TVW EXPLOITATION: 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.
What changed
TVW EXPLOITATION
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€98,064
2024 · -€145,412+€47,348
Equity
€2.2m
2024 · €2.2m-€47,996
Cash
€230,753
2024 · €173,968+€56,785
Balance sheet total
€6.2m
2024 · €5.7m+€458,254
Largest movements
Assets
- Tangible fixed assets +€920,486
up €920,486 (+21.2%), from €4.3m to €5.3m
of which Land and buildings: +€2.0m
- Receivables within one year -€527,993
down €527,993 (-78.8%), from €670,181 to €142,188
of which Other amounts receivable: -€529,493
Equity and liabilities
- Other debts +€541,763
up €541,763 (+40.1%), from €1.4m to €1.9m
- Debts after one year -€82,384
down €82,384 (-5.0%), from €1.7m to €1.6m
of which Financial debts: -€90,134
- Trade debts +€66,919
up €66,919 (+84.8%), from €78,913 to €145,832
Income statement
- Gross operating margin +€116,859
up €116,859 (+127%), from €92,248 to €209,107
- Other operating charges -€73,072
down €73,072 (-67.2%), from €108,704 to €35,632
- Financial income -€47,331
down €47,331 (-73.3%), from €64,545 to €17,213
- Depreciation +€41,845
up €41,845 (+17.6%), from €237,386 to €279,231
- Taxes -€20,517
down €20,517 (-97.7%), from €20,990 to €472
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.
Result 2024
-€145,412
Gross operating margin
+€116,859
Depreciation
-€41,845
Other operating charges
+€73,072
Financial income
-€47,331
Financial charges
-€4,686
Taxes
+€20,517
Deferred taxes and other
-€69,238
Result 2025
-€98,064
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€1.3m
Investment
-€1.2m
Financing
-€32,227
Cash 2024
€173,968
From operations (derived)
+€1.3m
Net result for the year
-€98,064
Depreciation
+€279,231
Receivables within one year
+€527,993
Deferred charges and accrued income
+€1,538
Provisions
-€19,935
Trade debts
+€66,919
Tax, wage and social debts
+€6,827
Other debts
+€541,763
Accrued charges and deferred income
-€7,028
Investment (derived)
-€1.2m
Investment in fixed assets (net)
-€1.2m
Current investments
-€10,514
Financing
-€32,227
Debts after one year
-€82,384
Current portion of long-term debt
+€709
Short-term financial debts
-€620
Contributions, distributions and other
+€50,068
Cash 2025
€230,753
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,704,871 | €6,163,125 | +€458,254 | +8.0% |
| Fixed assets | 21/28 | €4,611,074 | €5,531,560 | +€920,486 | +20.0% |
| Tangible fixed assets | 22/27 | €4,339,707 | €5,260,193 | +€920,486 | +21.2% |
| Land and buildings | 22 | €3,218,513 | €5,258,744 | +€2.0m | +63.4% |
| Plant, machinery and equipment | 23 | €1,118,525 | - | -€1.1m | |
| Furniture and vehicles | 24 | €2,669 | €1,449 | -€1,220 | -45.7% |
| Financial fixed assets | 28 | €271,367 | €271,367 | = | 0.0% |
| Current assets | 29/58 | €1,093,797 | €631,565 | -€462,232 | -42.3% |
| Amounts receivable within one year | 40/41 | €670,181 | €142,188 | -€527,993 | -78.8% |
| Trade receivables | 40 | €9,476 | €10,976 | +€1,500 | +15.8% |
| Other amounts receivable | 41 | €660,704 | €131,211 | -€529,493 | -80.1% |
| Current investments | 50/53 | €221,241 | €231,755 | +€10,514 | +4.8% |
| Cash at bank and in hand | 54/58 | €173,968 | €230,753 | +€56,785 | +32.6% |
