TWINTECH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-01-2026 PDF all 29 filings
Equity
€74,421▼ 4.3%
2024 · €77,732
Total assets
€85,207▲ 5.6%
2024 · €80,685
Net result
-€3,311
2024 · €47
Working capital
€74,421▼ 4.3%
2024 · €77,732
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€3,552
▼ 536%
2025
20192025
Net result
-€3,311
2025
middle half of the sector
20192025
Equity
€74,421
▼ 4.3%
2025
middle half of the sector
20192025
Total assets
€85,207
▲ 5.6%
2025
middle half of the sector
20192025
Debt
€10,786
▲ 265%
2025
20192025
Working capital
€74,421
▼ 4.3%
2025
middle half of the sector
20192025
Solvency
87.3%
▼ 9.0pp
2025
highest quarter of the sector
20192025
Current ratio
7.90
▼ 19.43
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-3.9%
▼ 3.9pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€7,021-€6,343€7,588▲ 19.6%€18,176▲ 140%€2,862▼ 84.3%-€559-€3,552▼ 536%
Net result-€6,471-€6,733within the sector's middle half€7,995within the sector's middle half▲ 18.7%€18,539within the sector's middle half▲ 132%€3,344within the sector's middle half▼ 82.0%€47within the sector's middle half▼ 98.6%-€3,311within the sector's middle half
Equity€41,074-€47,807within the sector's middle half▲ 16.4%€55,802within the sector's middle half▲ 16.7%€74,341within the sector's middle half▲ 33.2%€77,685within the sector's middle half▲ 4.5%€77,732within the sector's middle half▲ 0.1%€74,421within the sector's middle half▼ 4.3%
Total assets€70,056-€51,944below the sector's middle half▼ 25.9%€59,100below the sector's middle half▲ 13.8%€79,660within the sector's middle half▲ 34.8%€85,703within the sector's middle half▲ 7.6%€80,685within the sector's middle half▼ 5.9%€85,207within the sector's middle half▲ 5.6%
Debt€28,982-€4,137▼ 85.7%€3,297▼ 20.3%€5,320▲ 61.3%€8,018▲ 50.7%€2,953▼ 63.2%€10,786▲ 265%
Working capital€40,835-€47,807within the sector's middle half▲ 17.1%€55,389within the sector's middle half▲ 15.9%€74,134within the sector's middle half▲ 33.8%€77,685within the sector's middle half▲ 4.8%€77,732within the sector's middle half▲ 0.1%€74,421within the sector's middle half▼ 4.3%
Solvency58.6%-92.0%above the sector's middle half▲ 33.4pp94.4%above the sector's middle half▲ 2.4pp93.3%above the sector's middle half▼ 1.1pp90.6%above the sector's middle half▼ 2.7pp96.3%above the sector's middle half▲ 5.7pp87.3%above the sector's middle half▼ 9.0pp
Current ratio2.41-12.56above the sector's middle half▲ 10.1517.80above the sector's middle half▲ 5.2414.94above the sector's middle half▼ 2.8610.69above the sector's middle half▼ 4.2527.33above the sector's middle half▲ 16.647.90above the sector's middle half▼ 19.43
Return on assets (ROA)-9.2%-13.0%within the sector's middle half▲ 22.2pp13.5%within the sector's middle half▲ 0.6pp23.3%above the sector's middle half▲ 9.7pp3.9%within the sector's middle half▼ 19.4pp0.1%within the sector's middle half▼ 3.8pp-3.9%below the sector's middle half▼ 3.9pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 a loss of €3,552, larger than the loss of €559 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €85,207
Equity
€74,421 ▼ 4.3%
Debt
€10,786 ▲ 265%
Debt's share of the balance-sheet total rises from 3.7% to 12.7%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
7.87▼
2024 · 27.21
Debt to equity
0.14▲
2024 · 0.04
ROE
-4.4%▼
2024 · 0.1%
Debt ≤ 1 year
€10,786▲
2024 · €2,953
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €239 | €239 | €206 | €206 | €207 | - | - | - |
| Other operating charges640/8 | - | - | - | €872 | €648 | €1,015 | €731 | ▼ 27.9% |
| Gross operating margin9900 | -€6,095 | €7,349 | €8,482 | €19,254 | €3,717 | €457 | -€2,821 | - |
| Operating profit (loss)9901 | -€7,021 | €6,343 | €7,588 | €18,176 | €2,862 | -€559 | -€3,552 | ▼ 536% |
| Financial income75/76B | - | - | - | €404 | €521 | €645 | €283 | ▼ 56.2% |
| Recurring financial income75 | €586 | €526 | €450 | €404 | €521 | €645 | €283 | ▼ 56.2% |
| Non-recurring financial income76B | - | - | - | - | €0 | - | €0 | - |
| Financial charges65/66B | - | - | - | €41 | €39 | €39 | €41 | ▲ 4.1% |
| Recurring financial charges65 | €36 | €36 | €43 | €41 | €39 | €39 | €41 | ▲ 4.1% |
