TVD-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.
TVD-Construct
Largest movements
- Stocks and contracts +€33,706
up €33,706 (+511.1%), from €6,595 to €40,302
- Receivables within one year +€24,319
up €24,319 (+79.9%), from €30,431 to €54,750
of which Trade receivables: +€24,319
- Cash -€22,670
down €22,670 (-85.8%), from €26,429 to €3,758
mainly Contributions, distributions and other (-€42,664) and Stocks and contracts (-€33,706)
- Tangible fixed assets -€18,179
down €18,179 (-21.6%), from €84,337 to €66,158
of which Furniture and vehicles: -€22,442
- Trade debts +€39,510
up €39,510 (+1574.7%), from €2,509 to €42,019
- Reserves -€34,928
down €34,928 (-100.0%), from €34,928 to €0
- Debts after one year -€19,227
down €19,227 (-38.2%), from €50,346 to €31,119
- Other debts +€17,851
up €17,851 (+64.8%), from €27,530 to €45,381
- Tax, wage and social debts +€11,055
up €11,055 (+102.7%), from €10,768 to €21,823
- Gross operating margin -€2,929
down €2,929 (-6.7%), from €43,610 to €40,682
- Financial charges -€2,791
down €2,791 (-47.2%), from €5,919 to €3,128
- Other operating charges -€2,413
down €2,413 (-48.5%), from €4,973 to €2,560
- Depreciation +€1,919
up €1,919 (+8.5%), from €22,509 to €24,429
- Taxes +€676
up €676 (+31.4%), from €2,148 to €2,824
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 | €149,428 | €164,968 | +€15,541 | +10.4% |
| Fixed assets | 21/28 | €84,337 | €66,158 | -€18,179 | -21.6% |
| Tangible fixed assets | 22/27 | €84,337 | €66,158 | -€18,179 | -21.6% |
| Plant, machinery and equipment | 23 | €6,046 | €10,309 | +€4,263 | +70.5% |
| Furniture and vehicles | 24 | €78,291 | €55,849 | -€22,442 | -28.7% |
| Current assets | 29/58 | €65,090 | €98,810 | +€33,720 | +51.8% |
| Stocks and contracts in progress | 3 | €6,595 | €40,302 | +€33,706 | +511.1% |
| Stocks | 30/36 | €6,595 | €40,302 | +€33,706 | +511.1% |
| Amounts receivable within one year | 40/41 | €30,431 | €54,750 | +€24,319 | +79.9% |
| Trade receivables | 40 | €30,431 | €54,750 | +€24,319 | +79.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €26,429 | €3,758 | -€22,670 | -85.8% |
| Deferred charges and accrued income | 490/1 | €1,635 | €0 | -€1,635 | -100.0% |
| Total equity and liabilities | 10/49 | €149,428 | €164,968 | +€15,541 | +10.4% |
| Equity | 10/15 | €39,928 | €5,000 | -€34,928 | -87.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €34,928 | €0 | -€34,928 | -100.0% |
| Distributable reserves | 133 | €34,928 | €0 | -€34,928 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €109,500 | €159,968 | +€50,468 | +46.1% |
| Amounts payable after more than one year | 17 | €50,346 | €31,119 | -€19,227 | -38.2% |
| Financial debts | 170/4 | €50,346 | €31,119 | -€19,227 | -38.2% |
| Amounts payable within one year | 42/48 | €59,154 | €128,449 | +€69,295 | +117.1% |
| Current portion of amounts payable after more than one year | 42 | €18,347 | €19,227 | +€880 | +4.8% |
| Trade debts | 44 | €2,509 | €42,019 | +€39,510 | +1574.7% |
| Suppliers | 440/4 | €2,509 | €42,019 | +€39,510 | +1574.7% |
| Taxes, remuneration and social security | 45 | €10,768 | €21,823 | +€11,055 | +102.7% |
| Taxes | 450/3 | €10,768 | €21,823 | +€11,055 | +102.7% |
| Other amounts payable | 47/48 | €27,530 | €45,381 | +€17,851 | +64.8% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Remuneration, social security and pensions | 62 | €247 | €90 | -€158 | -63.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,509 | €24,429 | +€1,919 | +8.5% |
| Other operating charges | 640/8 | €4,973 | €2,560 | -€2,413 | -48.5% |
| Gross operating margin | 9900 | €43,610 | €40,682 | -€2,929 | -6.7% |
| Operating profit (loss) | 9901 | €15,880 | €13,603 | -€2,277 | -14.3% |
| Financial income | 75/76B | €0 | €85 | +€85 | +17267.3% |
| Recurring financial income | 75 | €0 | €85 | +€85 | +17267.3% |
| Financial charges | 65/66B | €5,919 | €3,128 | -€2,791 | -47.2% |
| Recurring financial charges | 65 | €5,919 | €3,128 | -€2,791 | -47.2% |
| Profit (loss) for the period before taxes | 9903 | €9,961 | €10,560 | +€599 | +6.0% |
| Income taxes | 67/77 | €2,148 | €2,824 | +€676 | +31.4% |
| Profit (loss) for the period | 9904 | €7,813 | €7,737 | -€77 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €7,813 | €7,737 | -€77 | -1.0% |
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 29 September 2026 via checked.be.