TVRN: 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.
TVRN
Largest movements
- Cash +€104,942
up €104,942 (+220%), from €47,637 to €152,579
mainly Other debts (+€154,320) and Net result for the year (+€91,416)
- Receivables within one year -€17,314
down €17,314 (-27.5%), from €62,863 to €45,549
of which Trade receivables: -€18,603
- Other debts +€154,320
up €154,320 (+118%), from €131,165 to €285,485
- Profit (loss) carried forward -€108,584
down €108,584 (-79.7%), from €136,244 to €27,660
- Tax, wage and social debts +€43,911
up €43,911 (+840%), from €5,225 to €49,136
- Debts after one year -€3,885
down €3,885 (-100%), from €3,885 to €0
- Gross operating margin +€32,345
up €32,345 (+33.8%), from €95,738 to €128,083
- Taxes +€7,864
up €7,864 (+35.0%), from €22,443 to €30,307
- Financial income +€4,518
up €4,518 (+240%), from €1,885 to €6,403
- Financial charges +€3,278
up €3,278 (+41.4%), from €7,920 to €11,199
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 | €299,927 | €385,513 | +€85,586 | +28.5% |
| Fixed assets | 21/28 | €88,751 | €86,883 | -€1,867 | -2.1% |
| Tangible fixed assets | 22/27 | €2,517 | €3,661 | +€1,144 | +45.5% |
| Furniture and vehicles | 24 | €2,517 | €3,661 | +€1,144 | +45.5% |
| Financial fixed assets | 28 | €86,234 | €83,223 | -€3,011 | -3.5% |
| Current assets | 29/58 | €211,176 | €298,630 | +€87,454 | +41.4% |
| Amounts receivable within one year | 40/41 | €62,863 | €45,549 | -€17,314 | -27.5% |
| Trade receivables | 40 | €61,816 | €43,214 | -€18,603 | -30.1% |
| Other amounts receivable | 41 | €1,047 | €2,335 | +€1,288 | +123% |
| Current investments | 50/53 | €99,999 | €99,999 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €47,637 | €152,579 | +€104,942 | +220% |
| Deferred charges and accrued income | 490/1 | €677 | €503 | -€174 | -25.7% |
| Total equity and liabilities | 10/49 | €299,927 | €385,513 | +€85,586 | +28.5% |
| Equity | 10/15 | €150,504 | €41,920 | -€108,584 | -72.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €136,244 | €27,660 | -€108,584 | -79.7% |
| Amounts payable | 17/49 | €149,423 | €343,593 | +€194,170 | +130% |
| Amounts payable after more than one year | 17 | €3,885 | €0 | -€3,885 | -100% |
| Financial debts | 170/4 | €3,885 | €0 | -€3,885 | -100% |
| Amounts payable within one year | 42/48 | €145,538 | €343,593 | +€198,055 | +136% |
| Current portion of amounts payable after more than one year | 42 | €6,936 | €6,201 | -€735 | -10.6% |
| Trade debts | 44 | €2,211 | €2,771 | +€560 | +25.3% |
| Suppliers | 440/4 | €2,211 | €2,771 | +€560 | +25.3% |
| Taxes, remuneration and social security | 45 | €5,225 | €49,136 | +€43,911 | +840% |
| Taxes | 450/3 | €5,225 | €49,136 | +€43,911 | +840% |
| Other amounts payable | 47/48 | €131,165 | €285,485 | +€154,320 | +118% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,678 | €834 | -€844 | -50.3% |
| Other operating charges | 640/8 | €455 | €610 | +€154 | +33.9% |
| Non-recurring operating charges | 66A | - | €120 | +€120 | |
| Gross operating margin | 9900 | €95,738 | €128,083 | +€32,345 | +33.8% |
| Operating profit (loss) | 9901 | €93,604 | €126,519 | +€32,914 | +35.2% |
| Financial income | 75/76B | €1,885 | €6,403 | +€4,518 | +240% |
| Recurring financial income | 75 | €1,885 | €6,403 | +€4,518 | +240% |
| Financial charges | 65/66B | €7,920 | €11,199 | +€3,278 | +41.4% |
| Recurring financial charges | 65 | €7,920 | €11,199 | +€3,278 | +41.4% |
| Profit (loss) for the period before taxes | 9903 | €87,569 | €121,723 | +€34,154 | +39.0% |
| Income taxes | 67/77 | €22,443 | €30,307 | +€7,864 | +35.0% |
| Profit (loss) for the period | 9904 | €65,126 | €91,416 | +€26,290 | +40.4% |
| Profit (loss) for the period to be appropriated | 9905 | €65,126 | €91,416 | +€26,290 | +40.4% |
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 15 October 2026 via checked.be.