TVG MANAGEMENT SOLUTIONS: 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.
TVG MANAGEMENT SOLUTIONS
Largest movements
- Receivables within one year -€7.0m
down €7.0m (-96.2%), from €7.3m to €278,250
of which Other amounts receivable: -€7.0m
- Cash +€4.2m
up €4.2m (+2,687%), from €155,572 to €4.3m
mainly Receivables within one year (+€7.0m) and Net result for the year (+€211,887)
- Financial fixed assets +€2.4m
up €2.4m (+73.5%), from €3.3m to €5.7m
- Reserves -€257,696
down €257,696 (-2.6%), from €9.7m to €9.5m
- Other debts -€146,451
no longer reported in 2025 (was €146,451)
- Gross operating margin -€9.6m
down €9.6m (-97.3%), from €9.8m to €270,172
- Taxes -€802,864
down €802,864 (-84.0%), from €955,621 to €152,757
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 | €10,835,248 | €10,503,101 | -€332,147 | -3.1% |
| Fixed assets | 21/28 | €3,364,069 | €5,889,016 | +€2.5m | +75.1% |
| Tangible fixed assets | 22/27 | €60,235 | €155,819 | +€95,583 | +159% |
| Plant, machinery and equipment | 23 | €1,241 | €6,445 | +€5,204 | +419% |
| Furniture and vehicles | 24 | €58,994 | €149,374 | +€90,379 | +153% |
| Financial fixed assets | 28 | €3,303,834 | €5,733,198 | +€2.4m | +73.5% |
| Current assets | 29/58 | €7,471,179 | €4,614,084 | -€2.9m | -38.2% |
| Amounts receivable within one year | 40/41 | €7,313,583 | €278,250 | -€7.0m | -96.2% |
| Trade receivables | 40 | €30,250 | €30,250 | = | 0.0% |
| Other amounts receivable | 41 | €7,283,333 | €248,000 | -€7.0m | -96.6% |
| Cash at bank and in hand | 54/58 | €155,572 | €4,335,496 | +€4.2m | +2,687% |
| Deferred charges and accrued income | 490/1 | €2,024 | €338 | -€1,686 | -83.3% |
| Total equity and liabilities | 10/49 | €10,835,248 | €10,503,101 | -€332,147 | -3.1% |
| Equity | 10/15 | €9,746,355 | €9,488,658 | -€257,696 | -2.6% |
| Contributions | 10/11 | €1,860 | €1,860 | = | 0.0% |
| Reserves | 13 | €9,744,495 | €9,486,798 | -€257,696 | -2.6% |
| Distributable reserves | 133 | €9,744,495 | €9,486,798 | -€257,696 | -2.6% |
| Amounts payable | 17/49 | €1,088,893 | €1,014,442 | -€74,451 | -6.8% |
| Amounts payable within one year | 42/48 | €1,088,893 | €1,014,442 | -€74,451 | -6.8% |
| Trade debts | 44 | €4,901 | €38,252 | +€33,352 | +681% |
| Suppliers | 440/4 | €4,901 | €38,252 | +€33,352 | +681% |
| Taxes, remuneration and social security | 45 | €937,541 | €976,190 | +€38,648 | +4.1% |
| Taxes | 450/3 | €929,252 | €967,594 | +€38,343 | +4.1% |
| Remuneration and social security | 454/9 | €8,290 | €8,596 | +€306 | +3.7% |
| Other amounts payable | 47/48 | €146,451 | - | -€146,451 | |
| Non-recurring operating income | 76A | €9,608,333 | €8,145 | -€9.6m | -99.9% |
| Remuneration, social security and pensions | 62 | €73,057 | €77,439 | +€4,382 | +6.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,738 | €20,414 | +€16,676 | +446% |
| Other operating charges | 640/8 | €4,835 | €10,562 | +€5,727 | +118% |
| Gross operating margin | 9900 | €9,848,069 | €270,172 | -€9.6m | -97.3% |
| Operating profit (loss) | 9901 | €9,766,438 | €161,756 | -€9.6m | -98.3% |
| Financial income | 75/76B | €276,753 | €204,190 | -€72,563 | -26.2% |
| Recurring financial income | 75 | €276,753 | €204,190 | -€72,563 | -26.2% |
| Financial charges | 65/66B | €737 | €1,303 | +€566 | +76.8% |
| Recurring financial charges | 65 | €737 | €1,303 | +€566 | +76.8% |
| Profit (loss) for the period before taxes | 9903 | €10,042,455 | €364,644 | -€9.7m | -96.4% |
| Income taxes | 67/77 | €955,621 | €152,757 | -€802,864 | -84.0% |
| Profit (loss) for the period | 9904 | €9,086,834 | €211,887 | -€8.9m | -97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,086,834 | €211,887 | -€8.9m | -97.7% |
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.