TIVAN: 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.
TIVAN
Largest movements
- Receivables within one year +€384,493
up €384,493 (+16.9%), from €2.3m to €2.7m
of which Other amounts receivable: +€384,630
- Tangible fixed assets -€341,985
down €341,985 (-5.7%), from €6.0m to €5.7m
of which Land and buildings: -€238,850
- Financial fixed assets -€256,067
down €256,067 (-4.9%), from €5.2m to €4.9m
- Short-term financial debts -€300,000
no longer reported in 2025 (was €300,000)
- Profit (loss) carried forward +€176,817
up €176,817 (+14.9%), from €1.2m to €1.4m
- Financial charges +€97,948
up €97,948 (+1,107%), from €8,847 to €106,795
- Gross operating margin -€62,157
down €62,157 (-10.0%), from €624,089 to €561,932
- Taxes -€39,630
down €39,630 (-41.6%), from €95,183 to €55,553
- Depreciation -€25,065
down €25,065 (-6.7%), from €373,544 to €348,479
- Financial income -€20,261
down €20,261 (-9.5%), from €213,201 to €192,940
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 | €13,597,955 | €13,335,217 | -€262,738 | -1.9% |
| Fixed assets | 21/28 | €11,188,895 | €10,590,843 | -€598,052 | -5.3% |
| Tangible fixed assets | 22/27 | €5,998,767 | €5,656,783 | -€341,985 | -5.7% |
| Land and buildings | 22 | €5,346,448 | €5,107,598 | -€238,850 | -4.5% |
| Plant, machinery and equipment | 23 | €644,056 | €541,768 | -€102,288 | -15.9% |
| Furniture and vehicles | 24 | €7,226 | €6,379 | -€847 | -11.7% |
| Other tangible fixed assets | 26 | €1,038 | €1,038 | = | 0.0% |
| Financial fixed assets | 28 | €5,190,128 | €4,934,060 | -€256,067 | -4.9% |
| Current assets | 29/58 | €2,409,060 | €2,744,374 | +€335,314 | +13.9% |
| Amounts receivable within one year | 40/41 | €2,280,827 | €2,665,320 | +€384,493 | +16.9% |
| Trade receivables | 40 | €21,010 | €20,873 | -€137 | -0.7% |
| Other amounts receivable | 41 | €2,259,817 | €2,644,447 | +€384,630 | +17.0% |
| Cash at bank and in hand | 54/58 | €128,233 | €79,054 | -€49,179 | -38.4% |
| Total equity and liabilities | 10/49 | €13,597,955 | €13,335,217 | -€262,738 | -1.9% |
| Equity | 10/15 | €4,186,750 | €4,363,567 | +€176,817 | +4.2% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,186,750 | €1,363,567 | +€176,817 | +14.9% |
| Provisions and deferred taxes | 16 | €10,157 | - | -€10,157 | |
| Provisions for liabilities and charges | 160/5 | €10,157 | - | -€10,157 | |
| Other liabilities and charges | 164/5 | €10,157 | - | -€10,157 | |
| Amounts payable | 17/49 | €9,401,048 | €8,971,651 | -€429,397 | -4.6% |
| Amounts payable within one year | 42/48 | €9,397,823 | €8,970,035 | -€427,788 | -4.6% |
| Financial debts | 43 | €300,000 | - | -€300,000 | |
| Other loans | 439 | €300,000 | - | -€300,000 | |
| Trade debts | 44 | €113,573 | €37,176 | -€76,398 | -67.3% |
| Suppliers | 440/4 | €113,573 | €37,176 | -€76,398 | -67.3% |
| Taxes, remuneration and social security | 45 | €39,249 | €27,859 | -€11,390 | -29.0% |
| Taxes | 450/3 | €36,731 | €25,282 | -€11,448 | -31.2% |
| Remuneration and social security | 454/9 | €2,518 | €2,577 | +€59 | +2.3% |
| Other amounts payable | 47/48 | €8,945,000 | €8,905,000 | -€40,000 | -0.4% |
| Accrued charges and deferred income | 492/3 | €3,225 | €1,616 | -€1,610 | -49.9% |
| Remuneration, social security and pensions | 62 | €18,165 | €18,857 | +€692 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €373,544 | €348,479 | -€25,065 | -6.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €689 | -€10,157 | -€10,846 | |
| Other operating charges | 640/8 | €56,003 | €58,528 | +€2,525 | +4.5% |
| Gross operating margin | 9900 | €624,089 | €561,932 | -€62,157 | -10.0% |
| Operating profit (loss) | 9901 | €175,689 | €146,225 | -€29,464 | -16.8% |
| Financial income | 75/76B | €213,201 | €192,940 | -€20,261 | -9.5% |
| Recurring financial income | 75 | €213,201 | €192,940 | -€20,261 | -9.5% |
| Financial charges | 65/66B | €8,847 | €106,795 | +€97,948 | +1,107% |
| Recurring financial charges | 65 | €8,847 | €106,795 | +€97,948 | +1,107% |
| Profit (loss) for the period before taxes | 9903 | €380,044 | €232,370 | -€147,674 | -38.9% |
| Income taxes | 67/77 | €95,183 | €55,553 | -€39,630 | -41.6% |
| Profit (loss) for the period | 9904 | €284,861 | €176,817 | -€108,044 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €284,861 | €176,817 | -€108,044 | -37.9% |
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 13 October 2026 via checked.be.