TVH PROJECTS: what changed
TVH PROJECTS
Largest movements
- Cash +€49,984
up €49,984 (+171%), from €29,213 to €79,197
mainly Net result for the year (+€50,747) and Receivables within one year (+€32,076)
- Receivables within one year -€32,076
down €32,076 (-36.1%), from €88,949 to €56,873
of which Trade receivables: -€25,648
- Tangible fixed assets +€22,477
up €22,477 (+157%), from €14,329 to €36,805
of which Leasing and similar rights: +€24,177
- Deferred charges and accrued income +€7,753
up €7,753 (+150%), from €5,163 to €12,916
- Stocks and contracts +€4,070
up €4,070 (+10.8%), from €37,540 to €41,610
- Reserves +€44,635
up €44,635 (+45.2%), from €98,762 to €143,397
- Debts after one year +€19,127
new in 2025: €19,127
- Trade debts -€12,507
down €12,507 (-29.4%), from €42,562 to €30,056
- Other debts -€7,472
down €7,472 (-48.7%), from €15,341 to €7,868
- Current portion of long-term debt +€5,248
new in 2025: €5,248
- Gross operating margin +€124,363
up €124,363 (+122%), from €101,920 to €226,284
- Staff costs +€87,736
up €87,736 (+175%), from €50,278 to €138,014
- Other operating charges +€6,080
up €6,080 (+143%), from €4,246 to €10,326
- Taxes +€5,654
up €5,654 (+59.9%), from €9,432 to €15,086
- Depreciation +€5,228
up €5,228 (+147%), from €3,551 to €8,779
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €175,193 | €227,400 | +€52,207 | +29.8% |
| Fixed assets | 21/28 | €14,329 | €36,805 | +€22,477 | +157% |
| Tangible fixed assets | 22/27 | €14,329 | €36,805 | +€22,477 | +157% |
| Land and buildings | 22 | €2,996 | €2,614 | -€383 | -12.8% |
| Plant, machinery and equipment | 23 | €5,207 | €2,972 | -€2,236 | -42.9% |
| Furniture and vehicles | 24 | €6,125 | €7,043 | +€918 | +15.0% |
| Leasing and similar rights | 25 | - | €24,177 | +€24,177 | |
| Current assets | 29/58 | €160,865 | €190,595 | +€29,731 | +18.5% |
| Stocks and contracts in progress | 3 | €37,540 | €41,610 | +€4,070 | +10.8% |
| Stocks | 30/36 | €37,540 | €41,610 | +€4,070 | +10.8% |
| Amounts receivable within one year | 40/41 | €88,949 | €56,873 | -€32,076 | -36.1% |
| Trade receivables | 40 | €77,162 | €51,514 | -€25,648 | -33.2% |
| Other amounts receivable | 41 | €11,787 | €5,359 | -€6,428 | -54.5% |
| Cash at bank and in hand | 54/58 | €29,213 | €79,197 | +€49,984 | +171% |
| Deferred charges and accrued income | 490/1 | €5,163 | €12,916 | +€7,753 | +150% |
| Total equity and liabilities | 10/49 | €175,193 | €227,400 | +€52,207 | +29.8% |
| Equity | 10/15 | €101,262 | €145,897 | +€44,635 | +44.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €98,762 | €143,397 | +€44,635 | +45.2% |
| Distributable reserves | 133 | €98,762 | €143,397 | +€44,635 | +45.2% |
| Amounts payable | 17/49 | €73,932 | €81,503 | +€7,572 | +10.2% |
| Amounts payable after more than one year | 17 | - | €19,127 | +€19,127 | |
| Financial debts | 170/4 | - | €19,127 | +€19,127 | |
| Amounts payable within one year | 42/48 | €73,932 | €62,376 | -€11,555 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,248 | +€5,248 | |
| Trade debts | 44 | €42,562 | €30,056 | -€12,507 | -29.4% |
| Suppliers | 440/4 | €42,562 | €30,056 | -€12,507 | -29.4% |
| Taxes, remuneration and social security | 45 | €16,028 | €19,204 | +€3,176 | +19.8% |
| Taxes | 450/3 | €14,573 | €6,855 | -€7,718 | -53.0% |
| Remuneration and social security | 454/9 | €1,455 | €12,349 | +€10,893 | +748% |
| Other amounts payable | 47/48 | €15,341 | €7,868 | -€7,472 | -48.7% |
| Remuneration, social security and pensions | 62 | €50,278 | €138,014 | +€87,736 | +175% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,551 | €8,779 | +€5,228 | +147% |
| Other operating charges | 640/8 | €4,246 | €10,326 | +€6,080 | +143% |
| Gross operating margin | 9900 | €101,920 | €226,284 | +€124,363 | +122% |
| Operating profit (loss) | 9901 | €43,845 | €69,164 | +€25,320 | +57.7% |
| Financial income | 75/76B | €64 | €249 | +€185 | +289% |
| Recurring financial income | 75 | €64 | €249 | +€185 | +289% |
| Financial charges | 65/66B | €1,201 | €3,580 | +€2,378 | +198% |
| Recurring financial charges | 65 | €948 | €3,516 | +€2,568 | +271% |
| Non-recurring financial charges | 66B | €253 | €63 | -€190 | -74.9% |
| Profit (loss) for the period before taxes | 9903 | €42,707 | €65,833 | +€23,126 | +54.1% |
| Income taxes | 67/77 | €9,432 | €15,086 | +€5,654 | +59.9% |
| Profit (loss) for the period | 9904 | €33,275 | €50,747 | +€17,472 | +52.5% |
| Profit (loss) for the period to be appropriated | 9905 | €33,275 | €50,747 | +€17,472 | +52.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.