T.W. BEHEER: 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. BEHEER
Largest movements
- Tangible fixed assets +€840,190
up €840,190 (+44.9%), from €1.9m to €2.7m
- Cash -€293,650
down €293,650 (-72.5%), from €405,042 to €111,392
mainly Investment in fixed assets (net) (-€935,748) and Contributions, distributions and other (-€814,000)
- Receivables within one year -€161,133
down €161,133 (-13.6%), from €1.2m to €1.0m
- Reserves -€739,300
down €739,300 (-31.9%), from €2.3m to €1.6m
- Other debts +€537,007
new in 2025: €537,007
- Short-term financial debts +€372,448
new in 2025: €372,448
- Debts after one year +€168,377
new in 2025: €168,377
- Depreciation +€61,128
up €61,128 (+178%), from €34,430 to €95,558
- Taxes -€22,215
down €22,215 (-39.5%), from €56,289 to €34,075
- Gross operating margin +€16,166
up €16,166 (+8.9%), from €180,807 to €196,973
- Financial charges +€11,291
up €11,291 (+523%), from €2,160 to €13,451
- Financial income -€9,075
down €9,075 (-19.0%), from €47,829 to €38,754
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 | €3,881,571 | €4,266,978 | +€385,407 | +9.9% |
| Fixed assets | 21/28 | €2,148,132 | €2,988,323 | +€840,190 | +39.1% |
| Tangible fixed assets | 22/27 | €1,869,252 | €2,709,442 | +€840,190 | +44.9% |
| Land and buildings | 22 | €1,869,252 | €2,709,442 | +€840,190 | +44.9% |
| Financial fixed assets | 28 | €278,880 | €278,880 | = | 0.0% |
| Current assets | 29/58 | €1,733,439 | €1,278,655 | -€454,784 | -26.2% |
| Amounts receivable within one year | 40/41 | €1,185,023 | €1,023,890 | -€161,133 | -13.6% |
| Other amounts receivable | 41 | €1,185,023 | €1,023,890 | -€161,133 | -13.6% |
| Current investments | 50/53 | €143,374 | €143,374 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €405,042 | €111,392 | -€293,650 | -72.5% |
| Total equity and liabilities | 10/49 | €3,881,571 | €4,266,978 | +€385,407 | +9.9% |
| Equity | 10/15 | €3,869,238 | €3,130,019 | -€739,219 | -19.1% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €2,316,500 | €1,577,200 | -€739,300 | -31.9% |
| Distributable reserves | 133 | €2,316,500 | €1,577,200 | -€739,300 | -31.9% |
| Profit (loss) carried forward | 14 | €1,462,738 | €1,462,819 | +€81 | 0.0% |
| Amounts payable | 17/49 | €12,333 | €1,136,958 | +€1.1m | +9,119% |
| Amounts payable after more than one year | 17 | - | €168,377 | +€168,377 | |
| Financial debts | 170/4 | - | €168,377 | +€168,377 | |
| Amounts payable within one year | 42/48 | €12,333 | €968,582 | +€956,249 | +7,754% |
| Current portion of amounts payable after more than one year | 42 | - | €17,501 | +€17,501 | |
| Financial debts | 43 | - | €372,448 | +€372,448 | |
| Credit institutions | 430/8 | - | €372,448 | +€372,448 | |
| Trade debts | 44 | €533 | €34,156 | +€33,623 | +6,308% |
| Suppliers | 440/4 | €533 | €34,156 | +€33,623 | +6,308% |
| Taxes, remuneration and social security | 45 | €11,800 | €7,470 | -€4,330 | -36.7% |
| Taxes | 450/3 | €11,800 | €7,470 | -€4,330 | -36.7% |
| Other amounts payable | 47/48 | - | €537,007 | +€537,007 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,430 | €95,558 | +€61,128 | +178% |
| Other operating charges | 640/8 | €16,919 | €17,862 | +€943 | +5.6% |
| Gross operating margin | 9900 | €180,807 | €196,973 | +€16,166 | +8.9% |
| Operating profit (loss) | 9901 | €129,458 | €83,553 | -€45,905 | -35.5% |
| Financial income | 75/76B | €47,829 | €38,754 | -€9,075 | -19.0% |
| Recurring financial income | 75 | €47,829 | €38,754 | -€9,075 | -19.0% |
| Financial charges | 65/66B | €2,160 | €13,451 | +€11,291 | +523% |
| Recurring financial charges | 65 | €2,160 | €13,451 | +€11,291 | +523% |
| Profit (loss) for the period before taxes | 9903 | €175,126 | €108,856 | -€66,270 | -37.8% |
| Income taxes | 67/77 | €56,289 | €34,075 | -€22,215 | -39.5% |
| Profit (loss) for the period | 9904 | €118,837 | €74,781 | -€44,055 | -37.1% |
| Profit (loss) for the period to be appropriated | 9905 | €118,837 | €74,781 | -€44,055 | -37.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.