TVM PROJECT: 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.
TVM PROJECT
Largest movements
- Cash +€30,978
up €30,978 (+211.5%), from €14,649 to €45,627
mainly Investment in fixed assets (net) (+€19,095) and Tax, wage and social debts (+€8,165)
- Tangible fixed assets -€20,361
down €20,361 (-94.7%), from €21,493 to €1,131
of which Furniture and vehicles: -€20,838
- Receivables within one year +€5,118
up €5,118 (+34.1%), from €14,995 to €20,113
of which Trade receivables: +€6,577
- Tax, wage and social debts +€8,165
up €8,165 (+66.4%), from €12,305 to €20,470
of which Taxes: +€6,765
- Trade debts +€6,516
up €6,516 (+1883.6%), from €346 to €6,862
- Gross operating margin -€30,630
down €30,630 (-48.4%), from €63,328 to €32,699
- Depreciation -€9,233
down €9,233 (-87.9%), from €10,499 to €1,266
- Taxes -€5,540
down €5,540 (-45.0%), from €12,305 to €6,765
- Other operating charges +€3,693
up €3,693 (+104.2%), from €3,544 to €7,237
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.
Cash bridge derived
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 | €52,480 | €67,771 | +€15,291 | +29.1% |
| Fixed assets | 21/28 | €22,393 | €2,031 | -€20,361 | -90.9% |
| Tangible fixed assets | 22/27 | €21,493 | €1,131 | -€20,361 | -94.7% |
| Plant, machinery and equipment | 23 | €655 | €1,131 | +€477 | +72.9% |
| Furniture and vehicles | 24 | €20,838 | - | -€20,838 | |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €30,087 | €65,739 | +€35,652 | +118.5% |
| Amounts receivable within one year | 40/41 | €14,995 | €20,113 | +€5,118 | +34.1% |
| Trade receivables | 40 | €8,608 | €15,185 | +€6,577 | +76.4% |
| Other amounts receivable | 41 | €6,387 | €4,928 | -€1,459 | -22.8% |
| Cash at bank and in hand | 54/58 | €14,649 | €45,627 | +€30,978 | +211.5% |
| Deferred charges and accrued income | 490/1 | €443 | €0 | -€443 | -100.0% |
| Total equity and liabilities | 10/49 | €52,480 | €67,771 | +€15,291 | +29.1% |
| Equity | 10/15 | €39,829 | €39,952 | +€124 | +0.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Contributions outside capital | 11 | €3,000 | €3,000 | = | 0.0% |
| Other | 1109/19 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,829 | €36,952 | +€124 | +0.3% |
| Amounts payable | 17/49 | €12,651 | €27,818 | +€15,167 | +119.9% |
| Amounts payable within one year | 42/48 | €12,651 | €27,332 | +€14,681 | +116.0% |
| Trade debts | 44 | €346 | €6,862 | +€6,516 | +1883.6% |
| Suppliers | 440/4 | €346 | €6,862 | +€6,516 | +1883.6% |
| Taxes, remuneration and social security | 45 | €12,305 | €20,470 | +€8,165 | +66.4% |
| Taxes | 450/3 | €12,305 | €19,070 | +€6,765 | +55.0% |
| Remuneration and social security | 454/9 | - | €1,400 | +€1,400 | |
| Accrued charges and deferred income | 492/3 | - | €486 | +€486 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,499 | €1,266 | -€9,233 | -87.9% |
| Other operating charges | 640/8 | €3,544 | €7,237 | +€3,693 | +104.2% |
| Non-recurring operating charges | 66A | - | €17,252 | +€17,252 | |
| Gross operating margin | 9900 | €63,328 | €32,699 | -€30,630 | -48.4% |
| Operating profit (loss) | 9901 | €49,285 | €6,943 | -€42,342 | -85.9% |
| Financial income | 75/76B | €5 | €0 | -€4 | -91.3% |
| Recurring financial income | 75 | €5 | €0 | -€4 | -91.3% |
| Financial charges | 65/66B | €156 | €54 | -€102 | -65.1% |
| Recurring financial charges | 65 | €156 | €54 | -€102 | -65.1% |
| Profit (loss) for the period before taxes | 9903 | €49,134 | €6,889 | -€42,245 | -86.0% |
| Income taxes | 67/77 | €12,305 | €6,765 | -€5,540 | -45.0% |
| Profit (loss) for the period | 9904 | €36,829 | €124 | -€36,705 | -99.7% |
| Profit (loss) for the period to be appropriated | 9905 | €36,829 | €124 | -€36,705 | -99.7% |
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 9 October 2026 via checked.be.