TVC Management: 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.
TVC Management
Largest movements
- Receivables within one year +€30,511
up €30,511 (+63.7%), from €47,885 to €78,396
of which Other amounts receivable: +€24,937
- Cash +€26,738
up €26,738 (+109%), from €24,537 to €51,275
mainly Net result for the year (+€165,775) and Other debts (+€96,090)
- Other debts +€96,090
up €96,090 (+134%), from €71,911 to €168,000
- Reserves -€26,500
down €26,500 (-57.0%), from €46,500 to €20,000
- Debts after one year -€15,147
down €15,147 (-6.9%), from €220,004 to €204,857
of which Financial debts: -€15,147
- Tax, wage and social debts +€7,555
up €7,555 (+82.6%), from €9,141 to €16,696
of which Taxes: +€7,034
- Accrued charges and deferred income -€5,707
down €5,707 (-59.7%), from €9,554 to €3,847
- Gross operating margin +€122,843
up €122,843 (+102%), from €120,904 to €243,747
- Taxes +€28,561
up €28,561 (+116%), from €24,538 to €53,100
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 | €393,593 | €448,480 | +€54,887 | +13.9% |
| Fixed assets | 21/28 | €317,896 | €314,537 | -€3,359 | -1.1% |
| Tangible fixed assets | 22/27 | €317,896 | €314,537 | -€3,359 | -1.1% |
| Land and buildings | 22 | €273,076 | €275,145 | +€2,068 | +0.8% |
| Plant, machinery and equipment | 23 | €1,025 | €572 | -€453 | -44.2% |
| Furniture and vehicles | 24 | €11,982 | €11,030 | -€951 | -7.9% |
| Other tangible fixed assets | 26 | €31,812 | €27,789 | -€4,023 | -12.6% |
| Current assets | 29/58 | €75,697 | €133,943 | +€58,246 | +76.9% |
| Amounts receivable within one year | 40/41 | €47,885 | €78,396 | +€30,511 | +63.7% |
| Trade receivables | 40 | €41,148 | €46,722 | +€5,574 | +13.5% |
| Other amounts receivable | 41 | €6,737 | €31,674 | +€24,937 | +370% |
| Cash at bank and in hand | 54/58 | €24,537 | €51,275 | +€26,738 | +109% |
| Deferred charges and accrued income | 490/1 | €3,275 | €4,272 | +€997 | +30.4% |
| Total equity and liabilities | 10/49 | €393,593 | €448,480 | +€54,887 | +13.9% |
| Equity | 10/15 | €68,129 | €39,405 | -€28,725 | -42.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €46,500 | €20,000 | -€26,500 | -57.0% |
| Distributable reserves | 133 | €46,500 | €20,000 | -€26,500 | -57.0% |
| Profit (loss) carried forward | 14 | €3,029 | €805 | -€2,225 | -73.4% |
| Amounts payable | 17/49 | €325,464 | €409,075 | +€83,611 | +25.7% |
| Amounts payable after more than one year | 17 | €220,004 | €204,857 | -€15,147 | -6.9% |
| Financial debts | 170/4 | €218,654 | €203,507 | -€15,147 | -6.9% |
| Other amounts payable | 178/9 | €1,350 | €1,350 | = | 0.0% |
| Amounts payable within one year | 42/48 | €95,905 | €200,371 | +€104,465 | +109% |
| Current portion of amounts payable after more than one year | 42 | €14,853 | €15,147 | +€294 | +2.0% |
| Trade debts | 44 | €0 | €528 | +€528 | |
| Suppliers | 440/4 | €0 | €528 | +€528 | |
| Taxes, remuneration and social security | 45 | €9,141 | €16,696 | +€7,555 | +82.6% |
| Taxes | 450/3 | €8,623 | €15,657 | +€7,034 | +81.6% |
| Remuneration and social security | 454/9 | €519 | €1,039 | +€520 | +100% |
| Other amounts payable | 47/48 | €71,911 | €168,000 | +€96,090 | +134% |
| Accrued charges and deferred income | 492/3 | €9,554 | €3,847 | -€5,707 | -59.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,065 | €16,992 | +€926 | +5.8% |
| Other operating charges | 640/8 | €2,803 | €2,383 | -€420 | -15.0% |
| Gross operating margin | 9900 | €120,904 | €243,747 | +€122,843 | +102% |
| Operating profit (loss) | 9901 | €102,036 | €224,373 | +€122,336 | +120% |
| Financial income | 75/76B | €1,034 | €928 | -€107 | -10.3% |
| Recurring financial income | 75 | €1,034 | €928 | -€107 | -10.3% |
| Financial charges | 65/66B | €7,155 | €6,425 | -€730 | -10.2% |
| Recurring financial charges | 65 | €7,155 | €6,425 | -€730 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €95,916 | €218,875 | +€122,959 | +128% |
| Income taxes | 67/77 | €24,538 | €53,100 | +€28,561 | +116% |
| Profit (loss) for the period | 9904 | €71,377 | €165,775 | +€94,398 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €71,377 | €165,775 | +€94,398 | +132% |
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.