TAVAC: 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.
TAVAC
Largest movements
- Current investments +€366,307
up €366,307 (+4,072%), from €8,995 to €375,302
- Cash -€349,773
down €349,773 (-93.6%), from €373,688 to €23,915
mainly Current investments (-€366,307) and Investment in fixed assets (net) (-€125,406)
- Tangible fixed assets +€94,914
up €94,914 (+25.9%), from €366,092 to €461,007
of which Other tangible fixed assets: +€107,241
- Receivables within one year -€34,990
down €34,990 (-31.6%), from €110,840 to €75,850
of which Other amounts receivable: -€35,552
- Reserves +€85,422
up €85,422 (+11.0%), from €777,910 to €863,332
of which Distributable reserves: +€85,422
- Tax, wage and social debts -€22,301
down €22,301 (-66.9%), from €33,341 to €11,040
of which Taxes: -€21,821
- Other debts +€22,095
up €22,095 (+56.4%), from €39,196 to €61,290
- Gross operating margin -€35,273
down €35,273 (-10.0%), from €352,836 to €317,563
- Taxes -€11,255
down €11,255 (-11.9%), from €94,877 to €83,623
- Depreciation -€5,787
down €5,787 (-16.0%), from €36,278 to €30,491
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 | €863,396 | €947,862 | +€84,466 | +9.8% |
| Fixed assets | 21/28 | €368,117 | €463,032 | +€94,914 | +25.8% |
| Tangible fixed assets | 22/27 | €366,092 | €461,007 | +€94,914 | +25.9% |
| Land and buildings | 22 | €281,585 | €271,688 | -€9,897 | -3.5% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | 0.0% |
| Furniture and vehicles | 24 | €3,678 | €1,248 | -€2,430 | -66.1% |
| Other tangible fixed assets | 26 | €80,830 | €188,070 | +€107,241 | +133% |
| Financial fixed assets | 28 | €2,025 | €2,025 | = | 0.0% |
| Current assets | 29/58 | €495,279 | €484,830 | -€10,448 | -2.1% |
| Amounts receivable within one year | 40/41 | €110,840 | €75,850 | -€34,990 | -31.6% |
| Trade receivables | 40 | - | €562 | +€562 | |
| Other amounts receivable | 41 | €110,840 | €75,288 | -€35,552 | -32.1% |
| Current investments | 50/53 | €8,995 | €375,302 | +€366,307 | +4,072% |
| Cash at bank and in hand | 54/58 | €373,688 | €23,915 | -€349,773 | -93.6% |
| Deferred charges and accrued income | 490/1 | €1,755 | €9,763 | +€8,008 | +456% |
| Total equity and liabilities | 10/49 | €863,396 | €947,862 | +€84,466 | +9.8% |
| Equity | 10/15 | €790,110 | €875,532 | +€85,422 | +10.8% |
| Contributions | 10/11 | €12,200 | €12,200 | = | 0.0% |
| Capital | 10 | €12,200 | €12,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €777,910 | €863,332 | +€85,422 | +11.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €738,550 | €823,972 | +€85,422 | +11.6% |
| Amounts payable | 17/49 | €73,286 | €72,330 | -€956 | -1.3% |
| Amounts payable within one year | 42/48 | €73,286 | €72,330 | -€956 | -1.3% |
| Trade debts | 44 | €750 | - | -€750 | |
| Suppliers | 440/4 | €750 | - | -€750 | |
| Taxes, remuneration and social security | 45 | €33,341 | €11,040 | -€22,301 | -66.9% |
| Taxes | 450/3 | €29,454 | €7,633 | -€21,821 | -74.1% |
| Remuneration and social security | 454/9 | €3,887 | €3,407 | -€480 | -12.3% |
| Other amounts payable | 47/48 | €39,196 | €61,290 | +€22,095 | +56.4% |
| Remuneration, social security and pensions | 62 | €25,025 | €25,117 | +€92 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,278 | €30,491 | -€5,787 | -16.0% |
| Other operating charges | 640/8 | €2,965 | €4,925 | +€1,960 | +66.1% |
| Gross operating margin | 9900 | €352,836 | €317,563 | -€35,273 | -10.0% |
| Operating profit (loss) | 9901 | €288,568 | €257,030 | -€31,538 | -10.9% |
| Financial income | 75/76B | €4,547 | €4,561 | +€14 | +0.3% |
| Recurring financial income | 75 | €4,547 | €4,561 | +€14 | +0.3% |
| Financial charges | 65/66B | €509 | €508 | -€1 | -0.2% |
| Recurring financial charges | 65 | €509 | €508 | -€1 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €292,606 | €261,083 | -€31,522 | -10.8% |
| Income taxes | 67/77 | €94,877 | €83,623 | -€11,255 | -11.9% |
| Profit (loss) for the period | 9904 | €197,728 | €177,460 | -€20,268 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €197,728 | €177,460 | -€20,268 | -10.3% |
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 26 October 2026 via checked.be.