TVO LOGISTICS: 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 LOGISTICS
Largest movements
- Tangible fixed assets -€39,028
down €39,028 (-85.1%), from €45,853 to €6,825
of which Leasing and similar rights: -€33,988
- Receivables within one year -€23,865
down €23,865 (-60.3%), from €39,592 to €15,727
of which Trade receivables: -€14,878
- Financial fixed assets +€16,400
new in 2025: €16,400
- Deferred charges and accrued income -€927
down €927 (-100%), from €927 to €0
- Current portion of long-term debt -€34,320
down €34,320 (-90.9%), from €37,771 to €3,451
- Other debts +€30,975
up €30,975 (+141%), from €22,025 to €53,000
- Tax, wage and social debts -€29,559
down €29,559 (-39.7%), from €74,405 to €44,846
of which Taxes: -€25,654
- Trade debts -€24,011
down €24,011 (-37.6%), from €63,838 to €39,827
- Profit (loss) carried forward +€13,521
up €13,521 (+9.9%), from -€136,964 to -€123,443
- Other operating charges -€90,941
down €90,941 (-88.1%), from €103,266 to €12,325
- Gross operating margin +€36,239
up €36,239 (+24.2%), from €149,682 to €185,921
- Staff costs +€13,086
up €13,086 (+12.8%), from €102,025 to €115,111
- Financial charges +€6,526
up €6,526 (+161%), from €4,049 to €10,575
- Financial income +€3,935
up €3,935 (+559%), from €705 to €4,640
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 | €87,218 | €39,682 | -€47,536 | -54.5% |
| Fixed assets | 21/28 | €45,853 | €23,225 | -€22,628 | -49.3% |
| Tangible fixed assets | 22/27 | €45,853 | €6,825 | -€39,028 | -85.1% |
| Furniture and vehicles | 24 | €5,041 | €0 | -€5,041 | -100% |
| Leasing and similar rights | 25 | €40,812 | €6,825 | -€33,988 | -83.3% |
| Financial fixed assets | 28 | - | €16,400 | +€16,400 | |
| Current assets | 29/58 | €41,364 | €16,457 | -€24,907 | -60.2% |
| Amounts receivable within one year | 40/41 | €39,592 | €15,727 | -€23,865 | -60.3% |
| Trade receivables | 40 | €15,290 | €411 | -€14,878 | -97.3% |
| Other amounts receivable | 41 | €24,303 | €15,316 | -€8,987 | -37.0% |
| Cash at bank and in hand | 54/58 | €845 | €730 | -€115 | -13.6% |
| Deferred charges and accrued income | 490/1 | €927 | €0 | -€927 | -100% |
| Total equity and liabilities | 10/49 | €87,218 | €39,682 | -€47,536 | -54.5% |
| Equity | 10/15 | -€114,964 | -€101,443 | +€13,521 | +11.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€136,964 | -€123,443 | +€13,521 | +9.9% |
| Amounts payable | 17/49 | €202,181 | €141,124 | -€61,057 | -30.2% |
| Amounts payable after more than one year | 17 | €4,142 | €0 | -€4,142 | -100% |
| Financial debts | 170/4 | €4,142 | €0 | -€4,142 | -100% |
| Amounts payable within one year | 42/48 | €198,039 | €141,124 | -€56,915 | -28.7% |
| Current portion of amounts payable after more than one year | 42 | €37,771 | €3,451 | -€34,320 | -90.9% |
| Trade debts | 44 | €63,838 | €39,827 | -€24,011 | -37.6% |
| Suppliers | 440/4 | €63,838 | €39,827 | -€24,011 | -37.6% |
| Taxes, remuneration and social security | 45 | €74,405 | €44,846 | -€29,559 | -39.7% |
| Taxes | 450/3 | €41,157 | €15,502 | -€25,654 | -62.3% |
| Remuneration and social security | 454/9 | €33,248 | €29,344 | -€3,904 | -11.7% |
| Other amounts payable | 47/48 | €22,025 | €53,000 | +€30,975 | +141% |
| Remuneration, social security and pensions | 62 | €102,025 | €115,111 | +€13,086 | +12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,388 | €39,028 | -€3,359 | -7.9% |
| Other operating charges | 640/8 | €103,266 | €12,325 | -€90,941 | -88.1% |
| Gross operating margin | 9900 | €149,682 | €185,921 | +€36,239 | +24.2% |
| Operating profit (loss) | 9901 | -€97,997 | €19,456 | +€117,453 | |
| Financial income | 75/76B | €705 | €4,640 | +€3,935 | +559% |
| Recurring financial income | 75 | €705 | €4,640 | +€3,935 | +559% |
| Financial charges | 65/66B | €4,049 | €10,575 | +€6,526 | +161% |
| Recurring financial charges | 65 | €4,049 | €10,575 | +€6,526 | +161% |
| Profit (loss) for the period before taxes | 9903 | -€101,341 | €13,521 | +€114,862 | |
| Profit (loss) for the period | 9904 | -€101,341 | €13,521 | +€114,862 | |
| Profit (loss) for the period to be appropriated | 9905 | -€101,341 | €13,521 | +€114,862 |
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 20 October 2026 via checked.be.