T.W.T.: 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.T.
Largest movements
- Tangible fixed assets -€103,492
down €103,492 (-7.5%), from €1.4m to €1.3m
of which Leasing and similar rights: -€103,596
- Receivables within one year -€31,738
down €31,738 (-5.2%), from €614,872 to €583,135
of which Trade receivables: -€17,270
- Debts after one year -€71,211
down €71,211 (-6.6%), from €1.1m to €1.0m
- Accrued charges and deferred income -€53,556
down €53,556 (-7.5%), from €717,871 to €664,316
- Trade debts -€29,199
down €29,199 (-93.8%), from €31,132 to €1,933
- Financial income -€5,261
down €5,261 (-38.2%), from €13,758 to €8,497
- Financial charges -€2,758
down €2,758 (-5.1%), from €53,913 to €51,155
- Gross operating margin -€1,889
down €1,889 (-1.2%), from €162,987 to €161,098
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 | €2,300,712 | €2,151,426 | -€149,287 | -6.5% |
| Formation expenses | 20 | €40,589 | €37,551 | -€3,038 | -7.5% |
| Fixed assets | 21/28 | €1,372,766 | €1,269,275 | -€103,492 | -7.5% |
| Tangible fixed assets | 22/27 | €1,372,766 | €1,269,275 | -€103,492 | -7.5% |
| Land and buildings | 22 | €10,006 | €8,973 | -€1,033 | -10.3% |
| Plant, machinery and equipment | 23 | - | €1,138 | +€1,138 | |
| Leasing and similar rights | 25 | €1,362,760 | €1,259,164 | -€103,596 | -7.6% |
| Current assets | 29/58 | €887,357 | €844,599 | -€42,758 | -4.8% |
| Amounts receivable after more than one year | 29 | €242,769 | €242,769 | = | 0.0% |
| Other amounts receivable | 291 | €242,769 | €242,769 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €614,872 | €583,135 | -€31,738 | -5.2% |
| Trade receivables | 40 | €19,745 | €2,475 | -€17,270 | -87.5% |
| Other amounts receivable | 41 | €595,128 | €580,660 | -€14,468 | -2.4% |
| Cash at bank and in hand | 54/58 | €5,506 | €941 | -€4,565 | -82.9% |
| Deferred charges and accrued income | 490/1 | €24,210 | €17,755 | -€6,455 | -26.7% |
| Total equity and liabilities | 10/49 | €2,300,712 | €2,151,426 | -€149,287 | -6.5% |
| Equity | 10/15 | €391,646 | €390,365 | -€1,281 | -0.3% |
| Contributions | 10/11 | €89,000 | €89,000 | = | 0.0% |
| Capital | 10 | €89,000 | €89,000 | = | 0.0% |
| Issued capital | 100 | €89,000 | €89,000 | = | 0.0% |
| Reserves | 13 | €302,646 | €302,646 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,900 | €8,900 | = | 0.0% |
| Legal reserve | 130 | €8,900 | €8,900 | = | 0.0% |
| Distributable reserves | 133 | €293,746 | €293,746 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€1,281 | -€1,281 | |
| Amounts payable | 17/49 | €1,909,067 | €1,761,061 | -€148,006 | -7.8% |
| Amounts payable after more than one year | 17 | €1,081,048 | €1,009,838 | -€71,211 | -6.6% |
| Financial debts | 170/4 | €1,081,048 | €1,009,838 | -€71,211 | -6.6% |
| Amounts payable within one year | 42/48 | €110,147 | €86,907 | -€23,240 | -21.1% |
| Current portion of amounts payable after more than one year | 42 | €68,162 | €71,211 | +€3,049 | +4.5% |
| Trade debts | 44 | €31,132 | €1,933 | -€29,199 | -93.8% |
| Suppliers | 440/4 | €31,132 | €1,933 | -€29,199 | -93.8% |
| Taxes, remuneration and social security | 45 | €10,853 | €13,763 | +€2,910 | +26.8% |
| Taxes | 450/3 | €10,853 | €13,763 | +€2,910 | +26.8% |
| Accrued charges and deferred income | 492/3 | €717,871 | €664,316 | -€53,556 | -7.5% |
| Non-recurring operating income | 76A | €54,554 | €54,554 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €106,958 | €107,926 | +€968 | +0.9% |
| Other operating charges | 640/8 | €12,588 | €11,794 | -€794 | -6.3% |
| Gross operating margin | 9900 | €162,987 | €161,098 | -€1,889 | -1.2% |
| Operating profit (loss) | 9901 | €43,441 | €41,378 | -€2,063 | -4.7% |
| Financial income | 75/76B | €13,758 | €8,497 | -€5,261 | -38.2% |
| Recurring financial income | 75 | €13,758 | €8,497 | -€5,261 | -38.2% |
| Financial charges | 65/66B | €53,913 | €51,155 | -€2,758 | -5.1% |
| Recurring financial charges | 65 | €53,913 | €51,155 | -€2,758 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €3,286 | -€1,281 | -€4,566 | |
| Income taxes | 67/77 | €670 | €0 | -€670 | -100% |
| Profit (loss) for the period | 9904 | €2,616 | -€1,281 | -€3,896 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,616 | -€1,281 | -€3,896 |
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 14 October 2026 via checked.be.