| Deferred charges and accrued income | 490/1 | €28,407 | €26,869 | -€1,538 | -5.4% |
| Total equity and liabilities | 10/49 | €5,704,871 | €6,163,125 | +€458,254 | +8.0% |
| Equity | 10/15 | €2,202,116 | €2,154,120 | -€47,996 | -2.2% |
| Contributions | 10/11 | €90,019 | €90,019 | = | 0.0% |
| Reserves | 13 | €1,943,986 | €1,893,673 | -€50,313 | -2.6% |
| Non-distributable reserves | 130/1 | €21,162 | €21,162 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,162 | €21,162 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,107,824 | €1,057,511 | -€50,313 | -4.5% |
| Distributable reserves | 133 | €815,000 | €815,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €168,111 | €170,428 | +€2,317 | +1.4% |
| Provisions and deferred taxes | 16 | €289,078 | €269,142 | -€19,935 | -6.9% |
| Deferred taxes | 168 | €289,078 | €269,142 | -€19,935 | -6.9% |
| Amounts payable | 17/49 | €3,213,677 | €3,739,862 | +€526,185 | +16.4% |
| Amounts payable after more than one year | 17 | €1,656,333 | €1,573,949 | -€82,384 | -5.0% |
| Financial debts | 170/4 | €1,638,441 | €1,548,307 | -€90,134 | -5.5% |
| Other amounts payable | 178/9 | €17,892 | €25,642 | +€7,750 | +43.3% |
| Amounts payable within one year | 42/48 | €1,548,499 | €2,164,096 | +€615,597 | +39.8% |
| Current portion of amounts payable after more than one year | 42 | €88,991 | €89,700 | +€709 | +0.8% |
| Financial debts | 43 | €620 | - | -€620 | |
| Credit institutions | 430/8 | €620 | - | -€620 | |
| Trade debts | 44 | €78,913 | €145,832 | +€66,919 | +84.8% |
| Suppliers | 440/4 | €78,913 | €145,832 | +€66,919 | +84.8% |
| Taxes, remuneration and social security | 45 | €27,918 | €34,745 | +€6,827 | +24.5% |
| Taxes | 450/3 | €24,418 | €34,745 | +€10,327 | +42.3% |
| Remuneration and social security | 454/9 | €3,500 | - | -€3,500 | |
| Other amounts payable | 47/48 | €1,352,056 | €1,893,819 | +€541,763 | +40.1% |
| Accrued charges and deferred income | 492/3 | €8,846 | €1,817 | -€7,028 | -79.5% |
| Non-recurring operating income | 76A | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,386 | €279,231 | +€41,845 | +17.6% |
| Other operating charges | 640/8 | €108,704 | €35,632 | -€73,072 | -67.2% |
| Gross operating margin | 9900 | €92,248 | €209,107 | +€116,859 | +127% |
| Operating profit (loss) | 9901 | -€253,842 | -€105,755 | +€148,086 | +58.3% |
| Financial income | 75/76B | €64,545 | €17,213 | -€47,331 | -73.3% |
| Recurring financial income | 75 | €64,545 | €17,213 | -€47,331 | -73.3% |
| Financial charges | 65/66B | €29,186 | €33,872 | +€4,686 | +16.1% |
| Recurring financial charges | 65 | €29,186 | €33,872 | +€4,686 | +16.1% |
| Profit (loss) for the period before taxes | 9903 | -€218,483 | -€122,414 | +€96,068 | +44.0% |
| Transfer from deferred taxes | 780 | €94,060 | €24,823 | -€69,238 | -73.6% |
| Income taxes | 67/77 | €20,990 | €472 | -€20,517 | -97.7% |
| Profit (loss) for the period | 9904 | -€145,412 | -€98,064 | +€47,348 | +32.6% |
| Transfer from tax-exempt reserves | 789 | €214,567 | €62,730 | -€151,837 | -70.8% |
| Profit (loss) for the period to be appropriated | 9905 | €69,155 | -€35,334 | -€104,489 |
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 14 October 2026 via checked.be.