TVF: 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.
TVF
Largest movements
- Cash -€36,649
down €36,649 (-55.1%), from €66,500 to €29,851
mainly Stocks and contracts (-€23,866) and Debts after one year (-€17,701)
- Stocks and contracts +€23,866
up €23,866 (+23.1%), from €103,317 to €127,183
- Tangible fixed assets -€17,868
down €17,868 (-21.3%), from €84,003 to €66,135
of which Furniture and vehicles: -€19,997
- Receivables within one year -€15,520
down €15,520 (-22.3%), from €69,601 to €54,081
of which Trade receivables: -€17,198
- Debts after one year -€17,701
down €17,701 (-100.0%), from €17,701 to €0
- Current portion of long-term debt -€16,620
down €16,620 (-48.4%), from €34,322 to €17,701
- Reserves -€6,556
down €6,556 (-5.6%), from €116,512 to €109,956
of which Distributable reserves: -€6,556
- Accrued charges and deferred income -€3,851
down €3,851 (-96.3%), from €4,000 to €149
- Gross operating margin -€35,247
down €35,247 (-47.1%), from €74,897 to €39,650
- Depreciation -€10,279
down €10,279 (-27.9%), from €36,853 to €26,574
- Taxes -€6,535
down €6,535 (-80.8%), from €8,084 to €1,549
- Financial charges -€3,865
down €3,865 (-27.0%), from €14,316 to €10,451
- Other operating charges +€3,211
up €3,211 (+42.1%), from €7,621 to €10,832
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 | €335,961 | €287,279 | -€48,682 | -14.5% |
| Fixed assets | 21/28 | €84,138 | €66,270 | -€17,868 | -21.2% |
| Tangible fixed assets | 22/27 | €84,003 | €66,135 | -€17,868 | -21.3% |
| Plant, machinery and equipment | 23 | €4,441 | €2,972 | -€1,468 | -33.1% |
| Furniture and vehicles | 24 | €63,152 | €43,156 | -€19,997 | -31.7% |
| Other tangible fixed assets | 26 | €16,409 | €20,007 | +€3,597 | +21.9% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €251,823 | €221,009 | -€30,815 | -12.2% |
| Stocks and contracts in progress | 3 | €103,317 | €127,183 | +€23,866 | +23.1% |
| Stocks | 30/36 | €103,317 | €127,183 | +€23,866 | +23.1% |
| Amounts receivable within one year | 40/41 | €69,601 | €54,081 | -€15,520 | -22.3% |
| Trade receivables | 40 | €46,063 | €28,865 | -€17,198 | -37.3% |
| Other amounts receivable | 41 | €23,538 | €25,216 | +€1,678 | +7.1% |
| Cash at bank and in hand | 54/58 | €66,500 | €29,851 | -€36,649 | -55.1% |
| Deferred charges and accrued income | 490/1 | €12,406 | €9,894 | -€2,512 | -20.2% |
| Total equity and liabilities | 10/49 | €335,961 | €287,279 | -€48,682 | -14.5% |
| Equity | 10/15 | €123,256 | €114,956 | -€8,299 | -6.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €116,512 | €109,956 | -€6,556 | -5.6% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €116,012 | €109,456 | -€6,556 | -5.7% |
| Profit (loss) carried forward | 14 | €1,743 | €0 | -€1,743 | -100.0% |
| Amounts payable | 17/49 | €212,706 | €172,323 | -€40,383 | -19.0% |
| Amounts payable after more than one year | 17 | €17,701 | €0 | -€17,701 | -100.0% |
| Financial debts | 170/4 | €17,701 | €0 | -€17,701 | -100.0% |
| Amounts payable within one year | 42/48 | €191,004 | €172,174 | -€18,830 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €34,322 | €17,701 | -€16,620 | -48.4% |
| Trade debts | 44 | €141,744 | €139,781 | -€1,963 | -1.4% |
| Suppliers | 440/4 | €141,744 | €139,781 | -€1,963 | -1.4% |
| Advances received on contracts in progress | 46 | €1,745 | €1,445 | -€300 | -17.2% |
| Taxes, remuneration and social security | 45 | €13,193 | €12,967 | -€226 | -1.7% |
| Taxes | 450/3 | €12,593 | €12,967 | +€374 | +3.0% |
| Remuneration and social security | 454/9 | €600 | €0 | -€600 | -100.0% |
| Other amounts payable | 47/48 | €0 | €279 | +€279 | |
| Accrued charges and deferred income | 492/3 | €4,000 | €149 | -€3,851 | -96.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,853 | €26,574 | -€10,279 | -27.9% |
| Other operating charges | 640/8 | €7,621 | €10,832 | +€3,211 | +42.1% |
| Non-recurring operating charges | 66A | €9,270 | €0 | -€9,270 | -100.0% |
| Gross operating margin | 9900 | €74,897 | €39,650 | -€35,247 | -47.1% |
| Operating profit (loss) | 9901 | €21,153 | €2,244 | -€18,910 | -89.4% |
| Financial income | 75/76B | €1,726 | €1,456 | -€270 | -15.6% |
| Recurring financial income | 75 | €1,726 | €1,456 | -€270 | -15.6% |
| Financial charges | 65/66B | €14,316 | €10,451 | -€3,865 | -27.0% |
| Recurring financial charges | 65 | €14,316 | €10,451 | -€3,865 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €8,563 | -€6,750 | -€15,314 | |
| Income taxes | 67/77 | €8,084 | €1,549 | -€6,535 | -80.8% |
| Profit (loss) for the period | 9904 | €480 | -€8,299 | -€8,779 | |
| Profit (loss) for the period to be appropriated | 9905 | €480 | -€8,299 | -€8,779 |
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.