TVH: 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.
TVH
Largest movements
- Tangible fixed assets -€161,422
down €161,422 (-4.7%), from €3.5m to €3.3m
of which Land and buildings: -€87,728
- Cash -€79,845
down €79,845 (-76.9%), from €103,897 to €24,052
mainly Other debts (-€266,848) and Short-term financial debts (-€214,252)
- Receivables within one year -€74,332
down €74,332 (-54.2%), from €137,240 to €62,908
of which Trade receivables: -€39,332
- Reserves +€303,454
up €303,454 (+51.9%), from €584,559 to €888,012
of which Distributable reserves: +€303,454
- Other debts -€266,848
down €266,848 (-52.3%), from €510,305 to €243,457
- Short-term financial debts -€214,252
down €214,252 (-28.0%), from €764,252 to €550,000
- Debts after one year -€148,883
down €148,883 (-6.3%), from €2.3m to €2.2m
- Depreciation -€273,311
down €273,311 (-66.5%), from €410,793 to €137,481
- Gross operating margin +€206,067
up €206,067 (+196.3%), from €104,976 to €311,043
- Financial charges +€73,822
up €73,822 (+2161.2%), from €3,416 to €77,237
- Financial income -€50,179
down €50,179 (-12.5%), from €400,179 to €350,000
- Other operating charges +€32,336
up €32,336 (+505.3%), from €6,400 to €38,736
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 | €4,421,298 | €4,077,378 | -€343,920 | -7.8% |
| Fixed assets | 21/28 | €4,151,840 | €3,990,419 | -€161,422 | -3.9% |
| Tangible fixed assets | 22/27 | €3,460,424 | €3,299,002 | -€161,422 | -4.7% |
| Land and buildings | 22 | €3,376,172 | €3,288,444 | -€87,728 | -2.6% |
| Plant, machinery and equipment | 23 | €2,558 | €1,821 | -€737 | -28.8% |
| Furniture and vehicles | 24 | €81,693 | €8,736 | -€72,957 | -89.3% |
| Financial fixed assets | 28 | €691,417 | €691,417 | = | 0.0% |
| Current assets | 29/58 | €269,457 | €86,959 | -€182,498 | -67.7% |
| Amounts receivable within one year | 40/41 | €137,240 | €62,908 | -€74,332 | -54.2% |
| Trade receivables | 40 | €102,200 | €62,868 | -€39,332 | -38.5% |
| Other amounts receivable | 41 | €35,040 | €39 | -€35,001 | -99.9% |
| Cash at bank and in hand | 54/58 | €103,897 | €24,052 | -€79,845 | -76.9% |
| Deferred charges and accrued income | 490/1 | €28,320 | - | -€28,320 | |
| Total equity and liabilities | 10/49 | €4,421,298 | €4,077,378 | -€343,920 | -7.8% |
| Equity | 10/15 | €596,959 | €900,412 | +€303,454 | +50.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €584,559 | €888,012 | +€303,454 | +51.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €582,699 | €886,152 | +€303,454 | +52.1% |
| Amounts payable | 17/49 | €3,824,339 | €3,176,965 | -€647,374 | -16.9% |
| Amounts payable after more than one year | 17 | €2,347,507 | €2,198,623 | -€148,883 | -6.3% |
| Financial debts | 170/4 | €2,347,507 | €2,198,623 | -€148,883 | -6.3% |
| Amounts payable within one year | 42/48 | €1,476,833 | €978,342 | -€498,490 | -33.8% |
| Current portion of amounts payable after more than one year | 42 | €145,613 | €148,883 | +€3,270 | +2.2% |
| Financial debts | 43 | €764,252 | €550,000 | -€214,252 | -28.0% |
| Credit institutions | 430/8 | €764,252 | €550,000 | -€214,252 | -28.0% |
| Trade debts | 44 | €25,611 | €14,287 | -€11,324 | -44.2% |
| Suppliers | 440/4 | €25,611 | €14,287 | -€11,324 | -44.2% |
| Taxes, remuneration and social security | 45 | €31,052 | €21,715 | -€9,337 | -30.1% |
| Taxes | 450/3 | €26,366 | €16,945 | -€9,421 | -35.7% |
| Remuneration and social security | 454/9 | €4,685 | €4,770 | +€85 | +1.8% |
| Other amounts payable | 47/48 | €510,305 | €243,457 | -€266,848 | -52.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €410,793 | €137,481 | -€273,311 | -66.5% |
| Other operating charges | 640/8 | €6,400 | €38,736 | +€32,336 | +505.3% |
| Gross operating margin | 9900 | €104,976 | €311,043 | +€206,067 | +196.3% |
| Operating profit (loss) | 9901 | -€312,217 | €134,826 | +€447,042 | |
| Financial income | 75/76B | €400,179 | €350,000 | -€50,179 | -12.5% |
| Recurring financial income | 75 | €400,179 | €350,000 | -€50,179 | -12.5% |
| Financial charges | 65/66B | €3,416 | €77,237 | +€73,822 | +2161.2% |
| Recurring financial charges | 65 | €3,416 | €77,237 | +€73,822 | +2161.2% |
| Profit (loss) for the period before taxes | 9903 | €84,547 | €407,588 | +€323,041 | +382.1% |
| Income taxes | 67/77 | €8,473 | €39,130 | +€30,657 | +361.8% |
| Profit (loss) for the period | 9904 | €76,074 | €368,458 | +€292,384 | +384.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,074 | €368,458 | +€292,384 | +384.3% |
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 7 October 2026 via checked.be.