TWIN DEVELOPMENT
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 35 filings
Turnover
≈ €920,000
Estimated: probably between €630,000 and €1.5m
EBIT margin
Not included in this filing
Net result
€154,868▲ 15.5%
2024 · €134,116
Working capital
€545,230▲ 21.9%
2024 · €447,439
In the rankings
#9 oldest company in Charleroi, Telecoms and IT sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€208,847
▲ 21.2%
2025
20182025
Net result
€154,868
▲ 15.5%
2025
middle half of the sector
20182025
Equity
€916,399
▲ 10.2%
2025
middle half of the sector
20182025
Total assets
€1.1m
▲ 12.2%
2025
middle half of the sector
20182025
Debt
€188,939
▲ 22.8%
2025
20182025
Working capital
€545,230
▲ 21.9%
2025
middle half of the sector
20182025
Solvency
82.9%
▼ 1.5pp
2025
highest quarter of the sector
20182025
Current ratio
3.89
▼ 0.02
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.0%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2
=
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.06m-€0.02m▼ 71.8%€0.06m▲ 255%€0.1m▲ 99.7%€0.08m▼ 35.9%€0.2m▲ 87.2%€0.2m▲ 13.2%€0.2m▲ 21.2%
Net result€0.04m-€0.004m▼ 89.9%€0.04mabove the sector's middle half▲ 901%€0.08mabove the sector's middle half▲ 99.9%€0.05mwithin the sector's middle half▼ 45.4%€0.1mwithin the sector's middle half▲ 117%€0.1mwithin the sector's middle half▲ 33.9%€0.2mwithin the sector's middle half▲ 15.5%
Equity€0.7m-€0.7m▲ 0.6%€0.7mabove the sector's middle half▼ 1.0%€0.8mabove the sector's middle half▲ 6.2%€0.8mwithin the sector's middle half▼ 1.8%€0.8mwithin the sector's middle half▲ 5.6%€0.8mwithin the sector's middle half▲ 4.3%€0.9mwithin the sector's middle half▲ 10.2%
Total assets€1.0m-€0.9m▼ 10.3%€1.0mabove the sector's middle half▲ 4.8%€1.0mabove the sector's middle half▼ 3.4%€1.0mwithin the sector's middle half▲ 7.6%€1.0mwithin the sector's middle half▼ 5.2%€1.0mwithin the sector's middle half▲ 1.3%€1.1mwithin the sector's middle half▲ 12.2%
Debt€0.3m-€0.2m▼ 35.0%€0.3m▲ 25.5%€0.2m▼ 29.8%€0.3m▲ 47.1%€0.2m▼ 35.3%€0.2m▼ 12.0%€0.2m▲ 22.8%
Working capital€0.4m-€0.4m▼ 10.3%€0.4mabove the sector's middle half▲ 2.5%€0.4mabove the sector's middle half▲ 11.4%€0.4mwithin the sector's middle half▲ 5.0%€0.4mwithin the sector's middle half▼ 10.3%€0.4mwithin the sector's middle half▲ 11.9%€0.5mwithin the sector's middle half▲ 21.9%
Solvency69.4%-77.8%▲ 8.4pp73.4%within the sector's middle half▼ 4.4pp80.7%above the sector's middle half▲ 7.3pp73.6%above the sector's middle half▼ 7.1pp82.0%above the sector's middle half▲ 8.4pp84.4%above the sector's middle half▲ 2.4pp82.9%above the sector's middle half▼ 1.5pp
Current ratio3.68-4.32▲ 0.643.10within the sector's middle half▼ 1.214.90within the sector's middle half▲ 1.803.12within the sector's middle half▼ 1.783.29above the sector's middle half▲ 0.173.91above the sector's middle half▲ 0.623.89above the sector's middle half▼ 0.02
Return on assets (ROA)4.0%-0.4%▼ 3.5pp4.3%within the sector's middle half▲ 3.8pp8.9%within the sector's middle half▲ 4.6pp4.5%within the sector's middle half▼ 4.4pp10.3%within the sector's middle half▲ 5.8pp13.6%within the sector's middle half▲ 3.3pp14.0%above the sector's middle half▲ 0.4pp
Staff (FTE)3-3=3above the sector's middle half=2▼ 33.3%2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=2below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 21% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€371,169 ▼ 3.4%
Current assets
€734,169 ▲ 22.1%
Equity and liabilities €1.1m
Equity
€916,399 ▲ 10.2%
Debt
€188,939 ▲ 22.8%
Debt's share of the balance-sheet total rises from 15.6% to 17.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€221,770▲
2024 · €185,569
Cash flow
€167,791▲
2024 · €147,411
Quick ratio
3.05▲
2024 · 2.75
Debt to equity
0.21▲
2024 · 0.19
ROE
16.9%▲
2024 · 16.1%
Interest coverage
over 100▲
2024 · 96.30
Debt ≤ 1 year
€188,939▲
2024 · €153,874
Income taxes
€73,409▲
2024 · €48,132
Staff costs
€124,853▼
2024 · €125,648
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 1 |
| full-time | 2 | 2 | 2 | 2 | 1 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 1 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,232 | - | €41,586 | - | - |
| Depreciation and write-downs of the year | €6,673 | €4,702 | €13,688 | €13,295 | €12,923 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,500 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €103,281 | €114,735 | €122,526 | €125,648 | €124,853 | ▼ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,128 | €36,040 | €36,374 | €6,673 | €4,702 | €13,688 | €13,295 | €12,923 | ▼ 2.8% |
| Other operating charges640/8 | - | - | - | €5,844 | €3,622 | €2,195 | €4,716 | €2,191 | ▼ 53.5% |
| Gross operating margin9900 | €304,884 | €246,494 | €263,722 | €242,519 | €204,335 | €290,589 | €315,933 | €348,814 | ▲ 10.4% |
| Operating profit (loss)9901 | €63,276 | €17,850 | €63,446 | €126,721 | €81,276 | €152,180 | €172,274 | €208,847 | ▲ 21.2% |
| Financial income75/76B | - | - | - | €1,950 | - | - | €14,166 | €21,248 | ▲ 50.0% |
| Recurring financial income75 | €7,752 | €3,331 | €2,500 | €1,950 | - | - | €14,166 | €21,248 | ▲ 50.0% |
| Financial charges65/66B | - | - | - | €1,831 | €1,956 | €2,094 | €4,192 | €1,818 | ▼ 56.6% |
| Recurring financial charges65 | €4,270 | €4,929 | €1,455 | €1,831 | €1,956 | €2,094 | €1,927 | €1,818 | ▼ 5.7% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €2,265 | - | - |
