TIWER: 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.
TIWER
Largest movements
- Tangible fixed assets +€125,775
up €125,775 (+23.7%), from €531,467 to €657,241
of which Other tangible fixed assets: +€116,070
- Receivables within one year +€29,802
up €29,802 (+89.5%), from €33,303 to €63,105
of which Other amounts receivable: +€19,808
- Cash -€14,224
down €14,224 (-47.2%), from €30,141 to €15,916
mainly Investment in fixed assets (net) (-€146,028) and Receivables within one year (-€29,802)
- Other debts +€170,221
up €170,221 (+39.7%), from €428,835 to €599,056
- Profit (loss) carried forward -€25,042
down €25,042, from €18,009 to -€7,033
- Depreciation -€13,105
down €13,105 (-39.3%), from €33,358 to €20,253
- Gross operating margin -€3,332
down €3,332, from €2,574 to -€758
- Financial income -€1,985
down €1,985 (-96.5%), from €2,057 to €72
- Other operating charges -€688
down €688 (-14.7%), from €4,696 to €4,007
- Financial charges +€95
new in 2025: €95
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 | €594,911 | €739,984 | +€145,073 | +24.4% |
| Fixed assets | 21/28 | €531,467 | €657,241 | +€125,775 | +23.7% |
| Tangible fixed assets | 22/27 | €531,467 | €657,241 | +€125,775 | +23.7% |
| Land and buildings | 22 | €252,301 | €262,006 | +€9,705 | +3.8% |
| Other tangible fixed assets | 26 | €279,166 | €395,236 | +€116,070 | +41.6% |
| Current assets | 29/58 | €63,444 | €82,742 | +€19,298 | +30.4% |
| Amounts receivable within one year | 40/41 | €33,303 | €63,105 | +€29,802 | +89.5% |
| Trade receivables | 40 | - | €9,994 | +€9,994 | |
| Other amounts receivable | 41 | €33,303 | €53,111 | +€19,808 | +59.5% |
| Cash at bank and in hand | 54/58 | €30,141 | €15,916 | -€14,224 | -47.2% |
| Deferred charges and accrued income | 490/1 | - | €3,721 | +€3,721 | |
| Total equity and liabilities | 10/49 | €594,911 | €739,984 | +€145,073 | +24.4% |
| Equity | 10/15 | €165,970 | €140,928 | -€25,042 | -15.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €129,411 | €129,411 | = | 0.0% |
| Tax-exempt reserves | 132 | €41,269 | €41,269 | = | 0.0% |
| Distributable reserves | 133 | €88,142 | €88,142 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,009 | -€7,033 | -€25,042 | |
| Amounts payable | 17/49 | €428,941 | €599,056 | +€170,115 | +39.7% |
| Amounts payable within one year | 42/48 | €428,941 | €599,056 | +€170,115 | +39.7% |
| Trade debts | 44 | €106 | - | -€106 | |
| Suppliers | 440/4 | €106 | - | -€106 | |
| Other amounts payable | 47/48 | €428,835 | €599,056 | +€170,221 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,358 | €20,253 | -€13,105 | -39.3% |
| Other operating charges | 640/8 | €4,696 | €4,007 | -€688 | -14.7% |
| Gross operating margin | 9900 | €2,574 | -€758 | -€3,332 | |
| Operating profit (loss) | 9901 | -€35,480 | -€25,018 | +€10,462 | +29.5% |
| Financial income | 75/76B | €2,057 | €72 | -€1,985 | -96.5% |
| Recurring financial income | 75 | €2,057 | €72 | -€1,985 | -96.5% |
| Financial charges | 65/66B | - | €95 | +€95 | |
| Recurring financial charges | 65 | - | €95 | +€95 | |
| Profit (loss) for the period before taxes | 9903 | -€33,423 | -€25,042 | +€8,381 | +25.1% |
| Profit (loss) for the period | 9904 | -€33,423 | -€25,042 | +€8,381 | +25.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€33,423 | -€25,042 | +€8,381 | +25.1% |
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 18 October 2026 via checked.be.