| Profit (loss) for the period before taxes9903 | -€6,471 | €6,733 | €7,995 | €18,539 | €3,344 | €47 | -€3,311 | - |
| Profit (loss) for the period9904 | -€6,471 | €6,733 | €7,995 | €18,539 | €3,344 | €47 | -€3,311 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,471 | €6,733 | €7,995 | €18,539 | €3,344 | €47 | -€3,311 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €70,056 | €51,944 | €59,100 | €79,660 | €85,703 | €80,685 | €85,207 | ▲ 5.6% |
| Fixed assets21/28 | €239 | - | €413 | €207 | €0 | - | - | - |
| Tangible fixed assets22/27 | €239 | - | €413 | €207 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €207 | €0 | - | - | - |
| Current assets29/58 | €69,817 | €51,944 | €58,687 | €79,453 | €85,703 | €80,685 | €85,207 | ▲ 5.6% |
| Stocks and contracts in progress3 | €350 | €350 | €350 | €350 | €350 | €350 | €350 | = |
| Stocks30/36 | - | - | - | €350 | €350 | €350 | €350 | = |
| Amounts receivable within one year40/41 | €12,731 | €387 | €3,702 | €5,631 | €3,882 | €2,339 | €190 | ▼ 91.9% |
| Trade receivables40 | - | - | - | €5,599 | €3,812 | €2,294 | €175 | ▼ 92.4% |
| Other amounts receivable41 | - | - | - | €32 | €71 | €45 | €15 | ▼ 66.9% |
| Current investments50/53 | €49,769 | €41,758 | €37,667 | €33,529 | €25,803 | €12,274 | €5,386 | ▼ 56.1% |
| Cash at bank and in hand54/58 | €6,968 | €9,449 | €16,968 | €39,943 | €55,668 | €64,722 | €74,166 | ▲ 14.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,000 | €5,115 | ▲ 412% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €70,056 | €51,944 | €59,100 | €79,660 | €85,703 | €80,685 | €85,207 | ▲ 5.6% |
| Equity10/15 | €41,074 | €47,807 | €55,802 | €74,341 | €77,685 | €77,732 | €74,421 | ▼ 4.3% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €13,172 | €13,172 | €13,172 | €13,172 | €13,172 | €13,172 | €13,172 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €5,800 | €5,800 | €5,800 | €5,800 | = |
| Distributable reserves133 | - | - | - | €5,512 | €5,512 | €5,512 | €5,512 | = |
| Profit (loss) carried forward14 | €9,310 | €16,043 | €24,038 | €42,577 | €45,921 | €45,968 | €42,657 | ▼ 7.2% |
| Amounts payable17/49 | €28,982 | €4,137 | €3,297 | €5,320 | €8,018 | €2,953 | €10,786 | ▲ 265% |
| Amounts payable within one year42/48 | €28,982 | €4,137 | €3,297 | €5,320 | €8,018 | €2,953 | €10,786 | ▲ 265% |
| Trade debts44 | €4,878 | €73 | €186 | €2,441 | €354 | - | €541 | - |
| Suppliers440/4 | - | - | - | €2,441 | €354 | - | €541 | - |
| Taxes, remuneration and social security45 | - | - | - | €2,878 | €7,664 | €2,953 | €10,245 | ▲ 247% |
| Taxes450/3 | - | - | - | €403 | €74 | €563 | €80 | ▼ 85.7% |
| Remuneration and social security454/9 | - | - | - | €2,475 | €7,591 | €2,390 | €10,165 | ▲ 325% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,471 | €6,733 | €7,995 | €18,539 | €3,344 | €47 | -€3,311 | - |
| + Depreciation and write-downs630 | €239 | €239 | €206 | €206 | €207 | - | - | - |
| Operating cash flow (approximation) | -€6,232 | €6,972 | €8,201 | €18,745 | €3,551 | €47 | -€3,311 | - |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | - | - | - |
| Change in cash | - | €2,482 | €7,519 | €22,975 | €15,725 | €9,054 | €9,444 | ▲ 4.3% |
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, 12,322 companies had the same profile as TWINTECH has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of TWINTECH itself: 0.2% 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 12,322 companies, not a prediction for TWINTECH. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 20-01-2026 | 2026-00010157 | |
| 30-06-2024 | micro format | 30-01-2025 | 2025-00015332 | |
| 30-06-2023 | micro format | 04-01-2024 | 2024-00542800 | |
| 30-06-2022 | micro format | 22-12-2022 | 2022-20543729 | |
| 30-06-2021 | micro format | 11-01-2022 | 2022-00600410 | |
| 30-06-2020 | micro format | 12-01-2021 | 2021-00700069 | |
| 30-06-2019 | micro format | 10-01-2020 | 2020-00700445 | |
| 30-06-2017 | micro format | 11-01-2018 | 2018-00900562 | |
| 30-06-2016 | abbreviated format | 13-01-2017 | 2017-01000455 | |
| 30-06-2015 | abbreviated format | 29-01-2016 | 2016-03100213 |