TIVOLA: what changed
TIVOLA
Largest movements
- Receivables within one year +€22,524
up €22,524 (+30.9%), from €72,901 to €95,425
of which Other amounts receivable: +€27,378
- Cash -€9,431
down €9,431 (-55.8%), from €16,890 to €7,459
mainly Receivables within one year (-€22,524) and Investment in fixed assets (net) (-€8,932)
- Trade debts +€32,327
up €32,327 (+259%), from €12,478 to €44,805
- Tax, wage and social debts -€7,524
down €7,524 (-62.3%), from €12,070 to €4,546
of which Remuneration and social security: -€4,045
- Debts after one year -€6,806
down €6,806 (-25.8%), from €26,344 to €19,538
- Profit (loss) carried forward -€3,986
down €3,986 (-16.1%), from €24,733 to €20,747
- Staff costs -€2,739
down €2,739 (-3.5%), from €77,780 to €75,041
- Gross operating margin +€2,625
up €2,625 (+3.2%), from €83,015 to €85,640
- Depreciation +€2,208
up €2,208 (+36.3%), from €6,074 to €8,281
- Financial charges +€1,507
up €1,507 (+32.7%), from €4,605 to €6,112
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €122,619 | €136,900 | +€14,281 | +11.6% |
| Fixed assets | 21/28 | €27,828 | €28,478 | +€650 | +2.3% |
| Tangible fixed assets | 22/27 | €20,178 | €20,828 | +€650 | +3.2% |
| Plant, machinery and equipment | 23 | €7,648 | €12,155 | +€4,506 | +58.9% |
| Furniture and vehicles | 24 | €5,459 | €3,732 | -€1,727 | -31.6% |
| Other tangible fixed assets | 26 | €7,071 | €4,942 | -€2,129 | -30.1% |
| Financial fixed assets | 28 | €7,650 | €7,650 | = | 0.0% |
| Current assets | 29/58 | €94,791 | €108,422 | +€13,631 | +14.4% |
| Stocks and contracts in progress | 3 | €5,000 | €5,000 | = | 0.0% |
| Stocks | 30/36 | €5,000 | €5,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €72,901 | €95,425 | +€22,524 | +30.9% |
| Trade receivables | 40 | €30,017 | €25,162 | -€4,854 | -16.2% |
| Other amounts receivable | 41 | €42,884 | €70,262 | +€27,378 | +63.8% |
| Cash at bank and in hand | 54/58 | €16,890 | €7,459 | -€9,431 | -55.8% |
| Deferred charges and accrued income | 490/1 | - | €538 | +€538 | |
| Total equity and liabilities | 10/49 | €122,619 | €136,900 | +€14,281 | +11.6% |
| Equity | 10/15 | €65,193 | €61,207 | -€3,986 | -6.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,860 | €21,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €24,733 | €20,747 | -€3,986 | -16.1% |
| Amounts payable | 17/49 | €57,427 | €75,694 | +€18,267 | +31.8% |
| Amounts payable after more than one year | 17 | €26,344 | €19,538 | -€6,806 | -25.8% |
| Financial debts | 170/4 | €26,344 | €19,538 | -€6,806 | -25.8% |
| Amounts payable within one year | 42/48 | €31,083 | €56,156 | +€25,073 | +80.7% |
| Current portion of amounts payable after more than one year | 42 | €6,535 | €6,805 | +€270 | +4.1% |
| Trade debts | 44 | €12,478 | €44,805 | +€32,327 | +259% |
| Suppliers | 440/4 | €12,478 | €44,805 | +€32,327 | +259% |
| Taxes, remuneration and social security | 45 | €12,070 | €4,546 | -€7,524 | -62.3% |
| Taxes | 450/3 | €8,025 | €4,546 | -€3,479 | -43.4% |
| Remuneration and social security | 454/9 | €4,045 | - | -€4,045 | |
| Remuneration, social security and pensions | 62 | €77,780 | €75,041 | -€2,739 | -3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,074 | €8,281 | +€2,208 | +36.3% |
| Other operating charges | 640/8 | €163 | €282 | +€119 | +72.9% |
| Gross operating margin | 9900 | €83,015 | €85,640 | +€2,625 | +3.2% |
| Operating profit (loss) | 9901 | -€1,001 | €2,037 | +€3,037 | |
| Financial income | 75/76B | €6 | €90 | +€84 | +1,387% |
| Recurring financial income | 75 | €6 | €90 | +€84 | +1,387% |
| Financial charges | 65/66B | €4,605 | €6,112 | +€1,507 | +32.7% |
| Recurring financial charges | 65 | €4,605 | €6,112 | +€1,507 | +32.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,600 | -€3,986 | +€1,614 | +28.8% |
| Profit (loss) for the period | 9904 | -€5,600 | -€3,986 | +€1,614 | +28.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,600 | -€3,986 | +€1,614 | +28.8% |
Next steps
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 4 November 2026 via checked.be.