TVG projects: 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 projects
Largest movements
- Tangible fixed assets -€12,963
down €12,963 (-47.3%), from €27,417 to €14,453
of which Furniture and vehicles: -€7,402
- Cash -€3,349
no longer reported in 2025 (was €3,349)
mainly Tax, wage and social debts (-€10,337) and Trade debts (-€9,902)
- Deferred charges and accrued income -€3,012
down €3,012 (-54.1%), from €5,562 to €2,550
- Receivables within one year -€1,473
down €1,473 (-1.4%), from €104,141 to €102,668
of which Other amounts receivable: -€8,724
- Tax, wage and social debts -€10,337
down €10,337 (-91.6%), from €11,287 to €950
of which Taxes: -€7,473
- Trade debts -€9,902
down €9,902 (-25.7%), from €38,502 to €28,600
- Debts after one year -€5,151
down €5,151 (-81.1%), from €6,349 to €1,198
- Profit (loss) carried forward +€5,057
up €5,057 (+23.4%), from €21,645 to €26,703
- Current portion of long-term debt -€4,344
down €4,344 (-44.8%), from €9,704 to €5,360
- Staff costs -€56,525
down €56,525 (-30.8%), from €183,556 to €127,031
- Other operating charges +€3,703
up €3,703 (+532.5%), from €695 to €4,398
- Financial charges -€3,682
down €3,682 (-37.6%), from €9,780 to €6,098
of which Non-recurring financial charges: -€8,241
- Depreciation +€2,142
up €2,142 (+17.8%), from €12,038 to €14,180
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 | €143,963 | €123,165 | -€20,798 | -14.4% |
| Fixed assets | 21/28 | €27,417 | €14,453 | -€12,963 | -47.3% |
| Tangible fixed assets | 22/27 | €27,417 | €14,453 | -€12,963 | -47.3% |
| Plant, machinery and equipment | 23 | €11,184 | €5,623 | -€5,561 | -49.7% |
| Furniture and vehicles | 24 | €16,233 | €8,831 | -€7,402 | -45.6% |
| Current assets | 29/58 | €116,546 | €108,712 | -€7,834 | -6.7% |
| Amounts receivable after more than one year | 29 | €3,494 | €3,494 | = | 0.0% |
| Other amounts receivable | 291 | €3,494 | €3,494 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €104,141 | €102,668 | -€1,473 | -1.4% |
| Trade receivables | 40 | €92,003 | €99,253 | +€7,250 | +7.9% |
| Other amounts receivable | 41 | €12,139 | €3,415 | -€8,724 | -71.9% |
| Cash at bank and in hand | 54/58 | €3,349 | - | -€3,349 | |
| Deferred charges and accrued income | 490/1 | €5,562 | €2,550 | -€3,012 | -54.1% |
| Total equity and liabilities | 10/49 | €143,963 | €123,165 | -€20,798 | -14.4% |
| Equity | 10/15 | €26,645 | €31,703 | +€5,057 | +19.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,645 | €26,703 | +€5,057 | +23.4% |
| Amounts payable | 17/49 | €117,318 | €91,463 | -€25,855 | -22.0% |
| Amounts payable after more than one year | 17 | €6,349 | €1,198 | -€5,151 | -81.1% |
| Financial debts | 170/4 | €6,349 | €1,198 | -€5,151 | -81.1% |
| Amounts payable within one year | 42/48 | €110,969 | €88,792 | -€22,178 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €9,704 | €5,360 | -€4,344 | -44.8% |
| Financial debts | 43 | €50,000 | €52,113 | +€2,113 | +4.2% |
| Credit institutions | 430/8 | €50,000 | €52,113 | +€2,113 | +4.2% |
| Trade debts | 44 | €38,502 | €28,600 | -€9,902 | -25.7% |
| Suppliers | 440/4 | €38,502 | €28,600 | -€9,902 | -25.7% |
| Taxes, remuneration and social security | 45 | €11,287 | €950 | -€10,337 | -91.6% |
| Taxes | 450/3 | €7,473 | - | -€7,473 | |
| Remuneration and social security | 454/9 | €3,814 | €950 | -€2,864 | -75.1% |
| Other amounts payable | 47/48 | €1,477 | €1,768 | +€291 | +19.7% |
| Accrued charges and deferred income | 492/3 | - | €1,474 | +€1,474 | |
| Remuneration, social security and pensions | 62 | €183,556 | €127,031 | -€56,525 | -30.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,038 | €14,180 | +€2,142 | +17.8% |
| Other operating charges | 640/8 | €695 | €4,398 | +€3,703 | +532.5% |
| Gross operating margin | 9900 | €158,167 | €156,758 | -€1,410 | -0.9% |
| Operating profit (loss) | 9901 | -€38,122 | €11,149 | +€49,271 | |
| Financial income | 75/76B | €12 | €7 | -€5 | -40.6% |
| Recurring financial income | 75 | €12 | €7 | -€5 | -40.6% |
| Financial charges | 65/66B | €9,780 | €6,098 | -€3,682 | -37.6% |
| Recurring financial charges | 65 | €1,539 | €6,098 | +€4,559 | +296.2% |
| Non-recurring financial charges | 66B | €8,241 | - | -€8,241 | |
| Profit (loss) for the period before taxes | 9903 | -€47,890 | €5,057 | +€52,948 | |
| Profit (loss) for the period | 9904 | -€47,890 | €5,057 | +€52,948 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,890 | €5,057 | +€52,948 |
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 10 October 2026 via checked.be.