TVH ADVISORY: 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 ADVISORY
Largest movements
- Cash +€203,645
up €203,645 (+535%), from €38,050 to €241,695
mainly Net result for the year (+€174,888) and Trade debts (+€49,822)
- Receivables after one year -€32,655
down €32,655 (-11.3%), from €289,765 to €257,109
- Tangible fixed assets -€26,939
down €26,939 (-9.2%), from €292,448 to €265,509
- Current investments -€17,976
down €17,976 (-86.9%), from €20,688 to €2,711
- Receivables within one year +€13,541
up €13,541 (+7.1%), from €190,604 to €204,145
of which Other amounts receivable: +€17,511
- Reserves +€103,909
up €103,909 (+16.0%), from €648,021 to €751,930
of which Distributable reserves: +€103,909
- Trade debts +€49,822
up €49,822 (+293%), from €16,994 to €66,816
- Debts after one year -€45,848
down €45,848 (-38.2%), from €120,000 to €74,152
- Current portion of long-term debt +€23,269
new in 2025: €23,269
- Gross operating margin +€66,818
up €66,818 (+29.5%), from €226,385 to €293,204
- Taxes +€19,049
up €19,049 (+29.7%), from €64,141 to €83,190
- Financial charges +€5,353
up €5,353 (+145%), from €3,680 to €9,033
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 | €832,176 | €972,745 | +€140,569 | +16.9% |
| Fixed assets | 21/28 | €292,528 | €265,589 | -€26,939 | -9.2% |
| Tangible fixed assets | 22/27 | €292,448 | €265,509 | -€26,939 | -9.2% |
| Land and buildings | 22 | €202,969 | €191,168 | -€11,801 | -5.8% |
| Furniture and vehicles | 24 | €32,080 | €24,719 | -€7,361 | -22.9% |
| Other tangible fixed assets | 26 | €57,399 | €49,622 | -€7,776 | -13.5% |
| Financial fixed assets | 28 | €80 | €80 | = | 0.0% |
| Current assets | 29/58 | €539,648 | €707,156 | +€167,508 | +31.0% |
| Amounts receivable after more than one year | 29 | €289,765 | €257,109 | -€32,655 | -11.3% |
| Other amounts receivable | 291 | €289,765 | €257,109 | -€32,655 | -11.3% |
| Amounts receivable within one year | 40/41 | €190,604 | €204,145 | +€13,541 | +7.1% |
| Trade receivables | 40 | €122,237 | €118,267 | -€3,970 | -3.2% |
| Other amounts receivable | 41 | €68,367 | €85,878 | +€17,511 | +25.6% |
| Current investments | 50/53 | €20,688 | €2,711 | -€17,976 | -86.9% |
| Cash at bank and in hand | 54/58 | €38,050 | €241,695 | +€203,645 | +535% |
| Deferred charges and accrued income | 490/1 | €542 | €1,496 | +€954 | +176% |
| Total equity and liabilities | 10/49 | €832,176 | €972,745 | +€140,569 | +16.9% |
| Equity | 10/15 | €660,421 | €764,330 | +€103,909 | +15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €648,021 | €751,930 | +€103,909 | +16.0% |
| 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 | €646,161 | €750,070 | +€103,909 | +16.1% |
| Amounts payable | 17/49 | €171,755 | €208,415 | +€36,660 | +21.3% |
| Amounts payable after more than one year | 17 | €120,000 | €74,152 | -€45,848 | -38.2% |
| Financial debts | 170/4 | €120,000 | €74,152 | -€45,848 | -38.2% |
| Amounts payable within one year | 42/48 | €51,755 | €134,263 | +€82,508 | +159% |
| Current portion of amounts payable after more than one year | 42 | - | €23,269 | +€23,269 | |
| Trade debts | 44 | €16,994 | €66,816 | +€49,822 | +293% |
| Suppliers | 440/4 | €16,994 | €66,816 | +€49,822 | +293% |
| Taxes, remuneration and social security | 45 | €34,761 | €44,178 | +€9,417 | +27.1% |
| Taxes | 450/3 | €34,761 | €44,178 | +€9,417 | +27.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,735 | €27,112 | -€1,622 | -5.6% |
| Other operating charges | 640/8 | €3,480 | €4,905 | +€1,425 | +41.0% |
| Gross operating margin | 9900 | €226,385 | €293,204 | +€66,818 | +29.5% |
| Operating profit (loss) | 9901 | €194,171 | €261,186 | +€67,015 | +34.5% |
| Financial income | 75/76B | €4,034 | €5,925 | +€1,891 | +46.9% |
| Recurring financial income | 75 | €4,034 | €5,925 | +€1,891 | +46.9% |
| Financial charges | 65/66B | €3,680 | €9,033 | +€5,353 | +145% |
| Recurring financial charges | 65 | €3,680 | €9,033 | +€5,353 | +145% |
| Profit (loss) for the period before taxes | 9903 | €194,526 | €258,078 | +€63,553 | +32.7% |
| Income taxes | 67/77 | €64,141 | €83,190 | +€19,049 | +29.7% |
| Profit (loss) for the period | 9904 | €130,385 | €174,888 | +€44,504 | +34.1% |
| Profit (loss) for the period to be appropriated | 9905 | €130,385 | €174,888 | +€44,504 | +34.1% |
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 28 October 2026 via checked.be.