TVELT: 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.
TVELT
Largest movements
- Tangible fixed assets -€63,136
down €63,136 (-3.4%), from €1.8m to €1.8m
of which Land and buildings: -€60,651
- Debts after one year -€39,879
down €39,879 (-9.1%), from €436,966 to €397,087
- Reserves +€33,027
up €33,027 (+9.3%), from €356,158 to €389,185
- Other debts -€26,509
down €26,509 (-4.1%), from €652,473 to €625,964
- Accrued charges and deferred income -€20,301
down €20,301 (-54.0%), from €37,614 to €17,313
- Taxes -€92,053
down €92,053 (-96.5%), from €95,356 to €3,303
- Gross operating margin +€83,714
up €83,714 (+130%), from €64,213 to €147,927
- Other operating charges +€7,496
up €7,496 (+76.6%), from €9,783 to €17,279
- Financial charges -€4,019
down €4,019 (-17.9%), from €22,501 to €18,482
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 | €1,901,114 | €1,862,337 | -€38,777 | -2.0% |
| Formation expenses | 20 | €6,159 | €4,927 | -€1,233 | -20.0% |
| Fixed assets | 21/28 | €1,874,290 | €1,809,540 | -€64,750 | -3.5% |
| Intangible fixed assets | 21 | €25,821 | €24,207 | -€1,614 | -6.3% |
| Tangible fixed assets | 22/27 | €1,848,469 | €1,785,332 | -€63,136 | -3.4% |
| Land and buildings | 22 | €1,748,520 | €1,687,868 | -€60,651 | -3.5% |
| Plant, machinery and equipment | 23 | €47,921 | €41,056 | -€6,865 | -14.3% |
| Furniture and vehicles | 24 | €52,028 | €56,408 | +€4,380 | +8.4% |
| Current assets | 29/58 | €20,665 | €47,871 | +€27,206 | +132% |
| Amounts receivable within one year | 40/41 | €1,107 | €18,396 | +€17,289 | +1,562% |
| Trade receivables | 40 | €1,094 | €18,396 | +€17,302 | +1,581% |
| Other amounts receivable | 41 | €13 | - | -€13 | |
| Cash at bank and in hand | 54/58 | €16,344 | €19,491 | +€3,147 | +19.3% |
| Deferred charges and accrued income | 490/1 | €3,214 | €9,983 | +€6,769 | +211% |
| Total equity and liabilities | 10/49 | €1,901,114 | €1,862,337 | -€38,777 | -2.0% |
| Equity | 10/15 | €719,792 | €752,819 | +€33,027 | +4.6% |
| Contributions | 10/11 | €363,634 | €363,634 | = | 0.0% |
| Reserves | 13 | €356,158 | €389,185 | +€33,027 | +9.3% |
| Distributable reserves | 133 | €356,158 | €389,185 | +€33,027 | +9.3% |
| Amounts payable | 17/49 | €1,181,322 | €1,109,518 | -€71,804 | -6.1% |
| Amounts payable after more than one year | 17 | €436,966 | €397,087 | -€39,879 | -9.1% |
| Financial debts | 170/4 | €436,966 | €397,087 | -€39,879 | -9.1% |
| Amounts payable within one year | 42/48 | €706,742 | €695,118 | -€11,624 | -1.6% |
| Current portion of amounts payable after more than one year | 42 | €39,190 | €39,879 | +€689 | +1.8% |
| Trade debts | 44 | €9,131 | €11,093 | +€1,962 | +21.5% |
| Suppliers | 440/4 | €9,131 | €11,093 | +€1,962 | +21.5% |
| Taxes, remuneration and social security | 45 | €5,948 | €18,182 | +€12,234 | +206% |
| Taxes | 450/3 | €5,948 | €18,182 | +€12,234 | +206% |
| Other amounts payable | 47/48 | €652,473 | €625,964 | -€26,509 | -4.1% |
| Accrued charges and deferred income | 492/3 | €37,614 | €17,313 | -€20,301 | -54.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,230 | €76,400 | +€1,170 | +1.6% |
| Other operating charges | 640/8 | €9,783 | €17,279 | +€7,496 | +76.6% |
| Gross operating margin | 9900 | €64,213 | €147,927 | +€83,714 | +130% |
| Operating profit (loss) | 9901 | -€20,800 | €54,249 | +€75,048 | |
| Financial income | 75/76B | €43 | €563 | +€520 | +1,208% |
| Recurring financial income | 75 | €43 | €563 | +€520 | +1,208% |
| Financial charges | 65/66B | €22,501 | €18,482 | -€4,019 | -17.9% |
| Recurring financial charges | 65 | €22,501 | €18,482 | -€4,019 | -17.9% |
| Profit (loss) for the period before taxes | 9903 | -€43,258 | €36,330 | +€79,587 | |
| Income taxes | 67/77 | €95,356 | €3,303 | -€92,053 | -96.5% |
| Profit (loss) for the period | 9904 | -€138,613 | €33,027 | +€171,640 | |
| Profit (loss) for the period to be appropriated | 9905 | -€138,613 | €33,027 | +€171,640 |
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 25 October 2026 via checked.be.