Tvwultra: 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.
Tvwultra
Largest movements
- Current investments +€158,000
up €158,000 (+158%), from €100,000 to €258,000
- Cash -€68,890
down €68,890 (-57.2%), from €120,530 to €51,641
mainly Contributions, distributions and other (-€357,405) and Current investments (-€158,000)
- Receivables within one year -€43,482
down €43,482 (-84.1%), from €51,719 to €8,237
of which Trade receivables: -€22,418
- Other debts +€285,537
new in 2025: €285,537
- Reserves -€256,222
down €256,222 (-99.3%), from €258,082 to €1,860
of which Distributable reserves: -€256,222
- Tax, wage and social debts +€15,178
new in 2025: €15,178
- Gross operating margin -€23,900
down €23,900 (-15.4%), from €155,411 to €131,511
- Taxes -€5,673
down €5,673 (-16.6%), from €34,118 to €28,445
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 | €277,448 | €321,292 | +€43,844 | +15.8% |
| Fixed assets | 21/28 | €4,804 | €3,085 | -€1,718 | -35.8% |
| Tangible fixed assets | 22/27 | €4,804 | €3,085 | -€1,718 | -35.8% |
| Plant, machinery and equipment | 23 | €477 | - | -€477 | |
| Furniture and vehicles | 24 | €4,327 | €3,085 | -€1,242 | -28.7% |
| Current assets | 29/58 | €272,644 | €318,207 | +€45,563 | +16.7% |
| Amounts receivable within one year | 40/41 | €51,719 | €8,237 | -€43,482 | -84.1% |
| Trade receivables | 40 | €25,718 | €3,300 | -€22,418 | -87.2% |
| Other amounts receivable | 41 | €26,001 | €4,937 | -€21,064 | -81.0% |
| Current investments | 50/53 | €100,000 | €258,000 | +€158,000 | +158% |
| Cash at bank and in hand | 54/58 | €120,530 | €51,641 | -€68,890 | -57.2% |
| Deferred charges and accrued income | 490/1 | €395 | €329 | -€66 | -16.8% |
| Total equity and liabilities | 10/49 | €277,448 | €321,292 | +€43,844 | +15.8% |
| Equity | 10/15 | €276,682 | €20,460 | -€256,222 | -92.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €258,082 | €1,860 | -€256,222 | -99.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €256,222 | - | -€256,222 | |
| Amounts payable | 17/49 | €767 | €300,832 | +€300,066 | +39,137% |
| Amounts payable within one year | 42/48 | €767 | €300,832 | +€300,066 | +39,137% |
| Trade debts | 44 | €767 | €118 | -€649 | -84.6% |
| Suppliers | 440/4 | €767 | €118 | -€649 | -84.6% |
| Taxes, remuneration and social security | 45 | - | €15,178 | +€15,178 | |
| Taxes | 450/3 | - | €15,178 | +€15,178 | |
| Other amounts payable | 47/48 | - | €285,537 | +€285,537 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,731 | €1,718 | -€1,013 | -37.1% |
| Other operating charges | 640/8 | €505 | €120 | -€385 | -76.3% |
| Gross operating margin | 9900 | €155,411 | €131,511 | -€23,900 | -15.4% |
| Operating profit (loss) | 9901 | €152,174 | €129,673 | -€22,502 | -14.8% |
| Financial income | 75/76B | €1,278 | €0 | -€1,278 | -100.0% |
| Recurring financial income | 75 | €1,278 | €0 | -€1,278 | -100.0% |
| Financial charges | 65/66B | €210 | €45 | -€165 | -78.5% |
| Recurring financial charges | 65 | €210 | €45 | -€165 | -78.5% |
| Profit (loss) for the period before taxes | 9903 | €153,243 | €129,628 | -€23,615 | -15.4% |
| Income taxes | 67/77 | €34,118 | €28,445 | -€5,673 | -16.6% |
| Profit (loss) for the period | 9904 | €119,125 | €101,183 | -€17,942 | -15.1% |
| Profit (loss) for the period to be appropriated | 9905 | €119,125 | €101,183 | -€17,942 | -15.1% |
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.