T.W.Z.: what changed
What changed
T.W.Z.
NACE 38.210, Materials recovery from waste
filed annual accounts (NBB)
Net result for the year
€8.7m
2024 · €7.2m+€1.5m
Equity
€82.4m
2024 · €82.3m+€148,717
Cash
€3.4m
2024 · €2.3m+€1.1m
Balance sheet total
€108.6m
2024 · €102.6m+€6.0m
Largest movements
Assets
- Current investments +€5.0m
new in 2025: €5.0m
- Cash +€1.1m
up €1.1m (+49.6%), from €2.3m to €3.4m
mainly Net result for the year (+€8.7m) and Other debts (+€5.7m)
Equity and liabilities
- Other debts +€5.7m
up €5.7m (+44.0%), from €12.9m to €18.6m
Income statement
- Financial income +€1.7m
up €1.7m (+48.4%), from €3.5m to €5.2m
- Other operating income +€1.5m
up €1.5m (+53.4%), from €2.8m to €4.4m
- Services and other goods +€1.4m
up €1.4m (+21.5%), from €6.3m to €7.7m
- Turnover +€775,125
up €775,125 (+3.6%), from €21.6m to €22.3m
- Staff costs +€714,072
up €714,072 (+17.6%), from €4.0m to €4.8m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€7.2m
Turnover
+€775,125
Other operating income
+€1.5m
Goods and materials
-€380,623
Services and other goods
-€1.4m
Staff costs
-€714,072
Depreciation
-€3,377
Provisions
+€48,000
Other operating charges
-€24,699
Other operating items
-€118
Financial income
+€1.7m
Financial charges
-€51,220
Taxes
-€19,576
Deferred taxes and other
-€1,627
Result 2025
€8.7m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€16.0m
Investment
-€6.3m
Financing
-€8.6m
Cash 2024
€2.3m
From operations (derived)
+€16.0m
Net result for the year
+€8.7m
Depreciation
+€1.3m
Receivables within one year
+€731
Deferred charges and accrued income
+€38,417
Provisions
-€48,837
Trade debts
-€26,244
Tax, wage and social debts
+€86,097
Other debts
+€5.7m
Accrued charges and deferred income
+€174,943
Investment (derived)
-€6.3m
Investment in fixed assets (net)
-€1.3m
Current investments
-€5.0m
Financing
-€8.6m
Contributions, distributions and other
-€8.6m
Cash 2025
€3.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €102,571,542 | €108,601,009 | +€6.0m | +5.9% |
| Fixed assets | 21/28 | €92,262,209 | €92,200,917 | -€61,293 | -0.1% |
| Intangible fixed assets | 21 | €1,132,271 | €920,817 | -€211,454 | -18.7% |
| Tangible fixed assets | 22/27 | €6,500,690 | €6,018,664 | -€482,026 | -7.4% |
| Land and buildings | 22 | €2,943,716 | €2,710,576 | -€233,140 | -7.9% |
| Plant, machinery and equipment | 23 | €3,045,463 | €2,554,766 | -€490,697 | -16.1% |
| Furniture and vehicles | 24 | €387,567 | €426,297 | +€38,729 | +10.0% |
| Assets under construction and advance payments | 27 | €123,944 | €327,025 | +€203,081 | +164% |
| Financial fixed assets | 28 | €84,629,248 | €85,261,435 | +€632,187 | +0.7% |
| Affiliated companies | 280/1 | €36,431,176 | €37,063,315 | +€632,139 | +1.7% |
| Participating interests | 280 | €29,931,176 | €30,563,315 | +€632,139 | +2.1% |
| Amounts receivable | 281 | €6,500,000 | €6,500,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €48,106,470 | €48,106,470 | = | 0.0% |
| Participating interests | 282 | €48,106,470 | €48,106,470 | = | 0.0% |
| Other financial fixed assets | 284/8 | €91,602 | €91,650 | +€48 | +0.1% |
| Amounts receivable and cash guarantees | 285/8 | €91,602 | €91,650 | +€48 | +0.1% |
| Current assets | 29/58 | €10,309,333 | €16,400,092 | +€6.1m | +59.1% |
| Amounts receivable within one year | 40/41 | €7,949,304 | €7,948,573 | -€731 | 0.0% |
| Trade receivables | 40 | €5,129,467 | €4,659,074 | -€470,393 | -9.2% |
| Other amounts receivable | 41 | €2,819,837 | €3,289,499 | +€469,662 | +16.7% |
| Current investments | 50/53 | - | €5,000,000 | +€5.0m | |
| Other investments | 51/53 | - | €5,000,000 | +€5.0m | |
| Cash at bank and in hand | 54/58 | €2,276,707 | €3,406,614 | +€1.1m | +49.6% |
| Deferred charges and accrued income | 490/1 | €83,322 | €44,906 | -€38,417 | -46.1% |
| Total equity and liabilities | 10/49 | €102,571,542 | €108,601,009 | +€6.0m | +5.9% |
| Equity | 10/15 | €82,274,867 | €82,423,584 | +€148,717 | +0.2% |
| Contributions | 10/11 | €81,131,793 | €81,131,793 | = | 0.0% |