| Profit (loss) for the period before taxes9903 | €66,758 | €16,252 | €64,491 | €126,840 | €79,320 | €150,086 | €182,248 | €228,277 | ▲ 25.3% |
| Income taxes67/77 | €24,887 | €12,019 | €22,110 | €42,126 | €33,095 | €49,897 | €48,132 | €73,409 | ▲ 52.5% |
| Profit (loss) for the period9904 | €41,871 | €4,233 | €42,381 | €84,714 | €46,225 | €100,189 | €134,116 | €154,868 | ▲ 15.5% |
| Profit (loss) for the period to be appropriated9905 | €41,871 | €4,233 | €42,381 | €84,714 | €46,225 | €100,189 | €134,116 | €154,868 | ▲ 15.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | ▲ 12.2% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.4% |
| Tangible fixed assets22/27 | €0.07m | €0.04m | €0.01m | €0.007m | €0.002m | €0.03m | €0.02m | €0.004m | ▼ 75.8% |
| Land and buildings22 | - | - | - | €0.003m | €0.002m | €0.006m | €0.005m | €0.003m | ▼ 30.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.002m | €0.001m | €85 | ▼ 92.3% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.001m | €0.02m | €0.01m | €0.001m | ▼ 92.3% |
| Financial fixed assets28 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Current assets29/58 | €0.6m | €0.5m | €0.6m | €0.5m | €0.7m | €0.6m | €0.6m | €0.7m | ▲ 22.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.06m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.06m | - | - | - | - | - |
| Stocks and contracts in progress3 | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 11.5% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 11.5% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.1m | €0.08m | €0.1m | €0.2m | €0.08m | €0.2m | ▲ 202% |
| Trade receivables40 | - | - | - | €0.08m | €0.1m | €0.2m | €0.06m | €0.2m | ▲ 239% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 60.2% |
| Current investments50/53 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Cash at bank and in hand54/58 | €0.2m | €0.04m | €0.2m | €0.1m | €0.3m | - | €0.2m | €0.2m | ▼ 2.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | ▲ 12.2% |
| Equity10/15 | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | €0.9m | ▲ 10.2% |
| Contributions10/11 | €0.07m | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Issued capital100 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Contributions outside capital11 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Share premium1100/10 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Revaluation surpluses12 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 6.7% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Legal reserve130 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Own shares acquired1312 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other1319 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.03m | €0.07m | €0.1m | €0.1m | €0.2m | ▲ 23.1% |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 41.4% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.3m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | ▲ 22.8% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.08m | €0.07m | €0.06m | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.07m | €0.06m | - | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 22.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.005m | - | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €0.02m | - | - | - |
| Other loans439 | - | - | - | - | - | €0.02m | - | - | - |
| Trade debts44 | €0.03m | €0.03m | €0.08m | €0.03m | €0.1m | €0.04m | €0.01m | €0.03m | ▲ 128% |
| Suppliers440/4 | - | - | - | €0.03m | €0.1m | €0.04m | €0.01m | €0.03m | ▲ 128% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 11.7% |
| Taxes450/3 | - | - | - | €0.06m | €0.09m | €0.1m | €0.1m | €0.1m | ▲ 18.0% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.02m | €0.01m | €0.007m | ▼ 46.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,871 | €4,233 | €42,381 | €84,714 | €46,225 | €100,189 | €134,116 | €154,868 | ▲ 15.5% |
| + Depreciation and write-downs630 | €37,128 | €36,040 | €36,374 | €6,673 | €4,702 | €13,688 | €13,295 | €12,923 | ▼ 2.8% |
| Operating cash flow (approximation) | €78,999 | €40,273 | €78,755 | €91,387 | €50,927 | €113,877 | €147,411 | €167,791 | ▲ 13.8% |
| Investment in fixed assets (approximation) | - | -€13,781 | -€3,630 | -€2,232 | €45,101 | -€41,586 | €0 | €0 | - |
| Change in cash | - | -€147,705 | €111,580 | -€15,948 | €148,721 | - | - | -€5,947 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as TWIN DEVELOPMENT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TWIN DEVELOPMENT itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for TWIN DEVELOPMENT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-07-2026 | 2026-00324230 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00299011 | |
| 31-12-2023 | full format | 19-08-2024 | 2024-00356642 | |
| 31-12-2022 | full format | 07-06-2023 | 2023-00115129 | |
| 31-12-2021 | micro format | 21-08-2022 | 2022-20306529 | |
| 31-12-2020 | micro format | 09-08-2021 | 2021-46900582 | |
| 31-12-2019 | micro format | 10-09-2020 | 2020-52200477 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-52200357 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-48600297 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48900192 |