TIVAMU: 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.
TIVAMU
Largest movements
- Receivables after one year -€84,200
down €84,200 (-100%), from €84,200 to €0
- Cash +€26,863
up €26,863 (+29.4%), from €91,310 to €118,173
mainly Receivables after one year (+€84,200) and Net result for the year (+€47,814)
- Tangible fixed assets -€24,620
down €24,620 (-35.0%), from €70,283 to €45,663
of which Furniture and vehicles: -€22,448
- Receivables within one year +€3,009
up €3,009 (+23.1%), from €13,021 to €16,030
of which Other amounts receivable: +€1,865
- Reserves -€72,186
down €72,186 (-40.5%), from €178,141 to €105,955
- Debts after one year -€14,754
down €14,754 (-37.7%), from €39,134 to €24,380
- Other debts +€4,394
up €4,394 (+61.5%), from €7,141 to €11,535
- Gross operating margin +€5,031
up €5,031 (+5.9%), from €85,025 to €90,056
- Taxes +€1,265
up €1,265 (+9.7%), from €13,010 to €14,274
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 | €260,951 | €180,737 | -€80,214 | -30.7% |
| Fixed assets | 21/28 | €70,533 | €45,913 | -€24,620 | -34.9% |
| Tangible fixed assets | 22/27 | €70,283 | €45,663 | -€24,620 | -35.0% |
| Plant, machinery and equipment | 23 | €5,160 | €2,988 | -€2,172 | -42.1% |
| Furniture and vehicles | 24 | €65,123 | €42,675 | -€22,448 | -34.5% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €190,419 | €134,824 | -€55,594 | -29.2% |
| Amounts receivable after more than one year | 29 | €84,200 | €0 | -€84,200 | -100% |
| Other amounts receivable | 291 | €84,200 | €0 | -€84,200 | -100% |
| Amounts receivable within one year | 40/41 | €13,021 | €16,030 | +€3,009 | +23.1% |
| Trade receivables | 40 | €13,021 | €14,165 | +€1,144 | +8.8% |
| Other amounts receivable | 41 | - | €1,865 | +€1,865 | |
| Cash at bank and in hand | 54/58 | €91,310 | €118,173 | +€26,863 | +29.4% |
| Deferred charges and accrued income | 490/1 | €1,888 | €621 | -€1,267 | -67.1% |
| Total equity and liabilities | 10/49 | €260,951 | €180,737 | -€80,214 | -30.7% |
| Equity | 10/15 | €180,641 | €108,455 | -€72,186 | -40.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €178,141 | €105,955 | -€72,186 | -40.5% |
| Distributable reserves | 133 | €178,141 | €105,955 | -€72,186 | -40.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €80,310 | €72,282 | -€8,028 | -10.0% |
| Amounts payable after more than one year | 17 | €39,134 | €24,380 | -€14,754 | -37.7% |
| Financial debts | 170/4 | €39,134 | €24,380 | -€14,754 | -37.7% |
| Amounts payable within one year | 42/48 | €41,176 | €47,902 | +€6,726 | +16.3% |
| Current portion of amounts payable after more than one year | 42 | €14,275 | €14,754 | +€479 | +3.4% |
| Trade debts | 44 | €855 | €1,487 | +€632 | +73.9% |
| Suppliers | 440/4 | €855 | €1,487 | +€632 | +73.9% |
| Taxes, remuneration and social security | 45 | €18,905 | €20,126 | +€1,221 | +6.5% |
| Taxes | 450/3 | €18,905 | €18,000 | -€905 | -4.8% |
| Remuneration and social security | 454/9 | - | €2,126 | +€2,126 | |
| Other amounts payable | 47/48 | €7,141 | €11,535 | +€4,394 | +61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,931 | €24,620 | +€689 | +2.9% |
| Other operating charges | 640/8 | €1,699 | €1,452 | -€247 | -14.6% |
| Gross operating margin | 9900 | €85,025 | €90,056 | +€5,031 | +5.9% |
| Operating profit (loss) | 9901 | €59,394 | €63,984 | +€4,590 | +7.7% |
| Financial income | 75/76B | €221 | €20 | -€202 | -91.0% |
| Recurring financial income | 75 | €221 | €20 | -€202 | -91.0% |
| Financial charges | 65/66B | €2,314 | €1,916 | -€398 | -17.2% |
| Recurring financial charges | 65 | €2,314 | €1,916 | -€398 | -17.2% |
| Profit (loss) for the period before taxes | 9903 | €57,302 | €62,088 | +€4,787 | +8.4% |
| Income taxes | 67/77 | €13,010 | €14,274 | +€1,265 | +9.7% |
| Profit (loss) for the period | 9904 | €44,292 | €47,814 | +€3,522 | +8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €44,292 | €47,814 | +€3,522 | +8.0% |
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 18 October 2026 via checked.be.