Tivoli: 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.
Tivoli
Largest movements
- Tangible fixed assets -€16,756
down €16,756 (-21.8%), from €76,917 to €60,160
of which Furniture and vehicles: -€17,024
- Stocks and contracts -€13,221
no longer reported in 2025 (was €13,221)
- Cash +€9,403
up €9,403 (+53.3%), from €17,637 to €27,039
mainly Depreciation (+€20,829) and Stocks and contracts (+€13,221)
- Receivables within one year +€7,457
up €7,457 (+24.3%), from €30,650 to €38,107
of which Trade receivables: +€9,255
- Deferred charges and accrued income -€4,226
down €4,226 (-54.0%), from €7,828 to €3,602
- Debts after one year -€16,421
down €16,421 (-66.6%), from €24,669 to €8,247
- Reserves +€8,562
up €8,562 (+77.8%), from €11,007 to €19,569
- Current portion of long-term debt -€8,000
down €8,000 (-32.8%), from €24,421 to €16,421
- Tax, wage and social debts +€4,880
up €4,880 (+113%), from €4,319 to €9,199
of which Taxes: +€4,897
- Trade debts -€4,538
down €4,538 (-13.0%), from €35,016 to €30,478
- Staff costs -€6,772
down €6,772 (-16.7%), from €40,661 to €33,890
- Gross operating margin -€4,001
down €4,001 (-4.9%), from €81,911 to €77,910
- Depreciation +€3,246
up €3,246 (+18.5%), from €17,582 to €20,829
- Other operating charges -€3,044
down €3,044 (-58.3%), from €5,218 to €2,175
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 | €146,252 | €128,909 | -€17,344 | -11.9% |
| Fixed assets | 21/28 | €76,917 | €60,160 | -€16,756 | -21.8% |
| Tangible fixed assets | 22/27 | €76,917 | €60,160 | -€16,756 | -21.8% |
| Plant, machinery and equipment | 23 | €1,584 | €3,897 | +€2,313 | +146% |
| Furniture and vehicles | 24 | €73,288 | €56,264 | -€17,024 | -23.2% |
| Other tangible fixed assets | 26 | €2,044 | - | -€2,044 | |
| Current assets | 29/58 | €69,336 | €68,748 | -€587 | -0.8% |
| Stocks and contracts in progress | 3 | €13,221 | - | -€13,221 | |
| Stocks | 30/36 | €13,221 | - | -€13,221 | |
| Amounts receivable within one year | 40/41 | €30,650 | €38,107 | +€7,457 | +24.3% |
| Trade receivables | 40 | €23,559 | €32,814 | +€9,255 | +39.3% |
| Other amounts receivable | 41 | €7,091 | €5,293 | -€1,798 | -25.4% |
| Cash at bank and in hand | 54/58 | €17,637 | €27,039 | +€9,403 | +53.3% |
| Deferred charges and accrued income | 490/1 | €7,828 | €3,602 | -€4,226 | -54.0% |
| Total equity and liabilities | 10/49 | €146,252 | €128,909 | -€17,344 | -11.9% |
| Equity | 10/15 | €46,452 | €55,014 | +€8,562 | +18.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,007 | €19,569 | +€8,562 | +77.8% |
| Distributable reserves | 133 | €11,007 | €19,569 | +€8,562 | +77.8% |
| Profit (loss) carried forward | 14 | €23,045 | €23,045 | = | 0.0% |
| Amounts payable | 17/49 | €99,800 | €73,895 | -€25,905 | -26.0% |
| Amounts payable after more than one year | 17 | €24,669 | €8,247 | -€16,421 | -66.6% |
| Financial debts | 170/4 | €24,669 | €8,247 | -€16,421 | -66.6% |
| Amounts payable within one year | 42/48 | €74,882 | €64,511 | -€10,371 | -13.8% |
| Current portion of amounts payable after more than one year | 42 | €24,421 | €16,421 | -€8,000 | -32.8% |
| Financial debts | 43 | €11,125 | €8,413 | -€2,712 | -24.4% |
| Credit institutions | 430/8 | €11,125 | €8,413 | -€2,712 | -24.4% |
| Trade debts | 44 | €35,016 | €30,478 | -€4,538 | -13.0% |
| Suppliers | 440/4 | €35,016 | €30,478 | -€4,538 | -13.0% |
| Taxes, remuneration and social security | 45 | €4,319 | €9,199 | +€4,880 | +113% |
| Taxes | 450/3 | €4,302 | €9,199 | +€4,897 | +114% |
| Remuneration and social security | 454/9 | €17 | - | -€17 | |
| Accrued charges and deferred income | 492/3 | €250 | €1,137 | +€887 | +355% |
| Non-recurring operating income | 76A | - | €9,416 | +€9,416 | |
| Remuneration, social security and pensions | 62 | €40,661 | €33,890 | -€6,772 | -16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,582 | €20,829 | +€3,246 | +18.5% |
| Other operating charges | 640/8 | €5,218 | €2,175 | -€3,044 | -58.3% |
| Non-recurring operating charges | 66A | - | €3,464 | +€3,464 | |
| Gross operating margin | 9900 | €81,911 | €77,910 | -€4,001 | -4.9% |
| Operating profit (loss) | 9901 | €18,449 | €17,554 | -€895 | -4.9% |
| Financial income | 75/76B | €297 | €491 | +€194 | +65.1% |
| Recurring financial income | 75 | €297 | €491 | +€194 | +65.1% |
| Financial charges | 65/66B | €6,110 | €5,614 | -€496 | -8.1% |
| Recurring financial charges | 65 | €6,110 | €5,614 | -€496 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €12,637 | €12,431 | -€206 | -1.6% |
| Income taxes | 67/77 | €4,302 | €3,869 | -€433 | -10.1% |
| Profit (loss) for the period | 9904 | €8,335 | €8,562 | +€227 | +2.7% |
| Profit (loss) for the period to be appropriated | 9905 | €8,335 | €8,562 | +€227 | +2.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.