TIVOLI EXPRESS: what changed
TIVOLI EXPRESS
Largest movements
- Tangible fixed assets -€13,402
down €13,402 (-11.5%), from €116,787 to €103,385
of which Land and buildings: -€6,843
- Cash +€6,210
up €6,210 (+18.2%), from €34,104 to €40,314
mainly Depreciation (+€15,409) and Tax, wage and social debts (+€6,648)
- Stocks and contracts -€4,587
down €4,587 (-8.4%), from €54,557 to €49,970
- Debts after one year -€18,980
down €18,980 (-13.9%), from €136,700 to €117,720
- Tax, wage and social debts +€6,648
up €6,648 (+49.5%), from €13,431 to €20,078
of which Remuneration and social security: +€7,073
- Current portion of long-term debt -€4,111
down €4,111 (-20.4%), from €20,150 to €16,039
- Trade debts +€2,407
up €2,407 (+52.3%), from €4,603 to €7,010
- Staff costs +€8,256
up €8,256 (+20.5%), from €40,335 to €48,592
- Gross operating margin -€7,017
down €7,017 (-9.1%), from €77,140 to €70,123
- Other operating charges +€5,774
new in 2025: €5,774
- Financial charges -€5,182
down €5,182 (-96.2%), from €5,386 to €204
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 | €206,415 | €194,023 | -€12,392 | -6.0% |
| Fixed assets | 21/28 | €116,787 | €103,385 | -€13,402 | -11.5% |
| Tangible fixed assets | 22/27 | €116,787 | €103,385 | -€13,402 | -11.5% |
| Land and buildings | 22 | €52,369 | €45,525 | -€6,843 | -13.1% |
| Plant, machinery and equipment | 23 | €64,418 | €57,860 | -€6,558 | -10.2% |
| Current assets | 29/58 | €89,628 | €90,638 | +€1,010 | +1.1% |
| Stocks and contracts in progress | 3 | €54,557 | €49,970 | -€4,587 | -8.4% |
| Stocks | 30/36 | €54,557 | €49,970 | -€4,587 | -8.4% |
| Amounts receivable within one year | 40/41 | €967 | €354 | -€613 | -63.4% |
| Other amounts receivable | 41 | €967 | €354 | -€613 | -63.4% |
| Cash at bank and in hand | 54/58 | €34,104 | €40,314 | +€6,210 | +18.2% |
| Total equity and liabilities | 10/49 | €206,415 | €194,023 | -€12,392 | -6.0% |
| Equity | 10/15 | €31,531 | €33,176 | +€1,645 | +5.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,531 | €31,176 | +€1,645 | +5.6% |
| Amounts payable | 17/49 | €174,884 | €160,848 | -€14,036 | -8.0% |
| Amounts payable after more than one year | 17 | €136,700 | €117,720 | -€18,980 | -13.9% |
| Financial debts | 170/4 | €136,700 | €117,720 | -€18,980 | -13.9% |
| Amounts payable within one year | 42/48 | €38,184 | €43,128 | +€4,944 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €20,150 | €16,039 | -€4,111 | -20.4% |
| Trade debts | 44 | €4,603 | €7,010 | +€2,407 | +52.3% |
| Suppliers | 440/4 | €4,603 | €7,010 | +€2,407 | +52.3% |
| Taxes, remuneration and social security | 45 | €13,431 | €20,078 | +€6,648 | +49.5% |
| Taxes | 450/3 | €3,729 | €3,304 | -€425 | -11.4% |
| Remuneration and social security | 454/9 | €9,702 | €16,775 | +€7,073 | +72.9% |
| Remuneration, social security and pensions | 62 | €40,335 | €48,592 | +€8,256 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,325 | €15,409 | +€84 | +0.5% |
| Other operating charges | 640/8 | - | €5,774 | +€5,774 | |
| Gross operating margin | 9900 | €77,140 | €70,123 | -€7,017 | -9.1% |
| Operating profit (loss) | 9901 | €21,479 | €348 | -€21,132 | -98.4% |
| Financial income | 75/76B | €1,243 | €1,630 | +€387 | +31.1% |
| Recurring financial income | 75 | €1,243 | €1,630 | +€387 | +31.1% |
| Financial charges | 65/66B | €5,386 | €204 | -€5,182 | -96.2% |
| Recurring financial charges | 65 | €5,386 | €204 | -€5,182 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | €17,336 | €1,773 | -€15,563 | -89.8% |
| Income taxes | 67/77 | €291 | €129 | -€162 | -55.7% |
| Profit (loss) for the period | 9904 | €17,045 | €1,645 | -€15,400 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €17,045 | €1,645 | -€15,400 | -90.4% |
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 2 November 2026 via checked.be.