TVD: 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.
TVD
Largest movements
- Financial fixed assets -€40,000
down €40,000 (-13.5%), from €296,000 to €256,000
- Tangible fixed assets -€28,816
down €28,816 (-6.7%), from €430,767 to €401,951
of which Land and buildings: -€21,803
- Accrued charges and deferred income -€42,155
no longer reported in 2025 (was €42,155)
- Reserves +€26,338
up €26,338 (+7.6%), from €345,615 to €371,952
of which Distributable reserves: +€26,338
- Other debts -€24,709
down €24,709 (-95.8%), from €25,792 to €1,083
- Debts after one year -€23,445
down €23,445 (-9.0%), from €261,947 to €238,502
- Gross operating margin +€63,425
up €63,425 (+96.2%), from €65,950 to €129,375
- Taxes +€10,262
up €10,262 (+151%), from €6,779 to €17,041
- Depreciation -€3,988
down €3,988 (-14.2%), from €28,041 to €24,053
- Other operating charges +€2,847
up €2,847 (+65.8%), from €4,326 to €7,173
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 | €755,974 | €690,003 | -€65,971 | -8.7% |
| Fixed assets | 21/28 | €726,767 | €657,951 | -€68,816 | -9.5% |
| Tangible fixed assets | 22/27 | €430,767 | €401,951 | -€28,816 | -6.7% |
| Land and buildings | 22 | €406,859 | €385,056 | -€21,803 | -5.4% |
| Plant, machinery and equipment | 23 | €8,891 | €6,881 | -€2,010 | -22.6% |
| Furniture and vehicles | 24 | €15,017 | €10,014 | -€5,003 | -33.3% |
| Financial fixed assets | 28 | €296,000 | €256,000 | -€40,000 | -13.5% |
| Current assets | 29/58 | €29,207 | €32,052 | +€2,845 | +9.7% |
| Amounts receivable within one year | 40/41 | €20,994 | €24,200 | +€3,207 | +15.3% |
| Trade receivables | 40 | €20,994 | €24,200 | +€3,207 | +15.3% |
| Cash at bank and in hand | 54/58 | €5,597 | €7,402 | +€1,805 | +32.3% |
| Deferred charges and accrued income | 490/1 | €2,617 | €450 | -€2,167 | -82.8% |
| Total equity and liabilities | 10/49 | €755,974 | €690,003 | -€65,971 | -8.7% |
| Equity | 10/15 | €358,015 | €384,352 | +€26,338 | +7.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €345,615 | €371,952 | +€26,338 | +7.6% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €343,615 | €369,952 | +€26,338 | +7.7% |
| Amounts payable | 17/49 | €397,959 | €305,651 | -€92,309 | -23.2% |
| Amounts payable after more than one year | 17 | €261,947 | €238,502 | -€23,445 | -9.0% |
| Financial debts | 170/4 | €261,947 | €238,502 | -€23,445 | -9.0% |
| Amounts payable within one year | 42/48 | €93,858 | €67,149 | -€26,709 | -28.5% |
| Current portion of amounts payable after more than one year | 42 | €26,928 | €23,445 | -€3,483 | -12.9% |
| Trade debts | 44 | €13,748 | €17,778 | +€4,029 | +29.3% |
| Suppliers | 440/4 | €13,748 | €17,778 | +€4,029 | +29.3% |
| Taxes, remuneration and social security | 45 | €27,389 | €24,843 | -€2,546 | -9.3% |
| Taxes | 450/3 | €14,076 | €24,843 | +€10,767 | +76.5% |
| Remuneration and social security | 454/9 | €13,314 | - | -€13,314 | |
| Other amounts payable | 47/48 | €25,792 | €1,083 | -€24,709 | -95.8% |
| Accrued charges and deferred income | 492/3 | €42,155 | - | -€42,155 | |
| Non-recurring operating income | 76A | - | €5,951 | +€5,951 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,041 | €24,053 | -€3,988 | -14.2% |
| Other operating charges | 640/8 | €4,326 | €7,173 | +€2,847 | +65.8% |
| Non-recurring operating charges | 66A | - | €50,000 | +€50,000 | |
| Gross operating margin | 9900 | €65,950 | €129,375 | +€63,425 | +96.2% |
| Operating profit (loss) | 9901 | €33,583 | €48,149 | +€14,566 | +43.4% |
| Financial charges | 65/66B | €8,555 | €7,840 | -€714 | -8.4% |
| Recurring financial charges | 65 | €8,555 | €7,840 | -€714 | -8.4% |
| Profit (loss) for the period before taxes | 9903 | €25,028 | €40,308 | +€15,280 | +61.1% |
| Income taxes | 67/77 | €6,779 | €17,041 | +€10,262 | +151% |
| Profit (loss) for the period | 9904 | €18,249 | €23,267 | +€5,019 | +27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,249 | €23,267 | +€5,019 | +27.5% |
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 16 October 2026 via checked.be.