TVL Projects: 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 Projects
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Receivables within one year +€56,591
up €56,591 (+19.0%), from €297,802 to €354,394
of which Trade receivables: +€67,390
- Tangible fixed assets -€52,725
down €52,725 (-32.2%), from €163,879 to €111,154
of which Furniture and vehicles: -€41,917
- Cash -€46,843
down €46,843 (-39.3%), from €119,172 to €72,329
mainly Current investments (-€100,000) and Receivables within one year (-€56,591)
- Trade debts +€73,802
up €73,802 (+42.7%), from €172,964 to €246,766
- Profit (loss) carried forward -€39,190
new in 2025: -€39,190
- Tax, wage and social debts +€11,237
up €11,237 (+3,883%), from €289 to €11,527
- Gross operating margin -€110,036
down €110,036 (-76.3%), from €144,228 to €34,192
- Taxes -€27,139
down €27,139 (-99.2%), from €27,362 to €224
- Financial charges +€5,580
up €5,580 (+57.5%), from €9,705 to €15,285
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 | €587,903 | €645,252 | +€57,349 | +9.8% |
| Fixed assets | 21/28 | €163,879 | €111,154 | -€52,725 | -32.2% |
| Tangible fixed assets | 22/27 | €163,879 | €111,154 | -€52,725 | -32.2% |
| Plant, machinery and equipment | 23 | €25,406 | €14,597 | -€10,808 | -42.5% |
| Furniture and vehicles | 24 | €138,474 | €96,557 | -€41,917 | -30.3% |
| Current assets | 29/58 | €424,024 | €534,098 | +€110,074 | +26.0% |
| Amounts receivable within one year | 40/41 | €297,802 | €354,394 | +€56,591 | +19.0% |
| Trade receivables | 40 | €270,893 | €338,283 | +€67,390 | +24.9% |
| Other amounts receivable | 41 | €26,910 | €16,111 | -€10,799 | -40.1% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €119,172 | €72,329 | -€46,843 | -39.3% |
| Deferred charges and accrued income | 490/1 | €7,050 | €7,375 | +€325 | +4.6% |
| Total equity and liabilities | 10/49 | €587,903 | €645,252 | +€57,349 | +9.8% |
| Equity | 10/15 | €196,810 | €157,621 | -€39,190 | -19.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €178,210 | €178,210 | = | 0.0% |
| Distributable reserves | 133 | €178,210 | €178,210 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€39,190 | -€39,190 | |
| Amounts payable | 17/49 | €391,093 | €487,631 | +€96,538 | +24.7% |
| Amounts payable within one year | 42/48 | €382,778 | €473,697 | +€90,919 | +23.8% |
| Trade debts | 44 | €172,964 | €246,766 | +€73,802 | +42.7% |
| Suppliers | 440/4 | €172,964 | €246,766 | +€73,802 | +42.7% |
| Taxes, remuneration and social security | 45 | €289 | €11,527 | +€11,237 | +3,883% |
| Taxes | 450/3 | €289 | €11,527 | +€11,237 | +3,883% |
| Other amounts payable | 47/48 | €209,524 | €215,404 | +€5,880 | +2.8% |
| Accrued charges and deferred income | 492/3 | €8,315 | €13,934 | +€5,619 | +67.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,651 | €56,238 | +€587 | +1.1% |
| Other operating charges | 640/8 | €1,699 | €2,751 | +€1,052 | +61.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €144,228 | €34,192 | -€110,036 | -76.3% |
| Operating profit (loss) | 9901 | €86,877 | -€24,797 | -€111,674 | |
| Financial income | 75/76B | €1,490 | €1,116 | -€374 | -25.1% |
| Recurring financial income | 75 | €1,490 | €1,116 | -€374 | -25.1% |
| Financial charges | 65/66B | €9,705 | €15,285 | +€5,580 | +57.5% |
| Recurring financial charges | 65 | €9,705 | €15,285 | +€5,580 | +57.5% |
| Profit (loss) for the period before taxes | 9903 | €78,662 | -€38,966 | -€117,628 | |
| Income taxes | 67/77 | €27,362 | €224 | -€27,139 | -99.2% |
| Profit (loss) for the period | 9904 | €51,300 | -€39,190 | -€90,489 | |
| Profit (loss) for the period to be appropriated | 9905 | €51,300 | -€39,190 | -€90,489 |
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 14 October 2026 via checked.be.