TVPW: what changed
Two fiscal 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.
TVPW
Largest movements
- Receivables within one year -€30,210
down €30,210 (-100.0%), from €30,210 to €0
of which Trade receivables: -€29,180
- Tangible fixed assets -€10,849
down €10,849 (-13.4%), from €81,200 to €70,351
of which Plant, machinery and equipment: -€8,002
- Reserves -€16,335
down €16,335 (-10.3%), from €158,400 to €142,065
- Current portion of long-term debt -€13,582
down €13,582 (-100.0%), from €13,582 to €0
- Tax, wage and social debts -€8,352
down €8,352 (-33.9%), from €24,624 to €16,272
- Trade debts -€4,376
down €4,376 (-14.6%), from €30,070 to €25,695
- Gross operating margin +€33,248
up €33,248 (+27.6%), from €120,327 to €153,575
- Taxes +€7,504
up €7,504 (+38.2%), from €19,648 to €27,152
- Depreciation +€3,234
up €3,234 (+15.5%), from €20,805 to €24,040
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 | €228,676 | €187,851 | -€40,825 | -17.9% |
| Formation expenses | 20 | €1,464 | €970 | -€495 | -33.8% |
| Fixed assets | 21/28 | €84,800 | €73,951 | -€10,849 | -12.8% |
| Tangible fixed assets | 22/27 | €81,200 | €70,351 | -€10,849 | -13.4% |
| Plant, machinery and equipment | 23 | €34,775 | €26,773 | -€8,002 | -23.0% |
| Furniture and vehicles | 24 | €43,624 | €41,355 | -€2,269 | -5.2% |
| Other tangible fixed assets | 26 | €2,801 | €2,223 | -€578 | -20.6% |
| Financial fixed assets | 28 | €3,600 | €3,600 | = | 0.0% |
| Current assets | 29/58 | €142,411 | €112,930 | -€29,481 | -20.7% |
| Stocks and contracts in progress | 3 | €14,301 | €13,959 | -€343 | -2.4% |
| Stocks | 30/36 | €14,301 | €13,959 | -€343 | -2.4% |
| Amounts receivable within one year | 40/41 | €30,210 | €0 | -€30,210 | -100.0% |
| Trade receivables | 40 | €29,180 | €0 | -€29,180 | -100.0% |
| Other amounts receivable | 41 | €1,030 | €0 | -€1,030 | -100.0% |
| Cash at bank and in hand | 54/58 | €96,184 | €96,321 | +€137 | +0.1% |
| Deferred charges and accrued income | 490/1 | €1,716 | €2,651 | +€935 | +54.5% |
| Total equity and liabilities | 10/49 | €228,676 | €187,851 | -€40,825 | -17.9% |
| Equity | 10/15 | €160,400 | €144,065 | -€16,335 | -10.2% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €158,400 | €142,065 | -€16,335 | -10.3% |
| Distributable reserves | 133 | €158,400 | €142,065 | -€16,335 | -10.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €68,276 | €43,786 | -€24,490 | -35.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €68,276 | €43,786 | -€24,490 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €13,582 | €0 | -€13,582 | -100.0% |
| Trade debts | 44 | €30,070 | €25,695 | -€4,376 | -14.6% |
| Suppliers | 440/4 | €30,070 | €25,695 | -€4,376 | -14.6% |
| Taxes, remuneration and social security | 45 | €24,624 | €16,272 | -€8,352 | -33.9% |
| Taxes | 450/3 | €24,624 | €16,272 | -€8,352 | -33.9% |
| Other amounts payable | 47/48 | - | €1,819 | +€1,819 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,805 | €24,040 | +€3,234 | +15.5% |
| Other operating charges | 640/8 | €369 | €1,003 | +€634 | +171.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €120,327 | €153,575 | +€33,248 | +27.6% |
| Operating profit (loss) | 9901 | €99,152 | €128,531 | +€29,380 | +29.6% |
| Financial income | 75/76B | €318 | €456 | +€137 | +43.2% |
| Recurring financial income | 75 | €318 | €456 | +€137 | +43.2% |
| Financial charges | 65/66B | €1,219 | €523 | -€696 | -57.1% |
| Recurring financial charges | 65 | €1,219 | €523 | -€696 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | €98,251 | €128,464 | +€30,213 | +30.8% |
| Income taxes | 67/77 | €19,648 | €27,152 | +€7,504 | +38.2% |
| Profit (loss) for the period | 9904 | €78,603 | €101,312 | +€22,709 | +28.9% |
| Profit (loss) for the period to be appropriated | 9905 | €78,603 | €101,312 | +€22,709 | +28.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.