TVW Services: 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.
TVW Services
Largest movements
- Current investments +€200,000
new in 2025: €200,000
- Cash -€151,076
down €151,076 (-81.5%), from €185,334 to €34,258
mainly Current investments (-€200,000) and Receivables within one year (-€17,555)
- Receivables within one year +€17,555
up €17,555 (+26.6%), from €66,001 to €83,556
of which Other amounts receivable: +€16,940
- Reserves +€61,586
up €61,586 (+24.5%), from €251,319 to €312,905
of which Distributable reserves: +€61,586
- Taxes +€15,083
up €15,083 (+433.7%), from €3,478 to €18,561
- Depreciation -€7,318
down €7,318 (-27.7%), from €26,395 to €19,077
- Gross operating margin +€3,307
up €3,307 (+3.4%), from €96,654 to €99,961
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 | €377,567 | €440,529 | +€62,962 | +16.7% |
| Fixed assets | 21/28 | €109,259 | €106,313 | -€2,945 | -2.7% |
| Tangible fixed assets | 22/27 | €109,259 | €106,313 | -€2,945 | -2.7% |
| Land and buildings | 22 | €77,002 | €79,376 | +€2,374 | +3.1% |
| Plant, machinery and equipment | 23 | €8,912 | €4,440 | -€4,472 | -50.2% |
| Furniture and vehicles | 24 | €22,227 | €21,612 | -€615 | -2.8% |
| Other tangible fixed assets | 26 | €1,118 | €886 | -€233 | -20.8% |
| Current assets | 29/58 | €268,308 | €334,215 | +€65,907 | +24.6% |
| Stocks and contracts in progress | 3 | €15,450 | €15,450 | = | 0.0% |
| Stocks | 30/36 | €15,450 | €15,450 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,001 | €83,556 | +€17,555 | +26.6% |
| Trade receivables | 40 | €38,938 | €39,553 | +€615 | +1.6% |
| Other amounts receivable | 41 | €27,063 | €44,003 | +€16,940 | +62.6% |
| Current investments | 50/53 | - | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €185,334 | €34,258 | -€151,076 | -81.5% |
| Deferred charges and accrued income | 490/1 | €1,524 | €951 | -€572 | -37.6% |
| Total equity and liabilities | 10/49 | €377,567 | €440,529 | +€62,962 | +16.7% |
| Equity | 10/15 | €353,756 | €415,342 | +€61,586 | +17.4% |
| Contributions | 10/11 | €102,437 | €102,437 | = | 0.0% |
| Capital | 10 | €102,437 | €102,437 | = | 0.0% |
| Issued capital | 100 | €102,437 | €102,437 | = | 0.0% |
| Reserves | 13 | €251,319 | €312,905 | +€61,586 | +24.5% |
| Non-distributable reserves | 130/1 | €10,244 | €10,244 | = | 0.0% |
| Legal reserve | 130 | €10,244 | €10,244 | = | 0.0% |
| Tax-exempt reserves | 132 | €64 | €64 | = | 0.0% |
| Distributable reserves | 133 | €241,011 | €302,597 | +€61,586 | +25.6% |
| Amounts payable | 17/49 | €23,811 | €25,186 | +€1,376 | +5.8% |
| Amounts payable within one year | 42/48 | €23,684 | €24,839 | +€1,155 | +4.9% |
| Trade debts | 44 | €4,265 | €5,974 | +€1,708 | +40.0% |
| Suppliers | 440/4 | €4,265 | €5,974 | +€1,708 | +40.0% |
| Taxes, remuneration and social security | 45 | €9,739 | €10,338 | +€599 | +6.2% |
| Taxes | 450/3 | €9,739 | €10,338 | +€599 | +6.2% |
| Other amounts payable | 47/48 | €9,679 | €8,527 | -€1,152 | -11.9% |
| Accrued charges and deferred income | 492/3 | €126 | €347 | +€221 | +174.7% |
| Non-recurring operating income | 76A | - | €2,593 | +€2,593 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,395 | €19,077 | -€7,318 | -27.7% |
| Other operating charges | 640/8 | €2,087 | €2,167 | +€81 | +3.9% |
| Gross operating margin | 9900 | €96,654 | €99,961 | +€3,307 | +3.4% |
| Operating profit (loss) | 9901 | €68,172 | €78,716 | +€10,544 | +15.5% |
| Financial income | 75/76B | €1,815 | €1,644 | -€171 | -9.4% |
| Recurring financial income | 75 | €1,815 | €1,644 | -€171 | -9.4% |
| Financial charges | 65/66B | €310 | €213 | -€97 | -31.3% |
| Recurring financial charges | 65 | €310 | €213 | -€97 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €69,677 | €80,147 | +€10,471 | +15.0% |
| Income taxes | 67/77 | €3,478 | €18,561 | +€15,083 | +433.7% |
| Profit (loss) for the period | 9904 | €66,199 | €61,586 | -€4,613 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €66,199 | €61,586 | -€4,613 | -7.0% |
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 12 October 2026 via checked.be.