TVO CONSEIL: 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.
TVO CONSEIL
Largest movements
- Cash +€133,101
up €133,101 (+214%), from €62,183 to €195,284
mainly Current investments (+€126,946) and Net result for the year (+€39,612)
- Current investments -€126,946
no longer reported in 2025 (was €126,946)
- Receivables within one year +€6,308
up €6,308 (+24.9%), from €25,287 to €31,595
of which Other amounts receivable: +€6,792
- Other debts +€36,702
up €36,702 (+22.2%), from €165,143 to €201,845
- Profit (loss) carried forward -€20,388
down €20,388 (-92.9%), from €21,936 to €1,548
- Tax, wage and social debts -€6,529
down €6,529 (-22.0%), from €29,615 to €23,086
- Gross operating margin -€9,492
down €9,492 (-14.6%), from €64,916 to €55,424
- Financial income -€2,701
down €2,701 (-73.0%), from €3,698 to €997
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 | €221,694 | €231,879 | +€10,185 | +4.6% |
| Fixed assets | 21/28 | €7,278 | €5,000 | -€2,278 | -31.3% |
| Tangible fixed assets | 22/27 | €2,278 | - | -€2,278 | |
| Furniture and vehicles | 24 | €2,278 | - | -€2,278 | |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €214,416 | €226,879 | +€12,463 | +5.8% |
| Amounts receivable within one year | 40/41 | €25,287 | €31,595 | +€6,308 | +24.9% |
| Trade receivables | 40 | €24,684 | €24,200 | -€484 | -2.0% |
| Other amounts receivable | 41 | €603 | €7,395 | +€6,792 | +1,126% |
| Current investments | 50/53 | €126,946 | - | -€126,946 | |
| Cash at bank and in hand | 54/58 | €62,183 | €195,284 | +€133,101 | +214% |
| Total equity and liabilities | 10/49 | €221,694 | €231,879 | +€10,185 | +4.6% |
| Equity | 10/15 | €26,936 | €6,548 | -€20,388 | -75.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,936 | €1,548 | -€20,388 | -92.9% |
| Amounts payable | 17/49 | €194,758 | €225,331 | +€30,573 | +15.7% |
| Amounts payable within one year | 42/48 | €194,758 | €225,331 | +€30,573 | +15.7% |
| Trade debts | 44 | - | €400 | +€400 | |
| Suppliers | 440/4 | - | €400 | +€400 | |
| Taxes, remuneration and social security | 45 | €29,615 | €23,086 | -€6,529 | -22.0% |
| Taxes | 450/3 | €29,615 | €23,086 | -€6,529 | -22.0% |
| Other amounts payable | 47/48 | €165,143 | €201,845 | +€36,702 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,558 | €2,278 | -€280 | -10.9% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.3% |
| Gross operating margin | 9900 | €64,916 | €55,424 | -€9,492 | -14.6% |
| Operating profit (loss) | 9901 | €61,971 | €52,746 | -€9,225 | -14.9% |
| Financial income | 75/76B | €3,698 | €997 | -€2,701 | -73.0% |
| Recurring financial income | 75 | €3,698 | €997 | -€2,701 | -73.0% |
| Financial charges | 65/66B | €183 | €286 | +€103 | +56.2% |
| Recurring financial charges | 65 | €183 | €286 | +€103 | +56.2% |
| Profit (loss) for the period before taxes | 9903 | €65,486 | €53,457 | -€12,029 | -18.4% |
| Income taxes | 67/77 | €14,224 | €13,845 | -€379 | -2.7% |
| Profit (loss) for the period | 9904 | €51,262 | €39,612 | -€11,650 | -22.7% |
| Profit (loss) for the period to be appropriated | 9905 | €51,262 | €39,612 | -€11,650 | -22.7% |
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 27 October 2026 via checked.be.