TSV CONSTRUCT: 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.
TSV CONSTRUCT
Largest movements
- Receivables within one year -€33,290
down €33,290 (-21.6%), from €154,120 to €120,830
of which Trade receivables: -€37,645
- Tangible fixed assets +€14,840
new in 2025: €14,840
- Trade debts -€18,353
down €18,353 (-48.6%), from €37,784 to €19,431
- Tax, wage and social debts -€2,000
down €2,000 (-14.0%), from €14,313 to €12,313
of which Remuneration and social security: -€2,000
- Gross operating margin -€20,346
down €20,346 (-82.4%), from €24,682 to €4,336
- Depreciation +€3,425
new in 2025: €3,425
- Other operating charges -€3,066
down €3,066 (-84.2%), from €3,640 to €574
- Financial charges -€777
down €777 (-43.0%), from €1,805 to €1,028
- Taxes -€700
no longer reported in 2025 (was €700)
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 | €162,070 | €142,571 | -€19,498 | -12.0% |
| Fixed assets | 21/28 | - | €14,840 | +€14,840 | |
| Tangible fixed assets | 22/27 | - | €14,840 | +€14,840 | |
| Furniture and vehicles | 24 | - | €14,840 | +€14,840 | |
| Current assets | 29/58 | €162,070 | €127,731 | -€34,338 | -21.2% |
| Amounts receivable within one year | 40/41 | €154,120 | €120,830 | -€33,290 | -21.6% |
| Trade receivables | 40 | €149,316 | €111,671 | -€37,645 | -25.2% |
| Other amounts receivable | 41 | €4,804 | €9,159 | +€4,355 | +90.6% |
| Cash at bank and in hand | 54/58 | €7,950 | €6,902 | -€1,048 | -13.2% |
| Total equity and liabilities | 10/49 | €162,070 | €142,571 | -€19,498 | -12.0% |
| Equity | 10/15 | €80,195 | €79,504 | -€691 | -0.9% |
| Contributions | 10/11 | €13,200 | €13,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,995 | €66,304 | -€691 | -1.0% |
| Amounts payable | 17/49 | €81,874 | €63,067 | -€18,807 | -23.0% |
| Amounts payable within one year | 42/48 | €81,874 | €63,067 | -€18,807 | -23.0% |
| Trade debts | 44 | €37,784 | €19,431 | -€18,353 | -48.6% |
| Suppliers | 440/4 | €37,784 | €19,431 | -€18,353 | -48.6% |
| Taxes, remuneration and social security | 45 | €14,313 | €12,313 | -€2,000 | -14.0% |
| Taxes | 450/3 | €4,413 | €4,413 | = | 0.0% |
| Remuneration and social security | 454/9 | €9,900 | €7,900 | -€2,000 | -20.2% |
| Other amounts payable | 47/48 | €29,778 | €31,323 | +€1,545 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,425 | +€3,425 | |
| Other operating charges | 640/8 | €3,640 | €574 | -€3,066 | -84.2% |
| Gross operating margin | 9900 | €24,682 | €4,336 | -€20,346 | -82.4% |
| Operating profit (loss) | 9901 | €21,042 | €337 | -€20,705 | -98.4% |
| Financial income | 75/76B | €180 | - | -€180 | |
| Recurring financial income | 75 | €180 | - | -€180 | |
| Financial charges | 65/66B | €1,805 | €1,028 | -€777 | -43.0% |
| Recurring financial charges | 65 | €1,805 | €1,028 | -€777 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | €19,417 | -€691 | -€20,108 | |
| Income taxes | 67/77 | €700 | - | -€700 | |
| Profit (loss) for the period | 9904 | €18,717 | -€691 | -€19,408 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,717 | -€691 | -€19,408 |
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 8 October 2026 via checked.be.