TVDC: 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.
TVDC
Largest movements
- Financial fixed assets +€476,075
new in 2025: €476,075
- Cash +€93,567
up €93,567 (+176.1%), from €53,131 to €146,698
mainly Other debts (+€331,666) and Debts after one year (+€150,000)
- Current investments -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Receivables within one year +€39,570
new in 2025: €39,570
- Tangible fixed assets -€15,624
down €15,624 (-26.5%), from €59,011 to €43,388
- Other debts +€331,666
up €331,666 (+401.3%), from €82,648 to €414,314
- Debts after one year +€150,000
new in 2025: €150,000
- Reserves +€57,016
up €57,016 (+81.5%), from €69,922 to €126,938
- Financial income +€40,064
new in 2025: €40,064
- Gross operating margin -€5,915
down €5,915 (-9.7%), from €61,039 to €55,124
- Taxes +€4,006
up €4,006 (+35.0%), from €11,442 to €15,448
- Depreciation +€1,631
up €1,631 (+11.7%), from €13,993 to €15,624
- Other operating charges -€670
down €670 (-40.5%), from €1,656 to €986
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 | €162,711 | €708,327 | +€545,616 | +335.3% |
| Fixed assets | 21/28 | €59,011 | €519,463 | +€460,452 | +780.3% |
| Tangible fixed assets | 22/27 | €59,011 | €43,388 | -€15,624 | -26.5% |
| Furniture and vehicles | 24 | €59,011 | €43,388 | -€15,624 | -26.5% |
| Financial fixed assets | 28 | - | €476,075 | +€476,075 | |
| Current assets | 29/58 | €103,699 | €188,864 | +€85,165 | +82.1% |
| Amounts receivable within one year | 40/41 | - | €39,570 | +€39,570 | |
| Other amounts receivable | 41 | - | €39,570 | +€39,570 | |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €53,131 | €146,698 | +€93,567 | +176.1% |
| Deferred charges and accrued income | 490/1 | €568 | €2,596 | +€2,028 | +357.0% |
| Total equity and liabilities | 10/49 | €162,711 | €708,327 | +€545,616 | +335.3% |
| Equity | 10/15 | €70,922 | €127,938 | +€57,016 | +80.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €69,922 | €126,938 | +€57,016 | +81.5% |
| Distributable reserves | 133 | €69,922 | €126,938 | +€57,016 | +81.5% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €91,789 | €580,389 | +€488,600 | +532.3% |
| Amounts payable after more than one year | 17 | - | €150,000 | +€150,000 | |
| Financial debts | 170/4 | - | €150,000 | +€150,000 | |
| Amounts payable within one year | 42/48 | €91,789 | €430,389 | +€338,600 | +368.9% |
| Trade debts | 44 | €1,094 | €2,261 | +€1,167 | +106.7% |
| Suppliers | 440/4 | €1,094 | €2,261 | +€1,167 | +106.7% |
| Taxes, remuneration and social security | 45 | €8,047 | €13,814 | +€5,767 | +71.7% |
| Taxes | 450/3 | €8,047 | €13,814 | +€5,767 | +71.7% |
| Other amounts payable | 47/48 | €82,648 | €414,314 | +€331,666 | +401.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,993 | €15,624 | +€1,631 | +11.7% |
| Other operating charges | 640/8 | €1,656 | €986 | -€670 | -40.5% |
| Gross operating margin | 9900 | €61,039 | €55,124 | -€5,915 | -9.7% |
| Operating profit (loss) | 9901 | €45,390 | €38,514 | -€6,876 | -15.1% |
| Financial income | 75/76B | - | €40,064 | +€40,064 | |
| Recurring financial income | 75 | - | €40,064 | +€40,064 | |
| Financial charges | 65/66B | €5,554 | €5,281 | -€273 | -4.9% |
| Recurring financial charges | 65 | €5,554 | €5,281 | -€273 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €39,836 | €73,297 | +€33,461 | +84.0% |
| Income taxes | 67/77 | €11,442 | €15,448 | +€4,006 | +35.0% |
| Profit (loss) for the period | 9904 | €28,394 | €57,849 | +€29,454 | +103.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,394 | €57,849 | +€29,454 | +103.7% |
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 7 October 2026 via checked.be.