TVH: 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.
TVH
Largest movements
- Tangible fixed assets -€215,670
down €215,670 (-45.5%), from €473,873 to €258,203
of which Land and buildings: -€196,587
- Cash +€105,519
up €105,519 (+45.3%), from €232,751 to €338,270
mainly Investment in fixed assets (net) (+€186,046) and Debts after one year (+€184,377)
- Receivables within one year -€87,122
down €87,122 (-50.7%), from €171,855 to €84,733
of which Other amounts receivable: -€90,092
- Receivables after one year -€25,954
no longer reported in 2025 (was €25,954)
- Current investments -€21,135
no longer reported in 2025 (was €21,135)
- Reserves -€232,740
down €232,740 (-87.2%), from €267,000 to €34,260
- Other debts -€194,802
down €194,802 (-49.0%), from €397,664 to €202,862
- Debts after one year +€184,377
up €184,377 (+99.0%), from €186,215 to €370,592
- Gross operating margin +€43,860
up €43,860 (+20.8%), from €210,472 to €254,332
- Taxes +€10,160
up €10,160 (+53.4%), from €19,035 to €29,195
- Other operating charges +€5,175
up €5,175 (+194%), from €2,663 to €7,838
- Depreciation -€5,047
down €5,047 (-14.6%), from €34,670 to €29,624
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 | €925,568 | €681,206 | -€244,362 | -26.4% |
| Fixed assets | 21/28 | €473,873 | €258,203 | -€215,670 | -45.5% |
| Tangible fixed assets | 22/27 | €473,873 | €258,203 | -€215,670 | -45.5% |
| Land and buildings | 22 | €421,369 | €224,782 | -€196,587 | -46.7% |
| Plant, machinery and equipment | 23 | €3,200 | €1,691 | -€1,509 | -47.2% |
| Furniture and vehicles | 24 | €49,304 | €31,731 | -€17,574 | -35.6% |
| Current assets | 29/58 | €451,695 | €423,003 | -€28,692 | -6.4% |
| Amounts receivable after more than one year | 29 | €25,954 | - | -€25,954 | |
| Other amounts receivable | 291 | €25,954 | - | -€25,954 | |
| Amounts receivable within one year | 40/41 | €171,855 | €84,733 | -€87,122 | -50.7% |
| Trade receivables | 40 | €24,200 | €27,170 | +€2,970 | +12.3% |
| Other amounts receivable | 41 | €147,655 | €57,563 | -€90,092 | -61.0% |
| Current investments | 50/53 | €21,135 | - | -€21,135 | |
| Cash at bank and in hand | 54/58 | €232,751 | €338,270 | +€105,519 | +45.3% |
| Total equity and liabilities | 10/49 | €925,568 | €681,206 | -€244,362 | -26.4% |
| Equity | 10/15 | €306,009 | €73,269 | -€232,740 | -76.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €267,000 | €34,260 | -€232,740 | -87.2% |
| Distributable reserves | 133 | €267,000 | €34,260 | -€232,740 | -87.2% |
| Profit (loss) carried forward | 14 | €36,009 | €36,009 | = | 0.0% |
| Amounts payable | 17/49 | €619,559 | €607,938 | -€11,621 | -1.9% |
| Amounts payable after more than one year | 17 | €186,215 | €370,592 | +€184,377 | +99.0% |
| Financial debts | 170/4 | €186,215 | €370,592 | +€184,377 | +99.0% |
| Amounts payable within one year | 42/48 | €433,345 | €237,346 | -€195,998 | -45.2% |
| Current portion of amounts payable after more than one year | 42 | €15,276 | €15,623 | +€347 | +2.3% |
| Trade debts | 44 | €1,629 | €215 | -€1,414 | -86.8% |
| Suppliers | 440/4 | €1,629 | €215 | -€1,414 | -86.8% |
| Taxes, remuneration and social security | 45 | €18,776 | €18,646 | -€129 | -0.7% |
| Taxes | 450/3 | €18,776 | €18,646 | -€129 | -0.7% |
| Other amounts payable | 47/48 | €397,664 | €202,862 | -€194,802 | -49.0% |
| Remuneration, social security and pensions | 62 | €82,435 | €83,446 | +€1,011 | +1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,670 | €29,624 | -€5,047 | -14.6% |
| Other operating charges | 640/8 | €2,663 | €7,838 | +€5,175 | +194% |
| Gross operating margin | 9900 | €210,472 | €254,332 | +€43,860 | +20.8% |
| Operating profit (loss) | 9901 | €90,704 | €133,425 | +€42,721 | +47.1% |
| Financial income | 75/76B | €6,104 | €4,447 | -€1,657 | -27.1% |
| Recurring financial income | 75 | €6,104 | €4,447 | -€1,657 | -27.1% |
| Financial charges | 65/66B | €4,924 | €4,417 | -€507 | -10.3% |
| Recurring financial charges | 65 | €4,924 | €4,417 | -€507 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €91,884 | €133,455 | +€41,571 | +45.2% |
| Income taxes | 67/77 | €19,035 | €29,195 | +€10,160 | +53.4% |
| Profit (loss) for the period | 9904 | €72,849 | €104,260 | +€31,410 | +43.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,849 | €104,260 | +€31,410 | +43.1% |
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 18 October 2026 via checked.be.