TVD 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.
TVD Management
Largest movements
- Receivables within one year +€27,452
up €27,452 (+28.1%), from €97,682 to €125,134
of which Other amounts receivable: +€26,858
- Cash +€24,092
up €24,092 (+61.7%), from €39,034 to €63,126
mainly Net result for the year (+€47,404) and Depreciation (+€21,659)
- Tangible fixed assets -€20,702
down €20,702 (-25.3%), from €81,838 to €61,136
of which Furniture and vehicles: -€21,058
- Reserves +€47,404
up €47,404 (+34.1%), from €138,856 to €186,260
of which Distributable reserves: +€47,404
- Debts after one year -€11,706
down €11,706 (-44.6%), from €26,236 to €14,530
- Tax, wage and social debts -€4,359
down €4,359 (-29.5%), from €14,800 to €10,441
of which Taxes: -€4,634
- Gross operating margin -€6,317
down €6,317 (-6.5%), from €97,257 to €90,940
- Taxes -€1,756
down €1,756 (-7.8%), from €22,642 to €20,886
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 | €220,773 | €251,695 | +€30,922 | +14.0% |
| Fixed assets | 21/28 | €82,104 | €61,402 | -€20,702 | -25.2% |
| Tangible fixed assets | 22/27 | €81,838 | €61,136 | -€20,702 | -25.3% |
| Plant, machinery and equipment | 23 | €392 | €748 | +€356 | +90.8% |
| Furniture and vehicles | 24 | €81,446 | €60,388 | -€21,058 | -25.9% |
| Financial fixed assets | 28 | €266 | €266 | = | 0.0% |
| Current assets | 29/58 | €138,669 | €190,293 | +€51,624 | +37.2% |
| Amounts receivable within one year | 40/41 | €97,682 | €125,134 | +€27,452 | +28.1% |
| Trade receivables | 40 | €17,914 | €18,508 | +€594 | +3.3% |
| Other amounts receivable | 41 | €79,768 | €106,626 | +€26,858 | +33.7% |
| Cash at bank and in hand | 54/58 | €39,034 | €63,126 | +€24,092 | +61.7% |
| Deferred charges and accrued income | 490/1 | €1,953 | €2,033 | +€80 | +4.1% |
| Total equity and liabilities | 10/49 | €220,773 | €251,695 | +€30,922 | +14.0% |
| Equity | 10/15 | €157,456 | €204,860 | +€47,404 | +30.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €138,856 | €186,260 | +€47,404 | +34.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €136,996 | €184,400 | +€47,404 | +34.6% |
| Amounts payable | 17/49 | €63,317 | €46,835 | -€16,482 | -26.0% |
| Amounts payable after more than one year | 17 | €26,236 | €14,530 | -€11,706 | -44.6% |
| Financial debts | 170/4 | €26,236 | €14,530 | -€11,706 | -44.6% |
| Amounts payable within one year | 42/48 | €37,081 | €32,305 | -€4,776 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €18,235 | €17,762 | -€473 | -2.6% |
| Trade debts | 44 | €4,043 | €4,102 | +€59 | +1.5% |
| Suppliers | 440/4 | €4,043 | €4,102 | +€59 | +1.5% |
| Taxes, remuneration and social security | 45 | €14,800 | €10,441 | -€4,359 | -29.5% |
| Taxes | 450/3 | €14,755 | €10,121 | -€4,634 | -31.4% |
| Remuneration and social security | 454/9 | €45 | €320 | +€275 | +611% |
| Other amounts payable | 47/48 | €3 | - | -€3 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,371 | €21,659 | +€288 | +1.3% |
| Other operating charges | 640/8 | €906 | €881 | -€25 | -2.8% |
| Gross operating margin | 9900 | €97,257 | €90,940 | -€6,317 | -6.5% |
| Operating profit (loss) | 9901 | €74,980 | €68,400 | -€6,580 | -8.8% |
| Financial income | 75/76B | €2,585 | €1,858 | -€727 | -28.1% |
| Recurring financial income | 75 | €2,585 | €1,858 | -€727 | -28.1% |
| Financial charges | 65/66B | €2,547 | €1,968 | -€579 | -22.7% |
| Recurring financial charges | 65 | €2,547 | €1,968 | -€579 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | €75,018 | €68,290 | -€6,728 | -9.0% |
| Income taxes | 67/77 | €22,642 | €20,886 | -€1,756 | -7.8% |
| Profit (loss) for the period | 9904 | €52,376 | €47,404 | -€4,972 | -9.5% |
| Profit (loss) for the period to be appropriated | 9905 | €52,376 | €47,404 | -€4,972 | -9.5% |
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 26 October 2026 via checked.be.