TSVE: 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.
TSVE
Largest movements
- Receivables within one year +€323,620
up €323,620 (+126.5%), from €255,763 to €579,383
of which Trade receivables: +€315,016
- Cash +€52,700
new in 2025: €52,700
mainly Trade debts (+€282,260) and Tax, wage and social debts (+€64,342)
- Tangible fixed assets +€18,756
up €18,756 (+47.5%), from €39,450 to €58,206
of which Furniture and vehicles: +€21,804
- Trade debts +€282,260
up €282,260 (+270.9%), from €104,187 to €386,447
- Tax, wage and social debts +€64,342
up €64,342 (+160.3%), from €40,138 to €104,480
of which Remuneration and social security: +€42,810
- Profit (loss) carried forward +€27,179
up €27,179 (+36.3%), from €74,797 to €101,976
- Advances received +€19,451
up €19,451 (+84.6%), from €23,000 to €42,451
- Short-term financial debts -€18,023
down €18,023 (-74.5%), from €24,193 to €6,170
- Gross operating margin +€105,707
up €105,707 (+36.0%), from €293,956 to €399,663
- Staff costs +€97,189
up €97,189 (+41.8%), from €232,335 to €329,524
- Depreciation +€8,480
up €8,480 (+65.6%), from €12,925 to €21,405
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 | €346,836 | €733,047 | +€386,211 | +111.4% |
| Formation expenses | 20 | €225 | €18 | -€207 | -91.9% |
| Fixed assets | 21/28 | €44,164 | €58,919 | +€14,756 | +33.4% |
| Intangible fixed assets | 21 | €4,351 | €351 | -€4,000 | -91.9% |
| Tangible fixed assets | 22/27 | €39,450 | €58,206 | +€18,756 | +47.5% |
| Plant, machinery and equipment | 23 | €7,202 | €3,364 | -€3,837 | -53.3% |
| Furniture and vehicles | 24 | €30,987 | €52,791 | +€21,804 | +70.4% |
| Other tangible fixed assets | 26 | €1,261 | €2,050 | +€789 | +62.6% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €302,448 | €674,110 | +€371,662 | +122.9% |
| Stocks and contracts in progress | 3 | €35,993 | €33,972 | -€2,021 | -5.6% |
| Stocks | 30/36 | €35,993 | €33,972 | -€2,021 | -5.6% |
| Amounts receivable within one year | 40/41 | €255,763 | €579,383 | +€323,620 | +126.5% |
| Trade receivables | 40 | €208,982 | €523,998 | +€315,016 | +150.7% |
| Other amounts receivable | 41 | €46,781 | €55,385 | +€8,604 | +18.4% |
| Cash at bank and in hand | 54/58 | - | €52,700 | +€52,700 | |
| Deferred charges and accrued income | 490/1 | €10,692 | €8,055 | -€2,636 | -24.7% |
| Total equity and liabilities | 10/49 | €346,836 | €733,047 | +€386,211 | +111.4% |
| Equity | 10/15 | €108,702 | €135,881 | +€27,179 | +25.0% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €25,904 | €25,904 | = | 0.0% |
| Distributable reserves | 133 | €25,904 | €25,904 | = | 0.0% |
| Profit (loss) carried forward | 14 | €74,797 | €101,976 | +€27,179 | +36.3% |
| Amounts payable | 17/49 | €238,135 | €597,167 | +€359,032 | +150.8% |
| Amounts payable after more than one year | 17 | €24,851 | €41,795 | +€16,945 | +68.2% |
| Financial debts | 170/4 | €24,851 | €41,795 | +€16,945 | +68.2% |
| Amounts payable within one year | 42/48 | €213,284 | €555,371 | +€342,087 | +160.4% |
| Current portion of amounts payable after more than one year | 42 | €21,767 | €14,823 | -€6,943 | -31.9% |
| Financial debts | 43 | €24,193 | €6,170 | -€18,023 | -74.5% |
| Credit institutions | 430/8 | €24,193 | €6,170 | -€18,023 | -74.5% |
| Trade debts | 44 | €104,187 | €386,447 | +€282,260 | +270.9% |
| Suppliers | 440/4 | €104,187 | €386,447 | +€282,260 | +270.9% |
| Advances received on contracts in progress | 46 | €23,000 | €42,451 | +€19,451 | +84.6% |
| Taxes, remuneration and social security | 45 | €40,138 | €104,480 | +€64,342 | +160.3% |
| Taxes | 450/3 | €15,832 | €37,363 | +€21,532 | +136.0% |
| Remuneration and social security | 454/9 | €24,306 | €67,117 | +€42,810 | +176.1% |
| Other amounts payable | 47/48 | - | €1,000 | +€1,000 | |
| Remuneration, social security and pensions | 62 | €232,335 | €329,524 | +€97,189 | +41.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,925 | €21,405 | +€8,480 | +65.6% |
| Other operating charges | 640/8 | €4,747 | €2,717 | -€2,030 | -42.8% |
| Gross operating margin | 9900 | €293,956 | €399,663 | +€105,707 | +36.0% |
| Operating profit (loss) | 9901 | €43,950 | €46,017 | +€2,067 | +4.7% |
| Financial income | 75/76B | €787 | €1,935 | +€1,147 | +145.7% |
| Recurring financial income | 75 | €787 | €1,935 | +€1,147 | +145.7% |
| Financial charges | 65/66B | €5,278 | €7,154 | +€1,877 | +35.6% |
| Recurring financial charges | 65 | €5,278 | €7,154 | +€1,877 | +35.6% |
| Profit (loss) for the period before taxes | 9903 | €39,460 | €40,797 | +€1,337 | +3.4% |
| Income taxes | 67/77 | €13,189 | €12,618 | -€571 | -4.3% |
| Profit (loss) for the period | 9904 | €26,270 | €28,179 | +€1,909 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,270 | €28,179 | +€1,909 | +7.3% |
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 4 October 2026 via checked.be.