TVDM: 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.
TVDM
Largest movements
- Cash -€32,462
down €32,462 (-46.0%), from €70,590 to €38,127
mainly Contributions, distributions and other (-€57,000) and Tax, wage and social debts (-€8,853)
- Receivables within one year +€8,696
up €8,696 (+115.6%), from €7,521 to €16,216
of which Other amounts receivable: +€13,438
- Profit (loss) carried forward -€11,011
down €11,011 (-20.5%), from €53,729 to €42,718
- Tax, wage and social debts -€8,853
down €8,853 (-56.4%), from €15,710 to €6,857
- Other debts -€4,159
no longer reported in 2025 (was €4,159)
- Trade debts +€1,188
up €1,188 (+51.9%), from €2,288 to €3,476
- Gross operating margin +€13,959
up €13,959 (+27.0%), from €51,724 to €65,683
- Taxes +€3,375
up €3,375 (+29.2%), from €11,563 to €14,938
- Depreciation +€667
up €667 (+70.1%), from €951 to €1,617
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 | €80,153 | €56,910 | -€23,243 | -29.0% |
| Fixed assets | 21/28 | €2,042 | €2,566 | +€524 | +25.6% |
| Tangible fixed assets | 22/27 | €2,042 | €2,566 | +€524 | +25.6% |
| Plant, machinery and equipment | 23 | €2,042 | €2,566 | +€524 | +25.6% |
| Current assets | 29/58 | €78,110 | €54,344 | -€23,767 | -30.4% |
| Amounts receivable within one year | 40/41 | €7,521 | €16,216 | +€8,696 | +115.6% |
| Trade receivables | 40 | €6,084 | €1,342 | -€4,743 | -77.9% |
| Other amounts receivable | 41 | €1,437 | €14,875 | +€13,438 | +935.4% |
| Cash at bank and in hand | 54/58 | €70,590 | €38,127 | -€32,462 | -46.0% |
| Total equity and liabilities | 10/49 | €80,153 | €56,910 | -€23,243 | -29.0% |
| Equity | 10/15 | €56,729 | €45,718 | -€11,011 | -19.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €53,729 | €42,718 | -€11,011 | -20.5% |
| Amounts payable | 17/49 | €23,424 | €11,192 | -€12,232 | -52.2% |
| Amounts payable within one year | 42/48 | €23,424 | €11,192 | -€12,232 | -52.2% |
| Current portion of amounts payable after more than one year | 42 | €1,266 | €859 | -€407 | -32.1% |
| Trade debts | 44 | €2,288 | €3,476 | +€1,188 | +51.9% |
| Suppliers | 440/4 | €2,288 | €3,476 | +€1,188 | +51.9% |
| Taxes, remuneration and social security | 45 | €15,710 | €6,857 | -€8,853 | -56.4% |
| Taxes | 450/3 | €15,710 | €6,857 | -€8,853 | -56.4% |
| Other amounts payable | 47/48 | €4,159 | - | -€4,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €951 | €1,617 | +€667 | +70.1% |
| Other operating charges | 640/8 | €1,003 | €1,012 | +€9 | +0.9% |
| Gross operating margin | 9900 | €51,724 | €65,683 | +€13,959 | +27.0% |
| Operating profit (loss) | 9901 | €49,770 | €63,053 | +€13,283 | +26.7% |
| Financial income | 75/76B | €1 | €41 | +€40 | +4078.4% |
| Recurring financial income | 75 | €1 | €41 | +€40 | +4078.4% |
| Financial charges | 65/66B | €2,253 | €2,167 | -€86 | -3.8% |
| Recurring financial charges | 65 | €2,253 | €2,167 | -€86 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €47,518 | €60,927 | +€13,409 | +28.2% |
| Income taxes | 67/77 | €11,563 | €14,938 | +€3,375 | +29.2% |
| Profit (loss) for the period | 9904 | €35,955 | €45,989 | +€10,034 | +27.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,955 | €45,989 | +€10,034 | +27.9% |
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 2 October 2026 via checked.be.