TSV: 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.
TSV
Largest movements
- Cash -€66,607
down €66,607 (-13.0%), from €512,253 to €445,646
mainly Contributions, distributions and other (-€97,887) and Investment in fixed assets (net) (-€81,014)
- Tangible fixed assets +€33,693
up €33,693 (+21.1%), from €160,043 to €193,735
of which Furniture and vehicles: +€21,269
- Receivables within one year -€21,929
down €21,929 (-7.1%), from €306,795 to €284,867
of which Trade receivables: -€30,618
- Stocks and contracts -€19,202
down €19,202 (-10.2%), from €187,994 to €168,792
of which Contracts in progress: -€16,890
- Reserves -€46,821
down €46,821 (-4.4%), from €1.1m to €1.0m
- Gross operating margin -€156,980
down €156,980 (-34.8%), from €450,522 to €293,543
- Taxes -€47,385
down €47,385 (-69.8%), from €67,890 to €20,505
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 | €1,171,745 | €1,100,343 | -€71,403 | -6.1% |
| Fixed assets | 21/28 | €160,043 | €193,735 | +€33,693 | +21.1% |
| Tangible fixed assets | 22/27 | €160,043 | €193,735 | +€33,693 | +21.1% |
| Land and buildings | 22 | €5,217 | €2,609 | -€2,609 | -50.0% |
| Plant, machinery and equipment | 23 | €23,482 | €38,515 | +€15,032 | +64.0% |
| Furniture and vehicles | 24 | €131,343 | €152,612 | +€21,269 | +16.2% |
| Current assets | 29/58 | €1,011,703 | €906,607 | -€105,096 | -10.4% |
| Stocks and contracts in progress | 3 | €187,994 | €168,792 | -€19,202 | -10.2% |
| Stocks | 30/36 | €146,224 | €143,912 | -€2,312 | -1.6% |
| Contracts in progress | 37 | €41,770 | €24,880 | -€16,890 | -40.4% |
| Amounts receivable within one year | 40/41 | €306,795 | €284,867 | -€21,929 | -7.1% |
| Trade receivables | 40 | €179,891 | €149,274 | -€30,618 | -17.0% |
| Other amounts receivable | 41 | €126,904 | €135,593 | +€8,689 | +6.8% |
| Cash at bank and in hand | 54/58 | €512,253 | €445,646 | -€66,607 | -13.0% |
| Deferred charges and accrued income | 490/1 | €4,660 | €7,303 | +€2,642 | +56.7% |
| Total equity and liabilities | 10/49 | €1,171,745 | €1,100,343 | -€71,403 | -6.1% |
| Equity | 10/15 | €1,075,030 | €1,028,209 | -€46,821 | -4.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,056,430 | €1,009,609 | -€46,821 | -4.4% |
| Distributable reserves | 133 | €1,056,430 | €1,009,609 | -€46,821 | -4.4% |
| Amounts payable | 17/49 | €96,716 | €72,134 | -€24,582 | -25.4% |
| Amounts payable after more than one year | 17 | €13,352 | €2,736 | -€10,616 | -79.5% |
| Financial debts | 170/4 | €13,352 | €2,736 | -€10,616 | -79.5% |
| Amounts payable within one year | 42/48 | €83,363 | €69,398 | -€13,965 | -16.8% |
| Current portion of amounts payable after more than one year | 42 | €10,110 | €10,616 | +€506 | +5.0% |
| Trade debts | 44 | €51,123 | €39,866 | -€11,257 | -22.0% |
| Suppliers | 440/4 | €51,123 | €39,866 | -€11,257 | -22.0% |
| Taxes, remuneration and social security | 45 | €20,128 | €16,630 | -€3,498 | -17.4% |
| Taxes | 450/3 | €7,309 | €3,802 | -€3,508 | -48.0% |
| Remuneration and social security | 454/9 | €12,819 | €12,829 | +€10 | +0.1% |
| Other amounts payable | 47/48 | €2,002 | €2,285 | +€284 | +14.2% |
| Remuneration, social security and pensions | 62 | €158,544 | €157,769 | -€775 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,102 | €47,321 | +€2,219 | +4.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €18,950 | €14,665 | -€4,285 | -22.6% |
| Other operating charges | 640/8 | €932 | €685 | -€247 | -26.5% |
| Gross operating margin | 9900 | €450,522 | €293,543 | -€156,980 | -34.8% |
| Operating profit (loss) | 9901 | €226,994 | €73,103 | -€153,891 | -67.8% |
| Financial income | 75/76B | €1,306 | €307 | -€999 | -76.5% |
| Recurring financial income | 75 | €1,306 | €307 | -€999 | -76.5% |
| Financial charges | 65/66B | €3,001 | €1,839 | -€1,162 | -38.7% |
| Recurring financial charges | 65 | €3,001 | €1,839 | -€1,162 | -38.7% |
| Profit (loss) for the period before taxes | 9903 | €225,298 | €71,570 | -€153,728 | -68.2% |
| Income taxes | 67/77 | €67,890 | €20,505 | -€47,385 | -69.8% |
| Profit (loss) for the period | 9904 | €157,408 | €51,066 | -€106,343 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €157,408 | €51,066 | -€106,343 | -67.6% |
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 10 October 2026 via checked.be.