T.W.A.S.: 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.
T.W.A.S.
Largest movements
- Stocks and contracts -€3,984
down €3,984 (-26.1%), from €15,283 to €11,299
- Cash +€2,362
up €2,362 (+112%), from €2,118 to €4,479
mainly Net result for the year (+€27,599) and Stocks and contracts (+€3,984)
- Receivables within one year +€2,193
up €2,193 (+451%), from €486 to €2,680
of which Trade receivables: +€1,368
- Tangible fixed assets +€657
up €657 (+281%), from €234 to €890
- Other debts -€28,135
down €28,135 (-54.8%), from €51,313 to €23,178
- Profit (loss) carried forward +€27,599
up €27,599 (+67.1%), from -€41,147 to -€13,548
- Tax, wage and social debts +€1,037
up €1,037 (+581%), from €178 to €1,215
- Accrued charges and deferred income +€402
up €402 (+1,017%), from €40 to €441
- Trade debts +€351
up €351 (+72.4%), from €485 to €835
- Gross operating margin +€25,486
up €25,486 (+388%), from €6,572 to €32,058
- Taxes +€2,874
up €2,874 (+1,812%), from €159 to €3,033
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 | €18,929 | €20,182 | +€1,253 | +6.6% |
| Fixed assets | 21/28 | €909 | €1,565 | +€657 | +72.3% |
| Tangible fixed assets | 22/27 | €234 | €890 | +€657 | +281% |
| Furniture and vehicles | 24 | €234 | €890 | +€657 | +281% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €18,020 | €18,617 | +€596 | +3.3% |
| Stocks and contracts in progress | 3 | €15,283 | €11,299 | -€3,984 | -26.1% |
| Stocks | 30/36 | €15,283 | €11,299 | -€3,984 | -26.1% |
| Amounts receivable within one year | 40/41 | €486 | €2,680 | +€2,193 | +451% |
| Trade receivables | 40 | €335 | €1,703 | +€1,368 | +408% |
| Other amounts receivable | 41 | €151 | €976 | +€825 | +547% |
| Cash at bank and in hand | 54/58 | €2,118 | €4,479 | +€2,362 | +112% |
| Deferred charges and accrued income | 490/1 | €133 | €159 | +€26 | +19.3% |
| Total equity and liabilities | 10/49 | €18,929 | €20,182 | +€1,253 | +6.6% |
| Equity | 10/15 | -€33,087 | -€5,488 | +€27,599 | +83.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,147 | -€13,548 | +€27,599 | +67.1% |
| Amounts payable | 17/49 | €52,016 | €25,670 | -€26,346 | -50.6% |
| Amounts payable within one year | 42/48 | €51,977 | €25,229 | -€26,748 | -51.5% |
| Trade debts | 44 | €485 | €835 | +€351 | +72.4% |
| Suppliers | 440/4 | €485 | €835 | +€351 | +72.4% |
| Taxes, remuneration and social security | 45 | €178 | €1,215 | +€1,037 | +581% |
| Taxes | 450/3 | €178 | €1,215 | +€1,037 | +581% |
| Other amounts payable | 47/48 | €51,313 | €23,178 | -€28,135 | -54.8% |
| Accrued charges and deferred income | 492/3 | €40 | €441 | +€402 | +1,017% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65 | €212 | +€147 | +225% |
| Other operating charges | 640/8 | €1,299 | €1,001 | -€297 | -22.9% |
| Gross operating margin | 9900 | €6,572 | €32,058 | +€25,486 | +388% |
| Operating profit (loss) | 9901 | €5,208 | €30,845 | +€25,637 | +492% |
| Financial income | 75/76B | €96 | €44 | -€51 | -53.7% |
| Recurring financial income | 75 | €96 | €44 | -€51 | -53.7% |
| Financial charges | 65/66B | €184 | €258 | +€74 | +40.3% |
| Recurring financial charges | 65 | €184 | €258 | +€74 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €5,120 | €30,631 | +€25,511 | +498% |
| Income taxes | 67/77 | €159 | €3,033 | +€2,874 | +1,812% |
| Profit (loss) for the period | 9904 | €4,962 | €27,599 | +€22,637 | +456% |
| Profit (loss) for the period to be appropriated | 9905 | €4,962 | €27,599 | +€22,637 | +456% |
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.