TIVVA: what changed
Two fiscal 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.
TIVVA
Largest movements
- Cash +€38,410
up €38,410 (+27.7%), from €138,812 to €177,222
mainly Net result for the year (+€35,710) and Depreciation (+€34,714)
- Tangible fixed assets -€31,047
down €31,047 (-11.2%), from €278,324 to €247,277
- Receivables within one year +€5,716
up €5,716 (+795.6%), from €719 to €6,435
of which Trade receivables: +€4,511
- Reserves +€35,710
up €35,710 (+14.8%), from €242,057 to €277,767
- Debts after one year -€12,434
down €12,434 (-11.8%), from €105,368 to €92,934
- Staff costs +€54,667
up €54,667 (+43.2%), from €126,572 to €181,239
- Gross operating margin +€27,311
up €27,311 (+11.2%), from €243,527 to €270,839
- Taxes -€7,980
down €7,980 (-35.3%), from €22,603 to €14,623
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.
Cash bridge derived
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 | €429,111 | €446,038 | +€16,927 | +3.9% |
| Fixed assets | 21/28 | €284,095 | €253,048 | -€31,047 | -10.9% |
| Tangible fixed assets | 22/27 | €278,324 | €247,277 | -€31,047 | -11.2% |
| Land and buildings | 22 | €154,737 | €148,804 | -€5,933 | -3.8% |
| Plant, machinery and equipment | 23 | €68,903 | €56,339 | -€12,564 | -18.2% |
| Furniture and vehicles | 24 | €54,684 | €42,134 | -€12,550 | -23.0% |
| Financial fixed assets | 28 | €5,771 | €5,771 | = | 0.0% |
| Current assets | 29/58 | €145,016 | €192,990 | +€47,974 | +33.1% |
| Amounts receivable within one year | 40/41 | €719 | €6,435 | +€5,716 | +795.6% |
| Trade receivables | 40 | €719 | €5,230 | +€4,511 | +627.8% |
| Other amounts receivable | 41 | - | €1,205 | +€1,205 | |
| Cash at bank and in hand | 54/58 | €138,812 | €177,222 | +€38,410 | +27.7% |
| Deferred charges and accrued income | 490/1 | €5,485 | €9,334 | +€3,849 | +70.2% |
| Total equity and liabilities | 10/49 | €429,111 | €446,038 | +€16,927 | +3.9% |
| Equity | 10/15 | €262,538 | €298,249 | +€35,710 | +13.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €242,057 | €277,767 | +€35,710 | +14.8% |
| Distributable reserves | 133 | €242,057 | €277,767 | +€35,710 | +14.8% |
| Profit (loss) carried forward | 14 | €8,081 | €8,081 | = | 0.0% |
| Amounts payable | 17/49 | €166,572 | €147,789 | -€18,783 | -11.3% |
| Amounts payable after more than one year | 17 | €105,368 | €92,934 | -€12,434 | -11.8% |
| Financial debts | 170/4 | €105,368 | €92,934 | -€12,434 | -11.8% |
| Amounts payable within one year | 42/48 | €60,701 | €54,563 | -€6,138 | -10.1% |
| Financial debts | 43 | €13,016 | €13,452 | +€436 | +3.4% |
| Credit institutions | 430/8 | €13,016 | €13,452 | +€436 | +3.4% |
| Trade debts | 44 | €19,662 | €17,507 | -€2,155 | -11.0% |
| Suppliers | 440/4 | €19,662 | €17,507 | -€2,155 | -11.0% |
| Taxes, remuneration and social security | 45 | €27,156 | €22,791 | -€4,364 | -16.1% |
| Taxes | 450/3 | €5,805 | €22,791 | +€16,986 | +292.6% |
| Remuneration and social security | 454/9 | €21,350 | - | -€21,350 | |
| Other amounts payable | 47/48 | €867 | €812 | -€55 | -6.3% |
| Accrued charges and deferred income | 492/3 | €503 | €293 | -€211 | -41.8% |
| Non-recurring operating income | 76A | €10,557 | - | -€10,557 | |
| Remuneration, social security and pensions | 62 | €126,572 | €181,239 | +€54,667 | +43.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,591 | €34,714 | +€2,123 | +6.5% |
| Other operating charges | 640/8 | €1,384 | €1,447 | +€63 | +4.6% |
| Gross operating margin | 9900 | €243,527 | €270,839 | +€27,311 | +11.2% |
| Operating profit (loss) | 9901 | €82,980 | €53,438 | -€29,541 | -35.6% |
| Financial income | 75/76B | €1,001 | €761 | -€239 | -23.9% |
| Recurring financial income | 75 | €1,001 | €761 | -€239 | -23.9% |
| Financial charges | 65/66B | €4,364 | €3,866 | -€499 | -11.4% |
| Recurring financial charges | 65 | €4,364 | €3,866 | -€499 | -11.4% |
| Profit (loss) for the period before taxes | 9903 | €79,616 | €50,334 | -€29,282 | -36.8% |
| Income taxes | 67/77 | €22,603 | €14,623 | -€7,980 | -35.3% |
| Profit (loss) for the period | 9904 | €57,013 | €35,710 | -€21,302 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,013 | €35,710 | -€21,302 | -37.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.