TPAV: 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.
TPAV
Largest movements
- Cash -€49,795
down €49,795 (-16.7%), from €297,873 to €248,078
mainly Contributions, distributions and other (-€105,632) and Investment in fixed assets (net) (-€40,359)
- Tangible fixed assets -€46,408
down €46,408 (-11.3%), from €412,319 to €365,911
of which Furniture and vehicles: -€39,785
- Current investments +€30,410
up €30,410 (+6.3%), from €485,246 to €515,656
- Reserves -€51,263
down €51,263 (-4.5%), from €1.1m to €1.1m
- Tax, wage and social debts -€21,448
down €21,448 (-65.7%), from €32,646 to €11,198
of which Taxes: -€12,986
- Gross operating margin -€194,233
down €194,233 (-46.0%), from €422,049 to €227,816
- Taxes -€48,237
down €48,237 (-53.0%), from €91,052 to €42,815
- Financial income +€7,616
up €7,616 (+286.3%), from €2,660 to €10,277
- Depreciation +€4,956
up €4,956 (+6.1%), from €81,811 to €86,767
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 | €1,201,039 | €1,137,239 | -€63,800 | -5.3% |
| Fixed assets | 21/28 | €412,319 | €365,911 | -€46,408 | -11.3% |
| Tangible fixed assets | 22/27 | €412,319 | €365,911 | -€46,408 | -11.3% |
| Land and buildings | 22 | €280,559 | €257,534 | -€23,025 | -8.2% |
| Plant, machinery and equipment | 23 | €38,327 | €54,730 | +€16,403 | +42.8% |
| Furniture and vehicles | 24 | €93,433 | €53,647 | -€39,785 | -42.6% |
| Current assets | 29/58 | €788,721 | €771,328 | -€17,392 | -2.2% |
| Amounts receivable within one year | 40/41 | - | €3,106 | +€3,106 | |
| Trade receivables | 40 | - | €3,106 | +€3,106 | |
| Current investments | 50/53 | €485,246 | €515,656 | +€30,410 | +6.3% |
| Cash at bank and in hand | 54/58 | €297,873 | €248,078 | -€49,795 | -16.7% |
| Deferred charges and accrued income | 490/1 | €5,602 | €4,489 | -€1,114 | -19.9% |
| Total equity and liabilities | 10/49 | €1,201,039 | €1,137,239 | -€63,800 | -5.3% |
| Equity | 10/15 | €1,161,479 | €1,110,216 | -€51,263 | -4.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,149,079 | €1,097,816 | -€51,263 | -4.5% |
| Distributable reserves | 133 | €1,149,079 | €1,097,816 | -€51,263 | -4.5% |
| Amounts payable | 17/49 | €39,560 | €27,023 | -€12,537 | -31.7% |
| Amounts payable within one year | 42/48 | €39,560 | €27,023 | -€12,537 | -31.7% |
| Trade debts | 44 | €3,301 | €11,139 | +€7,838 | +237.4% |
| Suppliers | 440/4 | €3,301 | €11,139 | +€7,838 | +237.4% |
| Taxes, remuneration and social security | 45 | €32,646 | €11,198 | -€21,448 | -65.7% |
| Taxes | 450/3 | €20,504 | €7,518 | -€12,986 | -63.3% |
| Remuneration and social security | 454/9 | €12,142 | €3,680 | -€8,462 | -69.7% |
| Other amounts payable | 47/48 | €3,613 | €4,686 | +€1,073 | +29.7% |
| Non-recurring operating income | 76A | €105 | €1,961 | +€1,856 | +1760.5% |
| Remuneration, social security and pensions | 62 | €49,764 | €48,561 | -€1,204 | -2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,811 | €86,767 | +€4,956 | +6.1% |
| Other operating charges | 640/8 | €4,734 | €5,184 | +€450 | +9.5% |
| Non-recurring operating charges | 66A | - | €14 | +€14 | |
| Gross operating margin | 9900 | €422,049 | €227,816 | -€194,233 | -46.0% |
| Operating profit (loss) | 9901 | €285,739 | €87,290 | -€198,449 | -69.5% |
| Financial income | 75/76B | €2,660 | €10,277 | +€7,616 | +286.3% |
| Recurring financial income | 75 | €2,660 | €10,277 | +€7,616 | +286.3% |
| Financial charges | 65/66B | €345 | €383 | +€38 | +11.0% |
| Recurring financial charges | 65 | €345 | €383 | +€38 | +11.0% |
| Profit (loss) for the period before taxes | 9903 | €288,055 | €97,184 | -€190,871 | -66.3% |
| Income taxes | 67/77 | €91,052 | €42,815 | -€48,237 | -53.0% |
| Profit (loss) for the period | 9904 | €197,003 | €54,369 | -€142,634 | -72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €197,003 | €54,369 | -€142,634 | -72.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.