TVB 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.
TVB Construct
Largest movements
- Stocks and contracts +€254,175
up €254,175 (+101.7%), from €249,872 to €504,047
- Cash -€79,250
down €79,250 (-48.2%), from €164,432 to €85,182
mainly Stocks and contracts (-€254,175) and Net result for the year (-€15,217)
- Short-term financial debts +€165,000
up €165,000 (+100.0%), from €165,000 to €330,000
- Other debts +€40,798
up €40,798 (+110.7%), from €36,859 to €77,657
- Profit (loss) carried forward -€15,217
new in 2025: -€15,217
- Tax, wage and social debts -€11,321
no longer reported in 2025 (was €11,321)
- Gross operating margin -€79,962
down €79,962, from €76,304 to -€3,659
- Taxes -€20,983
no longer reported in 2025 (was €20,983)
- Financial charges +€2,335
up €2,335 (+29.7%), from €7,849 to €10,183
- Other operating charges -€1,135
down €1,135 (-45.2%), from €2,510 to €1,375
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 | €415,949 | €594,915 | +€178,966 | +43.0% |
| Formation expenses | 20 | - | €0 | = | |
| Current assets | 29/58 | €415,949 | €594,915 | +€178,966 | +43.0% |
| Stocks and contracts in progress | 3 | €249,872 | €504,047 | +€254,175 | +101.7% |
| Stocks | 30/36 | €249,872 | €504,047 | +€254,175 | +101.7% |
| Amounts receivable within one year | 40/41 | €1,014 | €5,000 | +€3,986 | +393.3% |
| Other amounts receivable | 41 | €1,014 | €5,000 | +€3,986 | +393.3% |
| Cash at bank and in hand | 54/58 | €164,432 | €85,182 | -€79,250 | -48.2% |
| Deferred charges and accrued income | 490/1 | €631 | €686 | +€54 | +8.6% |
| Total equity and liabilities | 10/49 | €415,949 | €594,915 | +€178,966 | +43.0% |
| Equity | 10/15 | €49,963 | €34,746 | -€15,217 | -30.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €44,963 | €44,963 | = | 0.0% |
| Distributable reserves | 133 | €44,963 | €44,963 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€15,217 | -€15,217 | |
| Amounts payable | 17/49 | €365,986 | €560,169 | +€194,183 | +53.1% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €213,728 | €407,990 | +€194,262 | +90.9% |
| Financial debts | 43 | €165,000 | €330,000 | +€165,000 | +100.0% |
| Credit institutions | 430/8 | €165,000 | €330,000 | +€165,000 | +100.0% |
| Trade debts | 44 | €548 | €333 | -€214 | -39.1% |
| Suppliers | 440/4 | €548 | €333 | -€214 | -39.1% |
| Taxes, remuneration and social security | 45 | €11,321 | - | -€11,321 | |
| Taxes | 450/3 | €11,321 | - | -€11,321 | |
| Other amounts payable | 47/48 | €36,859 | €77,657 | +€40,798 | +110.7% |
| Accrued charges and deferred income | 492/3 | €2,258 | €2,179 | -€80 | -3.5% |
| Other operating charges | 640/8 | €2,510 | €1,375 | -€1,135 | -45.2% |
| Gross operating margin | 9900 | €76,304 | -€3,659 | -€79,962 | |
| Operating profit (loss) | 9901 | €73,794 | -€5,034 | -€78,828 | |
| Financial charges | 65/66B | €7,849 | €10,183 | +€2,335 | +29.7% |
| Recurring financial charges | 65 | €7,849 | €10,183 | +€2,335 | +29.7% |
| Profit (loss) for the period before taxes | 9903 | €65,945 | -€15,217 | -€81,162 | |
| Income taxes | 67/77 | €20,983 | - | -€20,983 | |
| Profit (loss) for the period | 9904 | €44,963 | -€15,217 | -€60,180 | |
| Profit (loss) for the period to be appropriated | 9905 | €44,963 | -€15,217 | -€60,180 |
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 28 September 2026 via checked.be.