T'WAPPERTJE: what changed
T'WAPPERTJE
Largest movements
- Cash -€63,168
down €63,168 (-29.4%), from €215,002 to €151,835
mainly Contributions, distributions and other (-€88,500) and Current investments (-€60,999)
- Current investments +€60,999
new in 2025: €60,999
- Tangible fixed assets -€11,292
down €11,292 (-19.5%), from €57,793 to €46,501
of which Furniture and vehicles: -€11,081
- Reserves -€59,922
down €59,922 (-23.3%), from €256,828 to €196,905
of which Distributable reserves: -€59,922
- Other debts +€46,750
new in 2025: €46,750
- Debts after one year -€5,249
down €5,249 (-69.9%), from €7,509 to €2,260
- Tax, wage and social debts +€4,861
up €4,861 (+63.9%), from €7,610 to €12,470
- Staff costs -€4,556
down €4,556 (-56.7%), from €8,039 to €3,483
- Gross operating margin +€2,323
up €2,323 (+3.9%), from €60,083 to €62,406
- Taxes +€1,557
up €1,557 (+14.4%), from €10,848 to €12,405
- Financial income -€1,118
down €1,118 (-93.3%), from €1,198 to €80
- Depreciation +€632
up €632 (+4.0%), from €15,888 to €16,520
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €284,996 | €270,682 | -€14,314 | -5.0% |
| Fixed assets | 21/28 | €57,793 | €46,501 | -€11,292 | -19.5% |
| Tangible fixed assets | 22/27 | €57,793 | €46,501 | -€11,292 | -19.5% |
| Plant, machinery and equipment | 23 | €20,846 | €20,636 | -€211 | -1.0% |
| Furniture and vehicles | 24 | €36,947 | €25,866 | -€11,081 | -30.0% |
| Current assets | 29/58 | €227,203 | €224,181 | -€3,022 | -1.3% |
| Amounts receivable within one year | 40/41 | €11,975 | €11,127 | -€848 | -7.1% |
| Trade receivables | 40 | €11,975 | €11,127 | -€848 | -7.1% |
| Current investments | 50/53 | - | €60,999 | +€60,999 | |
| Cash at bank and in hand | 54/58 | €215,002 | €151,835 | -€63,168 | -29.4% |
| Deferred charges and accrued income | 490/1 | €225 | €220 | -€5 | -2.4% |
| Total equity and liabilities | 10/49 | €284,996 | €270,682 | -€14,314 | -5.0% |
| Equity | 10/15 | €263,028 | €203,105 | -€59,922 | -22.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €256,828 | €196,905 | -€59,922 | -23.3% |
| Tax-exempt reserves | 132 | €14,659 | €14,659 | = | 0.0% |
| Distributable reserves | 133 | €242,168 | €182,246 | -€59,922 | -24.7% |
| Amounts payable | 17/49 | €21,968 | €67,577 | +€45,609 | +208% |
| Amounts payable after more than one year | 17 | €7,509 | €2,260 | -€5,249 | -69.9% |
| Financial debts | 170/4 | €7,509 | €2,260 | -€5,249 | -69.9% |
| Amounts payable within one year | 42/48 | €14,459 | €65,317 | +€50,858 | +352% |
| Current portion of amounts payable after more than one year | 42 | €5,013 | €5,249 | +€237 | +4.7% |
| Trade debts | 44 | €1,837 | €847 | -€989 | -53.9% |
| Suppliers | 440/4 | €1,837 | €847 | -€989 | -53.9% |
| Taxes, remuneration and social security | 45 | €7,610 | €12,470 | +€4,861 | +63.9% |
| Taxes | 450/3 | €7,610 | €12,470 | +€4,861 | +63.9% |
| Other amounts payable | 47/48 | - | €46,750 | +€46,750 | |
| Remuneration, social security and pensions | 62 | €8,039 | €3,483 | -€4,556 | -56.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,888 | €16,520 | +€632 | +4.0% |
| Other operating charges | 640/8 | €175 | €604 | +€429 | +245% |
| Gross operating margin | 9900 | €60,083 | €62,406 | +€2,323 | +3.9% |
| Operating profit (loss) | 9901 | €35,981 | €41,800 | +€5,818 | +16.2% |
| Financial income | 75/76B | €1,198 | €80 | -€1,118 | -93.3% |
| Recurring financial income | 75 | €1,198 | €80 | -€1,118 | -93.3% |
| Financial charges | 65/66B | €1,118 | €898 | -€221 | -19.7% |
| Recurring financial charges | 65 | €1,118 | €898 | -€221 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €36,061 | €40,982 | +€4,921 | +13.6% |
| Income taxes | 67/77 | €10,848 | €12,405 | +€1,557 | +14.4% |
| Profit (loss) for the period | 9904 | €25,214 | €28,578 | +€3,364 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €25,214 | €28,578 | +€3,364 | +13.3% |
Next steps
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.