| Capital | 10 | €11,887,462 | €11,887,462 | = | 0.0% |
| Issued capital | 100 | €11,887,462 | €11,887,462 | = | 0.0% |
| Contributions outside capital | 11 | €69,244,331 | €69,244,331 | = | 0.0% |
| Share premium | 1100/10 | €69,244,331 | €69,244,331 | = | 0.0% |
| Reserves | 13 | €1,057,798 | €1,219,846 | +€162,048 | +15.3% |
| Non-distributable reserves | 130/1 | €1,026,698 | €1,188,746 | +€162,048 | +15.8% |
| Legal reserve | 130 | €1,026,698 | €1,188,746 | +€162,048 | +15.8% |
| Tax-exempt reserves | 132 | €31,100 | €31,100 | = | 0.0% |
| Investment grants | 15 | €85,276 | €71,945 | -€13,331 | -15.6% |
| Provisions and deferred taxes | 16 | €52,938 | €4,101 | -€48,837 | -92.3% |
| Provisions for liabilities and charges | 160/5 | €48,000 | - | -€48,000 | |
| Other liabilities and charges | 164/5 | €48,000 | - | -€48,000 | |
| Deferred taxes | 168 | €4,938 | €4,101 | -€837 | -17.0% |
| Amounts payable | 17/49 | €20,243,737 | €26,173,324 | +€5.9m | +29.3% |
| Amounts payable within one year | 42/48 | €16,912,675 | €22,667,318 | +€5.8m | +34.0% |
| Trade debts | 44 | €3,146,018 | €3,119,774 | -€26,244 | -0.8% |
| Suppliers | 440/4 | €3,146,018 | €3,119,774 | -€26,244 | -0.8% |
| Taxes, remuneration and social security | 45 | €821,683 | €907,780 | +€86,097 | +10.5% |
| Taxes | 450/3 | €228,562 | €262,919 | +€34,357 | +15.0% |
| Remuneration and social security | 454/9 | €593,121 | €644,861 | +€51,741 | +8.7% |
| Other amounts payable | 47/48 | €12,944,974 | €18,639,764 | +€5.7m | +44.0% |
| Accrued charges and deferred income | 492/3 | €3,331,062 | €3,506,005 | +€174,943 | +5.3% |
| Operating income | 70/76A | €24,402,599 | €26,691,994 | +€2.3m | +9.4% |
| Turnover | 70 | €21,553,327 | €22,328,452 | +€775,125 | +3.6% |
| Other operating income | 74 | €2,836,192 | €4,350,580 | +€1.5m | +53.4% |
| Non-recurring operating income | 76A | €13,080 | €12,962 | -€118 | -0.9% |
| Operating charges | 60/66A | €19,570,957 | €22,001,452 | +€2.4m | +12.4% |
| Goods for resale, raw materials and consumables | 60 | €7,773,280 | €8,153,903 | +€380,623 | +4.9% |
| Purchases | 600/8 | €7,773,280 | €8,153,903 | +€380,623 | +4.9% |
| Services and other goods | 61 | €6,298,355 | €7,654,081 | +€1.4m | +21.5% |
| Remuneration, social security and pensions | 62 | €4,048,279 | €4,762,351 | +€714,072 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,340,870 | €1,344,247 | +€3,377 | +0.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€48,000 | -€48,000 | |
| Other operating charges | 640/8 | €110,172 | €134,871 | +€24,699 | +22.4% |
| Operating profit (loss) | 9901 | €4,831,642 | €4,690,542 | -€141,101 | -2.9% |
| Financial income | 75/76B | €3,502,375 | €5,197,386 | +€1.7m | +48.4% |
| Recurring financial income | 75 | €3,502,375 | €5,197,386 | +€1.7m | +48.4% |
| Income from financial fixed assets | 750 | €3,154,440 | €4,725,123 | +€1.6m | +49.8% |
| Income from current assets | 751 | €330,576 | €458,928 | +€128,351 | +38.8% |
| Other financial income | 752/9 | €17,359 | €13,335 | -€4,024 | -23.2% |
| Financial charges | 65/66B | €185,291 | €236,511 | +€51,220 | +27.6% |
| Recurring financial charges | 65 | €185,291 | €236,488 | +€51,197 | +27.6% |
| Debt charges | 650 | €180,263 | €230,149 | +€49,886 | +27.7% |
| Other financial charges | 652/9 | €5,028 | €6,339 | +€1,311 | +26.1% |
| Non-recurring financial charges | 66B | - | €23 | +€23 | |
| Profit (loss) for the period before taxes | 9903 | €8,148,727 | €9,651,416 | +€1.5m | +18.4% |
| Transfer from deferred taxes | 780 | €2,464 | €837 | -€1,627 | -66.0% |
| Income taxes | 67/77 | €917,234 | €936,809 | +€19,576 | +2.1% |
| Taxes | 670/3 | €936,331 | €936,809 | +€479 | +0.1% |
| Tax adjustments and reversals of tax provisions | 77 | €19,097 | - | -€19,097 | |
| Profit (loss) for the period | 9904 | €7,233,957 | €8,715,444 | +€1.5m | +20.5% |
| Profit (loss) for the period to be appropriated | 9905 | €7,233,957 | €8,715,444 | +€1.5m | +20.5% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.