TVH Construct: 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 Construct
Largest movements
- Receivables within one year -€157,372
down €157,372 (-79.7%), from €197,465 to €40,093
of which Other amounts receivable: -€149,657
- Cash -€19,090
down €19,090 (-25.3%), from €75,523 to €56,434
mainly Other debts (-€162,000) and Contributions, distributions and other (-€95,735)
- Receivables after one year +€10,000
new in 2025: €10,000
- Tangible fixed assets -€4,192
down €4,192 (-19.5%), from €21,551 to €17,359
of which Furniture and vehicles: -€2,614
- Other debts -€162,000
down €162,000 (-66.1%), from €245,000 to €83,000
- Trade debts -€29,369
down €29,369 (-90.9%), from €32,308 to €2,939
- Profit (loss) carried forward +€20,435
up €20,435 (+160%), from €12,735 to €33,169
- Gross operating margin -€171,772
down €171,772 (-52.5%), from €326,891 to €155,118
- Taxes -€44,398
down €44,398 (-55.8%), from €79,497 to €35,100
- Financial income -€5,201
down €5,201 (-52.3%), from €9,939 to €4,738
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 | €305,538 | €131,920 | -€173,619 | -56.8% |
| Fixed assets | 21/28 | €21,751 | €17,359 | -€4,392 | -20.2% |
| Tangible fixed assets | 22/27 | €21,551 | €17,359 | -€4,192 | -19.5% |
| Plant, machinery and equipment | 23 | €1,050 | €351 | -€699 | -66.6% |
| Furniture and vehicles | 24 | €5,905 | €3,291 | -€2,614 | -44.3% |
| Other tangible fixed assets | 26 | €14,596 | €13,717 | -€879 | -6.0% |
| Financial fixed assets | 28 | €200 | €0 | -€200 | -100% |
| Current assets | 29/58 | €283,787 | €114,561 | -€169,226 | -59.6% |
| Amounts receivable after more than one year | 29 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 291 | - | €10,000 | +€10,000 | |
| Amounts receivable within one year | 40/41 | €197,465 | €40,093 | -€157,372 | -79.7% |
| Trade receivables | 40 | €37,965 | €30,250 | -€7,715 | -20.3% |
| Other amounts receivable | 41 | €159,500 | €9,843 | -€149,657 | -93.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €75,523 | €56,434 | -€19,090 | -25.3% |
| Deferred charges and accrued income | 490/1 | €10,799 | €8,034 | -€2,765 | -25.6% |
| Total equity and liabilities | 10/49 | €305,538 | €131,920 | -€173,619 | -56.8% |
| Equity | 10/15 | €15,735 | €36,169 | +€20,435 | +130% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,735 | €33,169 | +€20,435 | +160% |
| Amounts payable | 17/49 | €289,804 | €95,750 | -€194,053 | -67.0% |
| Amounts payable within one year | 42/48 | €288,781 | €95,076 | -€193,705 | -67.1% |
| Trade debts | 44 | €32,308 | €2,939 | -€29,369 | -90.9% |
| Suppliers | 440/4 | €32,308 | €2,939 | -€29,369 | -90.9% |
| Taxes, remuneration and social security | 45 | €11,473 | €9,137 | -€2,336 | -20.4% |
| Taxes | 450/3 | €11,473 | €9,137 | -€2,336 | -20.4% |
| Other amounts payable | 47/48 | €245,000 | €83,000 | -€162,000 | -66.1% |
| Accrued charges and deferred income | 492/3 | €1,023 | €675 | -€348 | -34.0% |
| Non-recurring operating income | 76A | €165 | €0 | -€165 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,509 | €4,192 | +€684 | +19.5% |
| Other operating charges | 640/8 | €1,780 | €1,251 | -€530 | -29.7% |
| Gross operating margin | 9900 | €326,891 | €155,118 | -€171,772 | -52.5% |
| Operating profit (loss) | 9901 | €321,602 | €149,675 | -€171,927 | -53.5% |
| Financial income | 75/76B | €9,939 | €4,738 | -€5,201 | -52.3% |
| Recurring financial income | 75 | €9,939 | €4,738 | -€5,201 | -52.3% |
| Financial charges | 65/66B | €4,809 | €3,144 | -€1,665 | -34.6% |
| Recurring financial charges | 65 | €4,809 | €3,144 | -€1,665 | -34.6% |
| Profit (loss) for the period before taxes | 9903 | €326,732 | €151,269 | -€175,463 | -53.7% |
| Income taxes | 67/77 | €79,497 | €35,100 | -€44,398 | -55.8% |
| Profit (loss) for the period | 9904 | €247,235 | €116,169 | -€131,065 | -53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €247,235 | €116,169 | -€131,065 | -53.0% |
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 23 October 2026 via checked.be.