TVP-VDB: 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.
TVP-VDB
Largest movements
- Receivables within one year -€31,044
down €31,044 (-56.9%), from €54,601 to €23,557
of which Trade receivables: -€29,896
- Deferred charges and accrued income +€22,633
up €22,633 (+590%), from €3,838 to €26,470
- Tangible fixed assets -€13,211
down €13,211 (-33.5%), from €39,470 to €26,259
of which Furniture and vehicles: -€13,264
- Cash +€11,070
up €11,070 (+219%), from €5,063 to €16,133
mainly Receivables within one year (+€31,044) and Net result for the year (+€9,476)
- Trade debts -€11,071
down €11,071 (-73.4%), from €15,073 to €4,002
- Reserves +€9,476
up €9,476 (+12.3%), from €76,857 to €86,333
- Current portion of long-term debt -€8,075
no longer reported in 2025 (was €8,075)
- Depreciation -€19,392
down €19,392 (-67.5%), from €28,713 to €9,321
- Gross operating margin -€14,257
down €14,257 (-35.5%), from €40,120 to €25,863
- Financial charges -€3,848
down €3,848 (-89.9%), from €4,280 to €433
of which Financial charges: -€2,656
- Taxes +€2,001
up €2,001 (+43.6%), from €4,588 to €6,589
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 | €103,009 | €92,424 | -€10,585 | -10.3% |
| Fixed assets | 21/28 | €39,508 | €26,264 | -€13,244 | -33.5% |
| Tangible fixed assets | 22/27 | €39,470 | €26,259 | -€13,211 | -33.5% |
| Land and buildings | 22 | €15,904 | €16,812 | +€908 | +5.7% |
| Plant, machinery and equipment | 23 | €1,949 | €1,094 | -€855 | -43.9% |
| Furniture and vehicles | 24 | €21,617 | €8,353 | -€13,264 | -61.4% |
| Financial fixed assets | 28 | €38 | €5 | -€33 | -87.9% |
| Current assets | 29/58 | €63,501 | €66,160 | +€2,659 | +4.2% |
| Amounts receivable within one year | 40/41 | €54,601 | €23,557 | -€31,044 | -56.9% |
| Trade receivables | 40 | €29,896 | - | -€29,896 | |
| Other amounts receivable | 41 | €24,705 | €23,557 | -€1,148 | -4.6% |
| Cash at bank and in hand | 54/58 | €5,063 | €16,133 | +€11,070 | +219% |
| Deferred charges and accrued income | 490/1 | €3,838 | €26,470 | +€22,633 | +590% |
| Total equity and liabilities | 10/49 | €103,009 | €92,424 | -€10,585 | -10.3% |
| Equity | 10/15 | €78,857 | €88,333 | +€9,476 | +12.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €76,857 | €86,333 | +€9,476 | +12.3% |
| Distributable reserves | 133 | €76,857 | €86,333 | +€9,476 | +12.3% |
| Amounts payable | 17/49 | €24,152 | €4,091 | -€20,061 | -83.1% |
| Amounts payable within one year | 42/48 | €24,148 | €4,091 | -€20,057 | -83.1% |
| Current portion of amounts payable after more than one year | 42 | €8,075 | - | -€8,075 | |
| Trade debts | 44 | €15,073 | €4,002 | -€11,071 | -73.4% |
| Suppliers | 440/4 | €15,073 | €4,002 | -€11,071 | -73.4% |
| Taxes, remuneration and social security | 45 | €1,000 | €89 | -€911 | -91.1% |
| Taxes | 450/3 | - | €89 | +€89 | |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Accrued charges and deferred income | 492/3 | €4 | - | -€4 | |
| Non-recurring operating income | 76A | - | €2,133 | +€2,133 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,713 | €9,321 | -€19,392 | -67.5% |
| Other operating charges | 640/8 | €1,304 | €1,189 | -€115 | -8.8% |
| Gross operating margin | 9900 | €40,120 | €25,863 | -€14,257 | -35.5% |
| Operating profit (loss) | 9901 | €10,103 | €15,353 | +€5,250 | +52.0% |
| Financial income | 75/76B | €1,109 | €1,145 | +€36 | +3.3% |
| Recurring financial income | 75 | €1,109 | €1,145 | +€36 | +3.3% |
| Financial charges | 65/66B | €4,280 | €433 | -€3,848 | -89.9% |
| Recurring financial charges | 65 | €3,088 | €433 | -€2,656 | -86.0% |
| Non-recurring financial charges | 66B | €1,192 | - | -€1,192 | |
| Profit (loss) for the period before taxes | 9903 | €6,932 | €16,065 | +€9,134 | +132% |
| Income taxes | 67/77 | €4,588 | €6,589 | +€2,001 | +43.6% |
| Profit (loss) for the period | 9904 | €2,343 | €9,476 | +€7,133 | +304% |
| Profit (loss) for the period to be appropriated | 9905 | €2,343 | €9,476 | +€7,133 | +304% |
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 13 October 2026 via checked.be.