TVL Management: 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.
TVL Management
Largest movements
- Receivables after one year -€91,420
no longer reported in 2025 (was €91,420)
- Deferred charges and accrued income -€4,569
no longer reported in 2025 (was €4,569)
- Receivables within one year -€3,229
down €3,229 (-6.3%), from €51,144 to €47,915
of which Other amounts receivable: -€3,229
- Profit (loss) carried forward -€90,071
new in 2025: -€90,071
- Other debts +€39,243
new in 2025: €39,243
- Tax, wage and social debts -€36,875
down €36,875 (-91.6%), from €40,251 to €3,376
- Trade debts -€5,982
down €5,982 (-17.3%), from €34,488 to €28,506
- Reserves -€4,793
down €4,793 (-6.8%), from €70,284 to €65,491
- Gross operating margin -€55,801
down €55,801, from €8,579 to -€47,222
- Other operating charges +€44,118
up €44,118 (+1,694%), from €2,604 to €46,722
- Financial charges -€10,963
down €10,963 (-93.6%), from €11,712 to €749
- Financial income -€4,569
no longer reported in 2025 (was €4,569)
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 | €147,523 | €49,045 | -€98,478 | -66.8% |
| Current assets | 29/58 | €147,523 | €49,045 | -€98,478 | -66.8% |
| Amounts receivable after more than one year | 29 | €91,420 | - | -€91,420 | |
| Other amounts receivable | 291 | €91,420 | - | -€91,420 | |
| Amounts receivable within one year | 40/41 | €51,144 | €47,915 | -€3,229 | -6.3% |
| Trade receivables | 40 | €37,915 | €37,915 | = | 0.0% |
| Other amounts receivable | 41 | €13,229 | €10,000 | -€3,229 | -24.4% |
| Cash at bank and in hand | 54/58 | €389 | €1,130 | +€741 | +191% |
| Deferred charges and accrued income | 490/1 | €4,569 | - | -€4,569 | |
| Total equity and liabilities | 10/49 | €147,523 | €49,045 | -€98,478 | -66.8% |
| Equity | 10/15 | €72,784 | -€22,080 | -€94,863 | |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €70,284 | €65,491 | -€4,793 | -6.8% |
| Distributable reserves | 133 | €70,284 | €65,491 | -€4,793 | -6.8% |
| Profit (loss) carried forward | 14 | - | -€90,071 | -€90,071 | |
| Amounts payable | 17/49 | €74,739 | €71,125 | -€3,614 | -4.8% |
| Amounts payable within one year | 42/48 | €74,739 | €71,125 | -€3,614 | -4.8% |
| Trade debts | 44 | €34,488 | €28,506 | -€5,982 | -17.3% |
| Suppliers | 440/4 | €34,488 | €28,506 | -€5,982 | -17.3% |
| Taxes, remuneration and social security | 45 | €40,251 | €3,376 | -€36,875 | -91.6% |
| Taxes | 450/3 | €40,251 | €3,376 | -€36,875 | -91.6% |
| Other amounts payable | 47/48 | - | €39,243 | +€39,243 | |
| Other operating charges | 640/8 | €2,604 | €46,722 | +€44,118 | +1,694% |
| Gross operating margin | 9900 | €8,579 | -€47,222 | -€55,801 | |
| Operating profit (loss) | 9901 | €5,974 | -€93,944 | -€99,918 | |
| Financial income | 75/76B | €4,569 | - | -€4,569 | |
| Recurring financial income | 75 | €4,569 | - | -€4,569 | |
| Financial charges | 65/66B | €11,712 | €749 | -€10,963 | -93.6% |
| Recurring financial charges | 65 | €11,712 | €749 | -€10,963 | -93.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,168 | -€94,693 | -€93,525 | -8,008% |
| Income taxes | 67/77 | €373 | €171 | -€202 | -54.3% |
| Profit (loss) for the period | 9904 | -€1,541 | -€94,863 | -€93,323 | -6,056% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,541 | -€94,863 | -€93,323 | -6,056% |
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.