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
- Receivables within one year -€171,003
down €171,003 (-46.5%), from €367,390 to €196,387
- Cash -€54,430
down €54,430 (-44.2%), from €123,150 to €68,720
mainly Trade debts (-€200,849) and Investment in fixed assets (net) (-€59,000)
- Trade debts -€200,849
down €200,849 (-59.6%), from €336,834 to €135,985
- Current portion of long-term debt -€17,652
down €17,652 (-22.0%), from €80,176 to €62,524
- Gross operating margin -€52,871
down €52,871 (-12.7%), from €416,872 to €364,001
- Staff costs -€41,597
down €41,597 (-13.9%), from €298,735 to €257,138
- Depreciation +€5,231
up €5,231 (+9.6%), from €54,681 to €59,912
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 | €774,609 | €555,287 | -€219,322 | -28.3% |
| Fixed assets | 21/28 | €284,069 | €283,157 | -€912 | -0.3% |
| Tangible fixed assets | 22/27 | €283,778 | €282,866 | -€912 | -0.3% |
| Plant, machinery and equipment | 23 | €26,269 | €21,148 | -€5,121 | -19.5% |
| Furniture and vehicles | 24 | €257,509 | €261,718 | +€4,209 | +1.6% |
| Financial fixed assets | 28 | €291 | €291 | = | 0.0% |
| Current assets | 29/58 | €490,540 | €272,130 | -€218,410 | -44.5% |
| Amounts receivable within one year | 40/41 | €367,390 | €196,387 | -€171,003 | -46.5% |
| Trade receivables | 40 | €367,390 | €196,387 | -€171,003 | -46.5% |
| Cash at bank and in hand | 54/58 | €123,150 | €68,720 | -€54,430 | -44.2% |
| Deferred charges and accrued income | 490/1 | - | €7,023 | +€7,023 | |
| Total equity and liabilities | 10/49 | €774,609 | €555,287 | -€219,322 | -28.3% |
| Equity | 10/15 | €109,077 | €113,856 | +€4,779 | +4.4% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €3,112 | €3,112 | = | 0.0% |
| Distributable reserves | 133 | €3,112 | €3,112 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,715 | €104,494 | +€4,779 | +4.8% |
| Amounts payable | 17/49 | €665,532 | €441,431 | -€224,101 | -33.7% |
| Amounts payable after more than one year | 17 | €165,462 | €161,956 | -€3,506 | -2.1% |
| Financial debts | 170/4 | €165,462 | €161,956 | -€3,506 | -2.1% |
| Amounts payable within one year | 42/48 | €500,070 | €279,475 | -€220,595 | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €80,176 | €62,524 | -€17,652 | -22.0% |
| Trade debts | 44 | €336,834 | €135,985 | -€200,849 | -59.6% |
| Suppliers | 440/4 | €336,834 | €135,985 | -€200,849 | -59.6% |
| Taxes, remuneration and social security | 45 | €58,766 | €60,033 | +€1,267 | +2.2% |
| Taxes | 450/3 | €33,261 | €23,442 | -€9,819 | -29.5% |
| Remuneration and social security | 454/9 | €25,505 | €36,591 | +€11,086 | +43.5% |
| Other amounts payable | 47/48 | €24,294 | €20,933 | -€3,361 | -13.8% |
| Remuneration, social security and pensions | 62 | €298,735 | €257,138 | -€41,597 | -13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,681 | €59,912 | +€5,231 | +9.6% |
| Other operating charges | 640/8 | €33,052 | €32,353 | -€699 | -2.1% |
| Gross operating margin | 9900 | €416,872 | €364,001 | -€52,871 | -12.7% |
| Operating profit (loss) | 9901 | €30,404 | €14,598 | -€15,806 | -52.0% |
| Financial income | 75/76B | - | €100 | +€100 | |
| Recurring financial income | 75 | - | €100 | +€100 | |
| Financial charges | 65/66B | €7,578 | €9,051 | +€1,473 | +19.4% |
| Recurring financial charges | 65 | €7,578 | €9,051 | +€1,473 | +19.4% |
| Profit (loss) for the period before taxes | 9903 | €22,826 | €5,647 | -€17,179 | -75.3% |
| Income taxes | 67/77 | €3,645 | €869 | -€2,776 | -76.2% |
| Profit (loss) for the period | 9904 | €19,181 | €4,778 | -€14,403 | -75.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,181 | €4,778 | -€14,403 | -75.1% |
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 17 October 2026 via checked.be.