TVD Projects: 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 Projects
Largest movements
- Cash -€11,757
down €11,757 (-61.2%), from €19,220 to €7,462
mainly Contributions, distributions and other (-€30,986) and Trade debts (-€4,247)
- Deferred charges and accrued income -€2,788
down €2,788 (-82.2%), from €3,394 to €606
- Receivables within one year +€2,345
up €2,345 (+20.1%), from €11,677 to €14,022
of which Trade receivables: +€1,980
- Tangible fixed assets +€2,245
up €2,245 (+96.4%), from €2,329 to €4,574
of which Furniture and vehicles: +€2,702
- Reserves -€21,392
no longer reported in 2025 (was €21,392)
- Other debts +€11,707
new in 2025: €11,707
- Trade debts -€4,247
down €4,247 (-94.0%), from €4,520 to €273
- Tax, wage and social debts +€3,977
up €3,977 (+48.5%), from €8,207 to €12,183
- Gross operating margin -€4,925
down €4,925 (-25.5%), from €19,315 to €14,389
- Financial income +€637
up €637 (+506.2%), from €126 to €763
- Other operating charges -€513
no longer reported in 2025 (was €513)
- Depreciation +€475
up €475 (+61.1%), from €778 to €1,254
- Taxes -€356
down €356 (-10.7%), from €3,325 to €2,969
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 | €36,619 | €26,664 | -€9,955 | -27.2% |
| Fixed assets | 21/28 | €2,329 | €4,574 | +€2,245 | +96.4% |
| Tangible fixed assets | 22/27 | €2,329 | €4,574 | +€2,245 | +96.4% |
| Plant, machinery and equipment | 23 | €1,365 | €908 | -€457 | -33.5% |
| Furniture and vehicles | 24 | €964 | €3,666 | +€2,702 | +280.3% |
| Current assets | 29/58 | €34,290 | €22,090 | -€12,200 | -35.6% |
| Amounts receivable within one year | 40/41 | €11,677 | €14,022 | +€2,345 | +20.1% |
| Trade receivables | 40 | €11,447 | €13,426 | +€1,980 | +17.3% |
| Other amounts receivable | 41 | €230 | €596 | +€366 | +159.1% |
| Cash at bank and in hand | 54/58 | €19,220 | €7,462 | -€11,757 | -61.2% |
| Deferred charges and accrued income | 490/1 | €3,394 | €606 | -€2,788 | -82.2% |
| Total equity and liabilities | 10/49 | €36,619 | €26,664 | -€9,955 | -27.2% |
| Equity | 10/15 | €23,892 | €2,500 | -€21,392 | -89.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €21,392 | - | -€21,392 | |
| Distributable reserves | 133 | €21,392 | - | -€21,392 | |
| Amounts payable | 17/49 | €12,727 | €24,164 | +€11,437 | +89.9% |
| Amounts payable within one year | 42/48 | €12,727 | €24,164 | +€11,437 | +89.9% |
| Trade debts | 44 | €4,520 | €273 | -€4,247 | -94.0% |
| Suppliers | 440/4 | €4,520 | €273 | -€4,247 | -94.0% |
| Taxes, remuneration and social security | 45 | €8,207 | €12,183 | +€3,977 | +48.5% |
| Taxes | 450/3 | €8,207 | €12,183 | +€3,977 | +48.5% |
| Other amounts payable | 47/48 | - | €11,707 | +€11,707 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €778 | €1,254 | +€475 | +61.1% |
| Other operating charges | 640/8 | €513 | - | -€513 | |
| Gross operating margin | 9900 | €19,315 | €14,389 | -€4,925 | -25.5% |
| Operating profit (loss) | 9901 | €18,023 | €13,136 | -€4,887 | -27.1% |
| Financial income | 75/76B | €126 | €763 | +€637 | +506.2% |
| Recurring financial income | 75 | €126 | €763 | +€637 | +506.2% |
| Financial charges | 65/66B | €1,592 | €1,336 | -€257 | -16.1% |
| Recurring financial charges | 65 | €1,592 | €1,336 | -€257 | -16.1% |
| Profit (loss) for the period before taxes | 9903 | €16,557 | €12,563 | -€3,994 | -24.1% |
| Income taxes | 67/77 | €3,325 | €2,969 | -€356 | -10.7% |
| Profit (loss) for the period | 9904 | €13,231 | €9,594 | -€3,638 | -27.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,231 | €9,594 | -€3,638 | -27.5% |
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 30 September 2026 via checked.be.