Tvzc: 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.
Tvzc
Largest movements
- Receivables after one year +€5,765
up €5,765 (+5.3%), from €107,906 to €113,671
- Current investments +€2,670
up €2,670 (+8.2%), from €32,639 to €35,309
- Cash -€2,523
down €2,523 (-59.1%), from €4,269 to €1,746
mainly Contributions, distributions and other (-€15,812) and Receivables after one year (-€5,765)
- Tax, wage and social debts +€10,191
up €10,191 (+78.2%), from €13,024 to €23,214
- Reserves -€3,277
down €3,277 (-3.3%), from €100,408 to €97,131
of which Distributable reserves: -€3,277
- Gross operating margin -€14,628
down €14,628 (-45.6%), from €32,083 to €17,455
- Financial income +€2,616
up €2,616 (+43.2%), from €6,058 to €8,674
- Taxes -€828
down €828 (-7.5%), from €10,986 to €10,158
- Financial charges -€671
down €671 (-24.9%), from €2,697 to €2,027
- Other operating charges +€557
up €557 (+65.4%), from €852 to €1,408
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 | €146,258 | €152,984 | +€6,726 | +4.6% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €146,258 | €152,984 | +€6,726 | +4.6% |
| Amounts receivable after more than one year | 29 | €107,906 | €113,671 | +€5,765 | +5.3% |
| Other amounts receivable | 291 | €107,906 | €113,671 | +€5,765 | +5.3% |
| Amounts receivable within one year | 40/41 | €76 | €1,549 | +€1,473 | +1,934% |
| Trade receivables | 40 | - | €1,549 | +€1,549 | |
| Other amounts receivable | 41 | €76 | €0 | -€76 | -100% |
| Current investments | 50/53 | €32,639 | €35,309 | +€2,670 | +8.2% |
| Cash at bank and in hand | 54/58 | €4,269 | €1,746 | -€2,523 | -59.1% |
| Deferred charges and accrued income | 490/1 | €1,368 | €709 | -€658 | -48.1% |
| Total equity and liabilities | 10/49 | €146,258 | €152,984 | +€6,726 | +4.6% |
| Equity | 10/15 | €119,000 | €115,723 | -€3,277 | -2.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €100,408 | €97,131 | -€3,277 | -3.3% |
| Non-distributable reserves | 130/1 | €1,867 | €1,867 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,867 | €1,867 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,547 | €3,547 | = | 0.0% |
| Distributable reserves | 133 | €94,994 | €91,717 | -€3,277 | -3.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €27,257 | €37,261 | +€10,003 | +36.7% |
| Amounts payable within one year | 42/48 | €27,257 | €37,261 | +€10,003 | +36.7% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €18 | €346 | +€328 | +1,827% |
| Credit institutions | 430/8 | €18 | €346 | +€328 | +1,827% |
| Trade debts | 44 | €14,216 | €13,700 | -€515 | -3.6% |
| Suppliers | 440/4 | €14,216 | €13,700 | -€515 | -3.6% |
| Taxes, remuneration and social security | 45 | €13,024 | €23,214 | +€10,191 | +78.2% |
| Taxes | 450/3 | €13,024 | €23,214 | +€10,191 | +78.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €852 | €1,408 | +€557 | +65.4% |
| Gross operating margin | 9900 | €32,083 | €17,455 | -€14,628 | -45.6% |
| Operating profit (loss) | 9901 | €31,231 | €16,047 | -€15,185 | -48.6% |
| Financial income | 75/76B | €6,058 | €8,674 | +€2,616 | +43.2% |
| Recurring financial income | 75 | €6,058 | €8,674 | +€2,616 | +43.2% |
| Financial charges | 65/66B | €2,697 | €2,027 | -€671 | -24.9% |
| Recurring financial charges | 65 | €2,697 | €2,027 | -€671 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €34,592 | €22,693 | -€11,898 | -34.4% |
| Income taxes | 67/77 | €10,986 | €10,158 | -€828 | -7.5% |
| Profit (loss) for the period | 9904 | €23,605 | €12,535 | -€11,070 | -46.9% |
| Profit (loss) for the period to be appropriated | 9905 | €23,605 | €12,535 | -€11,070 | -46.9% |
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 24 October 2026 via checked.be.