TIWAZ: 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.
TIWAZ
Largest movements
- Tangible fixed assets +€14,701
up €14,701 (+667.3%), from €2,203 to €16,904
of which Furniture and vehicles: +€8,896
- Cash +€4,718
up €4,718 (+8.4%), from €56,380 to €61,098
mainly Net result for the year (+€15,295) and Receivables within one year (+€4,531)
- Receivables within one year -€4,531
down €4,531 (-33.7%), from €13,454 to €8,924
of which Trade receivables: -€3,544
- Profit (loss) carried forward +€15,295
up €15,295 (+35.6%), from €42,988 to €58,283
- Tax, wage and social debts -€3,384
down €3,384 (-18.5%), from €18,324 to €14,941
- Trade debts +€1,642
up €1,642 (+100.5%), from €1,634 to €3,276
- Other debts +€1,003
new in 2025: €1,003
- Gross operating margin -€35,202
down €35,202 (-58.9%), from €59,816 to €24,614
- Taxes -€9,460
down €9,460 (-59.2%), from €15,982 to €6,522
- Depreciation +€1,534
up €1,534 (+3107.6%), from €49 to €1,584
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.
Cash bridge derived
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 | €72,037 | €87,320 | +€15,283 | +21.2% |
| Fixed assets | 21/28 | €2,203 | €16,904 | +€14,701 | +667.3% |
| Tangible fixed assets | 22/27 | €2,203 | €16,904 | +€14,701 | +667.3% |
| Furniture and vehicles | 24 | €2,203 | €11,099 | +€8,896 | +403.8% |
| Other tangible fixed assets | 26 | - | €5,805 | +€5,805 | |
| Current assets | 29/58 | €69,834 | €70,416 | +€582 | +0.8% |
| Amounts receivable within one year | 40/41 | €13,454 | €8,924 | -€4,531 | -33.7% |
| Trade receivables | 40 | €12,408 | €8,864 | -€3,544 | -28.6% |
| Other amounts receivable | 41 | €1,046 | €60 | -€986 | -94.3% |
| Cash at bank and in hand | 54/58 | €56,380 | €61,098 | +€4,718 | +8.4% |
| Deferred charges and accrued income | 490/1 | - | €395 | +€395 | |
| Total equity and liabilities | 10/49 | €72,037 | €87,320 | +€15,283 | +21.2% |
| Equity | 10/15 | €43,988 | €59,283 | +€15,295 | +34.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,988 | €58,283 | +€15,295 | +35.6% |
| Amounts payable | 17/49 | €28,049 | €28,037 | -€12 | 0.0% |
| Amounts payable within one year | 42/48 | €19,959 | €19,220 | -€738 | -3.7% |
| Trade debts | 44 | €1,634 | €3,276 | +€1,642 | +100.5% |
| Suppliers | 440/4 | €1,634 | €3,276 | +€1,642 | +100.5% |
| Taxes, remuneration and social security | 45 | €18,324 | €14,941 | -€3,384 | -18.5% |
| Taxes | 450/3 | €18,324 | €14,941 | -€3,384 | -18.5% |
| Other amounts payable | 47/48 | - | €1,003 | +€1,003 | |
| Accrued charges and deferred income | 492/3 | €8,090 | €8,817 | +€726 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49 | €1,584 | +€1,534 | +3107.6% |
| Other operating charges | 640/8 | €322 | €196 | -€126 | -39.0% |
| Gross operating margin | 9900 | €59,816 | €24,614 | -€35,202 | -58.9% |
| Operating profit (loss) | 9901 | €59,444 | €22,834 | -€36,610 | -61.6% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €474 | €1,023 | +€549 | +115.6% |
| Recurring financial charges | 65 | €474 | €1,023 | +€549 | +115.6% |
| Profit (loss) for the period before taxes | 9903 | €58,970 | €21,818 | -€37,153 | -63.0% |
| Income taxes | 67/77 | €15,982 | €6,522 | -€9,460 | -59.2% |
| Profit (loss) for the period | 9904 | €42,988 | €15,295 | -€27,692 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €42,988 | €15,295 | -€27,692 | -64.4% |
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 9 October 2026 via checked.be.