TVC40: 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.
TVC40
Largest movements
- Receivables within one year -€22,236
down €22,236 (-45.9%), from €48,436 to €26,200
of which Trade receivables: -€23,258
- Cash +€9,157
up €9,157 (+14.6%), from €62,869 to €72,026
mainly Receivables within one year (+€22,236) and Other debts (+€20,167)
- Deferred charges and accrued income +€1,540
up €1,540 (+82.7%), from €1,862 to €3,402
- Other debts +€20,167
up €20,167 (+63.5%), from €31,765 to €51,933
- Trade debts -€14,000
down €14,000 (-100.0%), from €14,000 to €0
- Tax, wage and social debts -€11,099
down €11,099 (-68.8%), from €16,137 to €5,038
- Reserves -€6,311
down €6,311 (-19.5%), from €32,346 to €26,035
- Gross operating margin -€3,920
down €3,920 (-16.8%), from €23,367 to €19,446
- Taxes -€2,301
down €2,301 (-36.6%), from €6,279 to €3,978
- Other operating charges +€650
up €650 (+79.1%), from €822 to €1,473
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 | €113,168 | €101,628 | -€11,539 | -10.2% |
| Current assets | 29/58 | €113,168 | €101,628 | -€11,539 | -10.2% |
| Amounts receivable within one year | 40/41 | €48,436 | €26,200 | -€22,236 | -45.9% |
| Trade receivables | 40 | €48,436 | €25,178 | -€23,258 | -48.0% |
| Other amounts receivable | 41 | - | €1,022 | +€1,022 | |
| Cash at bank and in hand | 54/58 | €62,869 | €72,026 | +€9,157 | +14.6% |
| Deferred charges and accrued income | 490/1 | €1,862 | €3,402 | +€1,540 | +82.7% |
| Total equity and liabilities | 10/49 | €113,168 | €101,628 | -€11,539 | -10.2% |
| Equity | 10/15 | €50,946 | €44,635 | -€6,311 | -12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €32,346 | €26,035 | -€6,311 | -19.5% |
| Distributable reserves | 133 | €32,346 | €26,035 | -€6,311 | -19.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €62,222 | €56,994 | -€5,228 | -8.4% |
| Amounts payable within one year | 42/48 | €61,902 | €56,971 | -€4,932 | -8.0% |
| Trade debts | 44 | €14,000 | €0 | -€14,000 | -100.0% |
| Suppliers | 440/4 | €14,000 | €0 | -€14,000 | -100.0% |
| Taxes, remuneration and social security | 45 | €16,137 | €5,038 | -€11,099 | -68.8% |
| Taxes | 450/3 | €16,137 | €5,038 | -€11,099 | -68.8% |
| Other amounts payable | 47/48 | €31,765 | €51,933 | +€20,167 | +63.5% |
| Accrued charges and deferred income | 492/3 | €319 | €23 | -€296 | -92.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126 | €0 | -€126 | -100.0% |
| Other operating charges | 640/8 | €822 | €1,473 | +€650 | +79.1% |
| Gross operating margin | 9900 | €23,367 | €19,446 | -€3,920 | -16.8% |
| Operating profit (loss) | 9901 | €22,418 | €17,974 | -€4,445 | -19.8% |
| Financial charges | 65/66B | €286 | €180 | -€106 | -37.0% |
| Recurring financial charges | 65 | €286 | €180 | -€106 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €22,133 | €17,794 | -€4,339 | -19.6% |
| Income taxes | 67/77 | €6,279 | €3,978 | -€2,301 | -36.6% |
| Profit (loss) for the period | 9904 | €15,854 | €13,816 | -€2,038 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €15,854 | €13,816 | -€2,038 | -12.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.