TWAR
Annual accounts 2025
micro format, filed on 13-06-2026, 48 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €91,000. Estimated: probably between €69,000 and €130,000.
Balance sheet
balance sheet total €77,427 on 31-12-2025in euro
in euro
Position in the sector
39.9%
Higher than 37% of 11,794 companies in 2025.
1.62
Higher than 40% of 11,521 companies in 2025.
23.3%
Higher than 70% of 11,605 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
77,427 | 52,529 | 51,726 | 45,296 | 33,143 | |
21/28 |
2,190 | 2,448 | 5,972 | 10,527 | 14,225 | |
22/27 |
- | 258 | 3,782 | 8,337 | 12,035 | |
24 |
- | 258 | 3,782 | 8,337 | 12,035 | |
28 |
2,190 | 2,190 | 2,190 | 2,190 | 2,190 | |
29/58 |
75,237 | 50,081 | 45,753 | 34,769 | 18,918 | |
40/41 |
62,659 | 45,099 | 31,385 | 27,391 | 10,464 | |
40 |
49,184 | 35,076 | 11,176 | 11,141 | 10,464 | |
41 |
13,475 | 10,024 | 20,209 | 16,250 | - | |
54/58 |
12,579 | 4,982 | 14,369 | 7,379 | 7,994 | |
490/1 |
- | - | - | - | 460 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
77,427 | 52,529 | 51,726 | 45,296 | 33,143 | |
10/15 |
30,883 | 12,853 | 1,725 | 3,659 | 4,282 | |
10/11 |
1,500 | 1,500 | 1,500 | - | - | |
14 |
29,383 | 11,353 | 225 | 3,659 | 4,282 | |
17/49 |
46,544 | 39,676 | 50,001 | 41,638 | 28,860 | |
42/48 |
46,544 | 39,676 | 50,001 | 41,638 | 28,860 | |
44 |
16,122 | 32,113 | 28,074 | 24,778 | 22,688 | |
440/4 |
16,122 | 32,113 | 28,074 | 24,778 | 22,688 | |
45 |
30,079 | 7,562 | 21,926 | 16,860 | 6,172 | |
450/3 |
30,079 | 7,562 | 21,926 | 16,860 | 6,172 | |
47/48 |
344 | - | - | - | - | |
| Income statement | ||||||
76A |
- | - | 2 | - | - | |
9900 |
33,128 | 17,456 | 3,520 | 9,460 | 11,570 | |
630 |
258 | 3,525 | 4,555 | 4,820 | 5,484 | |
640/8 |
- | - | 4 | 27 | - | |
66A |
1,283 | - | - | - | - | |
9901 |
31,587 | 13,931 | -1,038 | 4,613 | 6,086 | |
75/76B |
2 | - | 38 | 1 | 9 | |
75 |
2 | - | 38 | 1 | 9 | |
65/66B |
5,724 | 2,803 | 2,310 | 4,031 | 97 | |
65 |
5,724 | 2,803 | 2,310 | 4,031 | 97 | |
9903 |
25,865 | 11,128 | -3,310 | 583 | 5,998 | |
67/77 |
7,835 | - | 123 | 1,207 | 1,716 | |
9904 |
18,030 | 11,128 | -3,433 | -624 | 4,282 | |
9905 |
18,030 | 11,128 | -3,433 | -624 | 4,282 | |
| Appropriation of the result | ||||||
9906 |
29,383 | 11,353 | 225 | 3,659 | 4,282 | |
14P |
11,353 | 225 | 3,659 | 4,282 | - | |
| Document | ||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 13-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-06-2026 | 2026-00158190 | |
| 31-12-2024 | micro format | 28-05-2026 | 2026-00124023 | |
| 31-12-2023 | micro format | 04-10-2024 | 2024-00496036 | |
| 31-12-2022 | micro format | 31-10-2023 | 2023-00503237 | |
| 31-12-2021 | micro format | 12-12-2022 | 2022-20538299 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 31,844 | 17,456 | 3,517 | 9,433 | 11,570 | ||
| 18,287 | 14,653 | 1,121 | 4,196 | 9,766 | ||
| 0 | 0 | 0 | 1,122 | 18,792 | ||
| 7,597 | -9,387 | 6,990 | -615 | - | ||
| 28,693 | 10,406 | -4,247 | -6,868 | -9,943 | ||
| 39.9% | 24.5% | 3.3% | 8.1% | 12.9% | ||
| 1.62 | 1.26 | 0.92 | 0.84 | 0.66 | ||
| 1.51 | 3.09 | 28.98 | 11.38 | 6.74 | ||
| 58.4% | 86.6% | -199.0% | -17.0% | 100.0% | ||
| 23.3% | 21.2% | -6.6% | -1.4% | 12.9% | ||
| 5.56 | 6.23 | 1.52 | 2.34 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,122 | €16,602 |
| Financial fixed assets | - | - | - | - | €2,190 |
| €258 | €3,525 | €4,555 | €4,820 | €5,484 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on TWAR
The operating result for 2025 is 127% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total falls from 75.5% to 60.1%. Equity and debt are higher.