TUVO: what changed
Two financial 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.
TUVO
Largest movements
- Tangible fixed assets +€1.1m
up €1.1m (+286%), from €396,048 to €1.5m
of which Leasing and similar rights: +€1.3m
- Cash +€92,915
up €92,915 (+568%), from €16,363 to €109,277
mainly Debts after one year (+€948,017) and Depreciation (+€233,840)
- Receivables within one year +€75,353
up €75,353 (+9.9%), from €758,311 to €833,665
of which Other amounts receivable: +€173,454
- Debts after one year +€948,017
new in 2025: €948,017
- Current portion of long-term debt +€182,001
new in 2025: €182,001
- Other debts +€125,000
up €125,000 (+287%), from €43,628 to €168,628
- Tax, wage and social debts +€49,733
up €49,733 (+115%), from €43,312 to €93,045
of which Taxes: +€30,105
- Accrued charges and deferred income -€31,500
down €31,500 (-100%), from €31,500 to €0
- Gross operating margin +€240,852
up €240,852 (+70.7%), from €340,490 to €581,342
- Depreciation +€66,774
up €66,774 (+40.0%), from €167,066 to €233,840
- Staff costs +€46,647
up €46,647 (+15.0%), from €311,019 to €357,666
- Write-downs -€20,931
down €20,931, from €10,922 to -€10,010
- Financial charges +€9,706
up €9,706 (+304%), from €3,197 to €12,903
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.
Derived cash bridge
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 | €1,369,564 | €2,657,631 | +€1.3m | +94.0% |
| Fixed assets | 21/28 | €414,681 | €1,543,830 | +€1.1m | +272% |
| Intangible fixed assets | 21 | €18,633 | €13,906 | -€4,727 | -25.4% |
| Tangible fixed assets | 22/27 | €396,048 | €1,529,925 | +€1.1m | +286% |
| Land and buildings | 22 | €6,645 | €2,512 | -€4,134 | -62.2% |
| Furniture and vehicles | 24 | €389,403 | €275,624 | -€113,779 | -29.2% |
| Leasing and similar rights | 25 | - | €1,251,789 | +€1.3m | |
| Current assets | 29/58 | €954,883 | €1,113,801 | +€158,917 | +16.6% |
| Stocks and contracts in progress | 3 | €176,387 | €158,592 | -€17,796 | -10.1% |
| Stocks | 30/36 | €176,387 | €158,592 | -€17,796 | -10.1% |
| Amounts receivable within one year | 40/41 | €758,311 | €833,665 | +€75,353 | +9.9% |
| Trade receivables | 40 | €563,995 | €465,894 | -€98,101 | -17.4% |
| Other amounts receivable | 41 | €194,316 | €367,770 | +€173,454 | +89.3% |
| Cash at bank and in hand | 54/58 | €16,363 | €109,277 | +€92,915 | +568% |
| Deferred charges and accrued income | 490/1 | €3,823 | €12,267 | +€8,445 | +221% |
| Total equity and liabilities | 10/49 | €1,369,564 | €2,657,631 | +€1.3m | +94.0% |
| Equity | 10/15 | €856,789 | €852,356 | -€4,433 | -0.5% |
| Contributions | 10/11 | €185,016 | €185,016 | = | 0.0% |
| Reserves | 13 | €671,773 | €667,341 | -€4,433 | -0.7% |
| Distributable reserves | 133 | €671,773 | €667,341 | -€4,433 | -0.7% |
| Amounts payable | 17/49 | €512,776 | €1,805,275 | +€1.3m | +252% |
| Amounts payable after more than one year | 17 | - | €948,017 | +€948,017 | |
| Financial debts | 170/4 | - | €948,017 | +€948,017 | |
| Amounts payable within one year | 42/48 | €481,276 | €857,257 | +€375,982 | +78.1% |
| Current portion of amounts payable after more than one year | 42 | - | €182,001 | +€182,001 | |
| Trade debts | 44 | €394,335 | €413,583 | +€19,248 | +4.9% |
| Suppliers | 440/4 | €394,335 | €413,583 | +€19,248 | +4.9% |
| Taxes, remuneration and social security | 45 | €43,312 | €93,045 | +€49,733 | +115% |
| Taxes | 450/3 | €3,856 | €33,960 | +€30,105 | +781% |
| Remuneration and social security | 454/9 | €39,456 | €59,084 | +€19,628 | +49.7% |
| Other amounts payable | 47/48 | €43,628 | €168,628 | +€125,000 | +287% |
| Accrued charges and deferred income | 492/3 | €31,500 | €0 | -€31,500 | -100% |
| Remuneration, social security and pensions | 62 | €311,019 | €357,666 | +€46,647 | +15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €167,066 | €233,840 | +€66,774 | +40.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,922 | -€10,010 | -€20,931 | |
| Other operating charges | 640/8 | €423 | €423 | = | 0.0% |
| Non-recurring operating charges | 66A | €2,031 | €1,520 | -€511 | -25.2% |
| Gross operating margin | 9900 | €340,490 | €581,342 | +€240,852 | +70.7% |
| Operating profit (loss) | 9901 | -€150,971 | -€2,098 | +€148,874 | +98.6% |
| Financial income | 75/76B | €4,557 | €11,507 | +€6,950 | +153% |
| Recurring financial income | 75 | €4,557 | €11,507 | +€6,950 | +153% |
| Financial charges | 65/66B | €3,197 | €12,903 | +€9,706 | +304% |
| Recurring financial charges | 65 | €3,197 | €12,903 | +€9,706 | +304% |
| Profit (loss) for the period before taxes | 9903 | -€149,612 | -€3,494 | +€146,118 | +97.7% |
| Income taxes | 67/77 | €1,538 | €939 | -€599 | -39.0% |
| Profit (loss) for the period | 9904 | -€151,150 | -€4,433 | +€146,717 | +97.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€151,150 | -€4,433 | +€146,717 | +97.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.