charges and deferred income
-€69
Investment (derived)
-€78,333
Investment in fixed assets (net)
-€3,333
Current investments
-€75,000
Cash 2025
€83,571
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €278,832 | €303,605 | +€24,773 | +8.9% |
| Fixed assets | 21/28 | €80,000 | €82,638 | +€2,638 | +3.3% |
| Tangible fixed assets | 22/27 | - | €2,638 | +€2,638 | |
| Furniture and vehicles | 24 | - | €2,638 | +€2,638 | |
| Financial fixed assets | 28 | €80,000 | €80,000 | = | 0.0% |
| Current assets | 29/58 | €198,832 | €220,967 | +€22,135 | +11.1% |
| Amounts receivable within one year | 40/41 | €45,375 | €60,500 | +€15,125 | +33.3% |
| Trade receivables | 40 | €45,375 | €60,500 | +€15,125 | +33.3% |
| Current investments | 50/53 | - | €75,000 | +€75,000 | |
| Cash at bank and in hand | 54/58 | €153,457 | €83,571 | -€69,886 | -45.5% |
| Deferred charges and accrued income | 490/1 | - | €1,896 | +€1,896 | |
| Total equity and liabilities | 10/49 | €278,832 | €303,605 | +€24,773 | +8.9% |
| Equity | 10/15 | €257,209 | €283,157 | +€25,948 | +10.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €212,397 | €238,345 | +€25,948 | +12.2% |
| Distributable reserves | 133 | €212,397 | €238,345 | +€25,948 | +12.2% |
| Profit (loss) carried forward | 14 | €26,212 | €26,212 | = | 0.0% |
| Amounts payable | 17/49 | €21,624 | €20,448 | -€1,175 | -5.4% |
| Amounts payable within one year | 42/48 | €21,554 | €20,448 | -€1,106 | -5.1% |
| Trade debts | 44 | €1,462 | €2,811 | +€1,349 | +92.3% |
| Suppliers | 440/4 | €1,462 | €2,811 | +€1,349 | +92.3% |
| Taxes, remuneration and social security | 45 | €14,772 | €11,875 | -€2,897 | -19.6% |
| Taxes | 450/3 | €14,772 | €11,875 | -€2,897 | -19.6% |
| Other amounts payable | 47/48 | €5,320 | €5,762 | +€442 | +8.3% |
| Accrued charges and deferred income | 492/3 | €69 | - | -€69 | |
| Turnover | 70 | €153,954 | €152,162 | -€1,792 | -1.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €107,691 | €112,275 | +€4,585 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €695 | +€695 | |
| Other operating charges | 640/8 | €1,155 | €1,230 | +€75 | +6.5% |
| Gross operating margin | 9900 | €46,263 | €39,886 | -€6,377 | -13.8% |
| Operating profit (loss) | 9901 | €45,109 | €37,961 | -€7,147 | -15.8% |
| Financial income | 75/76B | €2,808 | €0 | -€2,808 | -100.0% |
| Recurring financial income | 75 | €2,808 | €0 | -€2,808 | -100.0% |
| Financial charges | 65/66B | €231 | €280 | +€48 | +20.9% |
| Recurring financial charges | 65 | €231 | €280 | +€48 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €47,686 | €37,682 | -€10,004 | -21.0% |
| Income taxes | 67/77 | €14,044 | €11,733 | -€2,311 | -16.5% |
| Profit (loss) for the period | 9904 | €33,642 | €25,948 | -€7,693 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €33,642 | €25,948 | -€7,693 | -22.9% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.