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
- Receivables within one year -€50,021
down €50,021 (-24.4%), from €204,754 to €154,733
of which Trade receivables: -€51,455
- Cash +€19,214
up €19,214 (+20.8%), from €92,242 to €111,456
mainly Receivables within one year (+€50,021) and Net result for the year (+€45,042)
- Tangible fixed assets +€14,784
up €14,784 (+37.3%), from €39,685 to €54,469
of which Furniture and vehicles: +€15,125
- Debts after one year -€25,243
down €25,243 (-94.3%), from €26,769 to €1,527
- Trade debts +€11,500
up €11,500 (+287.6%), from €3,998 to €15,498
- Tax, wage and social debts -€9,806
down €9,806 (-26.6%), from €36,815 to €27,009
of which Taxes: -€9,864
- Reserves +€6,542
up €6,542 (+2.5%), from €260,938 to €267,480
of which Distributable reserves: +€6,542
- Gross operating margin -€46,777
down €46,777 (-13.5%), from €345,351 to €298,574
- Depreciation -€31,484
down €31,484 (-60.6%), from €51,943 to €20,459
- Staff costs +€7,292
up €7,292 (+3.7%), from €198,736 to €206,028
- Taxes -€3,511
down €3,511 (-13.7%), from €25,640 to €22,129
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 | €382,924 | €365,800 | -€17,124 | -4.5% |
| Fixed assets | 21/28 | €40,142 | €54,926 | +€14,784 | +36.8% |
| Tangible fixed assets | 22/27 | €39,685 | €54,469 | +€14,784 | +37.3% |
| Plant, machinery and equipment | 23 | €1,735 | €3,817 | +€2,083 | +120.1% |
| Furniture and vehicles | 24 | €21,738 | €36,864 | +€15,125 | +69.6% |
| Other tangible fixed assets | 26 | €16,212 | €13,788 | -€2,423 | -14.9% |
| Financial fixed assets | 28 | €457 | €457 | = | 0.0% |
| Current assets | 29/58 | €342,783 | €310,874 | -€31,908 | -9.3% |
| Stocks and contracts in progress | 3 | €12,499 | €11,636 | -€863 | -6.9% |
| Stocks | 30/36 | €12,499 | €11,636 | -€863 | -6.9% |
| Amounts receivable within one year | 40/41 | €204,754 | €154,733 | -€50,021 | -24.4% |
| Trade receivables | 40 | €202,458 | €151,004 | -€51,455 | -25.4% |
| Other amounts receivable | 41 | €2,296 | €3,730 | +€1,434 | +62.4% |
| Cash at bank and in hand | 54/58 | €92,242 | €111,456 | +€19,214 | +20.8% |
| Deferred charges and accrued income | 490/1 | €33,287 | €33,049 | -€238 | -0.7% |
| Total equity and liabilities | 10/49 | €382,924 | €365,800 | -€17,124 | -4.5% |
| Equity | 10/15 | €289,763 | €296,304 | +€6,542 | +2.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €260,938 | €267,480 | +€6,542 | +2.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €259,078 | €265,620 | +€6,542 | +2.5% |
| Profit (loss) carried forward | 14 | €16,424 | €16,424 | = | 0.0% |
| Amounts payable | 17/49 | €93,162 | €69,496 | -€23,666 | -25.4% |
| Amounts payable after more than one year | 17 | €26,769 | €1,527 | -€25,243 | -94.3% |
| Financial debts | 170/4 | €26,769 | €1,527 | -€25,243 | -94.3% |
| Amounts payable within one year | 42/48 | €66,392 | €67,969 | +€1,577 | +2.4% |
| Current portion of amounts payable after more than one year | 42 | €24,880 | €25,462 | +€582 | +2.3% |
| Trade debts | 44 | €3,998 | €15,498 | +€11,500 | +287.6% |
| Suppliers | 440/4 | €3,998 | €15,498 | +€11,500 | +287.6% |
| Taxes, remuneration and social security | 45 | €36,815 | €27,009 | -€9,806 | -26.6% |
| Taxes | 450/3 | €18,515 | €8,651 | -€9,864 | -53.3% |
| Remuneration and social security | 454/9 | €18,300 | €18,359 | +€59 | +0.3% |
| Other amounts payable | 47/48 | €699 | - | -€699 | |
| Remuneration, social security and pensions | 62 | €198,736 | €206,028 | +€7,292 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,943 | €20,459 | -€31,484 | -60.6% |
| Other operating charges | 640/8 | €2,262 | €2,088 | -€174 | -7.7% |
| Gross operating margin | 9900 | €345,351 | €298,574 | -€46,777 | -13.5% |
| Operating profit (loss) | 9901 | €92,410 | €70,000 | -€22,411 | -24.3% |
| Financial income | 75/76B | €0 | €35 | +€34 | +9039.5% |
| Recurring financial income | 75 | €0 | €35 | +€34 | +9039.5% |
| Financial charges | 65/66B | €3,193 | €2,864 | -€329 | -10.3% |
| Recurring financial charges | 65 | €3,193 | €2,864 | -€329 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €89,218 | €67,171 | -€22,047 | -24.7% |
| Transfer to deferred taxes | 680 | - | €0 | +€0 | |
| Income taxes | 67/77 | €25,640 | €22,129 | -€3,511 | -13.7% |
| Profit (loss) for the period | 9904 | €63,578 | €45,042 | -€18,536 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €63,578 | €45,042 | -€18,536 | -29.2% |
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 5 October 2026 via checked.be.