TVW: 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.
TVW
Largest movements
- Stocks and contracts +€56,793
up €56,793 (+47.3%), from €119,959 to €176,752
- Cash +€55,851
up €55,851 (+1248.1%), from €4,475 to €60,326
mainly Other debts (+€94,438) and Net result for the year (+€94,381)
- Receivables within one year -€5,666
down €5,666 (-20.8%), from €27,264 to €21,599
of which Other amounts receivable: -€3,127
- Other debts +€94,438
up €94,438 (+17463.2%), from €541 to €94,978
- Tax, wage and social debts +€33,183
up €33,183 (+292.3%), from €11,353 to €44,536
of which Taxes: +€27,879
- Profit (loss) carried forward -€17,996
down €17,996 (-16.0%), from €112,378 to €94,381
- Trade debts -€10,271
down €10,271 (-52.2%), from €19,665 to €9,394
- Accrued charges and deferred income +€3,352
new in 2025: €3,352
- Gross operating margin +€113,063
up €113,063 (+110.0%), from €102,755 to €215,818
- Taxes +€27,356
up €27,356 (+374.6%), from €7,302 to €34,659
- Financial charges +€4,190
up €4,190 (+435.8%), from €962 to €5,151
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 | €163,671 | €267,990 | +€104,319 | +63.7% |
| Fixed assets | 21/28 | €6,866 | €5,221 | -€1,646 | -24.0% |
| Tangible fixed assets | 22/27 | €6,866 | €5,221 | -€1,646 | -24.0% |
| Furniture and vehicles | 24 | €6,866 | €5,221 | -€1,646 | -24.0% |
| Current assets | 29/58 | €156,805 | €262,769 | +€105,965 | +67.6% |
| Stocks and contracts in progress | 3 | €119,959 | €176,752 | +€56,793 | +47.3% |
| Stocks | 30/36 | €119,959 | €176,752 | +€56,793 | +47.3% |
| Amounts receivable within one year | 40/41 | €27,264 | €21,599 | -€5,666 | -20.8% |
| Trade receivables | 40 | €19,302 | €16,764 | -€2,538 | -13.2% |
| Other amounts receivable | 41 | €7,963 | €4,835 | -€3,127 | -39.3% |
| Cash at bank and in hand | 54/58 | €4,475 | €60,326 | +€55,851 | +1248.1% |
| Deferred charges and accrued income | 490/1 | €5,106 | €4,092 | -€1,014 | -19.9% |
| Total equity and liabilities | 10/49 | €163,671 | €267,990 | +€104,319 | +63.7% |
| Equity | 10/15 | €132,113 | €114,116 | -€17,996 | -13.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €14,735 | €14,735 | = | 0.0% |
| Tax-exempt reserves | 132 | €14,735 | €14,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | €112,378 | €94,381 | -€17,996 | -16.0% |
| Amounts payable | 17/49 | €31,558 | €153,874 | +€122,315 | +387.6% |
| Amounts payable within one year | 42/48 | €31,558 | €150,521 | +€118,963 | +377.0% |
| Current portion of amounts payable after more than one year | 42 | - | €1,613 | +€1,613 | |
| Trade debts | 44 | €19,665 | €9,394 | -€10,271 | -52.2% |
| Suppliers | 440/4 | €19,665 | €9,394 | -€10,271 | -52.2% |
| Taxes, remuneration and social security | 45 | €11,353 | €44,536 | +€33,183 | +292.3% |
| Taxes | 450/3 | - | €27,879 | +€27,879 | |
| Remuneration and social security | 454/9 | €11,353 | €16,656 | +€5,304 | +46.7% |
| Other amounts payable | 47/48 | €541 | €94,978 | +€94,438 | +17463.2% |
| Accrued charges and deferred income | 492/3 | - | €3,352 | +€3,352 | |
| Remuneration, social security and pensions | 62 | €76,375 | €76,914 | +€539 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,431 | €4,454 | -€977 | -18.0% |
| Other operating charges | 640/8 | €387 | €475 | +€87 | +22.6% |
| Gross operating margin | 9900 | €102,755 | €215,818 | +€113,063 | +110.0% |
| Operating profit (loss) | 9901 | €20,562 | €133,975 | +€113,414 | +551.6% |
| Financial income | 75/76B | €97 | €216 | +€119 | +122.3% |
| Recurring financial income | 75 | €97 | €216 | +€119 | +122.3% |
| Financial charges | 65/66B | €962 | €5,151 | +€4,190 | +435.8% |
| Recurring financial charges | 65 | €962 | €5,151 | +€4,190 | +435.8% |
| Profit (loss) for the period before taxes | 9903 | €19,697 | €129,040 | +€109,343 | +555.1% |
| Income taxes | 67/77 | €7,302 | €34,659 | +€27,356 | +374.6% |
| Profit (loss) for the period | 9904 | €12,395 | €94,381 | +€81,986 | +661.5% |
| Transfer to tax-exempt reserves | 689 | €14,735 | - | -€14,735 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,340 | €94,381 | +€96,721 |
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 5 October 2026 via checked.be.